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Euro Rebound Short-Lived
Sunrise Market Commentary
- Fixed Income: Profit taking continued, but now concluded?
- The profit taking on global core bond markets continued in the run-up to tonight's informal EU-Summit. Spanish and Italian spreads decreased significantly but yields remain at elevated levels. Today, the eco calendar is again thin and trading will again be driven by sentiment.
- Currencies: Euro rebound short-lived On
- Tuesday, the euro came again under pressure even as the global context was not that negative. Sentiment on risk was constructive and intra-EMU spreads narrowed, but all this didn't prevent investors to use any upticks in the single currency to further reduce exposure. The key 1.2642/24 support is again coming within reach.
The Sunrise Headlines
- In the final hour of ...
Title:
Dukascopy Morning Forex Overview : 22/05/2012
Fundamental Analysis
EUR
"Inevitably there is going to be an element of bargain hunting as investors look to top up their holdings on the basis of slightly lower prices"
- Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers
European stocks edged higher on Monday on China’s pledge to boost growth.
USD
"Equity prices have gotten oversold"
- Mark Luschini, chief investment strategist for Janney Montgomery Scott LLC
U.S. equity market edged higher on Monday on China stimulus hopes and after German and French officials said they would cooperate to keep Greece in the monetary union.
GBP
"Obviously, as the euro depreciates, the U.K. gets slightly more expensive"
- Miles Shipside, Rightmove commercial director
U.K. national house prices stagnated in March, announced the ...
Title:
Europe Steps Closer to the Cliff Edge
The Week Ahead
Highlights
Europe steps closer to the cliff edge
Can the USD extend its rally?
Bank of Japan may extend maturity of its bond buys
Pricing in more QE from the Bank of England
Europe steps closer to the cliff edge
It was a pivotal week for the Eurozone after Greece announced that it was heading back to the polls after the top three parities failed to form a coalition government. So now Greece is leaderless, there is a caretaker government in place but it won't be able to enforce the austerity required to get the next tranche of bailout funds necessary for Greece to avoid running out of money in July. So as time runs out for Greece the European authorities have been clear: the upcoming election is a referendum on euro-membership. Either vote for pro bailout ...
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Euro slides on Greece, banking sector worries
The euro slid to a four-month low against the dollar on Thursday and was expected to remain under pressure as concerns grow about problems facing some periphery euro zone banks and the prospect of contagion if Greece exits the euro.
Growing aversion to risk drove investors towards the safety of the U.S. dollar, which rose to a four-month high against a basket of currencies, while the euro also dropped to a three-month low versus the yen.
Talk of possible Spanish bank downgrades pushed European equities .FTEU3 sharply lower. Shares in Spanish lender Bankia fell more than 20 percent following a report in the El Mundo newspaper that its customers had withdrawn more than 1 billion euros from their accounts over the past week.
This followed news on Wednesday that the European Central Bank ...
Title:
Euro Sell-Off Accelerates As Greece Will Hold Now Elections
Sunrise Market Commentary
- Fixed Income: Fresh elections in Greece further support core bonds
- German bund came off the contract highs at the start of the session on better German Q1 GDP data. The move didn't last long however and the announcement of fresh Greek elections marked an intraday U-turn. This morning, the German Bund future and US Note future once again reach new contract highs.
- Currencies: euro sell-off accelerates as Greece will hold now elections.
- On Tuesday morning it looked temporary that the euro might enjoy some breathing space as the German Q1 growth was much stronger than expected. However, the rebound had no momentum at all. The euro was again hammered as talks on the formation of the Greek government collapsed. Is the euro heading for a free fall? ...
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US Data Set to Impact Markets Today
The euro spent most of the day slightly above recent three-month lows hit against the US dollar and Japanese yen. Greece's inability to form a new government has raised the prospects that a new election will be held in the coming weeks, which has resulted in additional risk aversion in the marketplace. Turning to today, traders will want to pay attention to a batch of US data, including the PPI figure and the Prelim UoM Consumer Sentiment. Both indicators are considered valid indicators of overall economic health and have the potential to create market volatility before markets close for the week. Should any of the data come in above expectations, the USD may be able to see some upward movement against the yen today.
Economic News
USD - Dollar Turns Bearish vs. GBP
The dollar turned ...
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Greece pressures euro, drives demand for German debt
(Reuters) - The euro closed in on a three-month low and safe-haven German bonds rose on Wednesday as political disarray in Greece and the rising costs of fixing Spain's banks fueled fears the euro zone's debt crisis was worsening.
The concerns over Europe added to worries about the impact of softer growth in the U.S. on the global economic outlook, causing a broad retreat from risky assets with world shares falling, oil prices down for a sixth straight session and the commodity-linked Australian dollar hitting new lows.
The market's immediate attention was on Athens where efforts to form a government were expected to fail, putting its ability to meet the terms of its bailout deal in doubt and raising the possibility of Greece being forced out of the euro.
"The sensitivity to political ...
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Gold falls as euro feels pinch of election results
(Reuters) - Gold fell for a second day on Tuesday, under pressure from the slide in the euro on the back of political uncertainty in Greece and a change of president in France, while Chinese import figures did little to offset the impact of the weaker currency.
Data showing a sharp jump in exports of gold in March from Hong Kong to mainland China, soon to be the world's top bullion consumer, did little to support the price, but reinforced analyst expectations for gold to benefit in the longer term from Chinese demand.
In the shorter term, however, gold was more affected by the decline in the euro.
The correlation between the single European currency and the gold price hit its highest in four months in late April, meaning the two are more likely to move in lockstep than inversely to each ...
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Dollar and euro sit tight before U.S. jobs, European elections
(Reuters) - The dollar held steady versus the yen and euro on Friday, but could face downside risks if U.S. jobs data disappoints and stirs renewed speculation about further monetary easing from the U.S. Federal Reserve.
The euro was little changed at $1.3150, having bounced off the previous day's two-week low after European Central Bank chief Mario Draghi gave no strong hints on Thursday about the possibility of more monetary stimulus.
After the ECB kept rates steady at 1 percent as expected and an uneventful Spanish bond auction on Thursday, the focus now shifts to U.S. jobs data later on Friday as well as elections in France and Greece on Sunday.
The U.S. payrolls report is expected to show a gain of 170,000 in April, a Reuters poll of economists showed.
A disappointing result may ...
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