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Be Positive After The EuropeanTitle:
YouTradeFX Daily Market Analysis : 23/05/2012
Fundamental News
Today’s highlights:
BoJ Press Conference (JAP, Tentative)
Retail Sales (MoM) + MPC Meeting Minutes (GB, 09.30 GMT)
Industrial New Orders (MoM) (EUR, Tentative)
CBI Industrial Trends Orders (GB, 11:00 GMT)
Core Retail Sales (MoM) (CAD, 13:30 GMT)
New Home Sales (U.S., 15:00 GMT)
The National Association of Realtors released a report on Tuesday showing a rebound in U.S. existing home sales in the month of April following a decrease in the previous month, sales rose by less than economists had anticipated. NAR said existing home sales rose 3.4 percent to an annual rate of 4.62 million in April from a downwardly revised 4.47 million in March.
Japan’s exports increased by a less-than- estimated 7.9 percent in April from a year earlier, underscoring ...
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USD Moves Up vs. JPY Following Japanese Credit Downgrade
The JPY took losses against the US dollar during European trading yesterday, following a downgrade of Japan's credit rating. The USD/JPY advanced close to 60 pips over the course of the day, eventually peaking at 79.93. Today, dollar traders will want to pay attention to US New Home Sales figure, set to be released at 14:00 GMT. Analysts are forecasting the figure to show improvements in the US real estate sector, which if true, could help the greenback extend yesterday's gains. In addition to the news out of the US, traders will want to pay attention to any announcements out of the euro-zone. An informal meeting of euro-zone leaders is set to conclude today. Any signs of a new strategy to combat the region's debt crisis could lead to market volatility.
Economic News
USD - Dollar Sees ...
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Gold down almost 1.5 percent as selling snowballs
(Reuters) - Gold traded near intraday lows on Tuesday afternoon with selling accelerating on low volumes as the euro lost further ground ahead of a much-anticipated European summit.
The pressure started on Monday after bullion failed to break through key resistance at $1,600 per ounce, sending prices below near-term technical support levels.
That selling snowballed on Tuesday afternoon in New York, sending prices below $1,570 an ounce as the euro weakened with investors betting Wednesday's meeting of European leaders would do little to tackle the region's debt crisis.
"The euro continued to sag. It's not going to make a decisive move until the EU summit," said James Steel, chief commodity analyst at HSBC.
Weaker oil prices on news of a potential deal between Iran and the U.N. nuclear ...
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Gold still down, weaker euro blamed
(Reuters) - Gold remained under pressure trading below a near-term technical support level on Tuesday due to a weaker euro, with investors betting against a meeting of European leaders this week doing much to tackle the region's debt crisis.
Platinum tracked gold lower, shrugging off news of a fresh production outage in South Africa.
The euro remained clear of last week's four-month lows but was stuck in negative territory against the dollar as worries about Greek politics and Spanish banking problems kept the currency under pressure.
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Global shares gain on Europe optimism; euro dips
(Reuters) - World equity markets rose for a second consecutive day on Tuesday on hopes European leaders will tackle the region's debt crisis, but the euro fell on doubts that much would come of a meeting just a day away.
European shares gained almost 2 percent on optimism European leaders may devise new measures to foster growth in the euro zone and restore a doubtful market's confidence.
An informal summit of European Union leaders late on Wednesday is expected to discuss the idea of regional bonds jointly underwritten by all euro zone member states.
However, Germany's long-standing opposition is unlikely to change; the country has dismissed the French-led call for the euro zone to issue common bonds.
"The string of summit meetings that have been called to address the euro crisis thus ...
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Shares up on Europe summit hopes, euro dips
(Reuters) - World shares gained for a second day on Tuesday amid speculation of fresh action by European leaders to tackle the region's debt crisis, even as the euro fell on doubts that much would come of this week's meeting.
A rise in existing home sales to their highest annual rate in nearly two years in April and a decline in foreclosures added to the positive tone in equity markets.
The National Association of Realtors said existing home sales increased 3.4 percent to an annual rate of 4.62 million units, the highest since May 2010. Across the U.S., the median price for a home resale jumped to $177,400 in April, up 10.1 percent from a year earlier.
"The housing market is showing some signs of life and the April number suggests that sales of single-family homes are rising again," ...
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Euro slides vs. dollar as EU summit hopes wane
(Reuters) - The euro fell against the dollar on Tuesday after two days of gains as investors pared back expectations that an informal meeting of European leaders this week would yield much progress in tackling the region's debt crisis.
However, given the market's stretched bearish positioning and oversold signals on the technical charts, the euro could see a short-term squeeze higher ahead of the European summit.
The yen, meanwhile, tumbled after Fitch downgraded Japan's ratings and although the currency posted the biggest loss versus the dollar, investors remained focused on the euro.
While there have been hopes in some quarters that Wednesday's summit may lead to agreement on measures to boost euro zone growth, investors were not confident of a breakthrough given apparent differences ...
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Euro falls vs. dollar as EU summit hopes dim
(Reuters) - The euro fell against the dollar on Tuesday after two days of gains as investors pared back expectations that an informal meeting of European leaders would yield much progress in tackling the region's debt crisis.
However, given the market's stretched bearish positioning and oversold signals on the technical charts, the euro could see a short-term squeeze higher ahead of the European summit.
While there have been hopes in some quarters that Wednesday's summit may lead to agreement on measures to boost growth, investors were not confident of a breakthrough given apparent differences in opinion between Germany and France.
French President Francois Hollande is expected to push for a joint euro zone bond, a measure backed by Italy, Spain and the European Commission.
However ...
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Euro falls as hopes dim of EU summit progress
(Reuters) - The euro fell on Tuesday as skepticism grew that an informal meeting of European leaders would yield much progress in tackling the debt crisis, with worries about Greek politics and Spanish banking problems expected to keep the currency weak.
While there have been hopes in some quarters that measures to boost growth may be agreed at Wednesday's summit, investors were not confident of a breakthrough given apparent differences in opinion between Germany and France.
French President Francois Hollande is expected to push for a joint euro zone bond, a measure backed by Italy, Spain and the European Commission.
However Germany, Europe's largest economy and paymaster, has so far opposed the move and continues to champion austerity measures. A German official said on Tuesday euro ...
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