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RTFX Daily Forex Market comments : 05/17/2012
GBP – USD
It may meet resistance in 1.5910 - 1.5933 zone for a drift down to 1.5866 zone, after which bounce to 1.5977 is anticipated.
EUR – USD
Current fall is near an end of wave around 1.2679 zone, a rally should then procede to above 1.2756. Fall below 1.2641 would cancel this scenario.
USD – CHF
While below 0.9458 - 0.9473 it is more likely to fall further towards 0.9430 or 0.9416. Premature rise above 0.9473 could see it rising above 0.9500 zone.
USD – JPY
Our preferred view is for a drift down to 80.14 or below 79.96. Resistances is at 80.28. A rise above 80.54 would delay but not abort this expected fall.
USD – CAD
Currently uptrend should end around 1.0155 - 1.0151 area. A correction down to below 1.0073 is expected. A rise above 1.0181 will abort the ...
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Global shares recover a bit, though fear on Greece remains
Asian shares on Thursday recovered a bit of the ground lost in the previous day's sell-off, but investors found no reason to bet on risk amid deepening turmoil in Greece and fears of contagion to other stressed euro zone economies.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.5 percent on short covering, after sliding more than 3 percent - its biggest one-day drop in six months - on Wednesday.
The index hit a new 4-month low on Wednesday, and has shed 9.6 percent since May 2.
Gold and the euro recovered from Wednesday's lows as a recovery in shares helped improve sentiment slightly.
Bucking the general trend of recovery in Asia-Pacific, Australian shares .AXJO bucked the general recovery, falling 0.6 percent to a four-month low, with banks easing on ...
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Analysis: U.S. bond bulls not ready to call off the charge
They are the few, the brave, the unloved, and among big investors, their number shrinks by the month.
They are the last of the bond bulls, the investors who believe long-term U.S. government bonds will extend a historic run that has already pushed interest rates to multi-decade lows.
Recent surveys show broad disdain for Treasuries among market cognoscenti. A cross-section of star money managers and investors, including Warren Buffett, BlackRock's Larry Fink and even bond expert Dan Fuss of Loomis Sayles, have urged investors to switch to stocks, arguing yields have nowhere to go but up.
Yet the average retail investor keeps sending money to bond funds. And in the past few weeks, things have been moving in the bond bulls' favor.
Fear of a Greek exit from the euro zone and JPMorgan ...
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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 ...
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Today`s FOMC Meeting Minutes outline…
Throughout the FOMC minutes meeting, participants have attested once again that the overall recovery tempo of the superpower is on a right gradual and constant pace with better labor conditions along with a stable enhanced demand while that prices pressures remain subdued, yet once more rates will stay exceptionally low at least through late 2014 to support the ongoing recovery.
In fact the world`s leading economy is gaining strength steadily, which was witnessed clearly since last year second half and mainly fourth quarter till this day and accordingly the FOMC members attested and proclaimed once again that the economy is "expanding moderately" with overall sectors activities gaining momentum including the labor market.
However the FOMC members confirmed today that in case that some ...
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U.S. stocks trim gains, euro falls on ECB talk
U.S. stocks trimmed gains and the euro retreated on Wednesday on speculation that the European Central Bank has stopped funding operations for some Greek banks, rekindling fears of messy financial woes for Greece.
Euro zone central bank sources said the ECB had stopped refinancing operations with some Greek banks. The ECB, which refinances only solvent banks, declined to comment.
It was unclear exactly how many banks were affected.
One person familiar with the matter said four Greek banks' capital was so depleted they were operating with negative equity capital.
Investors have been on tenterhooks over fears of a Greek exit from the euro zone and the financial losses that could cause the financial system.
U.S. stocks pared early gains from encouraging U.S. economic data and the euro ...
Title:
Dukascopy Afternoon Forex Overview : 05/16/2012
Dukascopy Fundamental Analysis
EUR
Stoxx Europe 600 index have dropped for third consecutive day and reached the lowest level since the start of this year as specialists speculate that elections in Greece could take place as early as 10 of June. The index lost 0.5% of its value by noon in London and around 10% from its peak this year in mid-March.
USD
Facebook increases the share offering by 25% to 421.2M shares to collect near $16B. At the offering's price of $34-$38 per share Facebook is rushing towards the largest technology IPO in the history. Production of utilities, mines and factory's in the U.S. surpassed expected 0.6% level and increased by 1.1% in April.
GBP
The number of unemployed people for January-March decreased to 2.63 million, 45,000 down on the quarter, the Office for ...
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A mild relief on Merkel, upbeat U.S. data
After the deep selloff markets recover some of earlier losses triggered by fears of “Grexit”, after politicians failed to find a common ground and name a new coalition government. Meanwhile Angela Merkel in an interview with CNBC reiterated following many European politicians “I want Greece to stay in the Euro” giving markets a minor relief, and a reason to rebound in a normal pullback after being oversold.
The EUR/USD decently off lows, the pair has traded the lowest since January today at 1.2680, and currently trading around 1.2750. Meanwhile, U.S. housing sector continues to show recovery, as building permits fell to 715,000 last month, however March permits were revised upward to 769,000. Housing starts rose to 717,000 units, while March reading of 654,000 was revised to 699,000. On ...
Title:
Central Banks' to the Rescue?
Central Banks' to the Rescue?
The Bank of England stole the headlines this morning as it delivered its second Inflation Report of the year. Its message was fairly grim: the UK won't regain its 2007 level of output until 2018. The biggest threat to the UK economy right now according to the bank is the impasse in the Eurozone (something the BOE can't control).
The BOE: "blame the Royal Family and the Eurozone"
However, the one thing it can control is QE and interest rates, and it kept the door to more QE firmly open today. It noted that Q1 GDP figures could be revised higher, however a number of "one off" factors like the Queen's Jubilee bank holiday this year could knock 0.5% from GDP. This "holiday" could have a more damaging economic effect than the Royal Wedding, according to the Bank. ...
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