Concerns Still Seen Limiting

(Reuters) - The euro traded firm above recent four-month low on Monday as some investors who had bet on the currency falling booked profits, but deep-seated concerns about financial turmoil in Greece and Spain will keep it under pressure. The common currency earned respite from this month's relentless bout of selling, as speculators who had piled up a record amount of bets against it cut some of those positions. The euro was steady at $1.2781, well above Friday's four-month low of $1.2642 struck on trading platform EBS. The euro has managed to stay above its 2012 low of $1.2624, a major support, a break of which would take the single currency back down to levels not seen since August 2010. Traders cited sell-side stops above $1.2835 with plenty of offers ahead of that level, all of ...

(Reuters) - The euro extended its rebound from last week's four-month low on Monday but investors remained concerned over financial turmoil in Greece and Spain, drawing little comfort from a broad G8 pledge to take steps to fight the euro zone's debt crisis. The common currency rose on short-covering after speculators piled up a record amount of bets against it, according to data from a U.S. financial watchdog released late last week. "We are entering a consolidation phase with regard to the euro. It will not be known for a while whether Greece will stay in the euro or not with a Greek election a few weeks away," said Minori Uchida, chief analyst at the Bank of Tokyo-Mitsubishi UFJ. "The market may show some minor reaction to Greek opinion polls... but it is hard to sell the euro in ...

LONDON (Reuters)- No sooner are Europe's debt anxieties easing a touch than a sharp rise in oil prices threatens to impede the economy's tentative recovery from the euro's near-death experience with Greece. Brent oil has shot up about 20 percent since mid-December on concern over cuts in Iranian supply, and set an all-time high this week in euros. Oil has not reached a level that poses a grave danger to growth, economists say. In dollars, today's price around $123 is still below last April's $127 high, let alone the record peak of $147 scaled in 2008. But the risk is that consumers and companies, their confidence still fragile, will crawl back under the covers. "This comes at a difficult time for the euro area economy, which I would still characterize as being in a state of mild ...

Oil prices rose on Monday after Greece approved austerity measures needed to acquire more aid and avoid default, sparking another round of investor optimism, and as tensions between Israel and Iran reinforced concerns about supply disruptions. U.S. crude futures trading resumed post-settlement after electronic trading of oil futures was halted for more than an hour on the New York Mercantile Exchange because of an unspecified technical issue. The glitch in electronic trading occurred in the last half hour of the open outcry floor session and did not stop floor trading. Brent March crude rose 62 cents to settle at $117.93 barrel, reaching $118.61 to match Friday's intraday peak. The Brent March contract expires on Tuesday. U.S. March crude rose $2.24 to settle at $100.91 a barrel, ...

Oil prices rose on Monday on cautious optimism after Greece's approval of austerity measures needed to avoid default also boosted the euro and equities. The euro rose against the dollar after Sunday's approval by Greece's parliament of drastic cuts in wages, pensions and jobs, but concerns about hurdles still ahead as Greece tries to avoid a disorderly default limited gains. Israel accused Iran and its Lebanese ally Hezbollah of being behind twin bomb attacks that targeted Israeli embassy staff in India and Georgia on Monday, wounding four people. Iran denied involvement in the strike, while Hezbollah declined comment, and the incident amplified tensions between the West and Iran over Tehran's nuclear program. Brent March crude rose 57 cents to $117.88 a barrel by 12:50 p.m. EST ...

(Reuters) - Stocks and the euro fell while safe-haven government bonds rose on Friday as final approval for a long-awaited Greek debt deal remained elusive, keeping alive the threat of a messy default by the country. Euro zone finance ministers gave a lukewarm response to an inter-party agreement from Athens on austerity measures, and set more conditions for Greece to secure a second bailout needed to ensure it can meet debt repayments next month. That left the Greek rescue deal in limbo ahead of the weekend and tempered some of the enthusiasm seen in financial markets on Thursday after Greek political leaders clinched an agreement on austerity after weeks of wrangling. "Markets seem to have had enough of it for now," said Credit Agricole rate strategist Orlando Green. "It may just be ...

(Reuters) - U.S. natural gas futures were about 3 to 4 cents higher early Tuesday, adding to Monday's gains amid forecasts for cooler weather in the Northeast and Midwest. Front-month March natural gas futures on the New York Mercantile Exchange were at $2.583 per million British thermal units in early U.S. activity, up 3.3 cents. The front month fell in late January to $2.231, a contract low and the lowest price for a front month since March 2002, forcing some producers, such as Chesapeake Energy (CHK.N), to announce production cuts. In the cash market, gas bound for the NYMEX delivery point Henry Hub in Louisiana was heard early near $2.60 on volume near 498 million cubic feet, up 14 cents from Monday's $2.46 average. Early Hub cash deals were done at about a 3-cent premium to the ...

Brent crude oil futures dropped back on Wednesday as a weak demand outlook overshadowed hopes the International Monetary Fund would be able to raise more money to help resolve Europe's debt crisis. U.S. crude futures retreated, after being up earlier, on news the Obama administration was to reject TransCanada's (TRP.TO) $7 billion Canada-to-Texas Keystone crude oil pipeline project, analysts said. After the market closed, the administration announced the rejection of the project. "NYMEX crude pulled back on that news, but U.S. crude futures have also fallen as it is testing support around $100, after rising on concerns about disruption of supply from Iran," said Chris Dillman, analyst at Tradition Energy in Stamford, Connecticut. Analysts said that while news spurred some selling, ...

(Reuters) - Gold prices lost more than half a percent on Monday, after the momentum that pushed prices up 3 percent last week fizzled as the dollar firmed with growing worries about the euro zone debt crisis. Concerns about the debt crisis overshadowed upbeat data out of the United States which showed unemployment rate fell to a near three-year low, evidence that economic growth is gaining steam. After ignoring the dollar's strength for two days last week, gold buckled under the dollar, which rose to a near 16-month high against a basket of currencies at the expense of a battered euro. "There is a somewhat weaker trend across the commodities, as the strength of the dollar is playing a role in limiting appetite," said Nick Trevethan, senior commodity strategist at ANZ in Singapore. The ...