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Dukascopy Morning Forex Overview : 02/05/2012
Fundamental Analysis
EUR
"The likelihood of inflation falling below 2 percent in the short run remains low, putting the ECB in a difficult situation."
- Peter Vanden Houte, an economist at ING
Inflation in the euro zone rose by more than expected in April, mounting pressure on the European Central Bank to take action against price pressures.
USD
"Manufacturing is still in pretty good shape."
- Scott Brown, chief economist at Raymond James & Associates Inc.
Manufacturing in the U.S. expanded in April at the fastest pace in 10 months, showed Institute for Supply Management data on Tuesday.
GBP
"The good news is that manufacturing clocked up a fifth straight rise, whilst cost pressures have eased a little and some firms are still recruiting."
- Lee Hopley, chief economist at EEF
U.K. ...
Title:
Dollar Tumbles Following Disappointing GDP Figure
A worse than expected Advance GDP figure sent the dollar tumbling to multi-week lows against several of its main currency rivals on Friday. The EUR/USD closed out the week at 1.3249, up close to 100 pips for the day. Against the JPY, the greenback was down 115 pips to finish the day at 80.27. Turning to this week, the US Non-Farm Payrolls figure should be closely watched when it is released on Friday. In addition, Tuesday's US ISM Manufacturing PMI and Wednesday's ADP Non-Farm Employment Change may lead to significant activity in the marketplace. The dollar may extend its losses should any of the indicators come in below expectations.
Economic News
USD - Dollar Volatility Expected Ahead of Non-Farm Report
A disappointing US GDP figure resulted in heavy losses for the dollar to close out ...
Title:
EUR Reverses Earlier Gains
The euro gave up its recent gains against the US dollar and Japanese yen yesterday, following a combination of negative euro-zone news which led to an increase in risk aversion. Worse than expected indicators out of both Germany and France, along with political uncertainty following the first round of elections in France was largely to blame for the euro's bearish trend. Today, euro traders will want to pay attention to debt auctions out of Italy and the Netherlands. Positive results from the auctions could help the common currency. Furthermore, the US CB Consumer Confidence and New Home Sales figures are set to generate market volatility when they are released at 14:00 GMT.
Economic News
USD - Risk Aversion Leads to Bullish Dollar
The US dollar saw gains against most of its main ...
Title:
EUR Stages Broad Recovery
The euro received a boost following the most recent German Ifo Business Climate figure to close out last week's trading session. The better than expected news resulted in the EUR/USD shooting up close to 100 pips to finish out the day at 1.3219. Turning to this week, traders can expect market volatility as the US is scheduled to release a batch of potentially significant indicators, including Tuesday's CB Consumer Confidence figure and Wednesday's FOMC Economic Projections. Today, traders will want to pay attention to the German Flash Services and Flash Manufacturing PMI's. Better than expected results could help the euro extend its current trend.
Economic News
USD - Dollar Drops vs. Main Currency Rivals
The dollar reported losses against virtually all of its main currency rivals on ...
Title:
Profit-taking weighs before policy meetings
(Reuters) - Treasuries prices slid on Friday, with traders taking profits after a recent rally and cautiously squaring positions before key policy gatherings this weekend, the first round of a French election on Sunday, and a Federal Reserve meeting next week.
Finance ministers and central bankers from around the globe gather in Washington this week for the semiannual meetings of the International Monetary Fund and the World Bank.
Benchmark 10-year Treasury notes were down 5/32, their yields rising to 1.99 percent from 1.97 percent on Thursday.
"Investors came in today and took some profits to lighten positions over the weekend," said Thomas Simons, vice president and money market economist at Jefferies & Co. in New York.
Besides the IMF and World Bank meetings this weekend, the ...
Title:
Copper holds ground, investors stay cautious
(Reuters) - London copper traded slightly above $8,000 a metric tonne on Friday, hovering near its previous close, as investors waited for more decisive cues on demand such as whether China loosens monetary policy and the health of the euro zone.
Thursday's successful French and Spanish bond auctions eased some fears over the euro zone debt crisis, but the positive news was later offset by soft jobs data out of the United States.
Three-month copper on the London Metal Exchange rose 0.3 percent to $8,070 a metric tonne by 11:56 p.m. EDT, after closing flat on Thursday, but is on track to record a 1 percent weekly rise.
The most-active July copper contract on the Shanghai Futures Exchange lifted 0.3 percent to 57,860 yuan ($9,200) a tonne, after falling 0.3 percent in the previous session. ...
Title:
Dukascopy Afternoon Forex Overview : 19/04/2012
Fundamental Analysis
EUR
France and Spain plan to assemble EUR 13.5 billion (USD 17.6 billion) in bill auction today as Spanish PM Rajoy struggles to reduce budget deficit and presidential elections in the France drive yields up. France is issuing 2017 bills and 2018 inflation linked notes, a maximum target of EUR 11 billion while Spain is planning to raise EUR 2.5 billion in 2-year and 10-year bonds.
USD
The IMF announced that it has secured 320 billion US Dollars in drive for increasing the fund's lending capacity. Switzerland and Poland have already contributed to the fund expansion. The IMF hopes to raise about 400 billion US Dollars in commitments from countries around the world. The move followed surging borrowing costs of Italy and Spain that escalated concerns over the Euro ...
Title:
Positive German Data Helps Euro
The euro staged a broad recovery during yesterday's trading session, as the combination of a positive German ZEW Economic Sentiment and smooth Spanish debt auction generated risk taking in the marketplace. Turning to today, traders will want to pay attention to the British Claimant Count Change, scheduled for 08:30 GMT. The report is the official unemployment statistic for the UK and has been known to generate market volatility. Should the figure come in higher than forecasted, risk aversion may return to the market place.
Economic News
USD - Dollar Turns Bearish vs. Riskier Currencies
A batch of positive international news releases yesterday led to US dollar losses as investors shifted their funds to riskier assets. A better than expected German ZEW Economic Sentiment and Spanish debt ...
Title:
EUR Tumbles vs. Main Currency Rivals
The euro extended its bearish trend against virtually all of its main currency rivals during yesterday's trading session, as investor fears regarding Spanish debt led to risk aversion in the marketplace. Turning to today, traders will want to pay attention to a batch of news out of both the US and euro-zone. Specifically, the German ZEW Economic Sentiment and US Building Permits figures, scheduled for 9:00 and 12:30 GMT respectively, are expected to generate volatility. Positive German news may help the euro recoup some of its recent losses.
Economic News
USD - Dollar Continues to Fall against Safe-Haven Currencies
The US dollar fell vs. its safe-haven currency rivals yesterday, including the Japanese yen, as investors continued to flee riskier assets amid poor international news. ...
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