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Bearish Bets AgainstTitle:
Euro drops to 21-month low as break up risks mount
(Reuters) - The euro fell to a 21-month low against the dollar on Wednesday as investors added to bearish bets on growing concerns about a chaotic Greek exit and widespread skepticism about the outcome of an EU summit due later in the day.
EU leaders are expected to discuss growth-boosting measures but are not expected to produce any plan that would restore optimism among investors, especially given Germany remains strongly opposed to joint euro bonds.
Investors are doubtful that the leaders will come up with any measures to calm fears that have grown since an inconclusive Greek election earlier this month left the country on the path to bankruptcy and a possible exit from the euro zone.
The euro fell to $1.2615 on trading platform EBS, dropping below the 2012 low of $1.2624 set in ...
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Euro gets respite, but stays under pressure
(Reuters) - The euro traded firm above recent four-month low on Monday as some investors who had bet on the currency falling booked profits, but deep-seated concerns about financial turmoil in Greece and Spain will keep it under pressure.
The common currency earned respite from this month's relentless bout of selling, as speculators who had piled up a record amount of bets against it cut some of those positions.
The euro was steady at $1.2781, well above Friday's four-month low of $1.2642 struck on trading platform EBS. The euro has managed to stay above its 2012 low of $1.2624, a major support, a break of which would take the single currency back down to levels not seen since August 2010.
Traders cited sell-side stops above $1.2835 with plenty of offers ahead of that level, all of ...
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Euro bounces off 4-month low, but remains under pressure
(Reuters) - The euro extended its rebound from last week's four-month low on Monday but investors remained concerned over financial turmoil in Greece and Spain, drawing little comfort from a broad G8 pledge to take steps to fight the euro zone's debt crisis.
The common currency rose on short-covering after speculators piled up a record amount of bets against it, according to data from a U.S. financial watchdog released late last week.
"We are entering a consolidation phase with regard to the euro. It will not be known for a while whether Greece will stay in the euro or not with a Greek election a few weeks away," said Minori Uchida, chief analyst at the Bank of Tokyo-Mitsubishi UFJ.
"The market may show some minor reaction to Greek opinion polls... but it is hard to sell the euro in ...
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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:
Euro comes off 4-month low but worries remain
The euro rose from a four-month low against the dollar on Friday as investors pared bets against the single currency after a 4 percent drop this month but concerns about Greece and Spain were likely to keep it under pressure.
Technical support also helped, traders said, as the euro approached its January low of $1.2623. A break beneath that would opened the door to a slide toward the 2010 lows around $1.1875.
Despite Friday's gains, 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 on Thursday.
Some traders had earlier said the euro's recent decline could slow, given investors may be wary of holding positions over the weekend when leaders of the G8 major industrial ...
Title:
Euro rallies from 4-month low but crisis remains
The euro rose from a four-month low against the dollar on Friday as investors pared bets against the single currency after a 4 percent drop this month, but concerns about Greece and Spain were likely to keep it under pressure.
Despite Friday's gains, investors preferred the relative safety of the U.S. dollar and the Japanese yen. They were reluctant to increase risk exposure after Moody's cut the credit ratings of 16 Spanish banks on Thursday.
With no U.S. data to drive foreign exchange markets, investors are most likely to consolidate positions ahead of the weekend following days of euro losses.
"The biggest risk today is position squaring into the weekend; however there appears to be increasing evidence that the euro is likely to move lower in the days ahead," said Camilla Sutton, ...
Title:
Euro hovers near 4-month low as crisis brews
The euro lifted off a four-month low against the dollar on Friday, as investors pared bearish bets after earlier falls but concerns about a Greek euro exit and instability in the Spanish banking system were likely to keep it under pressure.
Investors preferred the relative safety of the U.S. dollar and the Japanese yen and were reluctant to buy riskier assets after Moody's cut the credit ratings of 16 Spanish banks on Thursday.
The euro tumbled to $1.2642, not far from its lowest of the year, before recovering to trade 0.2 percent higher at $1.2715. Traders cited large option expiries at $1.2700 which were likely to cap gains.
Some traders said the euro's recent decline could slow, given investors may be wary of holding positions over the weekend when leaders of the G8 major industrial ...
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Brent falls towards $111 on Greece jitters
Brent crude futures fell towards $111 a barrel on Tuesday as Greece's political and economic turmoil deepened and worries that the debt-laden country could leave the euro zone sparked a sell-off in dollar-denominated commodities.
Brent prices slid for a fourth consecutive day, hammered by fears of a slowdown in the global economy with European data due on Tuesday expected to show the region slipping back into a second recession in just three years.
China's decision to loosen monetary policy over the weekend also fed fears that the global economy is suffering as the crisis worsens, causing investors to flee from riskier assets and weighing on copper, gold and the euro.
Brent crude slipped 49 cents to $111.08 a barrel by 0452 GMT after sliding to $110.04 on Monday, its lowest intraday ...
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Wall Street down for 4th day of five, breaks support
Stocks fell on Monday as investors dealt with the one-two punch of worsening political upheaval in the euro zone and the possibility that China's economy may be softening more than previously thought.
The S&P 500 finished lower for the fourth day of five to close at its lowest level since February, adding fuel to worries of a coming market correction.
Economically sensitive shares, including banks and energy companies, paced the decline. Exxon Mobil Corp (XOM.N) lost 1.2 percent to $82.12. The NYSEArca oil index .XOI fell 1.8 percent.
State television in Greece reported the president of the fiscally beleaguered country will continue talks on forming a coalition government, although Socialist leader Evangelos Venizelos said on Monday he was not optimistic that a government could be ...
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