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Data Lifted The EuroTitle:
Copper falls as U.S. stimulus less likely, risk cut
(Reuters) - Copper fell to a one-week low on Wednesday, retreating from its highest levels since February as disappointment over the U.S. Federal Reserve's retreat from another round of monetary stimulus seeped through financial markets, while traders pared back risk ahead of the Easter break.
Three-month copper on the London Metal Exchange fell 3.1 percent to close at $8,350 a tonne from $8,615 on Tuesday, when it rallied to a near two month high above $8,700 a tonne.
"The dimmed prospects for U.S. easing seem to be the main driver, also via the dollar, so we've seen some liquidation come through on copper today," analyst Robin Bhar of Societe Generale said.
Minutes from the Fed's March meet showed less support for more easing, or bond-buying, in the face of improved economic data, ...
Title:
Copper falls as dollar up, stimulus less likely
(Reuters) - Copper fell for a second day on Wednesday, retreating from near two-month highs, as the dollar rose and disappointment over the U.S. Federal Reserve's retreat from another round of monetary stimulus seeped through financial markets.
Three-month copper on the London Metal Exchange was $8,431.25 a metric ton at 1400 GMT from $8,615 at the close on Tuesday.
"The dimmed prospects for U.S. easing seem to be the main driver, also via the dollar, so we've seen some liquidation come through on copper today," analyst Robin Bhar of Societe Generale said.
Overnight minutes from the Fed's March meet showed less support for more easing, or bond-buying, in the face of improved economic data, which lifted the dollar and hit stocks in the United States, Asia and Europe.
The dollar gained ...
Title:
Copper falls as dollar rises, U.S. stimulus hopes wane
(Reuters) - Copper fell for a second day on Wednesday, retreating from near two-month highs, as the dollar rose and disappointment over the U.S. Federal Reserve's retreat from another round of monetary stimulus seeped through financial markets.
Three-month copper on the London Metal Exchange was $8,449 a metric ton in official rings from $8,615 at the close on Tuesday.
"It's clearly largely in response to the minutes of the FOMC meeting yesterday which doesn't take QE (quantitative easing) off the table completely but it's become less probable," BHP Paribas analyst Stephen Briggs said.
Overnight minutes from the Fed's March meet showed less support for more easing, or bond-buying, in the face of improved economic data, which lifted the dollar and hit stocks in the United States, Asia ...
Title:
Dollar hits 1-week high post-Fed as Spain auction, ECB eyed
(Reuters) - The dollar hit a one-week high against a basket of currencies on Wednesday, lifted by minutes from the U.S. Federal Reserve's latest policy meeting that reduced expectations for further monetary stimulus and sent Treasury yields higher.
Analysts said the greenback was likely to hold firm versus the euro as market players wait for the results of a Spanish bond auction and a European Central Bank meeting, at which policymakers are widely expected to keep rates on hold.
The U.S. currency also rallied against the Australian dollar, which dropped to an 11-week low of US$1.0263 after Australia posted a surprise trade deficit, fuelling expectations its central bank would cut interest rates in May.
The dollar index .DXY was steady on the day at 79.524, close to a one-week peak of 79. ...
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Dukascopy Morning Forex Overview : 04/04/2012
Fundamental Analysis
EUR
"It is very hard to see how Spain can have a sustainable recovery"
- Frances Hudson, global strategist at Standard Life Investments
European stocks closed lower on Tuesday hit by concerns over Spain’s ability to tackle its deficit.
USD
"As the economy continues to strengthen, more of the pent-up demand will be released"
- Don Johnson, U.S. sales chief for General Motors Co.
U.S. factory orders rose for the third month in February, boosted by desire for business equipment. Bookings increased 1.3 per cent, Commerce department data showed on Tuesday.
GBP
"The UK economy is still facing huge challenges"
- John Longworth, director general at the British Chambers of Commerce
U.K. construction activity jumped to a 21-month high in March, reinforcing hopes that the ...
Title:
COMMODITIES-Markets down as dollar rallies on Fed minutes; gold off 2 pct
(Reuters) - Gold tumbled on Tuesday and other commodities slipped too after the Federal Reserve released minutes of its March meeting which gave investors less hope that the central bank would soon embark on a new round of government bond buying, or quantitative easing.
Gold prices fell 2 percent, their biggest daily decline in three weeks. Gold fell sharply after the Fed minutes were released, and also felt pressure as the dollar staged its sharpest rally against the euro in nearly a month.
Crude oil futures in New York fell 1.2 percent, giving back more than half of the previous session's gains. Light trading volumes and a uncertainties over petroleum demand added stress to a market already unnerved by the dollar.
The 19-commodity Thomson Reuters-Jefferies CRB index fell nearly half a ...
Title:
Dukascopy Afternnon Forex Overview : 03/04/2012
Fundamental Analysis
EUR
The jobless rate in Spain advanced by 0.8% or 38,769 in March reaching 4.75 million, government officials said on Tuesday. Annual unemployment level added 9.6% in March. In February Spain's jobless rate of 23.6% was the top level in the European Union. Spain currently works on massive reforms in its labour market. Economists expected the unemployment my surge even more before it will begin to decline.
USD
US manufacturing PMI expanded more than expected last month, indicating growth for the 32th month in line. The PMI measured by the Institute for Supply Management jumped by 1.0 point attaining 53.4 last month as compared to a February figure of 52.4. Experts had predicted the manufacturing PMI in the US to expand by 0.6 points to 53.0.
GBP
UK manufacturing ...
Title:
Traders Wait for FOMC Minutes
Forex News and Events:
Yesterday FX had a busy day with risk appetite slowing, and traders migrated back into USD and JPY. Equities had an up and down day as the optimism generated by the strong Chinese PMI gained to last the day (coming in at 53.1). The catalyst looks to have been the mixed PMI data out of Europe and worrying unemployment data from the Eurozone. Germany outpaced estimates, but Sweden and France underperformed. Headline Euro zone PMI came in unchanged at 47.7. In a surprise comeback, UK PMI manufacturing jumped to 52.1 with the prior read revised higher to 51.5. This news combined with Switzerland PMI, which cleared the 50 threshold at 51.1, indicates that the economic problems are becoming increasingly isolated in the Eurozone. Eurozone unemployment climbed to 10.8 ...
Title:
Dukascopy Morning Forex Overview : 03/04/2012
Fundamental Analysis
EUR
"We expect it to go higher, to reach 11 percent by the end of the year"
- Raphael Brun-Aguerre, an economist at JP Morgan
Euro zone unemployment rose to the highest since 1998, a sign the economy has slipped into recession. Unemployment increased to 10.8 per cent, said the European statistical agency on Monday.
USD
"We are seeing a broadening in the improvement across the economy"
- Millan Mulraine, a senior U.S. strategist at TD Securities
U.S. manufacturing growth accelerated in March, the latest evidence the economy is gaining momentum.
GBP
"UK manufacturing has made a brighter than expected start to 2012"
- Rob Dobson, senior economist at Markit
The U.K. manufacturing sector expanded at its fastest pace for 10 months in March, Markit data showed on Monday. ...
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