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Credit Markets SubduedTitle:
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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The Weekly Bottom Line : 19/05/2012
The Weekly Bottom Line : 19/05/2012
HIGHLIGHTS OF THE WEEK
United States
- Global economic concerns ratcheted up this week. Widespread discussion of a Greek exit continued, Spanish banks faced rating downgrades and periphery sovereign debt yields moved higher.
- Financial markets have responded to these global worries with increased risk aversion. The S&P is poised to end the week 3% lower, and 10-year treasuries are yielding just 1.7%.
- U.S. economic data has proved somewhat more encouraging, but growth is still struggling to breakout beyond a moderate pace. This has kept the possibility of additional monetary stimulus alive even if the threshold remains quite high.
Canada
- Recent economic indicators are showing a resurgence of strength in the Canadian economy. Strong ...
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Copper bounces; eyes third weekly loss
Copper bounced on Friday, helped by investors balancing positions ahead of the weekend's G8 meeting, but was set to decline for a third week on concerns that deepening debt problems in the euro zone could drag on China's economy and erode metals demand.
Three-month copper on the London Metal Exchange traded at $7,744.50 a metric ton (1.1023 tons) in official rings up 1.3 percent from Thursday's close of $7,649 a metric ton.
However the metal, used in power and construction, has dropped by 10 percent since late April, trimming the year's gains to just 2 percent.
"There is the combination of Europe and all that entails, and concerns about the extent of the slowdown in China weighing on prices," BNP Paribas metals strategist Stephen Briggs said
"But our view is that China is going to ...
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Euro Extends Its Trip South As Speculation On Greek Exit Is Growing
Sunrise Market Commentary
- Fixed Income: Core bonds higher at first, but gave back gains in US session
- Fears about Greece and Spain continued to boost core bonds, but a rumours, later confirmed, that the EFSF would today disburse a tranche of the Greek bail-out loan triggered some correction and erased part of the German bond gains and almost all of the US ones. Today, the BoE decision on QE may affect overall bond markets.
- Currencies: euro extends its trip South as speculation on Greek exit is growing
- On Wednesday, trading on global markets was still dominated by negative headlines on Europe. This weighed on the euro. After all, the decline of EUR/USD developed in an orderly way even as several EMU policymakers pondered the option of a Greek exit. Today, the BoE holds ...
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Weekly Economic and Financial Commentary : 04/05/2012
U.S. Review
Modest Growth on a Broadening Base
- The underlying tone of the recent economic reports remains consistent with modest economic growth. Consumer spending ended the first quarter on a solid note and spending is now on track to grow at a 2 percent pace in the second quarter.
- Reports from the regional manufacturing surveys showed some weakness but the National ISM report came in stronger than expected. The nonmanufacturing survey, however, came in below expectations.
- Nonfarm employment rose by 115,000 jobs in April and the unemployment rate fell 0.1 percent to 8.1 percent.
Modest Growth on a Broadening Base
This week's ISM report came in better than expected, rising 1.4 points to 54.8 in April, which greatly relieves fears built up from the weaker factory orders ...
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Asia shares rise as U.S. data soothes slowdown fears
(Reuters) - Asian shares rose and the dollar recovered against the yen on Wednesday after strong U.S. factory activity data raised hopes that the world's biggest economy remained on a recovery track while growth in Asian manufacturing improved broader sentiment.
European shares were expected to open mixed, with most exchanges reopening after the May Day holiday on Tuesday. Financial spreadbetters predicted that major European markets .FTSE .FCHI .GDAXI would open between down 0.3 percent and up 0.7 percent. U.S. stock futures were up 0.2 percent. .EU .L .N
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS climbed 0.9 percent to a six-week high, after the Dow Jones Industrial Average closed on Tuesday at its highest level in more than four years.
Japan's Nikkei ...
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Aussie Drops After RBA Cuts Rates By 50 Basis Points
The euro (EUR) fell to 1.3207 from 1.3266 yesterday after data showed that Spain is slipping back into recession. Spain's Gross Domestic Product contracted -0.3% in the first quarter following a similar contraction in the fourth quarter of 2011. Credit rating agency Standard & Poor's downgraded the rating of 16 Spanish banks further weighing on risk sentiment. Investors are wafting the second round of presidential vote in France and elections in the Greek parliament this weekend.
The US dollar (USD) weakened against a basket of currencies during the US session after weaker than expected economic data from the US. Against the Japanese yen (JPY) the greenback slid to a two-month low at 79.67 from 80.36 on a heightened risk aversion in the market. Following last week's disappointing Gross ...
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Europe's economic gloom hits shares, euro
(Reuters) - European shares snapped a four-day rally and the single currency was under pressure on Monday as signs of a deepening euro zone recession raised suggestion that the region's governments could soften their approach to tackling budget deficits.
U.S. shares were also set for a weaker start on the renewed euro zone concerns but investors were also focused on the weaker-than-expected reading on domestic economic growth. .N
In the euro area trading was light ahead of May Day holidays on Tuesday, elections in France and Greece at the weekend and a European Central Bank meeting on Thursday where policymakers will have to consider the region's worsening economic health.
"Market stresses have re-emerged in the euro area on concerns that deficit reduction targets may be sabotaged by a ...
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Asian Market Update : 30/04/2012
Yen at 2-month highs in the wake of disappointing BOJ and sluggish US GDP
Economic Data
(AU) AUSTRALIA MAR PRIVATE SECTOR CREDIT M/M: 0.4% V 0.3%E; Y/Y: 3.4% V 3.2%E
(AU) AUSTRALIA MAR HIA NEW HOME SALES M/M: -9.4% V +3.0% PRIOR (multi-year low)
(AU) AUSTRALIA APR TD SECURITIES INFLATION M/M: 0.3% V 0.5% PRIOR; Y/Y: 1.9% V 1.8% PRIOR
(NZ) NEW ZEALAND MAR BUILDING PERMITS M/M: 19.8% V 6.0%E
(NZ) NEW ZEALAND APR NBNZ ACTIVITY OUTLOOK: 36.1 V 38.8 PRIOR; BUSINESS CONFIDENCE: 35.8 V 33.8 PRIOR (8-month high)
(NZ) NEW ZEALAND MAR TRADE BALANCE (NZ$) 134M V 417ME
(KR) SOUTH KOREA MAR INDUSTRIAL PRODUCTION M/M: -3.1% V +0.2%E; Y/Y: 0.2% V 2.2%E
(KR) SOUTH KOREA MAY BUSINESS SURVEY MANUFACTURING: 90 V 85 PRIOR; NON MANUFACTURING: 85 V 82 PRIOR
(SI) SINGAPORE Q1 UNEMPLOYMENT RATE PRELIM: 2.1% V 2. ...
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