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Disappointing News ComingTitle:
Better Data Boosts Risk Appetite, Sending US Dollar Lower
US dollar is moving lower right now, thanks to improved risk appetite. Most of that risk appetite is coming from enthusiasm over better data in the United States. Improvements to the US economy are helping high beta currencies, even after continued disappointment in Europe and China.
Good news in the United States is providing a boost to high beta currencies, and sending the US dollar lower, as risk appetite returns to the markets. Jobless claims in the United States fell to 370,000 last week, dropping by 2,000. Additionally, there was a rise in US durable good orders of 0.2% for April. This good news is providing some relief from all of the bad news coming out of Europe.
The sovereign debt crisis continues to dominate in the eurozone as European Union leaders look for a way for Greece ...
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The Endgame of the Greek Crisis
Forex News and Events:
It has taken two-and-a-half years, and nearly USD 300bn of IMF/EU funds for markets to finally weigh in a more probable than not exit of the debt-laden country. Greece’s EMU exit is imminent for the second time in the last six months. Surprisingly though, the trigger for the recent gloomy expectations for Greece was not exclusively of an economic nature but also politics. During May 6 elections, the Greeks expressed their unwillingness to abide by the agreed-upon austerity measures. It wouldn’t have been a very dangerous position had Greece been solvent, but regardless of EU officials’ reassurance of continued help for Greece throughout the process, the country would run out of funds for the next installments due end of June and early July. In addition to markets ...
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Facebook IPO Fails to Make a Dent in the Marketplace
Following weeks of speculation regarding how Facebook's debut on the New York Stock Exchange would turn out, investors were mildly disappointed with the social media site's performance on Friday night. Facebook closed out the week at 37.96, slightly below its opening price. What direction Facebook takes from here is a hotly debated topic among market analysts. Some are warning that the site may be overvalued already, and Friday's disappointing performance could be a sign of things to come. That being said, any moves by Facebook to expand its already massive subscribership could generate excitement in the marketplace which could help boost the value of this site.
Economic News
USD - Dollar Comes off 4-Month High vs. Euro
The US dollar turned bearish against most of its main currency ...
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Weekly Economic and Financial Commentary : 19/05/2012
U.S. Review
To QE3 or Not To QE3: That is the Question
- Some market participants are beginning to speculate about another round of quantitative easing. Although recent growth indicators have not been particularly stellar, the economy is still growing. Moreover, core CPI inflation in the neighborhood of 2 percent means that the threshold for more QE is relatively high.
- Overall, indicators were positive during the week. Housing starts increased by 2.6 percent in April, the Empire Manufacturing index improved to 17.09 in May from a 6.56 print in April and retail sales printed a 0.1 percent increase in April, in line with expectations.
To QE3 or Not To QE3: That is the Question
QE3 seems to have more lives that a cat; it comes back into the forefront of the U.S. economy discussion ...
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EUR/USD Hits 4-Month Low
The euro continued to tumble throughout yesterday's trading session as investors grew more concerned regarding the impact of a possible new Greek election next month. The EUR/USD fell close to 70 pips during European trading, reaching as low as 1.2829. Today, traders will want to pay attention to several potentially significant market events. At 9:00 GMT, the German ZEW Economic Sentiment figure may be able to help the euro recover some of its recent losses if it comes in above analyst forecasts. In addition, the US Core CPI, Core Retail Sales and Retail Sales figures, all scheduled for 12:30 GMT, could lead to market volatility for USD pairs. Should any of the news come in above expectations, the greenback could move up against the JPY.
Economic News
USD - US Retail Sales Data Set to ...
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Stocks, euro advance on Europe, jobs data
Global stocks advanced for the first time in seven sessions on Thursday on relatively encouraging U.S. jobs data and improved investor sentiment regarding Europe's festering debt crisis.
U.S. and European equity markets rose after data showed U.S. claims for unemployment benefits edged lower last week, a sign of comfort after April's weak employment growth was perceived as a harbinger of a worsening U.S. labor market.
Investors also used a recent streak of declines to buy beaten-down assets, lifting the euro against the dollar for the first time in nine sessions and snapping a six-day losing streak for the Dow Jones industrial average.
"You are seeing traders and investors come into some of these very oversold sectors and buying on the dips. Then suddenly, the people who are scared ...
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A Mixed Session For Investors In Asia
Attention was momentarily drawn away from Europe by employment data out of Australia and then trade figures out of China, with the former printing better than expected and the latter disappointing the market. Following the data, price action was fairly range bound in the FX market as investors await the slew of news and data out of the UK and US tonight.
In Australia, data released early in the session showed that the unemployment rate dropped to 4.9% from 5.2% and employment increased by 15.5K, much better than the expected increase in the unemployment rate to 5.3% and a drop in employment of 5K. The participation rate also cooled at little, coming in at 65.2% versus a prior 65.4%.
Overall, the employment data bodes well for the health of the Australian economy this year. We were ...
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EUR/USD Testing Key Support
Sunrise Market Commentary
- Fixed Income: new contract highs
- London-traders returned and the market seemed to react with a lag to this weekend's election results. In a risk off session, both the German Bund Future and the US Note Future set new contract highs, respectively at 142.62 and 133-04.
- Currencies EUR/USD testing key support
- On Tuesday, sentiment on the euro remained fragile even as there was little news from the political scene in France or Greece. EUR/USD is again testing the key 1.2974/55 support area. A break below this level would be highly significant from a technical point of view.
The Sunrise Headlines
- US Equities dropped sharply lower yesterday, but reversed most of their losses in the final hours of trading. The S&P ended the session 0.43% lower. ...
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Greek Elections Lead to Significant Euro Losses
The results of Greek parliamentary elections held over the weekend kept the euro low against virtually all of its main rivals throughout yesterday's trading session. Investor concerns about Greece's new government and how it will act toward tough austerity measures imposed on the country brought the euro down to a 3 ½ year low against the British pound and a three-month low against the US dollar. Turning to today, euro-zone news is once again forecasted to impact the markets. The German Industrial Production figure and a speech from the ECB President have the potential to create significant volatility.
Economic News
USD - USD Takes Slight Losses against Main Currency Rivals
After seeing significant gains when markets opened for the week, the US dollar staged a minor downward correction ...
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