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Dukascopy Afternoon Forex Overview : 22/02/2012
Fundamental Analysis
EUR
The approval of Greece's rescue package has provided European officials with time to persuade investors they are able to implement both fiscal discipline and growth. Italian and Spain borrowing costs fell on the Greek agreement. Yields for 10-year Spanish notes declined to 5.08% compared to 6.7% in November while Italian 10-year borrowing costs diminished below 5.4% compared to 7.1% in December.
USD
Sales of previously owned U.S. houses rose in January to the highest level since May 2010, adding to signs the housing market is regaining its footing. Purchases climbed 4.3 percent to a 4.57 million annual rate, less than forecast, from a revised 4.38 million pace in December that was slower than previously estimated, a report from National Association of Realtors ...
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Dukascopy Morning Forex Overview : 22/02/2012
Fundamental Analysis
EUR
" is an important result that removes immediate risks of contagion"
- Mario Monti, Italian Prime Minister
European leaders agreed on a 130 billion euro bailout package for Greece on Tuesday after forcing the nation to commit to additional austerity measures and private debt holders to take greater losses.
USD
"The Greek bailout keeps the wheels on the bus"
- James Dunigan, chief investment officer at PNC Wealth Management
U.S. stocks closed mixed on Tuesday after Greece won a second bailout from Europe and the International Monetary Fund.
GBP
"The public finances saw clear improvement in the key month of January compared to a year earlier"
- Howard Archer, economist at IHS Global Insight
U.K. government posted the largest budget surplus since 2008 in January.
...
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Dukascopy Afternoon Forex Overview : 21/02/2012
Fundamental Analysis
EUR
17-nation currency appreciated against the Greenback and the Japanese Yen after European Finance Ministers approved the second rescue package for indebted Greece. Euro added 0.1% against its US peer to USD 1.3254 and strengthened 0.2% against Yen to JPY 105.62.
USD
Home improvement retailer Home Depot reported its profit jumped 32% in fourth quarter, mainly due to higher net sales which climbed 5.9%. Sales at identical stores added 5.7% reported Home Depot on Tuesday. In total company earned USD 774 million or USD 0.5 per share. The profit outperformed analyst estimations of profit USD 0.42 a share.
GBP
UK's public sector net borrowing fell much more than initially projected in January, reported the UK National Statistics Office. The indicator swung to surplus ...
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Euro surrenders gains on worries Greece's bailout may not resolve debt dilemma
The European common pared its earlier advance against majors on fears the second bailout granted to Greece may not be enough to resolve the debt-stricken nations' debt dilemma.
Greece succeeded in securing a second bailout worth 130 billion euros that would prevent Greece from relapsing into default next month after reaching a deal with private sector bondholders and ECB accepted to distribute its profits from bond purchasing.
The bond swap deal saves Greece from defaulting on March 20 as the 14.5 billion euros of debt are restructured after reaching a deal with private-sector creditors that would write off 100 billion euros of debt in return of getting new bonds with longer maturity, where banks and insurers would bare a loss of 70% on the net present value of the debt.
On the flip ...
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Dukascopy Afternoon Forex Overview : 20/02/2012
Fundamental Analysis
EUR
Finland's Finance Ministry considers the next Greek bailout is likely to be finally approved by the week which starts March 12. Currently, all necessary elements to sign an agreement on the 130 billion Euros worth bailout loan are ready, said French Finance Minister, Francois Baroin. However, it is still not clear how much the IMF plans to contribute to the bailout. The pair EUR/USD broke the support level of 1.3200 and currently is trading at 1.3192.
USD
Today is a bank holiday in the United States, therefore most of the market activity will be influenced by factors from abroad. Stock index futures jumped in early trading, as Chinese government decreased the reserve ratio for credit institutions.
GBP
UK's real estate prices increased at the fastest pace in ...
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Dukascopy Afternoon Forex Overview : 17/02/2012
Dukascopy Fundamental Analysis
EUR
Germany expects EU finance officials to reach an agreement over Greek bailout on meeting due February 20, German lawmakers announced today. Greece should increase its responsibilities in order be rescued otherwise Europe will have to take another way of action, the one that nobody really wants, Steffen Kampeter, German Deputy FM, emphasized.
USD
2011’s most hated stocks have increased in value almost twice as fast as S&P 500’s growth for the period. This trend has burnt short sellers’. The 26 stocks from S&P500, which had attracted the most of short-sellers’ attention, have gained 18% during the last year. The index itself has only gained 8% in the same period.
GBP
UK retail sales, released today by National Statistics, have positively surprised ...
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Euro trades above three-week low on Greek bailout hopes
The European common currency advanced slightly against the dollar on hopes Greece will receive a second bailout that would make the debt-mired nation avoid default, as euro zone officials said on Thursday Greece's bailout will be ready for approval on Monday.
Greek Finance Minister Evangelos Venizelos said Greece had fulfilled the two demands of the EU and IMF to secure the second bailout. He said the Cabinet outlined how to fill a 325 million euro gap of budget cuts for the current year, while both leaders of Greece's biggest political parties signed written commitment to adopt austerity measures on Wednesday.
Also, three euro zone officials said the ECB is swapping Greek bonds with new ones in order not to bare losses in a debt restructuring condition.
However, investor's vibes are ...
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US Dollar Gains Against Euro, Falls Against Pound
US dollar is mixed against major European currencies today as good news out of the United States contrasts with continued uncertainty out of the eurozone. Concerns about what’s next for Europe are weighing on the euro, while a general feeling of risk appetite is helping the pound.
Good economic data out of the United States is helping risk appetite right now. Jobless claims have fallen to four-year lows, with first-time claims dropping to 348,000 last week. Even the four-week average is down to 365,250. The news is providing hopes for the US economic recovery. Also helping is the news that wholesale prices climbed in January, and housing starts were up in January.
This good news is prompting risk appetite. European markets are paring earlier losses, and the US stock market is heading ...
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Euro plummets to three-week low on Greek aid delay and Moody's downgrade warnings
The European common currency remains under mounting pressure, before bond selling by Spain and France which may witness increase in borrowing cost, after the delay of Greece's second bailout and Moody's warnings to downgrade several global banks, including UBS AG and Credit Suisse Group AG, and securities firms.
Worries intensified in markets after the delay of Greek aid which was postponed till next week when euro area finance chiefs gather. Jean Claude Junker said late yesterday "Europe is set to make "all the necessary decisions" on Feb. 20.
In addition, Moody's said on Thursday 17 global banks and security firms are under review for possible downgrade by several notches, referring that some European insurers may be prone to a cut in credit rating due to the risks posed from the ...
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