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Stocks, commodities fall as Greece spooks investors
(Reuters) - Asian shares, the euro, commodities and the Australian dollar all fell on Thursday as fears that Europe's debt crisis could unleash financial chaos prompted investors to shed riskier assets in favor of the relative safety of the dollar.
U.S. stock futures also fell, retreating from a Wall Street rebound on Wednesday, as leaders of the world's biggest economies began arriving in France for a G20 summit set to be dominated by the threat of a Greek exit from the euro zone.
Asian stocks dropped 1.8 percent and European shares were seen making similar losses at the start of trading, while oil, copper and the commodity-linked Aussie fell around 1 percent and credit markets weakened.
The leaders of France and Germany, angered at Greece's shock move to call a referendum on its ...
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Gold eases as dollar gains post-BoJ intervention
(Reuters) - Gold fell by more than 1 percent on Monday, following its best weekly performance in a month, after Japan's intervention in the currency market triggered a spike in the dollar, which was already benefiting from ongoing concern about the euro zone.
Japan intervened unilaterally in the foreign exchange market on Monday to curb the yen's strength, sending the dollar up more than 1 percent against a basket of currencies.
A stronger U.S. currency makes dollar-denominated commodities more expensive for non-U.S. buyers, pushing down the price of silver, copper and crude oil.
This week is set to be dominated by major U.S. data, including monthly employment and several measures of manufacturing, along with Chinese factory activity, which also kept investors cautious.
Spot gold was ...
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Yen tumbles vs dollar as Tokyo steps in
(Reuters) - The yen slid sharply against the dollar, hitting a three-month low after Japan stepped into the market to curb its currency's appreciation, though traders said more intervention would likely be needed to secure a long-lasting impact.
The dollar, pressured by speculation of more easing by the Federal Reserve, jumped more than 4 percent to 79.55 yen after hitting a fresh all-time low of 75.31 on EBS trading platform early in Asian trade.
It pared gains to 78.20 yen as European markets looked to test Tokyo's resolve, with traders citing official bids around 78.00 yen.
The dollar was still shy of its 200-day moving average around 79.88 yen, though some traders speculated Japanese authorities may look to push it above 80 yen.
"If the Bank of Japan wants to avoid the dollar ...
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Dollar hits 3-month high on yen as Tokyo steps in
(Reuters) - The dollar leapt against the yen by the most in three years on Monday, hitting a three-month high after Japan stepped into the market to curb the yen's rise, although traders doubted the move would have a long-lasting impact.
The greenback, recently softened by speculation of more easing by the Federal Reserve, spiked more than 4 percent to 79.55 yen, after hitting another all-time low of 75.31 yen on EBS early in Asian trade.
The dollar was stuck at 79.20 yen for more than two hours after the intervention due to a large bid at that level, prompting traders to speculate that Japan might want to set a Swiss-style floor for the dollar/yen rate.
But when the Swiss central bank set a floor for its currency against the euro in September, Japanese officials said Japan's economy ...
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Forex - EU Summit Provides a Plan
Forex News and Events:
Yesterday ran late and at the 11th hour EU leaders did come up with an agreement very close to markets expectations. The subsequent risk rally was seen across asset classes as a reward for European policymakers hard work . The positive initial reaction by investors is predictable given the massive uncertainty that dominated pre-summit, and the emergent worry that nothing solid would be announced. EURUSD was able to break above the 1.4000 handle, while Asian regional indices were broadly higher. Commodity currencies traded higher on the back of the risk-on mood and bullish commodity rally spearheaded by Chinese buying of copper. Market had to wait until the EU summit press conference and concrete conformation of details before stepping back into risk correlated ...
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Forex - EURUSD Firms Ahead of EU Summit
Forex News and Events:
EURUSD firmed around the 1.3900 handle ahead of today’s uber critical EU summit. The first meeting with the entire 27 EU leaders will be short meeting, at 16:00gmt then afterwards leaders of the 17 Eurozone countries will convene at 17:15. But ahead of the summit, German parliament is due to vote on whether to sanction the use of EFSF leverage. Most expect that vote to go in Merkel’s favor without any real barriers, but this is politics in extraordinary times. And on a final note on the major risk events of the day, we might be looking at the final day of Berlusconi as the Italian PM. The list of planned measures Berlusconi has brought back from Brussels in the hope of appeasing EU leaders is causing fiction within the coalition government. A break up of the ...
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US Consumer Confidence Shrinking
Data on confidence yesterday also signaled a mild downtick in outlook from the previous month. The news has had some impact on the forex market, though it could magnify through longer-term analyses on US financial markets should increases in investment and spending increase over the coming months.
Economic News
USD - Dollar Trading Bullish as Pessimism Dominates Trading
The US dollar (USD) was seen trading mildly bullish Tuesday as investors weighed the impact of recent consumer confidence and investment reports from the American economy. A sudden wave of risk appetite last week seemed to have pushed down on the USD, but pessimism emerging early this week held back some of those losses.
Data on confidence yesterday also signaled a mild downtick in outlook from the previous month. The ...
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Forex - FX Participation Low Ahead of EU Summit
Forex News and Events:
Going to keep this short, since there has been no real, additional information regarding the grand solution that European policymakers are expected to announce on Wednesday. It was once said that the groundbreaking punk band the Clash was the "only band that matters.” Right now the only thing that matters is the European debt crisis. When the smoke cleared, what we actually got from this weekend's EU summit was merely a list of potential scenarios and further evidence of tensions between EU nations (France vs Germany, EU vs. Italy). The momentum trade remains dominate as most expect something positive on Wednesday, although the short term risk on / off continues to provide flustering intraday gyrations. EURUSD made steady progress above 1.3900 for most of ...
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Sentiment is still largely euro-negative
FUNDAMENTAL OUTLOOK at 0800 GMT (EDT +0400)
USD
The past few trading sessions have provided investors enough headlines to anticipate the broad outcomes of this week’s Eurozone summit. There are plans on the table, which are not mutually exclusive, and the debate has shifted back to private sector participation in reducing Greece‘s liabilities. It is somewhat reassuring that no official calls for coercive restructuring have yet been made. Nevertheless, indications are that a 60% NPV reduction may now be on the cards, and achieving sufficient participation for such a plan on a voluntary basis could be a challenge.
Sentiment is still largely euro-negative, although there is little appetite to add to euro shorts here given the risk that a batch of euro-positive headlines could materialize ...
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