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Climbed Today After The EuropeanTitle:
Fitch Fires Another Round
Forex News and Events:
Fitch downgraded Japan by two notches yesterday afternoon from AA to A+ with outlook negative. The agency justified the credit rating cuts by saying that the Japanese government isn’t reactive enough in tackling its “high and rising public debt ratios”. The move came in a few hours after the OECD urged Japan to prioritize the implementation of a fiscal consolidation plan, as debt-to-GDP ratio exceeds 200 percent, and budget deficits are forecast at 10 percent of GDP for the current year. PM Yoshihiko Noda has staked his political career on a law to increase sales tax to 10% with the goal of offsetting rising social security costs mainly due to the fast ageing of the population. But the opposition that controls the upper house is refusing to negotiate and is ...
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Is Facebook Weighing on the Euro or is the Euro Weighing on Facebook?
It has been a lacklustre day post the G8 meeting at the weekend (yawn), the drop in Mark Zuckerberg's net worth seems to be more of a talking point than the continuing Eurozone crisis. But, the Eurozone banking index gives it all away. Bankia, Santander and the usual Spanish suspects all turned lower as we headed into London's lunchtime, which dragged the overall European banking sector down to its lowest level since November 2011. Within a matter of hours EURUSD followed suit and is making fresh lows of the day at 1.2730 (at the time of writing).
Official EU disappointment
Although a temporary bottom may be in place at 1.2624 in EURUSD, the G8 summit highlighted a couple of things that remain negative for the single currency: 1, how divided the Eurozone (and the world) is about how to ...
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European shares drop on worries from Greece and Spain
European shares dropped by midday trading on Thursday as worries from Greece and Spain damped investors` risk appetite.
In Greece, a new caretaker government was sworn on Thursday to lead the country in the current interim period till holding a second parliamentary election on June 17.
Meanwhile, there are speculations Greece may leave the euro bloc which prompted ECB President to announce yesterday that he strongly advocates the stay of Greece in the European monetary union, yet the ECB halted lending to insolvent Greek banks temporarily to limit risk.
As of 06:55 EST, STOXX EUROPE 600 slipped 0.79% to record 242.47 points. Financials led the decline with a drop of 1.98%, followed by Basic Materials which recorded 1.22% slide.
The largest losses were recorded by Bankia as its ...
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Brent crude steady ahead of Seaway pipeline reversal
Brent crude held steady above $109 on Thursday, supported by a rebound in U.S. oil prices on hopes that a reversal in oil flow for the Seaway pipeline will reduce a supply glut in the U.S. Midwest.
Investors cast aside worries about higher oil supply and the euro zone crisis that have dogged the market for the past few weeks and bought U.S. crude futures, allowing the front-month contract to rebound for the first time in five sessions.
West Texas Intermediate (WTI) crude was up 61 cents to $93.42 by 0641 GMT, after rising to an intraday high of $93.72.
Brent crude for July edged down 21 cents to $109.54 but recovered from a low of $109.01, the lowest intraday price since January 25. Brent-WTI spread for July also narrowed to $15.74 after widening to $19.46 on Wednesday, the widest ...
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Oil down as equities dip on Greek, euro zone woes
Crude oil futures tumbled on Wednesday, coming under pressure with U.S. equities, as banking troubles in Greece further highlighted the euro zone debt crisis, sparking risk aversion across markets.
The European Central Bank confirmed a Reuters report that it has stopped providing refinancing to some Greek banks as they are severely undercapitalized, keeping oil and other commodity prices pinned down.
The ECB move had erased an uptick in oil prices in morning trading after U.S. data showed that domestic stockpiles rose much less than what an industry group reported late on Tuesday.
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Yen Falls vs. Majors as Traders Anticipates Intervention from BoJ
The Japanese yen fell against other major currencies today on speculation that the Bank of Japan will continue its efforts to weaken the currency. Even fears of the European debt crisis were not been able to help Japan’s currency.
Specialist estimated that Japan’s gross domestic product grew as much as 3.5 percent of the first quarter of 2012 from Q1 2011, when it fell 0.7 percent. Analysts predict that growth would slow as the export-oriented economy of Japan is under pressure from the strong currency and slowing demand for nation’s exports, caused by the global economic slowdown. It is likely that under such conditions the BoJ would not have any option but stimulate the economy more.
USD/JPY climbed from 80.18 to 80.36, following the rise to 80.55 — the highest price since May 3, and ...
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Crude rebounds on upbeat European growth data
After the economic growth in Germany helped the euro zone avoid its second recession in three years, fears over Europe deteriorating environment eased, pushing crude and Brent prices higher.
Crude traded this morning near the lowest in five months as the Greek political deadlock continue to put the euro zone unity at risk, weighing down on sentiment.
However after as the European governments hinted at giving Greece extra time to meet the budget-cut targets, fears eased, but in return Greece must put together a ruling coalition committed to austerity.
Meanwhile Germany’s unexpected economic expansion in Q1 helped counter the declining GDP in the euro zone, which avoided falling into a second recession in three years.
Crude is trading as of this writing around the $95.20 level, while the ...
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EU shares climb up high in closing…
The European Union saw its shares climbing up strongly to the upside today throughout the closing session regardless of the persisting worries on the EU soil, erasing accordingly an earlier decline, as strong sentiments of optimism were spread after that companies from Deutsche Telekom AG to Repsol YPF SA posted better-than-estimated quarterly profit.
CAC 40 Index
The French index climbed 11.52 points or 0.37% to finally close at 3130.17. The index started the session at 3136.16 and recorded throughout the day its highest level at 3145.06 and its lowest level at 3073.38.
Best performing stocks within the index were the Total SA share which inclined 1.93% to settle at €1.93, in second place came the AXA SA share which closed higher by 5.64% at €9.91 and in the third place came the BNP ...
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Dukascopy Afternoon Forex Overview : 04/09/2012
Dukascopy Fundamental Analysis
EUR
European stocks dropped for a second day, to the lowest level in almost four months, as investors awaited a resolution to the political impasse in Greece and as Spanish credit risk surged. The Stoxx Europe 600 Index (SXXP) lost 1.1 percent to 247.75 at 2:15 p.m. in London, the lowest since Jan. 13, as the euro weakened for an eighth day. The Stoxx 600 has tumbled 9 percent from this year’s high on March 16, trimming this year’s advance to 1.3 percent.
USD
U.S. stock futures retreated, indicating the Dow Jones Industrial Average will drop for a sixth straight day, as Greece’s political impasse intensified concern about a worsening of the European sovereign-debt crisis.
GBP
U.K. retail sales fell the most in more than a year last month as poor weather ...
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