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Break Out Of This LevelTitle:
Fragile euro teeters near multi-month lows
(Reuters) - The euro steadied near a 3 1/2-month low against the dollar on Thursday as stress in Spanish debt markets abated slightly and after Greece secured funds needed for bond repayments, tempering the threat of a Greek insolvency and possible euro exit.
However Greece's future in the euro zone remains in question, with another round of elections foreseen and doubts about whether the country will adhere to austerity measures needed to secure further emergency funding.
Greece averted an imminent funding crisis after the board of the European Financial Stability Facility agreed to release 4.2 billion euros of a scheduled payment. However, impatient governments withheld part of the latest tranche of rescue funds to be paid on Thursday.
Ten-year Spanish government bond yields fell ...
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All Eyes on BoE
Forex News and Events:
Bank of England stands to make a crucial decision today as turmoil hinders most of its peer Euro Zone economies. UK’s GDP contracted in the last quarter of 2011 by a revised 0.3%, and inflation remained higher than the 2% average target set by the BoE. During the last weeks, economic data in services and manufacturing were mainly affected by rising petroleum prices and austerity budget cuts biting deep into consumer / household spending. But MPC member Adam Posen, hitherto a fervent supporter of QE stated: “My own personal view is that I think the economy is stronger than what data is going to show”. The central bank last increased its asset purchase program target by 18% in February to GBP325bn as the money supply gauge M4 dipped heavily, suggesting a tightening of ...
Title:
Fragile euro holds above multi-month lows
(Reuters) - The euro edged away from a 3 1/2-month low against the dollar on Thursday as stress in Spanish debt markets abated slightly and after Greece secured funds needed for bond repayments, tempering the threat of a Greek insolvency and possible euro exit.
Greece averted an imminent funding crisis after the board of the European Financial Stability Facility agreed to a scheduled 5.2 billion euro ($6.72 billion) payment. However, impatient governments withheld part of the latest tranche of rescue funds to be paid to Greece on Thursday.
Ten-year Spanish government bond yields fell after Spain's government effectively took over Bankia, one of the country's biggest banks, in a bid to restore confidence in Spain's ailing banking system.
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More QE From The BOE?
The Bank of England concludes its May meeting today. We expect no change in interest rates or in the Bank's GBP 325 billion of asset purchases, however this decision will be particularly close due to the continued weakness in the UK economic data and deteriorating sovereign situation in the Eurozone.
Why would the BOE do more QE? The main reason is down to growth. The UK economy plunged back into recession in the first quarter of 2012, consumption remains weak, exports have fallen sharply and bank lending to businesses continues to contract at a 3.5% annual rate. This is worse than in the Eurozone, where lending is flat, and the US where lending is up more than 10% over the past year. This is hurting business growth and keeping upward pressure on unemployment. Thus, more QE could ...
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Dukascopy Morning Forex Overview : 10/05/2012
Fundamental Analysis
EUR
"The real concern isn’t about Greece, it’s about the euro and whether it breaks up -- that is key."
- Mark Tinker, a fund manager at AXA Framlington Investment EUR Management
European stocks declined on Wednesday as investors awaited resolution of Greek coalition talks and yields on Spanish 10-year bonds rose above 6 per cent.
USD
"Certainly as a result of the elections in Greece, the odds of a default and an exit from the euro have increased."
- James Dunigan, chief investment officer for PNC Wealth Management
U.S. wholesale inventories rose in March at a slowest pace since November, Commerce Department data showed on Wednesday.
GBP
"Consumers, struggling to balance their household budgets, remain reluctant to spend..."
- Stephen Robertson, BRC director ...
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SunBirdFX Daily Market Analysis : 05/10/2012
www.sunbirdfx.com
The battle between the sellers and the buyers in Wall Street continued yesterday, as the indices closed on the red territory but made bull candlesticks on the daily chart. The volumes in the US stock markets are higher than average these days, which indicate for the tension among the traders. It looks like the indices are ready for the bullish correction, but the threat of another bearish session still exists.
GBP/USD
We keep mentioning that the pound is a strong currency that suffered from Wall Street weakening otherwise it would probably trade around 1.65 today. The pair made an accurate retest to the break-up level at 1.65, slide under it, and know it has to overcome this obstacle one more time in order to continue rising. Yesterday's candlestick was a long-tail ...
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Greece and European issues still in focus; BoE to announce its monetary policy
Forex Morning Briefing : Greece and European issues still in focus; BoE to announce its monetary policy
What’s new:
Equity: Asian and US equities down on Greek political instability
Spain: Government to nationalize Bankia
Forex: AUD/USD pares yesterday’s losses on stronger unemployment rate
Forex: EUR/USD breaks the 1.2950 support, investors remain bearish
Rates in Asia and Indices:
EUR/USD 1.2925 1.2964 0.21 %
USD/CHF 0.9266 0.9293 0.21 %
GBP/USD 1.6123 1.6151 0.05 %
USD/JPY 79.61 79.77 -0.05 %
EUR/CHF 1.2009 1.20131 -0.01 %
EUR/JPY 102.91 103.36 -0.26 %
Dow Jones 12748.48 12921.81 -0.75 %
Nasdaq 2588.97 2635.71 -0.32 %
S&P 500 1343.13 1363.73 -0.67 %
Nikkei 225 8985.9 9075.63 - ...
Title:
Euro Extends Its Trip South As Speculation On Greek Exit Is Growing
Sunrise Market Commentary
- Fixed Income: Core bonds higher at first, but gave back gains in US session
- Fears about Greece and Spain continued to boost core bonds, but a rumours, later confirmed, that the EFSF would today disburse a tranche of the Greek bail-out loan triggered some correction and erased part of the German bond gains and almost all of the US ones. Today, the BoE decision on QE may affect overall bond markets.
- Currencies: euro extends its trip South as speculation on Greek exit is growing
- On Wednesday, trading on global markets was still dominated by negative headlines on Europe. This weighed on the euro. After all, the decline of EUR/USD developed in an orderly way even as several EMU policymakers pondered the option of a Greek exit. Today, the BoE holds ...
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Technical analysis of the EUR/GBP pair on May 10th, 2012
Commentary of the EUR/GBP pair:
The pair EUR/GBP found support yesterday just above 0.80.
Currently, the pair is moving toward a pullback on 0.8050 as resistance.
All indicators are bearish.
The pair is still moving into a bearish channel (purple lines).
We continue to advise short positions as far as 0.8075 is resistance.
The breakout of 0.80 will give a new sell signal and open the way towards 0.7950.
In case of return above 0.8075, we will be neutral between this level and 0.81.
The breakout of 0.81 will give a buy signal.
See the previous analysis of the EUR/GBP pair of May 9th, 2012
EUR/GBP Analysis
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