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Common Currency EndingTitle:
Dollar climbs, snapping two-day drop versus euro
The dollar climbed against the euro on Tuesday, snapping two straight sessions of losses as U.S. data tempered concerns of more stimulus from the Federal Reserve.
The greenback's rally came a day after comments from U.S. Federal Reserve Chairman Ben Bernanke raised expectations that the Fed could yet embark on a third round of quantitative easing to stimulate the economy further.
On Monday, Bernanke said "further significant improvements in the unemployment rate will likely require a more rapid expansion of production and demand from consumers and businesses, a process that can be supported by continued accommodative policies." He made those comments to the National Association for Business Economics.
Bernanke said on Tuesday that the Federal Reserve does not take any options off the ...
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Oil under $125 on renewed euro zone worries
Oil prices traded under $125 per barrel on Monday, pausing for breath after a rally of around 1.5 percent the previous session, and as renewed worries about the financial stability of the eurozone returned to the fore.
Supply disruptions from Iran, Syria, South Sudan and Yemen have supported oil prices this year, with Brent rising 16 percent so far.
On Friday, crude rose by almost $2 per barrel as details emerged of the first sizeable drop in Iranian exports as some buyers stopped or scaled back purchases to avoid Western sanctions aimed at Iran's disputed nuclear program.
By 0907 GMT, Brent crude futures edged down 23 cents to $124.90 a barrel; while U.S. crude futures were meanwhile 57 cents lower at $106.30.
"We are off a bit today on continuing worries about euro zone, but it seems ...
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Stocks, euro rise on robust German morale
European shares were higher on Monday and safe-haven government debt pared gains after a key German sentiment index rose unexpectedly, but Spanish stocks weakened after an election result that could hamper the ruling party's austerity plans.
The FTSEurofirst 300 index .FTEU3 was up 0.1 percent at 1,080, recovering after early declines, while the German DAX .GDAXI gained 0.2 percent after the survey's release.
The Munich-based Ifo think tank said its business climate index, based on monthly feedback from some 7,000 companies, rose to 109.8 in March from a revised 109.7 in February.
"The data was cautiously positive. After the rather disappointing purchasing manager indices (PMI) of last week many did not reckon with such a good Ifo index. So the euro is benefiting from," said Antje ...
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Euro Rallies vs. USD to Finish Week
The euro hit a three-week high vs. the US dollar on Friday, following a disappointing US housing figure. The New Home Sales figure came in at 313K, well below the 326K analysts had been forecasting. The EUR/USD moved up as a result, reaching as high as 1.3282 before staging a slight downward correction to close out the week at 1.3268. Turning to today, traders will want to note the US Pending Home Sales figure, scheduled to be released at 14:00 GMT. Should the figure come in below the forecasted 1.0%, the euro may be able to extend its bullish run against the USD.
Economic News
USD - Dollar Turns Bearish amid Disappointing Housing Data
The dollar fell against most of its main currency rivals on Friday, following the release of a disappointing housing statistic. While most other sectors ...
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What is Next for Europe and U.K. after another Mixed and Volatile Week
Another mixed and volatile week has come to an end with renewed fears and widely spread recession-concerns pressuring the European common currency and sterling pound to the downside, but both currencies were able to end the session mixed on hopes European finance chiefs will expand the capacity of the European firepower next week, in effort to overcome the debt crisis and prevent the contagion from reaching highly indebted weak nations such as Spain.
The European currency fluctuated heavily this week with the lack of major and critical macroeconomic fundamentals from the euro zone and Germany; however, on Thursday the euro slipped sharply to the downside and cut all the gain recorded during the week on fears Europe is not on the right track of recovery, but instead the old continent might ...
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China, euro zone data dent stocks, euro
(Reuters) - World stocks hit their lowest in over a week on Thursday and Wall Street was set open in the red as manufacturing slumps in China and the euro zone fuelled global growth concerns.
The downbeat data triggered flows back into safe-haven assets that boosted German government debt, while it also sent the euro lower and left the common currency looking vulnerable to further losses.
The HSBC flash Purchasing Managers' Index, the earliest indicator of China's industrial activity, fell to 48.1 in March from February's four-month high of 49.6.
The euro zone's leading economies Germany and France both reported an unexpected contraction in manufacturing activity. , sending Markit's Composite PMI for the region down to 48.7 in March from 49.3 in February.
Anything below 50 is viewed as ...
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European Manufacturing and Services contract unexpectedly in March
With the start of the session today pessimism dominated the market after the HSBC PMI manufacturing showed that the performance of the Chinese manufacturing sector contracted further in March, adding concerns that the global economy isn’t on the right track of recovery.
The HSBC Flash manufacturing PMI showed that the Chinese manufacturing sector contracted to 48.1 from the previous 49.7, adding more concerns that the slowdown in Europe has significantly affected other major economies across the globe such as U.S. and China.
The sentiment deteriorated and pessimism spread across the board after Germany, France and the euro zone started to release the Purchasing Managers' Indexes for manufacturing and services, which came below expectations renewing fears that the debt crisis will worsen ...
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Euro slips as peripheral yields rise on Spain fears
(Reuters) - The euro dropped from a two-week high against the dollar and a nearly five-month peak versus the yen on Wednesday, hurt by widening interest rate differentials between safe-haven German debt and peripheral bonds, suggesting renewed euro zone worries.
Italian and Spanish debt prices took a beating on concerns about Spain's slow progress in boosting its finances. The wave of Spanish and Italian bond selling benefited German Bunds, whose yields slipped back below 2 percent for the first time this week.
Yields on Spain's 10-year bonds rose to a one-month high of 5.40 percent. Benchmark Italian yields climbed to 5.0 percent, a one-week peak, which reflected some anxiety and undermined the euro.
"Even though U.S. yields fell today, Bund yields fell further, so the dollar is ...
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Euro slides as peripheral yields rise on Spain woes
(Reuters) - The euro dropped from a two-week high against the dollar and a nearly five-month peak versus the yen on Wednesday, hurt by widening interest rate differentials between safe-haven German debt and peripheral bonds, suggesting renewed euro zone worries.
German Bunds rose while Italian and Spanish debt took a beating on concerns about Spain's slow progress in boosting its finances. The wave of Spanish and Italian bond selling benefited German bunds, whose yields slipped back below two percent for the first time this week.
Yields on Spanish 10-year bonds rose to a one-month high of 5.40 percent. Benchmark Italian yields climbed to 5.0 percent, a one-week peak.
"Even though U.S. yields fell today, Bund yields fell further, so the dollar is getting a bit of traction against the ...
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