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Bp Rate CutTitle:
Dukascopy Afternoon Forex Overview : 23/05/2012
Fundamental Analysis
EUR
German bunds rose on worries that European leaders will struggle to resolve the euro zone debt crisis during tonight's European summit. David Schnautz of Commerzbank AG in London thinks that Europe is unlikely to solve key topics and will probably disappoint the market. The 5-year bund lost 5 bp to 0.47 percent at 10:49 GMT after tumbling to 0.461 percent, the lowest since 1990, when Bloomberg began gathering data.
USD
Crude oil futures declined in Asian session on Wednesday as Iran is ready to invite nuclear inspectors, the move that may ease oil import sanctions. Light, sweet crude oil futures for July delivery traded at 91.27 US Dollars per barrel, retreating by 0.63% from the last session's high of 91.72 US Dollars per barrel.
GBP
Today the minutes of the ...
Title:
Fitch Fires Another Round
Forex News and Events:
Fitch downgraded Japan by two notches yesterday afternoon from AA to A+ with outlook negative. The agency justified the credit rating cuts by saying that the Japanese government isn’t reactive enough in tackling its “high and rising public debt ratios”. The move came in a few hours after the OECD urged Japan to prioritize the implementation of a fiscal consolidation plan, as debt-to-GDP ratio exceeds 200 percent, and budget deficits are forecast at 10 percent of GDP for the current year. PM Yoshihiko Noda has staked his political career on a law to increase sales tax to 10% with the goal of offsetting rising social security costs mainly due to the fast ageing of the population. But the opposition that controls the upper house is refusing to negotiate and is ...
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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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Dukascopy Morning Forex Overview : 23/05/2012
Fundamental Analysis
EUR
"The rally is mostly technically driven after we became quite oversold last week."
- Raimund Saxinger, a fund manager at Trust Investment GmbH
European stocks rose by the most in a month on Tuesday. The Stoxx Europe 600 Index gained 1.91 per cent to 244.76. Germany’s DAX Index edged higher 1.65 per cent and France’s CAC 40 Index added 1.88 per cent. The U.K.’s FTSE 100 Index rose 1.86 per cent to 5,403.28
USD
"People are becoming more confident about job prospects and about taking on mortgages."
- Millan Mulraine, a senior U.S. strategist at TD Securities Inc.
U.S. existing home sales rose in April to an annual rate of 4.62 million from 4.47 million in March, said the National Association of Realtors.
GBP
"These figures give the Monetary Policy Committee ...
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SunBirdFX Daily Market Analysis : 05/23/2012
www.sunbirdfx.com
Dramatic finishing in the US stock markets yesterday caused mixed closing by the main indices. The trading was on the green side most of the day but massive selling during the last half hour erased most of the bullish movement, but strong 10 minutes before the closing bell prevented sharper declines. The indices are now facing important test and if they slide under yesterday's low, the sharp declines from last week might return. On the other hand, if they cross above yesterday's high, it will be a strong bullish signal for the markets. On the fundamental aspect, the existing home sales data came out as analysts expected and today the investors will focus on the new home sales data.
EUR/GBP
All of the major pairs resumed weakening against the USD yesterday due to the ...
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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 ...
Title:
Dukascopy Afternoon Forex Overview : 22/05/2012
Fundamental Analysis
EUR
Gold extended previous gains in Asian session on Tuesday as concerns over Greek exit from the single currency union eased. At G8 summit leaders of eighth largest economies stated that they would do everything possible to retain Greece in the Euro Zone. COMEX gold June contract traded at 1,592.35 US Dollars per troy ounce on the New York Mercantile Exchange, advancing by 0.23%.
USD
The US Senate has passed a bill aimed at tightening sanctions imposed on Iran to force the country to cease its nuclear program. The new sanctions imply investigation of role of Iran's Revolutionary Guard in oil exports as well as obliging the US companies to disclose any business activities with Iranian partners. The move came ahead of negotiations between Iran and six major ...
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JPY Underperforms Amid Downgrade, Ahead of BoJ
USD stronger today against most of the majors amid higher global equities and higher U.S. treasury yields. A ratings downgrade in Japan, dampened EU Summit expectations and low growth projections in Europe, and slowing inflation in the UK are benefitting the USD. The dollar index rebounded from the 81.00 figure but remains below the double top around the 81.75 level and the dollar is currently strongest against the JPY as UST yields advance. On the data front, the May Richmond Fed manufacturing index (expected to soften to 11 from 14) and April existing home sales (forecast to increase 2.9% m/m to 4.61M) are set for release at the top of the hour.
EUR is weaker against most of the G10 currencies amid growth concerns and low expectations of the upcoming EU Summit. The OECD released update ...
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