Cibc World Markets

(Reuters) - The euro traded firm above recent four-month low on Monday as some investors who had bet on the currency falling booked profits, but deep-seated concerns about financial turmoil in Greece and Spain will keep it under pressure. The common currency earned respite from this month's relentless bout of selling, as speculators who had piled up a record amount of bets against it cut some of those positions. The euro was steady at $1.2781, well above Friday's four-month low of $1.2642 struck on trading platform EBS. The euro has managed to stay above its 2012 low of $1.2624, a major support, a break of which would take the single currency back down to levels not seen since August 2010. Traders cited sell-side stops above $1.2835 with plenty of offers ahead of that level, all of ...

The euro hovered near a 3-1/2-month low on Friday as Greek political parties made efforts to form a coalition government, and looked fragile as risk sentiment struggled on weak Chinese data and JPMorgan's shock trading losses. The common currency was steady at $1.2936 after earlier hitting a trough of $1.2905, its lowest level since January 23. Investors were heavily focused on Greece, where inconclusive election results on Sunday threw the country into political disarray and raised the risk of it exiting the euro zone. The euro climbed to a session high of $1.2956 as Greek conservative leader Antonis Samaras said there were still hopes a government could be formed, but came further pressure when the leader of the moderate Democratic Left said the country was heading for a repeat poll. ...

(Reuters) - The euro fell to a 3-1/2-month low while growth-linked currencies like the Australian dollar tumbled on Friday as news of JPMorgan's trading losses from a failed hedging strategy and soft Chinese economic data spooked investors. These concerns lifted the safe-haven U.S. dollar with the euro vulnerable to more losses as political deadlock keeps Greece without a government. That has left investors fretting over the risk of the nation exiting the euro zone and fanned worries that the region's debt crisis may worsen. Traders said a reported euro option barrier at $1.2900 was the near term focus. The euro fell at one point to $1.2905 on trading platform EBS, its lowest level since late January, with stop-loss selling adding to its drop. It last stood at $1.2915, down 0.2 percent ...

The euro fell on Tuesday and was vulnerable to more losses as political uncertainty in Greece and a change of French president threatened to derail the austerity plans at the heart of efforts to tackle the euro zone debt crisis. Greece's two main pro-bailout parties failed to win a majority in weekend elections and attempts to form a coalition government were not expected to succeed, leaving questions over the country's ability to avert bankruptcy and stay in the euro. Meanwhile, Socialist French president-elect Francois Hollande has advocated an approach to tackling the debt crisis centered more on growth, which may create tensions with Germany's insistence on fiscal austerity. The euro was down 0.3 percent at $1.3027, off the previous day's three-month low of $1.2955 and hovering just ...

(Reuters) - The euro retreated from two-week highs against the dollar on Monday on worries the euro zone debt crisis could ensnare higher-rated countries, with gloomy economic prospects and rising political risks likely to keep it under pressure. Analysts said sentiment towards the common currency was bearish, with most investors looking to sell it on any rally before debt auctions this week in Italy and the Netherlands. The Dutch government was on the verge of collapse after it failed to agree on budget cuts, while Italian bond yields surged as did French borrowing costs after Socialist Francois Hollande - who has promised to renegotiate a European budget pact - won the first round of France's presidential poll. The euro fell 0.7 percent to $1.3127, holding below Friday's peak of $1. ...

(Reuters) - The euro retreated from two-week highs against the dollar on Monday, and was likely to stay under pressure on concerns the euro zone debt crisis could spread to higher-rated countries, economic slowdown and rising political risks. Analysts said sentiment towards the common currency was bearish with most investors looking to sell it at higher levels before debt auctions this week in Italy and the Netherlands. The Dutch government was on the verge of collapse after it failed to agree on budget cuts while Italian bond yields surged as did French borrowing costs rose after Socialist Francois Hollande - who has promised to renegotiate a European budget pact - won the first round of France's presidential poll. The euro fell 0.6 percent to $1.3140, below Friday's peak of $1.3225 ...

Fundamental Analysis EUR "The ECB should be preparing itself" for "the return of significant financial market tensions" - Silvio Peruzzo, an economist at Royal Bank of Scotland Group Plc Spanish "market conditions are not justified," said ECB Executive Board member Benoit Coeure on Wednesday. "Will the ECB intervene? We have an instrument, the securities markets program, which hasn’t been used recently but it still exists." USD "Import prices were certainly a problem for businesses in the last three months, but we’ve seen those pressures ease" - Jacob Oubina, a senior U.S. economist at RBC Capital Markets LLC U.S. import prices increased more than expected in March, 1.3 per cent, reflecting higher fuel costs, the Labor Department said Wednesday. GBP "The unusually warm weather in ...

(Reuters) - Oil markets rebounded from two days of losses on Wednesday as U.S. government data showed a steeper-than-expected drop in domestic fuel stocks, while gold dipped after a four-session rally and copper steadied near a three-month low. Cotton climbed nearly 2 percent in a short-covering rally a day after the U.S. government forecast record-high global cotton stocks, and cocoa and coffee rose in reaction to a strong earthquake off Indonesia that triggered tsunami warnings in the world's No. 3 coffee producer. Grains were modestly higher, helped by a weaker dollar and worries about cold weather in the U.S. wheat belt, and soybeans eased for a third straight day as investors cashed in long positions after prices hit a seven-month peak a day earlier. The 19-commodity Thomson ...

Worries about high debt levels in Spain hurt the euro on Thursday, driving it to a three-week low against the dollar and causing the Swiss National Bank to step in as the franc broke through a ceiling the Swiss central bank set against the common currency last year. Spanish borrowing costs rose as investors, following a poor debt auction on Wednesday, became increasingly nervous about the country's ability to meet budget targets that could mark another escalation of the euro zone debt crisis. A U.S. government report showing the number of Americans lining up for new jobless benefits fell to the lowest level in nearly four years last week only added to the dollar's allure against the euro. The U.S. outlook was in sharp contrast with Europe and Britain where separate reports ...