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Better Than The MarketTitle:
Greek Debt Crisis: Answers to Frequently Asked Questions
Highlights
- An acceleration in deposit withdrawals, combined with the prospect of an anti-austerity party winning the next election, has brought to the fore concerns about a potential Greek exit from the euro zone.
- Our base case assumption is that under the most likely scenario, the Greek election will lead to a government that sticks to an EU/IMF program, even if the terms are renegotiated.
- However, we do believe that Greece needs a further restructuring of its debt and we do think the country will ultimately exit the euro - we're just not convinced that Europe is ready for this to happen at the moment.
- If an accident does occur and Greece does leave the euro in the near term, it would have global financial ramifications that could range from severe to catastrophic. ...
Title:
Gold sinks over 2 percent; close to technical support
(Reuters) - Gold fell more than 2 percent on Wednesday as a wave of selling triggered by better-than-expected home sales and heightened by despair surrounding the euro zone sent prices toward key technical support levels and wiped out year-to-date gains.
Spot prices dropped as low as $1,534.25 an ounce, down 2.15 percent, by 12:08 p.m. EDT (1608 GMT), flirting with a bear market with a drop of 20 percent from September record highs.
Market players are watching whether gold can hold key technical support at $1,525 an ounce.
The sell-off took bullion back to December lows hit in last week's rampant selling and reignited concerns that a recovery in recent days was a "dead-cat bounce", slang used to describe a small, temporary rally that follows a significant decline.
U.S. gold futures for ...
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Canadian Retail Sales Rise 0.4% in March
Canadian Retail Sales Rise 0.4% in March
- Canadian retail sales rose 0.4% in March 2012 following a 0.2% drop in February and a 0.2% gain in January. The increase in March modestly outpaced market expectations for a 0.3% increase.
- Overall, sales were helped by an unexpected 1.2% jump in sales at motor vehicle and parts dealers despite earlier indications that unit auto sales fell in the month. Excluding the auto component, sales rose a more modest 0.1%, which was below market expectations for a 0.5% gain, although weighed down by a price-led drop in gasoline station sales.
- Eliminating the effect of prices, the volume of retail activity climbed 0.4%. This marked the first increase in three months following unrevised 0.6% and 0.1% declines in February and January, respectively. ...
Title:
Will Greece Leave or Not?
We have heard conflicting information about Greece over the last 24 hours: first we heard that Greece was making plans to leave the Eurozone from former Prime Minister Papademos, which was denied. Then this morning reports from a German newspaper suggested that the ECB had set up a task force (tucked away in a bunker) working on the potential fallout from a Greek exit. It's likely that we will get these conflicting headlines between now and the end of the EU summit, which starts this evening at 1800 BST.
The markets' seemed to like the idea of an Avengers - style ECB working to combat the negative effects if Athens goes to the wall, and the euro bounced from its lowest level since 2010 earlier. But the real test will be the outcome of today's summit. So what should we expect and, ...
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European Market Update : 23/05/2012
Euro hits fresh 2012 lows ahead of informal summit; More reports of an ECB contingency plan in the works
Economic Data
(GR) Greece Mar Current Account: -€2.1B v €1.1B prior
(NL) Netherlands Mar Consumer Spending Y/Y: % v -1.3% prior
(SE) Sweden Apr Unemployment Rate: % v 7.8%e
(EU) Euro Zone Apr Current Account: +€7.5B v -€5.6B prior; Current Account Seasonally Adj: +€7.5B v -€1.2B prior
(IT) Italy May Consumer Confidence: 86.5 v 89.5e (lowest reading on record after series began in 1996))
(ZA) South Africa Apr CPI (all items) M/M: 0.4% v 0.5%e; Y/Y: % v 6.2%e
(TW) Taiwan Apr Industrial Production Y/Y: -2.3% v -1.7%e; Commercial Sales Y/Y: -2.4% v -0.9% prior
(UK) Apr Retail Sales Ex Auto Fuel M/M: -1.0% v -0.7%e; Y/Y: -0.3% v +0.7%e
(UK) Apr Retail Sales with Auto Fuel M/M: -0.8% ...
Title:
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 ...
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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 ...
Title:
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 ...
Title:
Asia Session: Japan Is Thrust Into The Spotlight
Japan was in focus today, with the BOJ ending its two day meeting, yesterday’s downgrade by Fitch and some weak trade data. Overall, the data and announcements proved to be yen positive, pushing USDJPY back below 80.00 early in the session.
As expected, the BOJ board unanimously voted to leave policy unchanged at is two day meeting. However, there were some whispers in the market of a possible reduction in the interest rate on reserves and an extension of the JGB maturity guidelines, thus the decision not to move on policy contributed a substantial USDJPY pullback. Yet, the pair managed to regain its footing later in the session and the collapse was stopped around 79.50.
Whilst the better than expected Q1 growth figures and the wait-and-see attitude of the BOJ was the main contributor to ...
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