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Dollar And The Yen In JanuaryTitle:
Dukascopy Afternoon Forex Overview : 24/05/2012
Fundamental Analysis
EUR
European stocks returned to growth, despite services and manufacturing purchasing managers indices across Europe and German business confidence shrank more than expected. The Stoxx Europe 600 Index added 1.0 percent to 241.81. Cable & Wireless Communications Plc soared 19 percent. Sonova Holding AG gained 2.5 percent. Bayer AG declined 1.1 percent. U.S. futures and Asian stock little changed. S&P 500 futures gained 0.3 percent, MSCI Asia Pacific index added 0.1 percent.
USD
The US Dollar followed bullish trend on Thursday as Germany disapproves issuance of Eurobonds that may help to ease Greek debt burden. Traders are also cautions ahead of Euro Zone's manufacturing data release due later today. The US Dollar index, which tracks the greenback's performance ...
Title:
Greek Exit Fears Weigh, Gold Bounces Epically
The euro (EUR) dropped to a 22-month low falling to 1.2545 from 1.2686 against the US dollar on a heightened risk aversion in the markets. Concerns that Greece may face a damaging default and a messy exit from the eurozone weighed on the single currency after talks said that Eurogroup was asked to prepare a Greek exit plan. Wednesday’s informal EU summit did little to restore sentiment in the market after it showed no progress on how EU leaders are planning to tackle the eurozone debt crisis but all agreed on the importance that Greece stays in the euro. France pushed a proposal of joint eurozone bonds, which can help with funding difficulties for some heavily-indebted eurozone countries but that policy is rejected by Germany.
The US dollar (USD) strengthened against a basket of ...
Title:
CAD Reaches Four-Month Low vs. USD
The Canadian dollar slipped to the four-month low against its US counterpart and the three-month low versus the Japanese yen. The currency gained against the euro and the Australian dollar.
Interestingly enough, traders were scared by the meeting of European chief in Brussels tonight. Previously, the European Union summits were a source of optimism for market participants, but it looks like now people just get tired from empty promises and do not believe that anything good would come out from the meeting. Speculators are still worried that Greek elections on June 17 may result in an exit of the country from the eurozone.
Commodities taken a beating and fell on negative market sentiment. The Standard & Poor’s GSCI Index, which tracks 24 commodities, fell 1.9 percent. It is not a surprise ...
Title:
Euro sinks to 21-month low as Greek exit fears rise
(Reuters) - The euro plunged to a 21-month low against the dollar on Wednesday as investors dumped the currency on growing fears of a Greek euro zone exit and widespread doubts about the outcome of an EU summit later in the day.
EU leaders are expected to discuss growth-boosting measures but are not expected to produce any plan that would restore optimism among investors, especially given Germany's strong opposition to joint euro bonds.
Investors are doubtful that the leaders will come up with any measures to calm fears that have grown since an inconclusive Greek election earlier this month left the country on the path to bankruptcy and a possible exit from the euro zone.
"The whole problem of Greece, of fiscal retrenchment in the euro zone, the lack of growth across the region, and the ...
Title:
Euro drops to 21-month low as break up risks mount
(Reuters) - The euro fell to a 21-month low against the dollar on Wednesday as investors added to bearish bets on growing concerns about a chaotic Greek exit and widespread skepticism about the outcome of an EU summit due later in the day.
EU leaders are expected to discuss growth-boosting measures but are not expected to produce any plan that would restore optimism among investors, especially given Germany remains strongly opposed to joint euro bonds.
Investors are doubtful that the leaders will come up with any measures to calm fears that have grown since an inconclusive Greek election earlier this month left the country on the path to bankruptcy and a possible exit from the euro zone.
The euro fell to $1.2615 on trading platform EBS, dropping below the 2012 low of $1.2624 set in ...
Title:
Euro hits 21-month low versus dollar before EU summit
(Reuters) - The euro hit a 21-month low against the dollar on Wednesday ahead of an EU meeting later, with investors doubtful that leaders would come up with measures to stem the euro zone debt crisis.
An informal EU summit is expected to discuss growth-boosting measures but was not expected to produce any plan that would restore optimism among investors, especially given Germany remains strongly opposed to joint euro bonds.
The euro fell to $1.2615, dropping below the 2012 low of $1.2624 set in January to mark its lowest since August 2010.
Fears that Greece may have to leave the euro grew after Dow Jones earlier quoted former prime minister Lucas Papademos as saying Greece had no choice but to stick with a painful austerity program or face a damaging exit from the euro zone.
However, ...
Title:
Cautious markets retreat before EU summit
(Reuters) - Riskier assets retreated broadly on Wednesday as hopes for fresh measures to tackle the euro zone debt crisis faded and caution set in ahead of a meeting of European leaders, with sentiment hurt by renewed fears Greece would leave the euro bloc.
European shares also looked likely to slump, with financial spreadbetters predicting major European markets .FTSE .FCHI .GDAXI would open as much as 1.5 percent lower. U.S. stock futures were down 0.5 percent. .EU .L .N
Shares, commodities, commodity-linked currencies and the euro all slid, while safe-haven demand lifted the dollar index .DXY measured against major currencies up to 81.830, its highest since September 2010.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slumped 2.0 percent. It had risen 1.1 ...
Title:
Bad Week for Loonie in Spite of Some Good News
The Canadian dollar had a pretty bad week as talks about the European debt crisis plagued the Forex market, driving traders away from riskier commodity currencies.
Fears that Greece would exit the eurozone and that the crisis is spreading to Spain hammered the loonie, as the Canadian currency is usually nicknamed. Domestic fundamentals were actually good for the currency. Manufacturing sales climbed 1.9 percent in March and consumer price inflation was 0.4 percent in April. Economists believe that Canada would the first country from the Group of Eight to raise its interest rates. The loonie is likely to strengthen then, but for now the currency remains depressed.
The Canadian dollar posted losses against the greenback each day of this week. The currency was flat one day against the yen, ...
Title:
Europe Steps Closer to the Cliff Edge
The Week Ahead
Highlights
Europe steps closer to the cliff edge
Can the USD extend its rally?
Bank of Japan may extend maturity of its bond buys
Pricing in more QE from the Bank of England
Europe steps closer to the cliff edge
It was a pivotal week for the Eurozone after Greece announced that it was heading back to the polls after the top three parities failed to form a coalition government. So now Greece is leaderless, there is a caretaker government in place but it won't be able to enforce the austerity required to get the next tranche of bailout funds necessary for Greece to avoid running out of money in July. So as time runs out for Greece the European authorities have been clear: the upcoming election is a referendum on euro-membership. Either vote for pro bailout ...
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