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Banking Sector In EuropeTitle:
Dukascopy Morning Forex Overview : 08/05/2012
Fundamental Analysis
EUR
" show that despite the crisis in the euro area, Germany is growing and benefiting from a revival in international trade."
- Klaus Baader, senior economist at Societe Generale SA
German factory orders rose by more than forecast in March, a sign Europe’s largest economy is weathering the debt crisis.
USD
"From where we sit right now, we think the economy looks fundamentally stronger."
- Marisa Di Natale, an economist at Moody’s Analytics in West Chester
U.S. stocks closed mixed on Monday after Francois Hollande was elected as a French president and Greek voters turned to antibailout parties.
GBP
"… the challenging economic backdrop suggests that a significant acceleration in prices or activity is unlikely in the near term."
- Robert Gardner, Nationwide’s ...
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S&P ends almost flat; investors shrug off Europe
Investors brushed off Europe's election results, as the S&P 500 rebounded from early losses to end nearly unchanged on Monday, despite the uncertainty surrounding the euro zone's ability to tackle its debt crisis.
U.S. financial stocks, normally highly sensitive to events that could unsettle the euro zone's fiscal stability, were not only the biggest gainers, but had the heaviest volume.
The S&P 500 financial sector index .GSPF rose 0.7 percent. Bank of America (BAC.N) shares shot up 2.8 percent to $7.96 and Goldman Sachs (GS.N) gained 1 percent to $110.04.
"One positive thing we are seeing out of the elections and we are hearing from the ECB chairman is a focus on growth and that austerity measures alone are not going to get them out of this crisis," said Sean Lynch, global investment ...
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Dukascopy Morning Forex Overview : 07/05/2012
Fundamental Analysis
EUR
"The U.S. labor-market report will further erode investor confidence"
- Markus Allenspach, head of bond research at Julius Baer Group Ltd.
European stocks extended weekly losses, after a report showed U.S. companies added fewer jobs than expected in April. The Stoxx Europe 600 Index erased 1.76 per cent to 253.00. Germany’s DAX Index tumbled 1.99 per cent and France’s CAC 40 Index contracted 1.90 per cent. The U.K.’s FTSE 100 Index lost 1.93 per cent to 5,655.06.
USD
"We’re still very much on the recovery path, but we’ve got a huge amount of ground to make up in the labor market"
- Scott Brown, chief economist at Raymond James & Associates Inc.
The number of Americans, who have found a job in the private sector in April, tumbled to 115,000 from 154,000 the ...
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Forex Exchange Morning Report
Market wrap
A disappointing US payrolls report hurt sentiment, pushing equities, risky currencies, commodities and interest rates lower. Only 115,000 jobs were added in April versus 160,000 expected. There were, however, positive back revisions and the unemployment rate fell from 8.2% to 8.1%, initially causing some confusion in markets before judgement was passed it was a weak outcome. Also reported was lower Eurozone manufacturing activity, adding to the negative market tone. The S&P500 closed down 1.6% and the CRB commodities index fell 1.4%. US 10yr treasury yields closed 5bp lower at 1.88%, earlier making a 3 Feb low at 1.87%. Australian 3yr bond yields fell 6bp. A few hours ago, results from European elections were announced. France has a new (socialist) president, and Greece's two ...
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Gloom builds for euro zone, United States
(Reuters) - The euro zone economy worsened markedly last month and U.S. employers cut back on hiring, according to two reports on Friday that dampened hopes for gradual recovery on either side of the Atlantic.
In Europe, the purchasing managers indexes (PMIs), which primarily cover services, suggested a recession across the continent's currency union could now extend to mid-year and be deeper than previously thought.
The gloomy surveys clashed with the picture painted by European Central Bank President Mario Draghi, who on Thursday spoke of a gradual recovery taking place in the euro zone during the course of the year - although he did speak about risks.
In the United States, a government report showed employers added a disappointing 115,000 workers to payrolls last month and, ...
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Weekly Economic and Financial Commentary : 04/05/2012
U.S. Review
Modest Growth on a Broadening Base
- The underlying tone of the recent economic reports remains consistent with modest economic growth. Consumer spending ended the first quarter on a solid note and spending is now on track to grow at a 2 percent pace in the second quarter.
- Reports from the regional manufacturing surveys showed some weakness but the National ISM report came in stronger than expected. The nonmanufacturing survey, however, came in below expectations.
- Nonfarm employment rose by 115,000 jobs in April and the unemployment rate fell 0.1 percent to 8.1 percent.
Modest Growth on a Broadening Base
This week's ISM report came in better than expected, rising 1.4 points to 54.8 in April, which greatly relieves fears built up from the weaker factory orders ...
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When Will Volatility Pick Up
The Week Ahead
Highlights
When will volatility pick up
Digesting payrolls
Will there be more QE for the UK?
Data Watch
When will volatility pick up?
Volatility in US Treasuries is at its lowest level since 2007, so too is volatility in the FX options market for short-term EURUSD products and the Vix has fallen sharply since peaking in autumn 2011. Yet Europe's sovereign stresses remain as strong as ever, Spain and Italy are struggling to sell their sovereign debt to anyone bar their domestic banking sectors and election risks are enormous as Greece and France go to the polls on Sunday.
So why is volatility so low? The answer lies with central banks and fairly tight FX ranges. When central banks come in and pledge that interest rates will remain extremely low until 2014, ...
Title:
European Market Update : 04/05/2012
Major European Services PMI again disappoints; Focus now on US April Non-Farm Payroll report
Economic Data
(EU) ECB: €983M borrowed in overnight loan facility v €638M prior; €805.7B parked in deposit facility v €803.1B prior
(RU) Russia Narrow Money Supply (RUB): 6.90T v 6.91T prior
(SE) Sweden Apr Services PMI: 48.6 v 52.6 prior (First contraction since Nov)
(ES) Spain Apr Net Unemployment M/M: -6.6K v -15.0Ke
(UK) Apr Halifax House Prices M/M: -2.4% v -0.8%e; 3M/Y: -0.5% v +0.4%e
(ES) Spain Apr Services PMI: 42.1 v 45.4e (10th straight of contraction)
(CH) Swiss Mar Real Retail Sales Y/Y: 4.2% v 1.1%e
(SE) Sweden Mar Service Production M/M: 0.9% v 0.4% prior; Y/Y: 2.8% v 1.5%e
(IT) Italy Apr PMI Services: 42.3 v 43.7e
(FR) France Apr Final PMI Services: 45.2 v 46.4e
(DE) ...
Title:
Dukascopy Afternoon Forex Overview : 03/05/2012
Fundamental Analysis
EUR
German DAX index climbed on Thursday lifted as ECB decided to keep its benchmark rate unchanged and Spain successfully auctioned bonds. Index was supported with positive news from US as data showed jobless claims fell more than expected last week. BMW AG rallied 2.72% after German car maker reported its EBIT jumped 19% in 1st quarter.
USD
Timothy Geithner, US Treasury Secretary, said that China has to alter its polices tied to exports and focus on stimulating domestic consumption. Such change is vital for sustaining China's economic expansion. Currently, China is exploring the ways for new economic reforms as the country recognized the risks of overreliance on exports, Timothy Geithner added.
GBP
Average house prices in the UK declined by 0.2% last month, ...
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