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Banks Rallied On The NewsTitle:
Euro tumbles on Greek exit fears
(Reuters) - The euro slumped 1 percent against the U.S. dollar on Tuesday, ahead of an informal meeting of European leaders, on growing fears of a Greek exit from the euro zone.
Dow Jones quoted former Greek prime minister Lucas Papademos as saying that Greeks had no choice but to stick with a painful austerity program or face a damaging exit from the euro zone, a risk he said was unlikely to materialize but that was real.
He also told the news agency that some European states and institutions were considering contingency plans for any eventuality.
"Sentiment is heavily against the euro," said Joseph Trevisani, chief market strategist at Worldwide Markets, Woodcliff Lake in New Jersey. "Any negative comment from former or current Greek officials sends the euro plummeting. There were ...
Title:
Euro rallies from 4-month low versus dollar
The euro rallied from a four-month low against the dollar on Friday as investors pared bets against the single currency after a more than 3 percent drop this month, but concerns about Greece and Spain were likely to keep it under pressure.
Positioning ahead of the weekend meeting of the Group of 8 major industrialized nations and technical support also helped, traders said, as the euro approached its January low of $1.2623. Gains accelerated after a wave of stops were triggered in the euro's grind higher.
Despite Friday's rebound, investors preferred the relative safety of the U.S. dollar and the Japanese yen as worries about Europe persisted after Moody's cut the credit ratings of 16 Spanish banks late on Thursday.
Some traders said investors were wary of placing bets ahead of the ...
Title:
Dukascopy Afternoon Forex Overview : 05/18/2012
Dukascopy Fundamental Analysis
EUR
Moody's reduced credit rating of 16 Span's banks, citing a rise in bad debts in the country's financial sector and overall deterioration of the economic environment. The decision came after shares of Bankia lost another 14%. The largest banks such as Banco Santander and BBVA were downgraded while ten out of 17 banks were put on negative watch, implying that further credit rating cuts are possible.
USD
As the U.S. dollar gets stronger, investors are concerned that aggravating debt crisis in Europe will reduce demand for oil. Therefore, oil shows decline for a third week. Crude oil lost 25 cents yesterday and reached the 6-month low of $92.56. Brent oil for July delivery slid 0.5 percent to finish at $106.99.
GBP
Following a downgrade of 16 Spanish banks, ...
Title:
NZ Dollar Near This Year’s Low
The New Zealand dollar erased its earlier gains today as the potential Greece’s exit from the eurozone continued to spoil mood of Forex market participants. The currency traded near the lowest level this year.
Greece faces a new election on June 17 and traders are worried that it may result in the country leaving the euro-union. The announcement of the European Central Bank that it stopped lending to some Greek banks was not helping market’s mood either. Earlier, the kiwi rallied on speculations that recent losses were excessive. ANZ National Bank reported that the number of job advertisements fell 2 percent in April, following the March’s 0.9 percent decline.
NZD/USD fell from 0.7642 to 0.7634 as of 12:27 GMT today, near yesterday’s low of 0.7623, which was the lowest level since ...
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 ...
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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Copper at one-week low as global growth worries weigh
(Reuters) - Copper fell to its lowest in a week on Thursday after mixed U.S. economic data and a bond sale by Spain failed to ease investor concerns that the heavily indebted nation may hinder the bloc's recovery, denting growth and commodities demand.
Three-month copper on the London Metal Exchange was down half a percent to $8,258.50 a metric ton (1.1023 tons) at 1023 GMT, down from a $8,305 close.
Prices, which had rallied by more than 14 percent by early February have shed five percent since then, trimming the year's gains to around 9 pct.
"There's a lot of people asking about Europe and how bad things are. Recent events in the Netherlands and France may have underlined people's concerns, but if you're really looking for something to worry about, Spain is top of the list," metals ...
Title:
Dukascopy Morning Forex Overview : 02/05/2012
Fundamental Analysis
EUR
"The likelihood of inflation falling below 2 percent in the short run remains low, putting the ECB in a difficult situation."
- Peter Vanden Houte, an economist at ING
Inflation in the euro zone rose by more than expected in April, mounting pressure on the European Central Bank to take action against price pressures.
USD
"Manufacturing is still in pretty good shape."
- Scott Brown, chief economist at Raymond James & Associates Inc.
Manufacturing in the U.S. expanded in April at the fastest pace in 10 months, showed Institute for Supply Management data on Tuesday.
GBP
"The good news is that manufacturing clocked up a fifth straight rise, whilst cost pressures have eased a little and some firms are still recruiting."
- Lee Hopley, chief economist at EEF
U.K. ...
Title:
London Session: Another Week Another Round Of European Downgrades
Spain was in focus this morning after rating agency Standard & Poor's downgraded 11 of Spain's largest banks, which comes only a few days after the agency cut Spain's sovereign rating to BBB+ with a negative outlook. The bank/ sovereign feedback loop is getting more and more toxic for Spain. Like Ireland, bad bank debts seem to lead back to the government, while Spanish banks see their capital bases eroded when Spanish bonds weaken since they hold so much domestic sovereign debt. The only 'good' news was that Spain's official GDP figures for Q1 were slightly less bad than expected. The economy contracted by 0.3% rather than the 0.4% that was forecast by the market (and announced by the Bank of Spain 2 weeks ago). It's difficult to know why there was an improvement as the bulk of the detail ...
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