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EUR Avoids New 4-Month Low
While the euro remained bearish against its main currency rivals throughout yesterday's trading session, it avoided falling to a new four-month low against the US dollar. The marketplace was unusually calm, as a bank holiday in Europe resulted in limited movements among the most traded currency pairs. As we close out the week, traders will want to note that another slow news day may result in low liquidity in the marketplace. Typically, low liquidity situations can result in exaggerated movements among currency pairs and commodities for seemingly no reason. Any mention of additional euro-zone worries may result in a significant drop for the euro.
Economic News
USD - Manufacturing Data Causes USD to Tumble
The US dollar tumbled vs. the Japanese yen during the afternoon session yesterday, ...
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Crude oil resumes the selloff as the outlook continues to worsen
Crude oil resumes the strong decline and heading to the third consecutive weekly decline as the outlook for global growth and stability in Europe continues to worsen. Oil ended again with losses in NY yesterday for the sixth consecutive session and futures this morning and trading to the downside attempting to breach $92 areas.
The selloff across the board is surely fueled by the fears over the relapse in the global recovery and inevitably influenced by resurfacing debt problems in Europe, where Greece is on the verge of being forced to declare bankruptcy and drop the euro which might pull the footing under wobbling Spain.
Haven demand is keeping the dollar strong and that is further pressure on commodities. The GSCI ended yesterday with losses and was led by energy that dropped 1.10% ...
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Asian stocks returned to losses on collective downgrades including Spanish banks, Greece and China
As Europe’s debt crisis is threatening the global recovery, market participants limited their risk exposure while some inventors locked on to their profits ahead of the weekend, driving the Asian stocks lower where the MSCI Asia Pacific Index dropped 2.2% at 11.28 in Tokyo, and is down 0.8% this year.
Global equity markets lost almost $4 trillion dollars this month as Europe’s debt crisis is worsening threatening the global economic stability. Moody’s downgraded 16 Spanish banks on Thursday after the nation fell into recession during the first quarter while loan losses are mounting.
Meanwhile Fitch Ratings downgraded Greece by one notch to CCC from B- since its political deadlock is pushing the country out of the euro zone, as attempts to form a new government failed, leading to new ...
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Gold may halt its rebound on mounting worries from the euro area
Precious-Gold showed a slight decline on Friday early trading after recording the highest one-day rise in more than three months on Thursday`s session amid escalating tensions from the euro area.
In the previous session, the yellow metal managed to advance more than 2% as investors decided the metal after the drop to four and a half month low on hopes there will be a rebound.
Indeed, the shiny metal did an upside correction as momentum indicators signaled the metal was oversold.
Gold is currently trading around $1571.88 an ounce after recording a high of $1576.53 and a low of $1567.85, where the shiny metal found support at $1520 levels.
However, mounting worries from the euro area are expected to put the shiny metal under pressure to record the third consecutive weekly drop ...
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Euro zone fears spark rush for dollar, global shares fall
German government bond yields hit record lows on Friday, the U.S. dollar rose and shares fell as the escalating bank crisis in Spain, a ratings downgrade for Greece and sluggish U.S. data spurred investor demand for safe-haven assets.
Across the board, riskier assets from commodities such as gold and oil and currencies - like the euro and the Australian dollar - were all heading for big weekly losses.
The FTSEurofirst 300 .FTEU3 was down 0.9 percent at 972.64, falling for a fifth straight day and taking its weekly loss so far to 4.9 percent.
Benchmark 10-year German bond yields hit a record low of 1.396 percent and two-year yields also fell to their lowest-ever level at 0.028 percent.
"European markets are still in a very fatalistic mood because of Greece and possible contagion," said ...
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Global shares slide amid fears for Spanish banks, growth
Asian shares tumbled on Friday and were set for their worst weekly showing since September, amid political turmoil in Greece and signs of growing instability in Spanish banks, with investors adding the latest weak U.S. data to the list of risk factors.
Assets across the board, from commodities such as oil and gold to riskier currencies such as the euro and the Australian dollar were all heading for their weekly losses.
Financial stocks were hammered after the head of Australia and New Zealand Banking Group (ANZ.AX) said volatile conditions in global markets have caused the wholesale funding market for Australian banks to freeze again, a worrying echo of the global financial crisis.
European shares were also set to fall, with financial spreadbetters predicting that major European markets ...
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Brent steady above $107, heads for weekly fall as Europe weighs
Brent crude held steady above $107 per barrel on Friday, but prices were headed for a third straight weekly drop as a worsening euro zone crisis and weak U.S. economic data raised fears of a global slowdown that could dent oil demand.
Worries about the euro zone, already roiled by a Greek political chaos, mounted as Spain slipped into a recession, while sluggish data out of the United States sent worrisome signs about a still-fragile recovery at the world's largest economy and top oil consumer.
Brent crude edged up 7 cents to $107.56 a barrel by 11:34 p.m. EDT after slipping to as low as $106.62. Front-month Brent is on track to post its largest three-week fall since May 2011 after settling at the lowest level in 2012 on Thursday.
U.S. crude inched up 3 cents to $92.59, but is still ...
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London copper inches above 4-month lows; euro zone weighs
London copper peeked above four-month lows on Friday on short-covering and signs that Greeks are warming to pro-austerity parties, allaying some fears the country could leave the euro zone.
Still, worries about Spain's finances and reports of Chinese copper inflows onto the London Metal Exchange (LME) will likely cap gains in the session.
Three-month LME copper inched up 0.4 percent to $7,682 a metric ton (1.1023 tons) by 00:25 a.m. EDT, after closing almost flat in the previous session.
The most active August copper contract on the Shanghai Futures Exchange (ShFE) fell 0.3 percent to 55,580 yuan ($8,800) a tonne, a partial rebound after a steeper fall at the open.
The Shanghai contract rose 1.9 percent on Thursday, much more than its London counterpart, after diving on Wednesday to ...
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Global stocks, oil drop on latest euro zone fears
World stocks and oil prices fell on Thursday on concerns about the health of Spain's banks and the prospect of Greece leaving the euro zone.
Adding to pressure on Wall Street stocks was a U.S. government report showing manufacturing in the mid-Atlantic states unexpectedly contracted in May.
The data helped lift safe-haven U.S. Treasuries prices, and pushed the 10-year note yield to just 5 basis points from its lowest level in at least 50 years, while gold prices rallied 2.6 percent.
Worries about Spanish banks resurfaced after a media report said customers of Bankia (BKIA.MC) had withdrawn more than 1 billion euros from their accounts in the past week. The Spanish government said there had been no such exit of deposits.
Shares of the partly nationalized Bankia fell 13.5 percent but ...
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