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Asian Markets TradedTitle:
Copper up but Greek contagion fears weigh
(Reuters) - Copper extended gains on Monday, rising from four-month lows hit last week despite investors' concern about the risk of contagion if Greece defaults on its debt and leaves the euro.
Leaders of G8 major industrialized nations meeting at the weekend vowed to take steps to combat financial turmoil and revitalize a global economy threatened by Europe's debt crisis, but they offered no specific prescription for debt-crippled Greece which is to hold elections on June 17.
Recent opinion polls show Greek voters are returning to the establishment parties that negotiated its bailout, offering potential salvation for European leaders.
But deepening banking sector instability in Spain heightened concerns about contagion from Greece's political turmoil, meaning investors will likely stay ...
Title:
No News is good News, or?
MORNING BRIEFING: No News is good News, or?
What’s new:
Asia: Awaiting news from Greece and potential spill-over effects. JPY offered on speculation that BoJ will add stimulus to boost growth.
United States: Risk aversion moved flow from stocks to treasuries. 10yr generic fixed income futures in all-time highs at 133-27. USD weak on Friday.
G8: Another round of talk, but no action on Greece.
Europe: Slightly negative across the board in stocks. Only Spain managed to recover some of the losses, closing up 0.4%. EUR/USD re-visiting 1.28+ this morning.
Rates in Asia and Indices:
EUR/USD 1.2742 1.2813 -0.04 %
USD/CHF 0.9375 0.9422 -0.07 %
GBP/USD 1.5795 1.5839 -0.02 %
USD/JPY 79.03 79.31 -0.34 %
EUR/CHF 1.2010 ...
Title:
EUR Avoids New 4-Month Low
While the euro remained bearish against its main currency rivals throughout yesterday's trading session, it avoided falling to a new four-month low against the US dollar. The marketplace was unusually calm, as a bank holiday in Europe resulted in limited movements among the most traded currency pairs. As we close out the week, traders will want to note that another slow news day may result in low liquidity in the marketplace. Typically, low liquidity situations can result in exaggerated movements among currency pairs and commodities for seemingly no reason. Any mention of additional euro-zone worries may result in a significant drop for the euro.
Economic News
USD - Manufacturing Data Causes USD to Tumble
The US dollar tumbled vs. the Japanese yen during the afternoon session yesterday, ...
Title:
Euro Sell-Off Accelerates As Greece Will Hold Now Elections
Sunrise Market Commentary
- Fixed Income: Fresh elections in Greece further support core bonds
- German bund came off the contract highs at the start of the session on better German Q1 GDP data. The move didn't last long however and the announcement of fresh Greek elections marked an intraday U-turn. This morning, the German Bund future and US Note future once again reach new contract highs.
- Currencies: euro sell-off accelerates as Greece will hold now elections.
- On Tuesday morning it looked temporary that the euro might enjoy some breathing space as the German Q1 growth was much stronger than expected. However, the rebound had no momentum at all. The euro was again hammered as talks on the formation of the Greek government collapsed. Is the euro heading for a free fall? ...
Title:
Majors keeps declining on Confidence absence
High risk and instability in financial markets negatively affected on major currencies and led them to fell to leave the chance for American dollar to gain profits against other currencies, where the Greek worries keep worsen which increase expectations about Greek that will exit euro zone, which made the Euro traded near the lowest in four months.
EUR/USD pair slumped with the beginning of today’s Asian session to record low of 1.2697 after opening at 1.2734 and high of 1.2734.Euro recorded the lowest in almost three months against yen at 102.08.
USD/JPY pair inclined today after releasing Japan’s machinery orders that fell in March, which negatively on Japanese yen against dollar, while yen did not affected against other high revenues currencies according to the weak demand on them.
...
Title:
Gold hits 4-1/2 month low, Greece heads for elections
Gold slipped to a fresh 4-1/2 month low on Tuesday as the euro continued to lose ground to the dollar after Greece's failure to form a coalition government heightened concerns over Europe's financial crisis and led investors to spurn risky assets.
After six rounds of fruitless wrangling, Greece abandoned efforts to form a government and called a new election that some investors fear may hand victory to the leftists, undo the country's financial bailout package, and push it closer to bankruptcy and out of the euro zone.
In response, gold slipped with the euro, which tumbled to new four-month lows in late New York trade. The euro had fallen in five of the last six sessions on worries over Greece's June election prospects, dragging gold down with it.
Title:
Gold touches 4-1/2 month low as euro retreats
Gold eased below $1,560 an ounce on Tuesday after the failure of Greek politicians to form a government sent the single European currency to four-month lows and unnerved investors over the profitability of holding euro-denominated assets.
With gold's decline to its lowest since late December, consumers in top purchasing-nations such as India have delved into the market, which analysts said could protect the bullion price from a more protracted decline.
Gold remains vulnerable, however, as worries over the euro zone's future simmer in the background, keeping the single currency under pressure.
Spot gold was down 0.1 percent at $1,555.69 an ounce at 1350 GMT, while U.S. gold futures for June delivery were down $8.70 an ounce at $1,552.10.
Gold earlier hit its lowest since December 30 at $ ...
Title:
Gold lifts from 4-1/2 month low as euro recovers
Gold prices edged back towards $1,560 an ounce in Europe on Tuesday after a positive reading of German growth lifted the euro versus the dollar, and as physical buyers stepped in to take advantage of the metal's fall to 4-1/2 month lows.
Gold remains vulnerable to more losses, however, as worries over the euro zone's future simmer in the background, keeping the single currency under pressure.
Spot gold was up 0.1 percent at $1,557.80 an ounce at 05:24 a.m. EDT (0924 GMT), while U.S. gold futures for June delivery were down $3.50 an ounce at $1,557.50.
Gold earlier hit its lowest since December 30 at $1,547.99 an ounce and is down more than 6 percent in May so far, on track for its worst monthly performance since December's washout, as talk that Greece could exit the euro zone spooked ...
Title:
Weak Outlook for Australia
Forex News and Events:
The S&P GSCI Index reversed its 2011 gains in the last six consecutive trading sessions. As a matter of fact, the index tracking 24 commodities broke down 7.6% from a high of 684.15 on April 30th to a more than four-month low low of 634.25 during yesterday’s trade session. This downturn in commodity prices can be explained on the one hand by headlines from the Euro area, as markets seem to be pricing in a second round of elections in Greece as well as a probable EU exit. On the other hand, the marked slowdown of commodity-intensive economies such as China -see Newsletter May 14- pushed prices lower in light of atrophied demand and lower infrastructure investments. From the foreign exchange perspective, the Australian dollar having experienced a 34% appreciation ...
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