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Dollar Fell SlightlyTitle:
JP Morgan and China’s inflation data led major currencies’ movements
Major currencies witnessed a significant decline before the start of the Asian session today after JP Morgan (the largest investment bank in the United States by assets) announced a of $ 2 billion loss, which drove investors to abandon higher risky assets pushing the major currencies down verses the greenback.
Australian dollar has lost most of its previous against the US dollar on Thursday after JP Morgan earnings announcement to start the Asian session with a limited trading; the AUD/USD pair is currently trading at 1.0064 level, recording its highest level at 1.0081 and the lowest at 1.0042.
The EUR/USD pair completed its downside movement, as the euro seemed to be the most affected currency by the news to fell during the Asian session recording its lowest level at 1.2904 after ...
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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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Gold rises on bargain hunting; Europe worry eases
Gold rose on Thursday, ending a three-day losing streak, as bargain hunters waded into the market after prices fell sharply this week on worries about a worsening European debt crisis.
Bullion followed U.S. equities higher as stress in Spanish debt markets eased slightly, and after Greece secured funds to repay its bondholders. Still, after three days of losses, bullion remained more than 3 percent lower this week.
Fading hopes for more U.S. monetary easing after a strong run of U.S. economic data has prompted investors to unwind bullish bets in gold. Thursday's data showed U.S. jobless claims edged down last week, offering a glimmer of hope after April's weak employment growth.
"Gold has behaved closer to risky assets rather than differentiating itself as a safe haven asset and has ...
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Dukascopy Afternoon Forex Overview : 04/10/2012
Dukascopy Fundamental Analysis
EUR
Greece’s next government may hold a trump card worth more than $510 billion if it heeds voters’ demands to renegotiate its bailout with the European Union.
USD
Treasury prices declined on Thursday, pushing yields up from their lowest levels since February, as news out of Europe eased some near-term uncertainty and reduced demand for the relative safe-haven status of U.S. debt.
GBP
Bank of England officials halted stimulus expansion after seven months of bond purchases as the threat of inflation trumped concerns about an economy that’s succumbed to a double-dip recession. The nine-member Monetary Policy Committee led by Governor Mervyn King today held its quantitative-easing target at 325 billion pounds ($525 billion), ending a second round of stimulus. ...
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USD Softer as Sentiment Stabilizes
USD Softer as Sentiment Stabilizes
USD is mostly softer as sentiment stabilizes and amid slightly weaker US economic data. Weekly initial jobless claims dropped by 1k to 367k (cons. 368k) from an upwardly revised 368k (prior 365k). The 4-week moving average in initial claims fell for the first time in 5 weeks with a drop of -5.3k indicating marginal improvement in labor. The March trade balance showed a wider than expected deficit of -$51.8B (cons. -50.0B, prior -45.4B) as imports jumped 5.2% – the largest increase in over a year. European bourses are currently trading in positive territory, US stock futures are suggesting upside at the open, and UST yields are higher across the curve indicating a better risk environment today. The dollar index is lower and testing the 80.00 figure as ...
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Fragile euro hovers near multi-month lows
(Reuters) - The euro stayed close to a 3 1/2-month low against the dollar on Thursday and was expected to suffer further losses as political deadlock in Greece increased the risk of insolvency and a possible euro exit.
The common currency gained a short-term reprive as stress in Spanish debt markets abated slightly and after Greece secured funds needed for bond repayments.
However, it was expected to continue the firm downward path established since Greece's inconclusive elections at the weekend. With another set of elections likely, doubts are growing that Greece will adhere to austerity measures needed to secure further emergency funding.
The euro was up 0.2 percent at $1.2956, but it stayed not far from $1.29115 hit on Wednesday, its lowest since late January. Analysts were skeptical ...
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Fragile euro teeters near multi-month lows
(Reuters) - The euro steadied near a 3 1/2-month low against the dollar on Thursday as stress in Spanish debt markets abated slightly and after Greece secured funds needed for bond repayments, tempering the threat of a Greek insolvency and possible euro exit.
However Greece's future in the euro zone remains in question, with another round of elections foreseen and doubts about whether the country will adhere to austerity measures needed to secure further emergency funding.
Greece averted an imminent funding crisis after the board of the European Financial Stability Facility agreed to release 4.2 billion euros of a scheduled payment. However, impatient governments withheld part of the latest tranche of rescue funds to be paid on Thursday.
Ten-year Spanish government bond yields fell ...
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Fragile euro holds above multi-month lows
(Reuters) - The euro edged away from a 3 1/2-month low against the dollar on Thursday as stress in Spanish debt markets abated slightly and after Greece secured funds needed for bond repayments, tempering the threat of a Greek insolvency and possible euro exit.
Greece averted an imminent funding crisis after the board of the European Financial Stability Facility agreed to a scheduled 5.2 billion euro ($6.72 billion) payment. However, impatient governments withheld part of the latest tranche of rescue funds to be paid to Greece on Thursday.
Ten-year Spanish government bond yields fell after Spain's government effectively took over Bankia, one of the country's biggest banks, in a bid to restore confidence in Spain's ailing banking system.
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EUR/USD Continues to Tumble
The euro continued to tumble vs. its main currency rivals yesterday, as traders remained cautious about investing in riskier assets due to political uncertainty in the euro-zone. The EUR/USD fell to a fresh three-month low during the afternoon session at 1.2929. Turning to today, traders should be prepared for market volatility, as significant indicators from the UK and US are scheduled to be released. Attention should be given to the UK MPC Rate Statement, followed by the US Trade Balance figure and a speech from Fed Chairman Bernanke. Should any of the news lead to additional pessimism in the global economic recovery, riskier currencies like the euro may fall further.
Economic News
USD - Safe Haven Dollar Extends Gains amid Euro-Zone Worries
A lack of news events yesterday helped the ...
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