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Australian Dollar JumpedTitle:
Euro slides to 4-month low as Greek woes weigh
The euro dropped to a four-month low against the U.S. dollar on Wednesday, sliding for a fourth consecutive session and likely to face more losses on fears about a Greek exit from the euro zone.
The European Central Bank stopped providing liquidity to some Greek banks as they are severely undercapitalized, further weighing on the euro. These banks have now been moved to the ECB's emergency liquidity assistance program.
The development briefly sent the euro below $1.27. It was on track to test the January trough of $1.2623, below which would mark the euro's lowest mark since August 2010.
"I think the ECB is playing hardball," said Mark McCormick, currency strategist at Brown Brothers Harriman in New York. "I doubt they want to get too involved in EU politics, but I think they're trying ...
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Dukascopy Afternoon Forex Overview : 05/14/2012
Dukascopy Fundamental Analysis
EUR
Industrial production in the 17 countries that use the euro fell unexpectedly in March, leaving little doubt the region contracted for a second straight quarter in the first three months of the year and returned to recession, data by Eurostat showed Monday.
USD
Stocks fell, commodities declined to their cheapest level this year and the euro weakened to a three- month low on concern that Greece will exit the single European currency and after German Chancellor Angela Merkel’s party lost a state election.
GBP
The government, and many economists, say the U.K.'s austerity plan has succeeded in reassuring financial markets that the government is focused on wrestling down the country's debt, which had ballooned to the highest levels since World War II. As a ...
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Dukascopy Afternoon Forex Overview : 04/10/2012
Dukascopy Fundamental Analysis
EUR
Greece’s next government may hold a trump card worth more than $510 billion if it heeds voters’ demands to renegotiate its bailout with the European Union.
USD
Treasury prices declined on Thursday, pushing yields up from their lowest levels since February, as news out of Europe eased some near-term uncertainty and reduced demand for the relative safe-haven status of U.S. debt.
GBP
Bank of England officials halted stimulus expansion after seven months of bond purchases as the threat of inflation trumped concerns about an economy that’s succumbed to a double-dip recession. The nine-member Monetary Policy Committee led by Governor Mervyn King today held its quantitative-easing target at 325 billion pounds ($525 billion), ending a second round of stimulus. ...
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USD Softer as Sentiment Stabilizes
USD Softer as Sentiment Stabilizes
USD is mostly softer as sentiment stabilizes and amid slightly weaker US economic data. Weekly initial jobless claims dropped by 1k to 367k (cons. 368k) from an upwardly revised 368k (prior 365k). The 4-week moving average in initial claims fell for the first time in 5 weeks with a drop of -5.3k indicating marginal improvement in labor. The March trade balance showed a wider than expected deficit of -$51.8B (cons. -50.0B, prior -45.4B) as imports jumped 5.2% – the largest increase in over a year. European bourses are currently trading in positive territory, US stock futures are suggesting upside at the open, and UST yields are higher across the curve indicating a better risk environment today. The dollar index is lower and testing the 80.00 figure as ...
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Euro Extends Its Trip South As Speculation On Greek Exit Is Growing
Sunrise Market Commentary
- Fixed Income: Core bonds higher at first, but gave back gains in US session
- Fears about Greece and Spain continued to boost core bonds, but a rumours, later confirmed, that the EFSF would today disburse a tranche of the Greek bail-out loan triggered some correction and erased part of the German bond gains and almost all of the US ones. Today, the BoE decision on QE may affect overall bond markets.
- Currencies: euro extends its trip South as speculation on Greek exit is growing
- On Wednesday, trading on global markets was still dominated by negative headlines on Europe. This weighed on the euro. After all, the decline of EUR/USD developed in an orderly way even as several EMU policymakers pondered the option of a Greek exit. Today, the BoE holds ...
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Euro Slides On Greek Uncertainty
The euro (EUR) fell below the 1.30 level against the dollar sliding as low as 1.2965 from 1.3059 as political uncertainty in Greece continues to weigh on market sentiment. Greece's Left Coalition party leader Tsipras, who is expected to form a new coalition government, warned yesterday that the country's commitment to a European Union/International Monetary Fund rescue plan had become null and void. His statement raised fears about the country's ability to avoid bankruptcy and stay in the eurozone as Greece needs to follow the necessary austerity measures in order to receive the next bailout money. World equities tumbled yesterday as the political uncertainty is causing a broader retreat from risky assets. Also, German Industrial Production figures were released yesterday, which showed an ...
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Dukascopy Morning Forex Overview : 09/05/2012
Fundamental Analysis
EUR
"The debt crisis damps demand for German products in Europe but Russia, China, India, Brazil and South Africa should generally be able to compensate declining sales."
- Gerd Hassel, an economist at BHF Bank AG
German industrial production unexpectedly soared in March, adding to signs the euro zone’s largest economy is weathering debt crisis. Production jumped 2.8 per cent from February, when it declined 0.2 per cent, said the Economy Ministry on Tuesday.
USD
"People are preparing for a shock that may or may not occur."
- Michael Holland, chairman and founder of New York-based Holland & Co.
U.S. stocks fell on Tuesday as Greece’s bailout pledge came into question.
GBP
"The health of the housing market is a reverberation of consumer confidence and credit ...
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Political Disruptions Weigh on Risk Sentiment
USD is trading firmly against the majors (except the JPY) with the Dollar Index advancing to approach the pivotal 80.00 level. With little economic data due out today, the market's focus remains on political developments in Europe and the elevated uncertainty is seeing traders shift away from risky assets and into safe havens. US Treasury yields are lower with the 10-year yield currently around 1.84% and US equities are lower with the DJIA and S&P 500 currently down by -0.60% and -0.68% respectively. The dollar is strongest against the commodity currencies (AUD, NZD, CAD) amid growth concerns and significant technical declines in commodities. Gold (XAU/USD) is currently trading below a long term trendline support which began at the lows in Oct. 2008 and crude oil is currently below its 200- ...
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YouTradeFX Daily Market Analysis : 08/05/2012
Fundamental News
Today’s highlights:
· ECB President Draghi Speaks (EUR, 13:30 GMT)
· FOMC Member Fisher Speaks (U.S., 16:15 GMT)
· Housing Starts (CAD, 13:15 GMT)
Consumer borrowing in the U.S. surged in March by the most in more than a decade on growing demand for educational financing and autos. Credit rose by $21.4 billion, the biggest gain since November 2001, to $2.54 trillion, Federal Reserve figures showed today in Washington. The advance was paced by a $16.2 billion jump in non-revolving debt, including student and car loans.
Australia’s trade deficit was at A$1.587 billion in March, the Australian Bureau of Statistics said on Tuesday. That missed forecasts for a shortfall of A$1.4 billion after showing a deficit of A$754 million in February. Exports ...
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