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Persistent fears over debt crisis keep the euro near its lowest in 22 months
Investors continue to limit their risk exposure on Thursday, heading towards the safe haven dollar and the Japanese yen, as European leaders failed to adopt concrete actions during yesterday’s summit while manufacturing in China is seen shrinking for a seventh month in May according to HSBC.
With the risk of Greece exiting the euro zone not being eliminated by officials yesterday, the sentiment is seen negative, pushing the euro near the lowest since July 2010, especially after Italian Prime Minister Mario Monti backed French President Francois Hollande’s proposal of jointly underwrite regional bonds that Germany still opposes.
The risk remains subdued and markets trade with volatility today as data may show that Europe’s services and manufacturing industries shrank for a fourth month, ...
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European future equities rise before the opening today
European stock futures signaled a positive start before the opening today timing some of the loses witnessed in the past few days as European decision makers instated that Greece must stick to the austerity measures in order to stay in the euro zone and to prevent major problems.
Spain announced Wednesday evening a 9 billion euro bailout to rescue Bankia, at the same time that the Spanish government is seeking ways to help reform the indebted banking sector that threatens to pull the economy deep into the heart of the debt crisis.
As for FOREX markets, we can see that currencies are performing differently from European stocks as investors see that it`s not time to risk yet since concerns over the European economic growth dominates markets.
The euro slipped during the last two days by ...
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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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EUR/USD Falls to 21-Month Low
The EUR/USD fell as low as 1.2614 yesterday, a 21-month low, after investors grew increasingly concerned regarding Greece's fate in the euro-zone and shifted their funds to safe-haven assets. The currency pair staged a mild upward correction later in the day, eventually stabilizing around the 1.2655 level. Turning to today, euro traders will want to pay attention to several potentially significant news events. Specifically, the German Manufacturing PMI and Ifo Business Climate may help the euro recoup some of yesterday's losses if they come in above expectations.
Economic News
USD - Dollar Sees Significant Gains amid Risk Aversion
The US dollar moved up against several of its main currency rivals yesterday, as ongoing fears regarding Greece's future in the euro-zone have led to risk ...
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Continued Fears Over Europe's Debt Crisis Keep The Euro Near Its Lowest In 22 Months
Investors continued to limit their risk exposure on Thursday, heading towards the safe haven USD and the Japanese yen, as European leaders failed to adopt concrete actions during yesterday's summit while manufacturing in China is seen shrinking for a seventh month in May.
With the risk of Greece exiting the euro zone not being eliminated by officials yesterday, sentiment is seen subdued, pushing the euro near the lowest since July 2010, especially after Italian Prime Minister Mario Monti backed French President Francois Hollande's proposal of jointly underwrite regional bonds.
Sentiment may continue to be subdued and markets volatile today as data may show that Europe's services and manufacturing industries shrank for a fourth month, while Germany`s IFO business climate index, a key ...
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European markets single lower, while eyes are on the EU summit
The tension is evident as the sell-off wave swept the currency market including high yielding currencies, and the European stock futures are back once again to trade lower before the opening today.
The risks of Greece leaving the euro area have become very influential on the markets lately with the expectations that anti-austerity parties will win the elections held on the seventeenth of June.
Investors will be focusing today on the European summit held in Brussels with Greece being the main theme in addition to Spain`s Budget deficit.
The euro drooped from the opining levels that were near the highest levels reached today at $1.2687 and is currently trading at $1.2664. The EUR/USD reached the lowest level today at $1.2643 while it opened at $1.2643.
As for the Great British Pound, the ...
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Waiting for the EU Summit
Trading in the London Session was choppy with the market unwilling to take any clear direction as we lead up to tomorrow's informal EU summit. The market toyed with the idea of Eurobonds (they like that idea and risk assets may rally tomorrow on any signs they are on the horizon.) Then they focused on the prospect of a showdown between Germany and France, Europe's de facto leaders, which caused a mild sell off. Right now the chances of the latter happening are more likely especially since Merkel is unlikely to be re-elected next year if she agrees to Eurobonds (read Germany guaranteeing the bulk of Europe's debt), which would never fly with German voters.
Although the EU President said that everything is on the table for discussion tomorrow, he also said that no concrete measures will be ...
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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European Markets Set To Open Higher Before The Opening Today
European equities signal a positive start for trading today amid speculations that global economic recovery will be supported by China, after Chinese Premier said yesterday that his country is now in need of an urgent incentive plan, and also not to forget the G-8 meeting over the weekend that focused mainly on supporting the euro area.
The euro drooped from the opining levels that were the highest levels reached today at $1.2818 and is currently trading at $1.2788. The EUR/USD reached the lowest level today at $1.2780.
As for the Great British Pound, the currency is trading lower against the dollar at $1.5820 compared with the opening levels of $1.5834; the pair reached the highest level for the day at $1.5835 and the highest at $1.5808.
As for gold, the commodity is trading slightly ...
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