Asian Trading On Thursday
Sunrise Market Commentary
Rates: Global bonds finally react on weaker US data
It took some time, but finally bonds reacted positively to another batch of weaker US data. That may have ended the downward correction that started after the US May payrolls release. However, there is as of yet no reason to become overly bullish for bonds.
Currencies: Dollar ignores poor US eco data
The recent slide of EUR/USD slowed, but the pair failed to profit from a series of poor US eco data. Fed speakers, including governor Williams, continue the debate on the tapering of asset purchases. These expectation are putting a strong floor under the dollar. The trade-weighted dollar is still near the key 84.10 level
The Sunrise Headlines
US equities suffered first losses this week with S&P 0.5% lower. Whereas ...
European equity market was little changed on Thursday’s early trading session after data showed Eurozone entered a sixth quarter of contraction at the first quarter of 2013 as worries about a prolonged recession in the eurozone kept the Markets under pressure.
Meanwhile, most stock markets in Asian rose on Thursday after solid growth data from Japan improved sentiment. While Wall Street closed higher on Wednesday as disappointing data fueled bets the Federal Reserve will be in no hurry to scale back stimulus
The benchmark Stoxx Europe 600 Index hit its highest level since June 2008 on Wednesday; the equity benchmark has gained 10 percent so far in 2013.
- STOXX Europe 600 lost 0.22 percent or 0.678 points to 307.38
- STX Europe 50 fell 0.40 percent or 11.33 points to 2,798.25
Data ...
Morning Briefing : Greenback pulls away from high as factory data disappoints
What's new :
Forex: Dollar eases from 4-1/2 year high against yen
Forex: Euro weighed by slumping GDP data, expectations of lower inflation
Global Markets: Nikkei turns negative despite strong Japanese growth
Japan: GDP data shows economy expanded at quickest pace in a year
United States: Factory output falls more than expected
Overnight rates and Indices:
EUR/USD 1.2857 1.2889 -0.17 %
USD/CHF 0.9644 0.9682 -0.24 %
GBP/USD 1.5202 1.5248 -0.11 %
USD/JPY 101.97 102.44 -0.07 %
EUR/CHF 1.2421 1.24496 -0.08 %
EUR/JPY 131.29 131.8 0.09 %
Dow Jones 15175.39 15301.34 0.39 %
Nasdaq 2982.77 3004.52 ...
Title:
Markets Focus on USD
Forex News and Events:
The currency markets are still dominated by the US dollar strength, as the hawkish Fed expectations remain the key topic on the financial markets. Despite the broad USD weakness overnight, the USD strength is likely to weigh further on the FX trading.
Released this morning, the better-than-expected industrial production data gathered limited enthusiasm in Europe. The sentiment on Euro is skeptical ahead of the growth and the inflation data due later this week. In UK, the British pound consolidates losses before the BoE Governor King’s final inflation report scheduled tomorrow.
Europe Moving Forward
The euro group meeting approved the EUR 13bn worth financial bailout package for Cyprus and fresh payouts for Greece and Portugal. The news helped the Euro to recover ...
Sunrise Market Commentary
Rates: Yields surge higher in repositioning move
Global bonds were heavily sold in a move that was closely linked to the collapse of the yen which caused repositioning across markets. Technically, the moves were significant, also as they occurred in large volumes. Peripheral bonds continued to outperform.
Currencies: Dollar strength across the board
At the end of last week, the dollar gained across the board. Better US eco data of late reactivated the debate on the Fed exit and supported the US currency. USD/JPY jumped beyond the 100 mark. EUR/USD tested the 1.2955/36 short-term support. Will today's retail sales support the case of a cyclical rebound of the dollar?
The Sunrise Headlines
US equities eked out some gains on Friday, with the S&P closing a tad ...
European stocks ended were mixed at Thursday’s closing, with German stocks extending its record rally into a third straight session, after a better-than-expected U.S. jobs data.
European stock markets trimmed losses in afternoon action, after U.S. data showed initial jobless claims last week dropped to the lowest level since January 2008.
In the U.K., the Monetary Policy Committee at the Bank of England on Thursday decided to leave the key lending rate at a record low of 0.5%, where it has stood since March 2009. The central bank also left the size of its asset-purchase program unchanged at 375 billion pounds ($582.90 billion).
The benchmark index for Europe, the STOXX 600 ended slightly higher by 0.02% to 303.74 points, its highest since June 2008. The STOXX 50 ended down by 0.41% at ...
Gold Prices steadied on Thursday trading session after gaining in the previous session as strong physical demand from China and other Asian countries pushed prices up, ahead of the awaited rate decision by the BoE.
As of (09:36 GMT+3) Spot gold was at $1472.00, after opening at $1473.31, having earlier hit a low of $1475.65, and a high of $1468.43.
Gold price climbed in the previous session after reports showed gold purchasing rose in India and China, the world’s largest consumers of the precious metal. Data from Hong Kong government showed imports by China from Hong Kong more than doubled to an all-time high in March.
- Silver rose 1.03% to trade around $ 24.08
- Platinum edged lower by 0.16% to $ 1,500.45
- Palladium inched 0.57% down to $ 694.50
Meanwhile, eyes will track the ...
Gold prices edged up on Wednesday trading session as strong physical purchases from China and other Asian countries pushed prices higher, yet gains may be capped by the recent rally in equities market.
As of (09:47 GMT+3) Spot gold was at $1456.71 after opening at $1451.92, having earlier hit a low of $1441.17 and a high of $1458.74.
Gold imports by China from Hong Kong hit a record high in March as buyers in the biggest consumer following India boosted purchases. Gold imports are expected to rise further after doubling to an all time high, where traders saw the steep fall in international gold prices mid-April as buying opportunity.
Meanwhile, China`s trade data showed a steady recovery in the world`s second largest economy, where trade balance recorded more-than-estimated surplus in ...
Title:
Yen Drop Slow and Methodical
Yen Drop Slow and Methodical
Historically, the first Monday after non-farm-payroll usually ends up being the quietest trading day of the month - and this Monday morning is threatening to continue on that tradition. With the various bank holidays and festivals being honored globally, it feels a stretch to get overexcited on this first day of a new-week even amongst the spatter of Euro data already reported. The 17-member single currency continues to make some headway outright after French and German services sector data beat expectations. However, periphery spreads have tried to derail some of this momentum. Spanish yields have edged higher, with Italy in sympathy, after domestic data showed activity in the country's services shrank last month (44.4 vs. 45.3, m/m), the lowest pace since ...