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European shares fall before EU summit
European shares retreated on Wednesday midday trading amid concerns Greece may leave the euro area, before today’s awaited informal EU summit.
The main spotlight today will be on the EU summit that will tackle euro area fiscal problems, where probably the meeting would show disagreement between Germany and France over introducing Eurobonds.
German Chancellor Angela Merkel said on Monday she will not be shy to reject Hollande`s idea of introducing Eurobonds to continue its rejection to the common bonds idea which is also favored by Italy, Belgium, Luxembourg and peripheral countries.
Greek former Prime Minister Lucas Papademos said although Greece is unlikely to exit the euro area it is still a risk.
As of 07:22 EST, STOXX EUROPE 600 slipped 1.57% to record 240.91 points. Basic ...
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Euro Rebound Short-Lived
Sunrise Market Commentary
- Fixed Income: Profit taking continued, but now concluded?
- The profit taking on global core bond markets continued in the run-up to tonight's informal EU-Summit. Spanish and Italian spreads decreased significantly but yields remain at elevated levels. Today, the eco calendar is again thin and trading will again be driven by sentiment.
- Currencies: Euro rebound short-lived On
- Tuesday, the euro came again under pressure even as the global context was not that negative. Sentiment on risk was constructive and intra-EMU spreads narrowed, but all this didn't prevent investors to use any upticks in the single currency to further reduce exposure. The key 1.2642/24 support is again coming within reach.
The Sunrise Headlines
- In the final hour of ...
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Oil falls on potential Iran deal, economy concerns
(Reuters) - Oil fell on Wednesday on growing hopes of a deal between Iran and the U.N. nuclear watchdog, which eased fears of oil supply disruption, while concerns over the debt crisis in the euro zone and a slowing Chinese economy weighed on demand.
The U.N.'s International Atomic Energy Agency expects to sign a deal with Iran soon to unblock investigations into suspected work on nuclear bombs in the oil-producing country.
This improved the prospects for talks with Tehran to stop a drift towards conflict.
Brent crude fell $1.39 to $107.02 per barrel. U.S. July crude fell $1.08 to $90.77.
Brent crude oil has fallen from a peak of $128.40 at the start of May and is down 12.9 percent this quarter, its biggest such drop since the fourth quarter of 2008.
Analysts said they believe there ...
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Gold slips in line with euro ahead of EU meeting
(Reuters) - Gold fell towards $1,550 an ounce in Europe, pressured by concerns that a European Union meeting later on Wednesday would fail to significantly ease worries over the euro zone debt crisis which lifted the dollar to a 21-month high against the euro.
The dollar, along with German bond futures, benefited from a flight from riskier assets, including stocks and commodities such as copper and oil.
Spot gold was down 0.1 percent at $1,555.50 an ounce at 0930 GMT while U.S. gold futures for June delivery were down $20.60 an ounce at $1,556.00.
"Gold is acting more as a risky asset, and everything is tumbling this morning ahead of this informal finance ministers meeting, where nothing good is really expected," Societe Generale analyst Robin Bhar said.
"It is not inconceivable that ...
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Euro hits 21-month low versus dollar before EU summit
(Reuters) - The euro hit a 21-month low against the dollar on Wednesday ahead of an EU meeting later, with investors doubtful that leaders would come up with measures to stem the euro zone debt crisis.
An informal EU summit is expected to discuss growth-boosting measures but was not expected to produce any plan that would restore optimism among investors, especially given Germany remains strongly opposed to joint euro bonds.
The euro fell to $1.2615, dropping below the 2012 low of $1.2624 set in January to mark its lowest since August 2010.
Fears that Greece may have to leave the euro grew after Dow Jones earlier quoted former prime minister Lucas Papademos as saying Greece had no choice but to stick with a painful austerity program or face a damaging exit from the euro zone.
However, ...
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Dukascopy Morning Forex Overview : 23/05/2012
Fundamental Analysis
EUR
"The rally is mostly technically driven after we became quite oversold last week."
- Raimund Saxinger, a fund manager at Trust Investment GmbH
European stocks rose by the most in a month on Tuesday. The Stoxx Europe 600 Index gained 1.91 per cent to 244.76. Germany’s DAX Index edged higher 1.65 per cent and France’s CAC 40 Index added 1.88 per cent. The U.K.’s FTSE 100 Index rose 1.86 per cent to 5,403.28
USD
"People are becoming more confident about job prospects and about taking on mortgages."
- Millan Mulraine, a senior U.S. strategist at TD Securities Inc.
U.S. existing home sales rose in April to an annual rate of 4.62 million from 4.47 million in March, said the National Association of Realtors.
GBP
"These figures give the Monetary Policy Committee ...
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YouTradeFX Daily Market Analysis : 23/05/2012
Fundamental News
Today’s highlights:
BoJ Press Conference (JAP, Tentative)
Retail Sales (MoM) + MPC Meeting Minutes (GB, 09.30 GMT)
Industrial New Orders (MoM) (EUR, Tentative)
CBI Industrial Trends Orders (GB, 11:00 GMT)
Core Retail Sales (MoM) (CAD, 13:30 GMT)
New Home Sales (U.S., 15:00 GMT)
The National Association of Realtors released a report on Tuesday showing a rebound in U.S. existing home sales in the month of April following a decrease in the previous month, sales rose by less than economists had anticipated. NAR said existing home sales rose 3.4 percent to an annual rate of 4.62 million in April from a downwardly revised 4.47 million in March.
Japan’s exports increased by a less-than- estimated 7.9 percent in April from a year earlier, underscoring ...
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USD Moves Up vs. JPY Following Japanese Credit Downgrade
The JPY took losses against the US dollar during European trading yesterday, following a downgrade of Japan's credit rating. The USD/JPY advanced close to 60 pips over the course of the day, eventually peaking at 79.93. Today, dollar traders will want to pay attention to US New Home Sales figure, set to be released at 14:00 GMT. Analysts are forecasting the figure to show improvements in the US real estate sector, which if true, could help the greenback extend yesterday's gains. In addition to the news out of the US, traders will want to pay attention to any announcements out of the euro-zone. An informal meeting of euro-zone leaders is set to conclude today. Any signs of a new strategy to combat the region's debt crisis could lead to market volatility.
Economic News
USD - Dollar Sees ...
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Gold slumps on skepticism of EU meeting
(Reuters) - Gold eased on Wednesday extending sharp losses made in the previous session as investors were skeptical that an informal European Union meeting later in the day would yield steps to help solve the region's debt crisis.
Gold fell to as low as $1,555.03 an ounce earlier in the day, its lowest level in nearly a week, tracking a weaker euro as investors fretted about the possibility of a Greek exit and its implications for the global economy.
Investors will be watching the outcome from the EU summit, but confidence is on the wane since Germany and France are likely to confront each other on the idea of mutualized European debt.
"Can it solve the debt crisis? No," said Dick Poon, manager of precious metals at Heraeus in Hong Kong, "Everyone is worried about Greece withdrawing ...
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