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Days The Pair Has TradedTitle:
Dukascopy Afternoon Forex Overview : 23/05/2012
Fundamental Analysis
EUR
German bunds rose on worries that European leaders will struggle to resolve the euro zone debt crisis during tonight's European summit. David Schnautz of Commerzbank AG in London thinks that Europe is unlikely to solve key topics and will probably disappoint the market. The 5-year bund lost 5 bp to 0.47 percent at 10:49 GMT after tumbling to 0.461 percent, the lowest since 1990, when Bloomberg began gathering data.
USD
Crude oil futures declined in Asian session on Wednesday as Iran is ready to invite nuclear inspectors, the move that may ease oil import sanctions. Light, sweet crude oil futures for July delivery traded at 91.27 US Dollars per barrel, retreating by 0.63% from the last session's high of 91.72 US Dollars per barrel.
GBP
Today the minutes of the ...
Title:
Investors await EU summit
MORNING BRIEFING: Investors await EU summit
What’s new:
Asia: US equities swing into positive Asia in green territory as well
United States: CFNAI swings back into positive territory
Forex: GBP/USD trending higher ahead of CPI data
Rates in Asia and Indices:
EUR/USD 1.2783 1.282 -0.18 %
USD/CHF 0.9371 0.9397 -0.18 %
GBP/USD 1.5811 1.5837 -0.00 %
USD/JPY 79.27 79.5 -0.18 %
EUR/CHF 1.2009 1.20136 0.00 %
EUR/JPY 101.44 101.77 0 %
Dow Jones 12367.72 12508.11 1.09 %
Nasdaq 2478.36 2547.69 2.69 %
S&P 500 1295.73 1316.39 1.60 %
Nikkei 225 8690.47 8740.48 1.10 %
Shanghai 2354.867 2373.823 1.05 %
Gold spot 1586.21 1594.65 -0.33 %
...
Title:
European Market Update : 21/05/2012
Spain's banking sector said to be calling on market regulator for renewed ban on short-selling
Economic Data
(EU) ECB: €809M borrowed in overnight loan facility €839M prior; €762.4B parked in deposit facility v €785.1B prior
(JP) Japan Apr Nationwide Dept. Sales Y/Y: 1.3% v 14.1% prior; Tokyo Dept. Store Sales Y/Y: 6.7% v 26.7% prior
(IN) India Apr CPI Y/Y: 10.4% v 9.4% prior
(DE) Germany Apr Producer Prices M/M: 0.2% v 0.3%e; Y/Y: 2.4% v 2.5%e
(HU) Hungary Mar Avg Gross Wages Y/Y: 2.7% v 6.5%e v 6.9% prior
(RU) Russia Narrow Money Supply w/e May 14th (RUB): 6.93T v 6.88T prior
(ES) Spain Central Bank (BOS): Mar Bad Loan Ratio at 8.37% v 8.16% prior; - Lending -3.1% y/ym, Deposits -4.2% y/y
(IT) Italy Mar Industrial Orders M/M: 3.5% v 1.0%e; Y/Y: -14.3% v -13.2% prior
(IT) Italy ...
Title:
Dukascopy Afternoon Forex Overview : 05/17/2012
Dukascopy Fundamental Analysis
EUR
Mario Draghi, the ECB President, insisted on Greece to stay in the Euro bloc during his public speech on Wednesday regarding the possibility of Greece withdrawal from the Eurozone. Nevertheless, according to him, the ECB will stick to its anti-inflation mandate. The ECB President's comments came after Irish and Belgian central banks reported that Greek exit would not be disastrous for the Eurozone.
USD
Jobless claims in the U.S. didn't live up to the expectations that it will decrease by 5K and remained unchanged, at 370K level, in the week from 6th to 12th of May. Amount of people on rolling unemployment claims increased by around 18K while the number of people on prolonged payments decreased by around 45K. 31 out of 52 states or territory's reported ...
Title:
A mild relief on Merkel, upbeat U.S. data
After the deep selloff markets recover some of earlier losses triggered by fears of “Grexit”, after politicians failed to find a common ground and name a new coalition government. Meanwhile Angela Merkel in an interview with CNBC reiterated following many European politicians “I want Greece to stay in the Euro” giving markets a minor relief, and a reason to rebound in a normal pullback after being oversold.
The EUR/USD decently off lows, the pair has traded the lowest since January today at 1.2680, and currently trading around 1.2750. Meanwhile, U.S. housing sector continues to show recovery, as building permits fell to 715,000 last month, however March permits were revised upward to 769,000. Housing starts rose to 717,000 units, while March reading of 654,000 was revised to 699,000. On ...
Title:
Weak Outlook for Australia
Forex News and Events:
The S&P GSCI Index reversed its 2011 gains in the last six consecutive trading sessions. As a matter of fact, the index tracking 24 commodities broke down 7.6% from a high of 684.15 on April 30th to a more than four-month low low of 634.25 during yesterday’s trade session. This downturn in commodity prices can be explained on the one hand by headlines from the Euro area, as markets seem to be pricing in a second round of elections in Greece as well as a probable EU exit. On the other hand, the marked slowdown of commodity-intensive economies such as China -see Newsletter May 14- pushed prices lower in light of atrophied demand and lower infrastructure investments. From the foreign exchange perspective, the Australian dollar having experienced a 34% appreciation ...
Title:
China’s growth engine cooling down
Forex News and Events:
As anticipated in Friday’s newsletter, China cut its Reserve Requirement Ratio for the second time this year. Shielded by easing inflation, Chinese authorities relaxed their grip on banks’ cash reserves parked at the PBoC through a 50 basis point cut effective starting May 18. This measure will allow the RRR to drop to 20% for the main national financial institutions and will release an estimated CNY 400bn in capital into the market. The move came after the publication of a weaker-than-expected Chinese Trade balance on Thursday, indicating exports and imports grew by 4.9% and 0.3% y-o-y respectively, a far cry from the 10 and 11 percent goals for the year. The near-zero import growth could be explained by the piling up of metal domestic inventories and might affect ...
Title:
Risk Aversion Continues to Weigh on Higher-Yielding Currencies
Following multiple failures by Greek politicians to form a new government, investors are now concerned about what impact a possible new election will have on Greece's status in the euro-zone. The news weighed down on riskier currencies, particularly the euro, throughout Friday's trading session. The EUR/USD dropped to a fresh 3 ½ month low at 1.2903 before staging a slight correction to close out the week at 1.2917. Turning to this week, euro-zone news is once again forecasted to dictate the direction the market takes. Any additional negative announcements out of Greece could drive the euro even lower against its main currency rivals.
Economic News
USD - US Consumer Sentiment Gives Dollar a Boost vs. JPY
News that consumer sentiment in the US reached a more than four-year high gave the ...
Title:
Ongoing Greek Drama
Forex News and Events:
In light of the current political turmoil in Greece, the EUR has gradually slipped to a three-month low at 1.2905 after a period of trading in a highly volatile range. The move coincides with the election on May 6th of anti-austerity Greek fringe parties, instead of the mainstream PASOK or New Democracy Party who helped secure the bailout package much needed to avoid disorderly default. After multiple attempts at forming a coalition government, the task has been handed to Mr Venizelos who reckoned having a slim chance of succeeding where others have failed. After a meeting with Venizelos yesterday evening, Democratic Left Party’s Kouvelis suggested a “formation of an ecumenical government that will respect the people’s mandate”. These statements coincide with weak ...
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