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CurrencyTitle:
Euro and Kiwi Trading Higher
The euro is stronger versus both the dollar and in the crosses as Thursday's EU summit approaches. Traders may be looking for a “buy the rumor, sell the fact” type scenario with the euro. The kiwi is now trading at a 30-year high versus the dollar on better terms of trade and growth expectations.
Yesterday's failure of the EUR/USD to breach below the 1.4000 level has helped the euro rebound during the European trading session. A softening of the ECBs position against a default was perhaps hinted at by Ewald Nowotny, the governor of the Austrian Central Bank and a member of the ECB governing council. Nowotny said a “selective default” by Greece might not have “major negative consequences”. The euro later reached an intraday high at 1.4216 following mixed ZEW surveys. The German ZEW ...
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Euro advances after Spanish and Greek bond selling
The European common currency advanced against its major counterparts after a bond selling by Spain and Greece.
The Spanish government sold 4.45 billion euros of 12-month bills and 18-month notes where the selling came just lower than the maximum target yet the average yield was higher than the prior auction.
On the other hand, Greece raised 1.62 billion euros from selling 13-week bills with interest rate below the last auction.
Now, there are some hopes that European leaders can reach a plan to pass the second bailout for Greece to avoid default. European leaders will meet on July 21 for the second time this month to discuss the Greek rescue fund after debates regarding private-sector participation in the Greek debt.
The euro is currently trading at 1.4175 against the greenback where ...
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AUD/USD Trades Higher After RBA Minutes
The Reserve Bank of Australia released today minutes of its policy meeting on July 5 that indicated a robust economic growth in Australia and, thus, decreased probability if interest rates cuts. The Australian currency reacted positively to the minutes.
The minutes also spoke about problems of the global growth, as well as some domestic issues, but conclusion was favorable:
Notwithstanding this, members considered that the continuing strong economic performance of Asian economies meant that the medium-term outlook for the Australian economy remained strong. The prices of Australia’s main commodity exports were at elevated levels, and very strong growth in investment, led by the resources sector, was still expected over the next couple of years.
The inflation report on the next week ...
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YouTradeFX Daily Market Analysis : 19/07/2011
www.youtradefx.com
Gold
The debt crisis across Europe which has weighed heavily on the financial markets recently, did exactly the opposite for the price of gold which is used as a "safe haven" during times of crisis and significantly strengthens when fear grips investors wishing to sell risky financial assets such stocks and shares and move over to physical assets such as the yellow metal.
Following the wave of price drops across the markets, the price of gold has shot up to new record levels of around 1605 dollars – the price it is traded for at this moment in time. In the event that the price drops in the markets come to an end, then it is reasonable to expect that some sort of correction will be made to the price of gold. This is something that could well begin now with the price of ...
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European debt crisis forces Reserve Bank of Australia to leave rates steady at 4.75% in July
The Reserve Bank of Australia (RBA) released its minutes for the July meeting where the European debt crisis had negative results on the economic recovery in Australia and the global economy, which forced policy makers in Australia to keep interest rates unchanged at 4.75%. As the domestic recovery slowed, supporting inflation concerns to ease this time, the bank is expected to keep rates steady until the end of the year.
Australian monetary policy makers, led by the governor of the Reserve Bank of Australia Mr. Glenn Stevens, decided to leave interest rate unchanged steady at 4.75% that is the seventh straight decision as the Bank aims to support the economy to escape recession after the first quarter contraction.
Moreover, the RBA noted that inflation rates will be close to the Bank's ...
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Euro steady, but Europe's debt woes cast pall
(Reuters) - The euro held steady on Tuesday, taking a breather after its slide to a record low versus the Swiss franc the previous day, but is still vulnerable to fears that Europe's debt crisis could worsen.
The single currency stabilized versus the dollar after having bounced off chart support near $1.4007 the previous day, and could extend that rebound given market talk of stop-loss bids near $1.4140.
But its outlook was clouded by heightened concerns that the debt crisis engulfing Greece may ensnare Italy and Spain as well.
Highlighting such worries, yields on both Italian and Spanish 10-year government bonds climbed above 6 percent on Monday, taking them closer to the 7 percent level, beyond which funding costs are perceived to be unsustainable.
"Italian and Spanish government ...
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Brent rises on weaker dollar, low U.S. oil stocks forecast
(Reuters) - Brent crude rose 61 cents to $116.66 a barrel on Tuesday, reversing the previous session's losses, as the dollar weakened and on expectations oil stocks in the world's top consumer U.S. fell for a seventh week.
Brent rose as high as $116.70 a barrel after settling at $116.05 in the previous session. U.S. crude gained 40 cents to $96.33 at 0644 GMT, after losing $1.31 to settle at $95.93 on Monday.
The twin factors helped divert investor attention away from a sovereign debt default in the U.S. and Europe that partly led to Brent settling $1.21 a barrel lower on Monday. The weaker dollar also helped boost prices of commodities such as copper.
"The weakening dollar is pretty much all I can say" is the reason for the rise in Brent, said Benson Wang of Commodity Broking Services ...
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SunBirdFX Daily Market Analysis : 19/07/2011
www.sunbirdfx.com
Wall Street closed in the red territory yesterday, due to the growing fears of important economies’ bankrupt, such as US and Italy. The S&P 500 is still facing the strong support at 1300 points, but things look negative to the US stock market. However, this is the results season, and as just as the stock markets falls, so they can jump up when a surprising report of an important firm is published.
Reminder for the USD/CAD traders: The Canadian interest rate will be published later today.
USD/CHF
Wall street plunging is supporting the USD against most of the currencies, including the strong CHF. The Swiss broke the support we had mentioned few weeks ago, at 0.83 and gained more than 200 pips in that break-down. Now, a correction-up is likely to come. A break-up of the ...
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Spanish and Italian Yields climb higher
Forex Morning Briefing: Spanish and Italian Yields climb higher
What’s new:
Forex: Euro bounces off technical support level, debt crisis still keeps up pressure
Global Markets: Wall Street, Asian Markets down on debt jitters
Commodities: Gold continues to extend its record high; Silver rose by $1.15 on Monday
Euro zone: Italian and Spanish bond yields continue to surge higher
Australia: RBA minutes show central bank’s shift to a neutral policy
United States: Market players expect deal on US debt ceiling to be reached eventually
Rates in Asia and Indices:
EUR/USD: 1.4137 - 1.4069
USD/CHF: 0.8228 – 0.8152
GBP/USD: 1.6082 - 1.6041
EUR/JPY: 111.79 – 111.18
USD/JPY: 79.14 – 78.99
DowJones: 12'385.16 -0.76%
NASDAQ: 2'765.11 -0.88%
S & P 500: 1'305.44 -0.81%
Nikkei: 9’889.72 -0.85%
Shanghai: ...
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