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Bearish Amid NegativeTitle:
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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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, ...
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Euro pauses descent, but vulnerable to fresh falls
The euro held above a four-month low on Thursday, taking a breather from a sharp sell-off, although gains are likely to be checked by worries about the solvency of some Greek banks that are adding to fears the country may exit the euro zone.
The common currency was trading at $1.2724, up 0.1 percent on the day, though not far from a four-month low at $1.2681 hit the day before, with stops cited below $1.2680. The euro has already shed 3.9 percent in May, coming close to its 2012 trough of $1.2624 reached in mid-January.
Contagion fears and jitters over political turmoil in Athens, where politicians rejecting harsh austerity measures are likely to win June 17 elections, have sent riskier assets such as the Australian dollar sharply lower over the past three weeks.
Dealing another blow to ...
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European markets set to open with more losses amid political woes
The tension is evident and the market remains negative amid the uncertainty over the euro outlook and growing fear of a Greek exit. The selloff was reignited midday yesterday after Greece said talks have failed and elections are now the only option.
Investors are worried that anti-austerity parties will be able to now win the vote and negate the agreement with lenders which will leave Greece insolvent and bankrupt, and eventually drop out of the euro! This tension is keeping the market on the edge and pressured stocks to their 2012 lows with the lead of financials of course.
The euro was surely on the receiving end and still trading under heavy bearish pressure. The EUR/USD as of 03:00 EST is hovering around $1.2695 trading below the critical $1.27 areas. The pair recorded the high of $1. ...
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EUR/USD Hits 4-Month Low
The euro continued to tumble throughout yesterday's trading session as investors grew more concerned regarding the impact of a possible new Greek election next month. The EUR/USD fell close to 70 pips during European trading, reaching as low as 1.2829. Today, traders will want to pay attention to several potentially significant market events. At 9:00 GMT, the German ZEW Economic Sentiment figure may be able to help the euro recover some of its recent losses if it comes in above analyst forecasts. In addition, the US Core CPI, Core Retail Sales and Retail Sales figures, all scheduled for 12:30 GMT, could lead to market volatility for USD pairs. Should any of the news come in above expectations, the greenback could move up against the JPY.
Economic News
USD - US Retail Sales Data Set to ...
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Another bloody day for Crude
Crude oil has started the week with negativity to proceed with the sharp downside wave amid intensifying fears in Europe with increasing anticipations that Greece would exit the Euro bloc. The euro outlook is under scrutiny and eyes are on what the finance ministers will discuss today. More downside pressure stemmed from the Saudi Arabia oil minister as he reiterated that supply is still high, keeping the bearish bias intact.
Oil dropped from the opening at $
The two main factors behind this strong downside pressure on crude remain evident, as the political situation in Europe continued to deteriorate after the political parties in Greece failed to form a coalition government for the third time and the anti-austerity parties found more support in the parliament.
The biggest anti- ...
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Risk Aversion Continues to Weigh on Higher-Yielding Currencies
Following multiple failures by Greek politicians to form a new government, investors are now concerned about what impact a possible new election will have on Greece's status in the euro-zone. The news weighed down on riskier currencies, particularly the euro, throughout Friday's trading session. The EUR/USD dropped to a fresh 3 ½ month low at 1.2903 before staging a slight correction to close out the week at 1.2917. Turning to this week, euro-zone news is once again forecasted to dictate the direction the market takes. Any additional negative announcements out of Greece could drive the euro even lower against its main currency rivals.
Economic News
USD - US Consumer Sentiment Gives Dollar a Boost vs. JPY
News that consumer sentiment in the US reached a more than four-year high gave the ...
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Volatility Extends in Markets after the European Commission Fresh Forecasts
The European Commission supported volatility to extend in the market amid the current deteriorating sentiment in the market, where the Commission revised growth forecast lower for the euro-area region adding concerns the current austerity-linked solution is weighing sharply on growth, forcing more pressures on lawmakers to find another way around to hammer that debt crisis as well as boosting growth, but without adopting further austerity.
The critical economic situation in Europe is worsening and getting more complicated, where lawmakers cannot find a way to fight the debt crisis without affecting growth aspects, where the sharp austerity adopted across Europe has brought a technical recession confirmed in most of the nations in the euro zone, fueling the debt crisis to expand further ...
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Political tension in Europe is pushing crude to the downside
The bearish wave continued to take crude downwards for the sixth consecutive day amid high uncertainty in Europe and negative signs from U.S. signaling for a weaker demand on crude in the future.
In fact, there is nothing new came up in the market but this is the problem which raised tensions and increased fears in financial markets, as investors are looking for assurances for the outlook but the economy continues to deteriorate and uncertainty is in control of the sentiment.
The political situation in Europe is tensed after the elections which didn’t add anything except more fears and a darker outlook for the region. We can see a hard situation in Greece which may not gain the rest of the second bailout after the parliament’s members declined austerity plans.
The political tension in ...
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