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Market Drivers - Currencies : 27/04/2012
Today's Comment
Already today we will see a positioning up to the next eventful week. PMIs from the UK, Sweden, Norway as well as ISMs and employment data from the US will be released. The ECB will hold a monetary-policy meeting, and on Sunday (6 May) a presidential election will be held in France and a parliamentary election in Greece. It will be an eventful week and next week will be the best bet for a week which will boost the markets slightly again. Volatility since new year has almost collapsed (see graph). Lower volatility leads to cheaper options, and currently options are at their lowest level since before the financial crisis - we do not anticipate that this will continue.
The focus of attention will today be on consumer confidence from Germany (at 08.00) as well as retail sales ...
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Spain downgraded two notches by S&P
Forex Morning Briefing : Spain downgraded two notches by S&P
What’s new:
Asia: BoJ extends asset purchase programme, sending the JPY lower initially, but risk aversion from Spain took the currency higher.
Europe: Spain’s debt downgraded to BBB+ by S&P. EUR on the offer.
US: Sluggish jobless claims increased pressure for QE, but was offset by decent housing figures.
Rates in Asia and Indices:
EUR/USD 1.316 1.3223 -0.34 %
USD/CHF 0.9086 0.913 -0.33 %
GBP/USD 1.6154 1.6191 -0.12 %
USD/JPY 80.49 81.45 0.17 %
EUR/CHF 1.20132 1.20183 0.01 %
EUR/JPY 106.28 107.48 0.53 %
Dow Jones 13075.96 ...
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YouTradeFX Daily Market Analysis : 27/04/2012
Fundamental News
Today’s highlights:
· BoJ Press Conference (JAP, Tentative)
· BoC Gov Carney Speaks (CAD, 13:25 GMT)
· GDP (QoQ) + Employment Cost Index (QoQ) (U.S, 13:30 GMT)
· Michigan Consumer Sentiment(U.S, 14:55 GMT)
According to the Labor Department, new unemployment claims for the week ended April 21st came in at a seasonally adjusted level of 388,000. The figure for the latest week marks a marginal drop from the previous week's revised level of 389,000. While, NAR said its pending home sales index rose 4.1 percent to 101.4 in March.
Retail sales in Japan were up 10.3 percent on year in March, the Ministry of Economy, Trade and Industry said on Friday, standing at 12.432 trillion yen. While, Japan’s industrial production rose less than forecast ...
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SunBirdFX Daily Market Analysis : 04/27/2012
www.sunbirdfx.com
The US stock markets continued the bullish rally and the indices looks as if they are one the track back to the annual highs. The investors concentrated on the improving pending home sales data instead of the disappointing continuing jobless claims, as today the focus will be on the annualized GDP.
AUD/USD
The rising in Wall Street helped weakened the USD against most of the major currencies, although the weakening is not as sharp as the rising of the stocks. The Australian dollar managed to break-through the channel that it has been moving through for several weeks and this might be the opportunity for the AUD to start a strengthening session against the USD. The current resistance is around 1.04 and if the Aussie manages to cross the 50 EMA, it might continue rising ...
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Stimulus speculation lifts copper, most markets
(Reuters) - Commodities ended broadly higher on Thursday, with copper one of the biggest gainers, after high claims for jobless benefits in the United States fed expectations that the Federal Reserve may approve another U.S. economic stimulus.
Investors also bought copper, oil and other key commodities as U.S. housing data that showed contracts to purchase previously owned homes was near a two-year high in March, and on a weaker dollar which boosts demand for dollar-denominated raw materials.
The dollar fell .DXY a day after Fed Chairman Ben Bernanke said the central bank was willing to do more -- including approving a new stimulus -- to help U.S. recovery.
"Yesterday's Fed proclamation that they are prepared to take additional easing steps even in the face of slightly positive growth" ...
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Oil rises on U.S. housing data, Fed optimism
(Reuters) - Crude oil futures rose on Thursday as a solid pickup in U.S. home sales added to economic optimism following the U.S. Federal Reserve's vow a day earlier that it would take further stimulus action if needed to keep the recovery going.
In volatile trade, oil gave up early gains after a weak report on jobless claims, then rebounded to session highs on the housing data.
Oil advanced with a broad rise in key commodities, such as copper, reflected in a 0.40 percent gain in the Thomson Reuters-Jefferies CRB index .CRB.
Overall, oil's gains were limited as data showed economic sentiment in the euro zone fell more than expected in April.
As was the case on Wednesday, the oil markets received support from stronger equities and, to some extent, a weakened dollar, which improved ...
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Oil rises on Fed optimism, U.S. housing data
(Reuters) - Crude oil futures rose on Thursday, extending gains from the previous session on optimism related to the U.S. Federal Reserve's vow to quickly move should the economy weaken and on a solid pickup in the U.S. home sales in March.
Oil's initial gains were slashed after a weak report on jobless claims, but rebounded to session highs on the upbeat housing data.
As was the case on Wednesday, the oil markets received support from stronger equities and, to some extent, a weakened dollar, which improved investors' risk appetite. .N
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METALS-Copper highest in more than 2 weeks, demand eyed
(Reuters) - Copper prices rose on Thursday to their highest levels in more than two weeks, overlooking a slight retreat in the euro versus the dollar and climbing with global equities on the back of the U.S. Federal Reserve's commitment to support growth.
Copper extended gains from the previous session during which the U.S. Federal Reserve forecast U.S. growth to "remain moderate over coming quarters and then pick up gradually," and said it was ready to launch another round of bond buying if the U.S. economy weakens.
Disappointing U.S. jobless claims data seemed to muddy the Fed's bullish growth outlook, but traders said the central bank's more accommodative tone will likely help to keep a floor under prices of copper and other risk assets.
"The data has been a little bit softer lately, ...
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Dukascopy Afternoon Forex Overview : 26/04/2012
Fundamental Analysis
EUR
Deutsche Bank, the German biggest lender posted a 33% drop in its first quarter profit, citing debt crisis as a negative force that curbed trading. Net income declined to EUR 1.38 billion (USD 1.82 billion) compared to EUR 2.06 billion in the same period last year. Economists questioned by Bloomberg expected the profit to decrease less to EUR 1.56 billion. Deutsche Bank shares have added 16% this year.
USD
Crude oil fluctuated close to a one-week record high as Fed claimed they expect the economic growth to advance, encouraging the speculation that fuel demand will increase. Moreover Iran announced it may stop its nuclear expansion. June crude traded at USD 104.07 a barrel after climbing USD 0.57 yesterday. Brent oil to be delivered in June traded at USD 119 a ...
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