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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 ...
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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 ...
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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 ...
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Greek political turmoil heightens euro exit fears
Fears of a Greek exit from the euro zone worsening the debt crisis facing other European nations gripped financial markets on Wednesday, sending shares and other riskier assets lower as investors shifted funds into safe havens like the U.S. dollar.
The euro touched a fresh four-month low of $1.2883, Spanish and Italian bond yields rose, while the FTSE Eurofirst .FTEU3 index of top European shares hit its lowest level for the year at 983.95 points, down over 1 percent.
The probability of Greece leaving the 17-member currency bloc increased markedly after political leaders in Athens failed to form a government on Tuesday, forcing another round of elections. Opinion polls show this is likely to be won by leftist parties opposed to the country's bailout deal. (nL5E8GG0S1).
In response, ...
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Euro drops to near 4-month low on Greek deadlock
The euro fell to a nearly four-month low against the dollar on Monday on fears Greece could exit the euro and worries that weak industrial data signaled that Europe was heading for recession.
Concerns about slowing Chinese and global growth also drove down higher-yielding currencies and boosted the safe-haven dollar and yen. The Australian dollar fell to a five-month low against the greenback, while the New Zealand dollar dropped to a 4-1/2-month trough.
Greece's political impasse, as a major Greek leftist party refused to join a unity government or create a government of technocrats, also pushed the country's sovereign spreads over German bunds to their widest level since November.
Greece's troubles helped drive up Spain's and Italy's borrowing costs. Spain's bill auctions also showed ...
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Euro slips to near 4-month trough on Greece
The euro slipped to a near four-month low on Monday as political turmoil in Greece highlighted the risk it might exit the euro zone, while worries about slowing Chinese and global growth drove down higher-yielding currencies.
Safe-haven currencies, including the dollar and the Japanese yen, rose as coalition talks in Greece hit an impasse on Sunday, increasing the chance of another election.
Euro-zone industrial production unexpectedly fell in March, adding to signs the bloc is heading into recession, further fuelling bearish sentiment, while Spain's short-term debt costs rose at auction and its 10-year yields soared.
"Beyond the ongoing turmoil in the European financial system, policymakers in Greece are certainly running out of time as they struggle to form a coalition," said David ...
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U.S. Stocks Fall Amid Speculation Greece Will Depart Euro
U.S. Stocks slumped at the open on Monday, sending the Standard & Poor`s 500 Index below key 1,350, with basic materials and energy shares falling the most this morning as concerns grew Greece will lose its euro-membership while the country`s political leaders fail to forge a collation government.
The Political uncertainty is mounting with four parties failing to find a common ground in order to avoid having to call an inevitable new election in June. Should Greece face new elections next month, markets will start to weigh a referendum on Greece staying in the euro.
Leaders of Greece`s main political parties stood rigid in their positions on the country`s debt agreement with European Union to International Monetary fund, making a coalition government barely impossible as European finance ...
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Euro hits near 4-month trough on Greek deadlock
The euro fell to a near four-month low on Monday as political turmoil gripped Greece, highlighting the risk the country may exit the euro zone, while worries about slowing Chinese and global growth drove down higher-yielding currencies.
Safe-haven currencies including the dollar and the Japanese yen rose as coalition talks in Greece hit an impasse on Sunday, increasing the chance of another election.
Euro zone industrial production unexpectedly fell in March, adding to signs the bloc is heading into recession and further fuelling bearish sentiment, while Spain's short-term debt costs rose at auction and its 10-year yields soared.
The common currency fell to $1.2861 on trading platform EBS, its lowest level since January 23. It has lost 2.7 percent so far this month after losing 0.8 ...
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Greek woes drag euro to near 4-months lows; Aussie dips
The euro fell to a near four-month low on Monday as political uncertainty in Greece deepened, keeping alive the risk of the country exiting the euro zone while worries about slowing Chinese and global growth drove down higher-yielding currencies.
Safe-haven currencies like the U.S. dollar and the Japanese yen advanced as coalition talks in Greece hit an impasse on Sunday and Greece's radical leftist leader spurned an invitation from the president for a final round of talks on Monday, all but ensuring another election next month.
Adding to the bearish tone, German Chancellor Angela Merkel's conservatives suffered a crushing defeat on Sunday in an election in Germany's most populous state, a result which could embolden the left opposition to step up attacks on her European austerity ...
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