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The Endgame of the Greek Crisis
Forex News and Events:
It has taken two-and-a-half years, and nearly USD 300bn of IMF/EU funds for markets to finally weigh in a more probable than not exit of the debt-laden country. Greece’s EMU exit is imminent for the second time in the last six months. Surprisingly though, the trigger for the recent gloomy expectations for Greece was not exclusively of an economic nature but also politics. During May 6 elections, the Greeks expressed their unwillingness to abide by the agreed-upon austerity measures. It wouldn’t have been a very dangerous position had Greece been solvent, but regardless of EU officials’ reassurance of continued help for Greece throughout the process, the country would run out of funds for the next installments due end of June and early July. In addition to markets ...
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Gold falls as euro stumbles ahead of EU summit
(Reuters) - Gold eased on Tuesday under the weight of a weaker euro, while platinum shrugged off news of fresh disruption to production at South Africa's largest miner of the metal.
The euro remained clear of last week's four-month lows but was stuck in negative territory against the dollar ahead of an informal meeting later this week of European leaders aimed at discussing ways of stemming the debt crisis.
Across the broader markets, European blue-chip shares clung on to their gains, lifted by investors buying back some of the more heavily-sold names, while modest optimism that the summit could offer some interim solution to the crisis put pressure on safe-haven German Bunds.
Spot gold was down 1.0 percent at $1,576/26 an ounce by 6:15 a.m. EDT (1015 GMT). The price is still showing ...
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Euro steadies vs dollar as focus shifts to EU summit
(Reuters) - The euro steadied against the dollar on Tuesday as its rebound from a recent four-month low stalled, although traders said selling was likely to be limited in the run-up to an informal meeting of European leaders this week.
Many in the market were skeptical policymakers could agree measures to help tackle the euro zone debt crisis and soothe concerns about Greek political turmoil and weakness in the Spanish banking system.
But with speculators' short euro positions at a record high, traders were wary of the potential for a squeeze higher on any signs of progress at Wednesday's meeting.
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EUR/USD Rebound On Profit Taking
Sunrise Market Commentary
- Fixed Income: limited profit taking on core bond markets
- Global core bond markets fell prey to some profit taking in a thin, dull trading session. However, given the strength of equities, bond losses were very limited and occurred at the onset of trading. Today, the eco calendar remains thin and the profit taking might go some further in the run-up to tomorrow's informal EU Summit.
- Currencies EUR/USD rebound on profit taking
- The correction in EUR/USD was prolonged, but the euro gains were modest and mostly technical in nature. The UK inflation report is the eye-catcher of the day as it may influence sterling. However, overall trading might again be thin ahead of tomorrow's euro Summit.
The Sunrise Headlines
- US Equities rose for a second ...
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Euro Rebounds, Focus On The UK Inflation
The euro (EUR) edged higher to 1.2824 rebounding from 1.2724 against the US dollar on hopes that EU leaders will agree on steps to fight the debt crisis in Europe. Investors expect the French President Francois Hollande to suggest joint eurozone bonds at the EU meeting in Brussels on May 23. The idea of joint bonds can help with funding difficulties for some heavily-indebted eurozone countries but that policy has been rejected by Germany before. EU leaders are also expected to focus more on growth and ways to help Greece stay in the euro. The single currency remains under pressure as the market is worried about Spain’s growing financial problems as well as developments in Greece ahead of a repeat election in June.
The US dollar (USD) stumbles against a basket of currencies on an improved ...
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Asia Session: Europe, Europe And More Europe
Nervousness underpinned price action today. Despite voices from throughout Europe attempting to reassure the market that Greece will remain in the euro, stock markets in Asia didn't significantly build on their opening gains and the euro slowly drifted lower throughout the session.
Why is the market behaving like this? In one word – caution. Investors are acutely aware that the talk from Europe may just be that, and when push comes to shove nothing may happen. And, in this case that is a very bad thing considering the fate of so many economies (both in Europe and elsewhere) hang in the balance.
Whilst there are many different views, most economists agree that letting Greece slipe away may prove to be more costly than keeping it in the Eurozone. Thus, the market wants reassurances that ...
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Asian Market Update : 22/05/2012
Short-covering momentum builds on China infrastructure spending hopes
Economic Data
(NZ) NEW ZEALAND Q2 RBNZ 2-YR INFLATION EXPECTATIONS: 2.4% V 2.5% PRIOR (11-quarter low and 4th consecutive quarter of decline)
(CN) CHINA APR CONFERENCE BOARD LEADING ECONOMIC INDEX M/M: 0.8% V 0.8% PRIOR
(TW) TAIWAN APR UNEMPLOYMENT RATE: 4.2% V 4.1%E
(KR) SOUTH KOREA Q1 EXTERNAL SHORT TERM DEBT: $136.3B V $136.1B PRIOR
Markets Snapshot (as of 04:15GMT)
Nikkei225 +1.0%
S&P/ASX +0.8%
Kospi +1.2%
Shanghai Composite +0.5%
Hang Seng +0.8%
June S&P Futures flat at 1,315
June gold flat at $1,589/oz
July Crude +0.1% at $92.96
Overview/Top Headlines
Asian equity markets have extended the overnight rally with another session of moderate gains, as hopes for progress in European talks took a back- ...
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Markets extend gains on value hunt, hopes for EU summit
(Reuters) - Markets extended gains in Asia on Tuesday with investors hunting for bargains in shares beaten down to 2012 lows late last week, as hopes grew that Europe could agree on fresh action to tackle its debt crisis while promoting growth.
A Chinese media report saying Beijing will accelerate infrastructure investments to combat slowing growth lifted Hong Kong and Chinese shares by 1.2 percent .HSI and 0.6 percent .SSEC respectively.
European shares looked likely to extend gains, with financial spreadbetters predicting that major European markets .FTSE .FCHI .GDAXI would open as much as 1.0 percent higher. U.S. stock futures were up 0.1 percent. .EU .L .N
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS climbed 1.4 percent, having recovered on Monday from a ...
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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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