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Germany steps up pressure on Greek restructuring
A German government adviser said on Tuesday that a restructuring of Greek debt was inevitable, raising pressure on Athens to seek a solution to the debt woes that are shaking investor confidence in the euro zone.
Greek borrowing costs rose and foreign demand shrank in the country's first debt auction since speculation of a debt restructuring flared last week following comments from Germany's finance minister.
After a weekend election in Finland in which an anti-euro party scored strong gains, the head of the party that is likely to lead the next government sent reassuring signals that the strength of the anti-euro True Finns would not derail a pending bailout for Portugal.
Financial markets settled after a tumultuous session to start the week, clouded by growing fears of a Greek ...
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European shares hit three-week low on debt worries
European shares dropped to a three-week low in morning trade on Monday on nervousness ahead of quarterly earnings results and lingering worries about indebted euro zone countries.
Analysts and fund managers said they expected a long period of rangebound trade, but that equities would gather momentum in the second half of the year on an improving global economic outlook and support from merger and acquisition activities.
At 0858 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was down 0.8 percent at 1,122.94 points after hitting 1,122.87 points, the lowest since late March. The appetite for riskier assets fell, with the Euro STOXX 50 volatility index .V2TX surging 9 percent.
Financials were the worst hit, with the European banking index .SX7P falling 1.6 percent and the ...
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Euro edges to 15-month high vs dollar, yen slips
(Reuters) - The euro edged to a 15-month high against the dollar while the yen slipped broadly on Wednesday as a bout of global risk reduction abated and investors sought currencies promising higher yield.
The euro was lifted by reported demand from sovereign names looking to recycle dollar proceeds as the single currency remained supported by the prospect of further rate rises in the euro zone while policy stays loose in the United States and Japan.
The European Central Bank's increase of interest rates last week should not be considered as an isolated decision and the ECB president has signaled that it was not a one-off, ECB Governing Council member Luc Coene said on Wednesday.
"Some positioning indicators are pointing at an aggressive pick-up in euro long positions. What started as a ...
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Yen slips, euro edges near 15-month high vs dollar
(Reuters) - The yen slipped broadly while the euro edged up toward a 15-month high against the dollar on Wednesday as a bout of global risk reduction abated and investors sought currencies promising higher yield.
The euro rose to just shy of Tuesday's peak of $1.4520, but traders said gains were limited with some investors taking profit on any euro rise above $1.4500 and an options barrier at $1.4530 being defended.
The euro was lifted by reported demand from sovereign names looking to recycle dollar proceeds as the single currency remained supported by the prospect of further rate rises in the euro zone while policy stays loose in the United States and Japan.
"Some positioning indicators are pointing at an aggressive pick-up in euro long positions. What started as a sovereign-driven ...
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Oil extends losses, high prices may hurt demand
(Reuters) - Brent crude fell to around $123 a barrel on Tuesday, extending overnight losses, on concern high fuel prices will destroy demand and after Goldman Sachs advised investors to lock in commodity trading profits.
ICE Brent crude for May fell nearly 1 percent to $123.05 at 0633 GMT, paring losses from a low of $121.97 after hitting a 2- year peak of $127.02 a barrel on Monday.
U.S. crude for May delivery fell 1.2percent to $108.63 a barrel. Earlier, prices dipped to $107.87 after having touched a 2- year high on Monday at $113.46.
Pressure on prices emerged after long-term commodity bull Goldman advised its clients on Monday to take profit as there is a strong chance that commodity prices may reverse.
It noted "nascent signs of oil demand destruction in the United States" that ...
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Risk shunned as oil extends drop, yen bounces
(Reuters) - A decline in crude oil prices on Tuesday from a 32-month high that could extend in the near term triggered a bout of profit taking in risky assets, causing investors to sell equities and slash their bets against the yen and U.S. dollar.
The global rout in commodity prices also hurt demand for the Australian dollar, which dropped 2 percent against the yen, and weighed on U.S. stock futures.
The drop in crude was triggered in part by a Goldman Sachs report, which advised investors to lock-in trading profits before oil and other commodity markets reverse.
"Open interest has been building up since the start of the new quarter in April, reflecting fresh inflows of speculative money into the oil market," said an energy analyst at a leading Japanese trading house who declined to be ...
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Gold and US Treasuries: The Bulls and Bears of Fed Policy
As we might have forecast, the government didn’t shut down. Gaddafi in Libya wants a ceasefire. And while another earthquake has hit northeast Japan, it doesn’t appear to have wrecked anything that wasn’t already destroyed.
And yet, silver has pushed to another post-1980 high. At last check, it’s $41.27. Spot gold hit an intraday record in overnight trading at $1,476.
Something more than the crisis du jour is driving these metals higher.
In relative terms, “gold is cheaper today than it was in 1999, when it was $252,” offers Vancouver veteran Marc Faber, by way of helping us get a grip on things.
“If gold were a bubble a lot of people would have gold,” he says. “The whole world would be trading gold 24 hours a day. But I don’t think it’s really a bubble.” Not when at a recent ...
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Yen Hits New 11-Month Low against Euro
The JPY started off the week by falling to a fresh 11-month low against the euro, as positive global data has led to increased risk taking among investors. After hitting 123.30 during the overnight session, the EUR/JPY has since dropped to its current level of 122.50. With little in the way of significant news from either the euro-zone or Japan scheduled for today, traders can expect the current trend to continue.
Economic News
USD - USD Sinks against Majors
The US dollar dropped against most of its major currency rivals during last week's trading session. The greenback fell about 300 pips vs. the euro and the EUR/USD pair reached as high as the 1.4450 level, marking a 16-month high. The dollar fell about 250 pips against the British pound as well.
The dollar's decline in 2011 was ...
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Euro Sinks against Majors
The euro fell against most of its major currency counterparts on Thursday after the European Central Bank raised rates but signaled it was not necessarily the start of a round of hikes, while European shares rose on hopes the region's debt crisis will be stanched. The EUR is currently trading lower against the JPY by nearly 50 pips at 121.50. It is also trading lower against the CHF and GBP
The ECB raised rates by 25 basis points to 1.25 percent to counter firming inflation pressures. ECB President Jean-Claude Trichet said it was not necessarily the start of a series of similar steps, disappointing some who had expected a more hawkish tone.
As for tomorrow, many impacting economic indicators are expected from the Europe economy. Traders are advised to pay special attention to two ...
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