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US Dollar Benefits from Risk Aversion
FX Briefing
Highlights
IMF warns of collapse in growth, admonishes policymakers' weak response
Rating agencies cut credit ratings for Italy and Italian and US banks
Fed "twists" Treasury portfolio, swaps short maturities for longer-dated ones
Belgian central bank governor Luc Coene signals ECB interest rate cut in October
US Dollar Benefits from Risk Aversion
From mid-week on, a new wave of fear sent stock markets plunging. CDS spreads widened to new record levels and Treasury and Bund yields tumbled to record lows. The US dollar gained ground against almost all currencies; the euro dropped briefly to 1.34 - its lowest level since January. But other major currencies fell even more sharply. During the course of the week, the Canadian, Australian and New Zealand dollars ...
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Weekly Focus: Twist and Shout
Weekly Focus: Twist and Shout
Market movers ahead
The movers and shakers in the European debt crisis meet at the IMF over the weekend, so there is a good chance of fresh news. Creditors' review of the Greek economy will resume on Monday.
Incoming data will probably reveal weaker economic performance in Germany and falling inflation in the euro area as a whole, so putting more pressure on the ECB to cut interest rates.
The recovery in Japan probably lost some of its momentum in August.
Rates in Sweden and Norway will probably depend largely on how the latest global turmoil affects the domestic economy. The coming week brings a raft of important data for August and September, which may shed light on this.
Global update
The week's big event was the announcement of the ...
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Oil skids to 6-week lows on economic gloom
(Reuters) - Oil fell to six-week lows on Friday as fresh concerns about the euro zone added to the economic gloom that knocked nearly 7 percent off prices this week.
Greece played down reports that it was considering a solution to its debt crisis involving bigger losses for its banking creditors as a fresh round of strikes gripped the country in protest over new austerity measures.
Oil markets have been gripped by external economic factors this week, tumbling more than 4 percent on Thursday after weak Chinese industrial data and a bleak economic outlook from the U.S. Federal Reserve sent traders into safer havens, triggering the biggest commodity sell-off since May.
Commodities were hit again on Friday, with gold down 6 percent in the third-worst daily sell off in 20-years.
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Oil falls to six-week low near $103, economy weighs
(Reuters) - Brent crude oil turned lower on Friday to hit a six-week low near $103 a barrel after an initial rally faded, on concern about the outlook for the economy and oil demand.
Financial markets also fell, with European shares turning negative as concern resurfaced that European banks would take further writedowns on their Greek debt exposure. The euro gave up gains against the dollar.
Brent crude was down $1.32 at $104.17 by 1249 GMT, having traded as low as $103.43, the lowest since August 10, earlier in the session. U.S. crude declined $1.76 to $78.75.
"The situation is deteriorating in Europe," said Rob Montefusco, a trader at Sucden Financial. "It's all about market turmoil at the moment. The stock market has started to slide again, which is not helping, and the euro is not ...
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Global shares hit 14-month lows
(Reuters) - Global stocks fell to 14-month lows on Friday and the euro reversed gains as growing concern about the impact on the banking sector of a possible Greek default offset vows from G20 leading economies to shore up the financial system.
European shares fell 1.8 percent, extending Thursday's losses of almost 5 percent, with banking shares suffering the most after Deutsche Bank said the region's banks may face a bigger-than expected hit from an internationally agreed swap arrangement on Greek government debt.
Riskier assets had staged a tentative recovery earlier after finance ministers and central bankers from the Group of 20 said they would take "all steps necessary" to calm the global financial system and said central banks were ready to provide liquidity.
U.S. stock index ...
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Oil resumes fall as economy weighs
(Reuters) - Brent crude oil turned lower on Friday to hit a six-week low near $103 a barrel after an initial rally faded, on concern about the outlook for the economy and oil demand.
Financial markets also fell, with European shares turning negative as concern resurfaced that European banks would take further writedowns on their Greek debt exposure. The euro gave up gains against the dollar.
Brent crude was down $1.42 at $104.07 by 7:40 a.m. ET, having traded as low as $103.45, the lowest since August 10, earlier in the session. U.S. crude declined $2.00 to $78.51.
"The situation is deteriorating in Europe," said Rob Montefusco, a trader at Sucden Financial. "It's all about market turmoil at the moment. The stock market has started to slide again, which is not helping, and the euro is ...
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A pessimistic week comes to an end with rising fears of recession
The market is under heavy strain and the pessimism is gathering momentum as fears of recession rise with the flow of downbeat data. The Federal Reserve sparked the fears by warning of “significant downside risk” to the growth outlook while contraction in euro area activity added to the pressure.
Investors see chances for falling in another recession now evident and the economic slowdown is rapidly transforming into more agony with governments unable to take more supportive measures as fiscal consolidation remains the priority.
The Fed warned of the downside pressure from the market tension on the back of the deepening debt crisis in the euro area, and officials in the monetary union are only responding by squeezing Greece further, which is soon on to be pressure to the verge of ...
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U.S. crude rises more than $1 after sell-off
(Reuters) - U.S. crude futures rose more than $1 on Friday as investors took the opportunity to buy on the dip after a plunge in the previous session took prices to their lowest since early August.
U.S. crude rose 83 cents to $81.34 a barrel by 0058 GMT, after gaining to as much as $81.71. The contract is down a little more than 7 percent for the week in its first weekly decline in five. Brent futures traded 75 cents higher to $106.24, after rising as high as $106.44.
The Reuters-Jefferies CRB index .CRB, a 19-commodity global benchmark for the asset class, plunged 4.4 percent on Thursday in the biggest rout since May 5, as investors headed into safer havens such as the dollar and U.S. government bonds. U.S. stocks slumped as well, extending a selloff to four days.
Brent lost $4.87 to ...
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Investors flee on gloomy Fed outlook, demand fears
(Reuters) - Commodity investors fled for the exits on Thursday in a panic over raw materials demand, unconvinced that Federal Reserve action will stem a global economic slowdown that shows signs of infecting China and Germany.
Cyclical commodities took the hardest hit in the broad flight from risk, especially copper futures, which fell 7.9 percent, the biggest daily loss since the financial crisis in late 2008. U.S. crude lost 6 percent and silver, one of the most volatile markets, tumbled almost 10 percent.
They dragged the Reuters-Jefferies CRB futures index .CRB, a 19-commodity global benchmark for the asset class, down 4.4 percent, the biggest daily loss since May 5, to its lowest point since December 1.
The capitulation came a day after the Fed launched new stimulus measures aimed ...
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