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Euro rallies from 4-month low versus dollar
The euro rallied from a four-month low against the dollar on Friday as investors pared bets against the single currency after a more than 3 percent drop this month, but concerns about Greece and Spain were likely to keep it under pressure.
Positioning ahead of the weekend meeting of the Group of 8 major industrialized nations and technical support also helped, traders said, as the euro approached its January low of $1.2623. Gains accelerated after a wave of stops were triggered in the euro's grind higher.
Despite Friday's rebound, investors preferred the relative safety of the U.S. dollar and the Japanese yen as worries about Europe persisted after Moody's cut the credit ratings of 16 Spanish banks late on Thursday.
Some traders said investors were wary of placing bets ahead of the ...
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Dukascopy Morning Forex Overview : 05/18/2012
Fundamental Analysis
EUR
"Spain, once again, is where the confidence game is played"
- Sebastian Paris Horvitz, strategist at HSBC Private Bank Suisse
Spain sold the maximum targeted amount of debt, 2.5 billion euros, during yesterday’s auction with spiking borrowing costs. The interest rate of three-year bonds rose to 4.373% from April’s figure of 2.89% while interest rate of five-year bonds surged to 5.106% from 3.374 in March.
USD
"What we’re seeing in foreign-exchange markets is strong demand for the U.S. dollar"
- Steven Saywell, head of foreign-exchange strategy for Europe at BNP Paribas SA
Latest US initial unemployment claim data was released yesterday – 370 000 Americans demanded their jobless benefits last week versus a 368 000 consensus forecast. The Labor Department revised ...
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Dukascopy Afternoon Forex Overview : 05/16/2012
Dukascopy Fundamental Analysis
EUR
Stoxx Europe 600 index have dropped for third consecutive day and reached the lowest level since the start of this year as specialists speculate that elections in Greece could take place as early as 10 of June. The index lost 0.5% of its value by noon in London and around 10% from its peak this year in mid-March.
USD
Facebook increases the share offering by 25% to 421.2M shares to collect near $16B. At the offering's price of $34-$38 per share Facebook is rushing towards the largest technology IPO in the history. Production of utilities, mines and factory's in the U.S. surpassed expected 0.6% level and increased by 1.1% in April.
GBP
The number of unemployed people for January-March decreased to 2.63 million, 45,000 down on the quarter, the Office for ...
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Oil drops $1 on U.S. stockbuild, Greece; WTI hits 6-month low
Oil fell more than $1 on Wednesday, with the U.S. benchmark dropping to a more than 6-month low, as a larger-than-expected rise in crude stocks in the United States and fears of Greece's exit from the euro zone muddied the outlook for demand growth.
Investors are worried about the demand for oil as a prolonged political crisis in Greece may push Europe into a deeper financial mess at a time when China is slowing and the U.S. economy remains fragile. Yet, limited spare capacity and fears of a supply disruption have put a floor under prices.
Brent crude slipped $1.39 to as low as $110.85 a barrel by 2:42 a.m. EDT, declining for four out of the past five sessions. U.S. oil fell $1.68 a barrel to $92.30 after earlier slipping to $92.13, the lowest since November 3.
"A further $2-$3 fall is ...
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Oil falls $1 on rise in U.S. stocks, economic woes
Oil prices fell more than $1 on Wednesday as a larger-than-expected rise in crude stocks in top consumer United States and fears of Greece's exit from the euro zone muddied the outlook for demand growth.
Investors are worried about the demand for oil as a prolonged political crisis in Greece may push Europe into a deeper financial mess at a time when China is slowing and the U.S. economy remains fragile. Yet, limited spare capacity and fears of a supply disruption have put a floor under prices.
Brent crude slipped as low as $111.20 a barrel and traded at $111.25 by 0318 GMT, sliding for four out of the past five sessions. U.S. oil fell $1.23 a barrel to $92.75, the lowest since December 19.
"A further $2-$3 fall is acceptable under current conditions," said Tetsu Emori, a Tokyo-based ...
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World stocks ease, euro at 4-month low on Greece woes
World stocks dropped and the euro fell to a four-month low against the dollar on Tuesday after Greece said it would hold new elections and worries increased about its possible exit from the euro zone.
Gold touched a 4-1/2-month low, with the euro's weakness unnerving investors over the profitability of holding euro-denominated assets.
The political turmoil in Greece kept pressure on markets. Investors have been concerned that long-lasting problems in the euro zone and a likely recession will hit global growth.
Greek politicians again failed to agree on a new government, nine days after an inconclusive election. After Greece's president said the country will hold new elections, the euro slumped and investors fled to the safe-haven dollar.
The Greek news "triggered the fall through $1. ...
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World stocks slip with euro on Greece turmoil
World stocks declined and the euro fell to a four-month low against the dollar on Tuesday after Greece said it would hold new elections and worries increased about its possible exit from the euro zone.
Gold touched a 4-1/2-month low as the euro's weakness unnerved investors over the profitability of holding euro-denominated assets.
The turmoil in Greece kept pressure on markets. Investors have been concerned that long-lasting problems in the euro zone and a likely recession in Europe will hit global growth.
Greek politicians again failed to agree on a new government, nine days after an inconclusive election. After Greece's president said the country will hold new elections, the euro slumped and investors fled to the safe-haven dollar.
The Greek news "triggered the fall through $1.2800 ...
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Dollar starts the week powerfully against major currencies
Fiscal markets witnessed a powerful start during the first session of the week on the American labor data released last Friday and the new president of France Mr. Hollande that gained most of the votes in the presidential elections during the weekend.
Worth mentioning that investors are more concerned about Hollande’s program which didnt match the austerity policies that France pledged to carry out in order to shrink the deficit of its budget. This negatively affected the Euro and increased investor’s worries and concerns.
EUR/USD pair declined to the lowest in three months at 1.2954 with opening at 1.3026 while now it trades at 1.2978. On the other hand it closed at 1.3088 last week which made a price gap this week.
NZD/USD pair opened today also with a downward price gap recording ...
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Oil tumbles as economy, OPEC weigh
(Reuters) - Oil prices dropped on Thursday after OPEC said it was unhappy with high prices and disappointing economic data helped paint a gloomy outlook for the world economy, reviving concerns about a drop in demand.
Brent crude futures dropped below their 100-day moving average on Thursday for the first time since January, while U.S. crude fell by $2 during the session.
Worries about the euro zone also increased after the European Central Bank left interest rates unchanged, while its president cautioned that the outlook for the region was subject to downside risks.
Unemployment in the euro zone is at a record 15-year high, according to the EU's statistics office.
"I think Europe is flooded with crude and funds are liquidating their positions," said an oil trader with a European oil ...
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