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Dukascopy Morning Forex Overview : 24/05/2012
Fundamental Analysis
EUR
Concern about Greece "is a big weight on the market and makes things uncertain"
- Emmanuel Soupre, a fund manager at Neuflize Private Assets
European stocks tumbled on Wednesday, after rising by the most in a month on Tuesday, on speculation Greece may exit the euro zone.
USD
"It’s very clear now that the housing market has turned a corner"
- Richard DeKaser, deputy chief economist at Parthenon Group LLC
Sales of new U.S. homes rose by more than expected in April, Commerce Department data showed on Wednesday. Purchases increased to an annual rate of 343,000, up by 3.3 per cent from a revised 332,000 in March.
GBP
" employment remains fragile and wage growth weak"
- Ross Walker, chief U.K. economist at Royal Bank of Scotland Group
U.K. retails sales declined by ...
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Dukascopy Afternoon Forex Overview : 23/05/2012
Fundamental Analysis
EUR
German bunds rose on worries that European leaders will struggle to resolve the euro zone debt crisis during tonight's European summit. David Schnautz of Commerzbank AG in London thinks that Europe is unlikely to solve key topics and will probably disappoint the market. The 5-year bund lost 5 bp to 0.47 percent at 10:49 GMT after tumbling to 0.461 percent, the lowest since 1990, when Bloomberg began gathering data.
USD
Crude oil futures declined in Asian session on Wednesday as Iran is ready to invite nuclear inspectors, the move that may ease oil import sanctions. Light, sweet crude oil futures for July delivery traded at 91.27 US Dollars per barrel, retreating by 0.63% from the last session's high of 91.72 US Dollars per barrel.
GBP
Today the minutes of the ...
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Dukascopy Morning Forex Overview : 22/05/2012
Fundamental Analysis
EUR
"Inevitably there is going to be an element of bargain hunting as investors look to top up their holdings on the basis of slightly lower prices"
- Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers
European stocks edged higher on Monday on China’s pledge to boost growth.
USD
"Equity prices have gotten oversold"
- Mark Luschini, chief investment strategist for Janney Montgomery Scott LLC
U.S. equity market edged higher on Monday on China stimulus hopes and after German and French officials said they would cooperate to keep Greece in the monetary union.
GBP
"Obviously, as the euro depreciates, the U.K. gets slightly more expensive"
- Miles Shipside, Rightmove commercial director
U.K. national house prices stagnated in March, announced the ...
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Dukascopy Afternoon Forex Overview : 05/17/2012
Dukascopy Fundamental Analysis
EUR
Mario Draghi, the ECB President, insisted on Greece to stay in the Euro bloc during his public speech on Wednesday regarding the possibility of Greece withdrawal from the Eurozone. Nevertheless, according to him, the ECB will stick to its anti-inflation mandate. The ECB President's comments came after Irish and Belgian central banks reported that Greek exit would not be disastrous for the Eurozone.
USD
Jobless claims in the U.S. didn't live up to the expectations that it will decrease by 5K and remained unchanged, at 370K level, in the week from 6th to 12th of May. Amount of people on rolling unemployment claims increased by around 18K while the number of people on prolonged payments decreased by around 45K. 31 out of 52 states or territory's reported ...
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Dollar Approaching 2012 Highs
Dollar Approaching 2012 Highs
USD continues to trade mostly firmer against the major currencies as risk sentiment remains negative. European equities are trading in the red after the ECB paused lending to some Greek banks until they recapitalize and US stock futures are marginally lower at time of writing. The dollar index is nearing the highs of the year around 81.78 which occurred in mid-Jan and we would expect to see this level act as near term resistance as dollar longs may look to take profit. FOMC minutes released yesterday indicated that members expect the recovery to "gradually gain strength" however if it falters, easing may be needed. The UST yield curve is relatively flat today with 10-year yields currently unchanged. Weekly jobless claims were stable at 370k which was the same ...
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Markets Hold Ground, Awaiting Central Banks to Move
Taking a general look at markets before the end of this week, we can see that the bearishness started to lose momentum as traders are speculating now what tools Central Banks might provide to revive the slowing pace of recovery, especially the European Central Bank amid the current political instability in Greece, the confirmed recession in Spain and Italy and the deepening debt crisis.
Moreover, investors are still worried and concerned regarding the general trend in markets, where after the Federal Reserve reassured that a slowing recovery in the U.S. might trigger another round of quantitative easing, volatility dominated markets as predicting the coming moves became highly uncertain as Politicians failed to calm markets and the fueled debt crisis, leaving policymakers with a difficult ...
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Dukascopy Afternoon Forex Overview : 05/16/2012
Dukascopy Fundamental Analysis
EUR
Stoxx Europe 600 index have dropped for third consecutive day and reached the lowest level since the start of this year as specialists speculate that elections in Greece could take place as early as 10 of June. The index lost 0.5% of its value by noon in London and around 10% from its peak this year in mid-March.
USD
Facebook increases the share offering by 25% to 421.2M shares to collect near $16B. At the offering's price of $34-$38 per share Facebook is rushing towards the largest technology IPO in the history. Production of utilities, mines and factory's in the U.S. surpassed expected 0.6% level and increased by 1.1% in April.
GBP
The number of unemployed people for January-March decreased to 2.63 million, 45,000 down on the quarter, the Office for ...
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U.K. Unexpectedly Surprises Markets with Upbeat Jobs Report
The sentiment improved today after the United Kingdom provided markets with the jobs report, where unemployment has unexpectedly dropped in the three months ending in March, raising optimism that the "balanced budget" previously provided by the Chancellor of Exchequer, George Osborne, might have a positive impact on the royal economy and the labor market as well, despite speculations joblessness will peak 8.7% this year before falling again.
Unemployment in the United Kingdom unexpectedly fell to 8.2% from the previous of 8.3%, beating estimates of 8.4%, the thing that raised positivity in the market, supporting the sterling pound to erase most of the losses incurred earlier today; however, the sentiment is still mixed after Greeks found no common grounds regarding the creation of the ...
Title:
Euro Sell-Off Accelerates As Greece Will Hold Now Elections
Sunrise Market Commentary
- Fixed Income: Fresh elections in Greece further support core bonds
- German bund came off the contract highs at the start of the session on better German Q1 GDP data. The move didn't last long however and the announcement of fresh Greek elections marked an intraday U-turn. This morning, the German Bund future and US Note future once again reach new contract highs.
- Currencies: euro sell-off accelerates as Greece will hold now elections.
- On Tuesday morning it looked temporary that the euro might enjoy some breathing space as the German Q1 growth was much stronger than expected. However, the rebound had no momentum at all. The euro was again hammered as talks on the formation of the Greek government collapsed. Is the euro heading for a free fall? ...
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