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Currency Ended This WeekTitle:
EUR/USD Cedes The 1.2624 Support
Sunrise Market Commentary
- Fixed Income: Risk off pushes German bond yields to new lows
- Risk off sentiment pushed core bonds higher and non-core bond yield spreads re-widened substantially. The Summit didn't bring new information, but another hole found in Spain's regions' budgets might get attention today.
- Currencies EUR/USD cedes the 1.2624 support
- On Wednesday, the EMU debt crisis was again omnipresent. Markets feared that the EU leaders wouldn't be able to take decisive action to address the debt crisis. Extreme risk aversion pushed EUR/USD to a new low for 2012. The losses of EUR/GBP were more contained, as poor UK retail sales and rather soft BoE minutes kept the door open for more policy stimulation.
The Sunrise Headlines
- In the final hour of trading, US ...
Title:
SunBirdFX Daily Market Analysis : 05/24/2012
www.sunbirdfx.com
Another day of battle between the sellers and the buyers in Wall Street has passed by, as the sellers are still on the upper hand. In fact, the continuation of the bearish momentum was expected after the indices made bearish reversal patterns on Tuesday. The new home sales data came out better than expected but this did not help the stock to rise, as today's main data is the continuing jobless claims.
The declines of the stocks caused sharp weakening of most of the major currencies, except the USD. Therefore, we see many oversold/overbought pairs and we see less accurate patterns in the daily chart. What you should do in these kinds of situations is to wait for corrections or trade in the intraday charts and look for quick trades, although it can be more dangerous.
EUR/ ...
Title:
Greek Debt Crisis: Answers to Frequently Asked Questions
Highlights
- An acceleration in deposit withdrawals, combined with the prospect of an anti-austerity party winning the next election, has brought to the fore concerns about a potential Greek exit from the euro zone.
- Our base case assumption is that under the most likely scenario, the Greek election will lead to a government that sticks to an EU/IMF program, even if the terms are renegotiated.
- However, we do believe that Greece needs a further restructuring of its debt and we do think the country will ultimately exit the euro - we're just not convinced that Europe is ready for this to happen at the moment.
- If an accident does occur and Greece does leave the euro in the near term, it would have global financial ramifications that could range from severe to catastrophic. ...
Title:
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 ...
Title:
SunBirdFX Daily Market Analysis : 05/23/2012
www.sunbirdfx.com
Dramatic finishing in the US stock markets yesterday caused mixed closing by the main indices. The trading was on the green side most of the day but massive selling during the last half hour erased most of the bullish movement, but strong 10 minutes before the closing bell prevented sharper declines. The indices are now facing important test and if they slide under yesterday's low, the sharp declines from last week might return. On the other hand, if they cross above yesterday's high, it will be a strong bullish signal for the markets. On the fundamental aspect, the existing home sales data came out as analysts expected and today the investors will focus on the new home sales data.
EUR/GBP
All of the major pairs resumed weakening against the USD yesterday due to the ...
Title:
Although Informal, Eyes Are Still On EU Summit As Euro Sinks
The tension is gripping markets still with the uncertainty over the stability in Europe and expectations for a Greek euro exit. The common currency is still trading sharply lower as hope dims ahead of the informal EU summit in Brussels today, where previous hopes for any action evaporated as Germany confirmed that its stance did not drastically change!
Investors are still pushing the euro lower amid fear that Greece might be forced to default and exit the euro after the inclusive May 06 elections confirmed the wide rejection to the deep austerity measures. The market still sees high risks that the June 17 election might bring anti-austerity parties into the lead that will opt against austerity and refuse the bailout terms as Syriza did and that will cost Greece its membership.
Investors ...
Title:
Cautious markets retreat before EU summit
(Reuters) - Riskier assets retreated broadly on Wednesday as hopes for fresh measures to tackle the euro zone debt crisis faded and caution set in ahead of a meeting of European leaders, with sentiment hurt by renewed fears Greece would leave the euro bloc.
European shares also looked likely to slump, with financial spreadbetters predicting major European markets .FTSE .FCHI .GDAXI would open as much as 1.5 percent lower. U.S. stock futures were down 0.5 percent. .EU .L .N
Shares, commodities, commodity-linked currencies and the euro all slid, while safe-haven demand lifted the dollar index .DXY measured against major currencies up to 81.830, its highest since September 2010.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slumped 2.0 percent. It had risen 1.1 ...
Title:
AUD/USD Reaches This Year’s Low
The Australian dollar continued its tumble today, reaching the lowest level this year against the US dollar, as adverse market sentiment and the interest rate cut earlier this month are still driving forces that push the currency down.
Europe is hurting risk and, as a result, riskier currencies, the Aussie (as the Australian currency is nicknamed) among them. The general uncertainty about the future also hurts commodities. The Australian dollar is a commodity currency and the decline of prices for raw materials hurt it. Commodities rallied in the second half of the past week and extended the rally on Monday, but slipped on Tuesday.
The decrease of the main interest rate by the Reserve Bank of Australia at the beginning of this month continues to put pressure on the Aussie. The cut was ...
Title:
Dukascopy Afternoon Forex Overview : 22/05/2012
Fundamental Analysis
EUR
Gold extended previous gains in Asian session on Tuesday as concerns over Greek exit from the single currency union eased. At G8 summit leaders of eighth largest economies stated that they would do everything possible to retain Greece in the Euro Zone. COMEX gold June contract traded at 1,592.35 US Dollars per troy ounce on the New York Mercantile Exchange, advancing by 0.23%.
USD
The US Senate has passed a bill aimed at tightening sanctions imposed on Iran to force the country to cease its nuclear program. The new sanctions imply investigation of role of Iran's Revolutionary Guard in oil exports as well as obliging the US companies to disclose any business activities with Iranian partners. The move came ahead of negotiations between Iran and six major ...
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