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As The Singapore DollarTitle:
Dukascopy Morning Forex Overview : 22/05/2012
Fundamental Analysis
EUR
"Inevitably there is going to be an element of bargain hunting as investors look to top up their holdings on the basis of slightly lower prices"
- Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers
European stocks edged higher on Monday on China’s pledge to boost growth.
USD
"Equity prices have gotten oversold"
- Mark Luschini, chief investment strategist for Janney Montgomery Scott LLC
U.S. equity market edged higher on Monday on China stimulus hopes and after German and French officials said they would cooperate to keep Greece in the monetary union.
GBP
"Obviously, as the euro depreciates, the U.K. gets slightly more expensive"
- Miles Shipside, Rightmove commercial director
U.K. national house prices stagnated in March, announced the ...
Title:
Gold stalls below $1,600/oz; EU summit eyed
(Reuters) - Gold inched lower on Tuesday after failing to break above $1,600 an ounce, as investors await a European Union summit later in the week at which leaders will try to agree on action to solve the region's debt crisis.
Gold made attempts to break above the key resistance level at $1,600 in the past two days but failed, and has since been drifting around $1,590 as investors remained cautious when the fate of Greece and euro zone remains in limbo.
Market participants will closely watch an informal EU summit on Wednesday, during which French President Francois Hollande is expected to push for mutualised European debt, an idea that Germany has opposed.
Equities extended gains, partly riding on optimism about fresh action at the Wednesday meeting, but some analysts were less ...
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Euro rebound stalls, focus shifts to EU summit
(Reuters) - The euro's rebound from four-month lows stalled on Tuesday, failing to break above technical resistance, though traders said selling could be limited at least until an informal meeting of European leaders this week.
Traders have been reducing their massive bets against the common currency in the past couple of days, taking note of prospects - however slender - that EU leaders may agree measures to bolster investor confidence in the euro zone on Wednesday.
With speculators' short positions on the euro at a record high, traders were wary of the potential for short-squeeze, despite worries about stability of the banking system in Spain and political gridlock in Greece.
"If someone is selling the euro now, I would rather use that as a chance to take profits (from euro short ...
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Gold erases early gains as euro weakens
Gold reversed course and edged down on Friday after posting its biggest daily rise in more than three months the previous session, as the euro weakened on mounting worries over the euro zone debt crisis.
The single currency dropped to a four-month low against the dollar as investors fretted about the possibility of Greece's exit from the euro zone and about Spain's banking sector after Moody's downgraded 16 Spanish banks.
Gold eased $1.45 to $1,571.80 an ounce by 0653 GMT, on course for a weekly fall of 0.6 percent - its third losing week in a row.
Gold rallied more than 2 percent on Thursday, its biggest one-day rise since January, supported by a decline in regional U.S. factory activity that fueled hope for more monetary stimulus.
U.S. gold for June delivery edged down 0.2 percent to ...
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Asian stocks returned to losses on collective downgrades including Spanish banks, Greece and China
As Europe’s debt crisis is threatening the global recovery, market participants limited their risk exposure while some inventors locked on to their profits ahead of the weekend, driving the Asian stocks lower where the MSCI Asia Pacific Index dropped 2.2% at 11.28 in Tokyo, and is down 0.8% this year.
Global equity markets lost almost $4 trillion dollars this month as Europe’s debt crisis is worsening threatening the global economic stability. Moody’s downgraded 16 Spanish banks on Thursday after the nation fell into recession during the first quarter while loan losses are mounting.
Meanwhile Fitch Ratings downgraded Greece by one notch to CCC from B- since its political deadlock is pushing the country out of the euro zone, as attempts to form a new government failed, leading to new ...
Title:
Gold pares losses after bear market test, Greece focus
Gold sank to a 2012 low on Wednesday before paring losses in choppy trade, as traders were torn between hope that France and Germany would work together to keep the Euro zone intact and new signs of stress in the Greek banking sector.
Bullion briefly crossed into bear market territory, down 20 percent from its record last September, as intensifying fears a Greek exit from the euro zone would worsen the debt crisis gripped financial markets earlier in the day.
Prices later recouped most of their losses following a meeting between new French President Francois Hollande and German Chancellor Angela Merkel at which they pledged to forge a joint approach for an EU summit next month. That eased concerns of a spat that could worsen the euro zone crisis.
During the U.S. session, gold prices ...
Title:
Gold drops as Greece batters global markets
Gold fell for a fourth straight day to its lowest since late December on Wednesday, sucked into a broad-based sell-off that dented global markets on the back of alarm over political turmoil in Greece.
Gold dropped along with other more industrial commodities such as copper and crude oil, under pressure from the rise of the dollar, which put silver on track for its longest stretch of consecutive daily losses in nearly four years.
Fears of a Greek exit from the euro zone worsening the debt crisis facing other European nations gripped financial markets on Wednesday, sending shares and other riskier assets lower as investors shifted funds into safe havens like the U.S. dollar.
The euro touched four-month lows against the dollar, Spanish and Italian bond yields soared, while European ...
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Asian stocks dropped as risk appetite vanished amid worries over Greece
After the talks to form a new Greek government failed yesterday, Asian investors lost their appetite risk, especially amid downbeat economic data from Japan and Australia which weighed down on sentiment even more, dragging the MSCI Asia Pacific Index down 2.5%.
The Greek President Karolos Papoulias failed yesterday to form a ruling coalition. This means the country will hold new elections in June. This time the far-left anti-bailout party Syriza is expected to win, which may push the country to exit the euro zone.
Also weighing down on sentiment was the unexpected drop in Japan’s machine orders by 2.8% in March compared with a year earlier, and a report showing that new lending by China’s biggest-four state-owned banks was flat in the first two weeks of May.
Meanwhile, the Australian ...
Title:
Gold hits new low on Greece turmoil
Gold extended losses on Wednesday to slip to its weakest level since late December after efforts to form a new government in Greece collapsed, prompting investors to cut their exposure to the precious metal.
Bullion has this year been moving in tandem with assets that are perceived to be risky, casting off its status as a safe-haven in times of economic instability.
Concerns about upheaval in the euro zone hit the euro and sent share prices lower across Asia as Greek political leaders meet Wednesday to form a caretaker government that will lead the country into its second election in just over a month.
U.S. June gold futures, which often dictate spot gold, dropped more than 1 percent to a low of $1,532.7 an ounce, their lowest since December 29. Cash gold was also at a 4-1/2 month low.
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