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Dukascopy Afternnon Forex Overview : 11/04/2012
Fundamental Analysis
EUR
Spain's EUR 10 billion austerity measures did not ease investor worries the country is likely to be the next to demand a bailout. The borrowing costs for Spanish benchmark 10-year bills rallied almost 20 basis points to 5.94% on Tuesday after Miguel Angel Fernandez Ordonez, the Governor of the Bank of Spain said the country's financials may need extra capital in case the economy slows more than predicted.
USD
Canadian currency declined reaching a 6-week record low against US Dollar on concern European crisis is regaining momentum amid slowing US recovery. The loonie fell 0.7% to CAD 1.0045 on Tuesday, the lowest figure since February 27. Currently USD/CAD is trading at CAD 1.0018.
GBP
After a steep loss of 2.2% on Tuesday, FTSE 100 index recovered on Wednesday ...
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YouTradeFX Daily Market Analysis : 11/04/2012
Fundamental News
Today’s highlights:
German 10-Year Bund Auction (GER, 09:30 GMT)
Housing Starts (CAD, 12:15 GMT)
Import Price Index (MoM) (U.S, 12: 30 GMT)
10-Year Note Auction + Beige Book + Federal Budget Balance (U.S, 18:00 GMT)
U.S. wholesale inventories rose by more than expected in the month of February. The level of inventories for wholesalers was at a seasonally adjusted level of $478.9 billion in February, reflecting a 0.9 percent increase from January levels, according to figures released Tuesday by the Department of Commerce.
A leading indicator of economic performance in the Organization for Economic Cooperation and Development (OECD) area increased for the fourth straight month in February. The composite leading indicator, which is designed to anticipate ...
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Dukascopy Morning Forex Overview : 11/04/2012
Fundamental Analysis
EUR
"There are growing fears that the Spanish economy is caught in a pernicious circle"
- Nicholas Spiro, managing director of Spiro Sovereign Strategy
Spain’s efforts to calm investors with 10 billion euros in savings on education and health spending failed to stem concerns the nation may need additional capital if the economy weakens more than expected.
USD
"Europe is a temporary concern. The market is signaling they haven’t fixed the whole problem"
- James Swanson, chief investment strategist at MFS Investment Management
U.S. stocks extended losses on Tuesday as Spain’s plan for more austerity failed to halt drop in bond prices.
GBP
"We now know that there will not be any new money printing and the rally in European equities appears to be over"
- Stewart ...
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Stocks, oil swoon on anxiety over economy
Wall Street's recent sell-off accelerated on Tuesday, with the benchmark S&P posting its worst day in four months, stung by worries about slowing economic growth, and oil prices suffered their biggest percentage decline this year on worries about weakening demand from China.
Signs of a cooling U.S. recovery after Friday's release of disappointing data on jobs creation in March and the euro zone's festering debt crisis fueled a view of tepid global growth, stoking safety bids for gold as well as U.S. and German government debt.
Oil prices closed down below $120 a barrel in London after China, the world's second largest oil consumer, reported a decline in imports of crude oil in March, raising concerns about its oil demand and a slowdown in the Chinese economy.
The pullback on Wall Street ...
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Gold retreats from highs as Fed-led rally fizzles
(Reuters) - Gold steadied on Tuesday, surrendering earlier gains as a rally sparked by expectations that a sluggish U.S. employment market could fuel further quantitative easing ran out of steam in the face of a firming dollar and easing appetite for risk.
Spot gold was up 0.2 percent at $1,643.46 an ounce at 1404 GMT, well below an earlier high of $1,654.10. U.S. gold futures for June delivery were up $1.10 at $1,645.00.
Ultra-loose U.S. monetary policy, which keeps real interest rates low, has been a key driver of higher bullion prices.
These fell to three-month lows a week ago after minutes from the Federal Reserve's last meeting suggested no extension to easing, and have struggled to rise significantly since then despite weakness in a key U.S. payrolls report on Friday.
"It is ...
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Yen hits 1-month peak vs dollar, euro after BoJ
(Reuters) - The yen hit a one-month high against the dollar on Tuesday after the Bank of Japan refrained from loosening monetary policy further, and it looked likely to hold gains in the near-term as concerns about U.S. growth weighed on Treasury yields.
The yen also rose to a one-month peak versus the euro, with the shared currency seen as vulnerable due to a return of concerns over sovereign debt. Analysts said any rise in Spanish and Italian bond yields would prompt fresh sales of the euro.
The dollar slipped 0.5 percent against the yen to 81.05 yen, its lowest since early March.
"Even looking beyond the BoJ and Japanese policy the global environment suggests dollar/yen will stay under pressure," said Ian Stannard, head of European FX strategy at Morgan Stanley.
"The overall trend ...
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Dukascopy Afternnon Forex Overview : 09/04/2012
Dukascopy Fundamental Analysis
EUR
Spanish PM Rajoy claimed that the country is an extreme difficulty after a sharp drop in demand for the Spanish bonds in an auction last week. Experts believe there could potentially be a competition between Italy and Spain for funds of international investors, as both countries are experiencing deep fiscal obstacles.
USD
Iran has agreed to continue talks about contracting its nuclear program after a 15 month pause in Tehran. European allies and US is going to require Iran a solid action to restrict its nuclear agenda including enriching uranium. Discussions broke down In January 2011 and later were followed by oil embargo.
GBP
Due to Easter celebration in most of the European countries, Monday was a banking holiday in the Great Britain.
CHF
The ...
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Dollar hits 1-month low vs yen after jobs data
The dollar hit a one-month low versus the yen on Monday, extending losses after last week's lower-than-expected U.S. jobs figures bolstered views the Federal Reserve could yet adopt more monetary easing to support the economy.
U.S. job growth slowed to 120,000 jobs last month, the Labor Department said on Friday, the smallest increase since October.
The disappointing figures rekindled market speculation that the Fed may eventually launch another bond-buying program, and weighed on the dollar against the yen.
Traders said a retreat in equities helped prop up the yen, a safe-haven currency that tends to rise in times of market stress.
The greenback could drop to around 80.00 yen in the next week or two, especially when taking into account current market positioning, said Daisuke Karakama, ...
Title:
Dukascopy Morning Forex Overview : 09/04/2012
Fundamental Analysis
EUR
"Equity markets ended the first quarter well"
- Simon Denham, managing director of Capital Spreads
The Stoxx Europe 600 Index gained 0.12 per cent to 259.07. Germany's DAX Index retreated 0.13 per cent and France's CAC 40 Index gained 0.19 per cent. The U.K.'s FTSE 100 Index rose 0.35 per cent to 5,723.67.
USD
"You’re going to see a slowing in the pace of job growth"
- Neil Dutta, an economist at Bank of America Corp.
The number of Americans, who have found a job in in March, fell to 120 thousand from 240 thousand the previous month, the Bureau of Labor Statistics said on Friday. Unemployment slid to 8.2 per cent, the lowest in three years, from 8.3 per cent.
GBP
"If I were on the MPC, I'd be more worried about whether inflation is coming back (down) as ...
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