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Markets Ignore Pessimistic Data after China Commits to Boost Growth
After the huge selloff seen through the week, markets returned once again to correct some of the losses incurred supported by the Chinese commitment to support growth and revive the recovery, where investors ignore the heavy load of pessimistic data as Greece still the highlight in markets amid the disappointing informal European Summit yesterday.
Surely, the sentiment is still negative and markets are to resume the bearish wave, but currently markets react to the positive Chinese announcement as the nation pledged to implement more and more measures to boost growth and revive the slowing pace of recovery, noting that China used to lead the pace of recovery worldwide.
Another bullish fact for markets today is the durable goods report from the world`s largest economy, where the critical ...
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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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The dollar kicks crude to the downside
Crude continues the sharp downside wave extending the losses for another consecutive session, where it retreated yesterday after attempting to move slightly higher to reach the lowest levels this year after the failure of Greek parties to form a coalition government and new elections will take place in June.
Crude oil opened today’s session at $93.11 and declined sharply to reach so far a low of $91.79 after it recorded a high of $93.41, where it is currently trading around $92.26 a barrel.
The commodity is facing strong downside pressure after Greek parties said yesterday that they haven’t reach an agreement to form a coalition government and new elections will likely be held in June, which raised fears again over Greece’s membership in the euro bloc.
Despite the bullish effect from U. ...
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Gold pares some of the losses, yet remains under pressure
Gold pared some of its losses after falling for three consecutive sessions on Tuesday trading amid political concerns in Greece which is making investor`s wary of buying bullions or risky assets.
On the daily basis, gold is showing a drop where it fell to a low of $1548.33 an ounce yet a rebound on the short-time frames managed to push price up to $1553.97, noting that it opened today`s trades at $1.556.37.
The yellow metal benefited from the better-than-expected German GDP report which showed that the euro area`s biggest economy grew 0.5% in the first quarter, beating expectations of 0.1% expansion.
Yet, the main focus will turn to euro area GDP due at 09:00 GMT, where expectations are in favor of 0.3% drop in the first quarter, following the 0.2% contraction in the last quarter of ...
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Gold set for a weekly decline amid worries from the euro area
Gold continued its drop neat the lowest level in four months on Friday, after doing an upside correction yesterday, heading for the sharpest weekly loss since March, on worries from the euro area and slowdown in China.
The shiny metal tracked is currently trading around $1594.69 an ounce from the day`s opening of $1589.35, where it is expected to face resistance at the psychological level of $1600.
In Greece, political worries as five days of negotiations between political parties failed to create a new coalition government, thereby casting doubts regarding the adoption of spending cuts vows.
Today, the turn is on Pasok leader Evangelos Venizelos to form a government, where his failure means that another election will take place by mid-June.
Yesterday, Germany warned Greece that ...
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Gold tracks the euro`s rebound on Spanish efforts and Greek payment approval
Gold rebounded from the lowest level in four months on Thursday, tracking gains the euro after efforts from the Spanish government to ease fiscal concerns and Greece got approval to receive a payment.
The shiny metal is currently trading around $1594.69 an ounce from the day`s opening of $1589.35, where it is expected to face resistance at the psychological level of $1600.
Worries eased today after the Spanish government decided to step in to regain confidence in the ailing banking sector via taking over Bankia SA, Spain’s fourth-biggest lender.
The bank bailout fund will convert its 4.5 billion euros loan to Bankia’s parent company BFA into voting shares according to the Spanish economy ministry, in a move that will provide the government a 45% controlling stake in the bank.
In ...
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The Sterling Pound Drops against the U.S. Dollar ahead of the BoE Rate Decision
With the Bank of England rate decision is just around the corner, the British Royal Currency declined against the low yielding U.S. dollar, on mixed sentiment and thoughts regarding what the Bank of England might do now as the royal economy officially slipped into recession and as inflation is still skyrocketing as well.
The Monetary Policy Committee is projected to leave rates unchanged at 0.5% and the asset purchases program steady at 325 billion pound as the bank still attempts to balance between rising inflation and weakening growth, noting that further cut in the rates is highly unexpected this meeting or this year in general as price pressures prevents policy makers from taking further actions in favor of growth.
The sterling pound declines on slight possibility some of the nine ...
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Gold rebounds from record low, yet may come under pressure
Gold rebounded from the lowest level in four months on Thursday, yet may come under pressure amid political upheavals In Greece and fiscal woes in Spain.
The shiny metal is currently trading around $1594.69 an ounce from the day`s opening of $1589.35, where it is expected to face resistance at the psychological level of $1600.
The political chaos in Greece is raising concerns regarding the future of Greece in the euro area. Yesterday, Alexis Tsipras, the head of Syriza, who has pledged to renegotiate aid terms for Greece, said he failed to form a coalition Greek government, thus giving the turn to Evangelos Venizelos, leader of Pasok, to form a government. Hence, another election may be inevitable by mid-June if political parties failed to form a government.
In fact, the ongoing ...
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Gold falls sharply on political uncertainty in Greece and fiscal woes Spain
Gold slipped to the lowest level in four months on Wednesday on political worries from Greece and fiscal woes in Spain.
The shiny metal is currently trading around $1584.50 an ounce from the day`s opening of $1605.32, where the breach of psychological support at $1600 paved the way for the undergoing losses.
The political scene in Greece is dominated by uncertainty as yesterday Samaras, the leader of the New Democracy party, said he failed to form a coalition Greek government, thus giving the turn to Alexis Tsipras, the head of Syriza, who has pledged to renegotiate aid terms for Greece, to form a government from left-wing parties. Hence, another election may take place by mid-June if political parties failed to form a government.
In Spain, the 10-year bond yield rose above 6% for ...
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