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Dollar Turned WeakerTitle:
Global stocks, euro slip on weakening growth
(Reuters) - U.S. stocks and the euro edged lower on Thursday as data suggested Europe's debt woes were spreading and worsening a global economic slowdown.
In a volatile session, investors looking for bargains earlier bought equities, oil and gold which have been battered this week by worries Greece would leave the euro zone. But the buying of growth-oriented assets faded as worries about the euro zone's drag on the world economy returned.
Stocks and other riskier assets turned negative as disappointing data from Europe, China and the United States compounded concerns about the economic contraction moving across Europe.
Amid speculation of more coordinated efforts from major central banks to stem further deterioration of the euro zone debt crisis, bond yields of Spanish, Italian and ...
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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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Gold rises 1 percent, eyes weekly gain, as euro recovers
Gold prices rose more than 1 percent on Friday, building on the previous session's hefty gains, as a recovery in the euro prompted some buying of the precious metal, with shorts covering amid expectations prices could rise further.
Gold posted its biggest one-day gain since January 25 on Thursday, recovering some ground lost during its longest run of losses in five months. Its reversal has put it on track to end the week 0.4 percent higher.
Spot gold was up 1 percent at $1,589.16 an ounce at 1148 GMT, having earlier touched a high of $1,594.10, while U.S. gold futures for June delivery were up $14.40 an ounce at $1,589.30.
The euro recovered from a four-month lows against the dollar to move into positive territory, taking some pressure off gold, though concerns over a Greek euro exit ...
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Gold off 4-1/2 month low on increased physical buying
Gold rose more than 1 percent on Thursday, bouncing off a 4-1/2 month low, as weaker prices attracted new physical buyers, but gains were likely to be limited as the euro was undermined by fears of a deepening debt crisis in Greece.
Spot gold rose 1 percent to $1,553.80 an ounce by 09.07 a.m. EDT, from $1,538.30 late in New York on Wednesday, when it plunged to $1,527 - its weakest since December 29.
The precious metal rose to a high of $1,557.56 earlier, helped by the approaching expiry of gold options in the COMEX futures market.
U.S. gold futures hit a high of $1,557.90 an ounce and were at $1,554.30, up 1.1 percent. The contract had plunged to a multi-month low of $1,526.70 on Wednesday.
Gold, traditionally a safe-haven asset, has been moving in tandem with riskier assets such as ...
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Euro pauses descent, but vulnerable to fresh falls
The euro held above a four-month low on Thursday, taking a breather from a sharp sell-off, although gains are likely to be checked by worries about the solvency of some Greek banks that are adding to fears the country may exit the euro zone.
The common currency was trading at $1.2724, up 0.1 percent on the day, though not far from a four-month low at $1.2681 hit the day before, with stops cited below $1.2680. The euro has already shed 3.9 percent in May, coming close to its 2012 trough of $1.2624 reached in mid-January.
Contagion fears and jitters over political turmoil in Athens, where politicians rejecting harsh austerity measures are likely to win June 17 elections, have sent riskier assets such as the Australian dollar sharply lower over the past three weeks.
Dealing another blow to ...
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Crude recovers some losses but its momentum remain negative
After falling to the lowest in six months after talks to form a new Greek government failed yesterday, crude recovered some the losses trading around the $93.00 level as the dollar is losing momentum trading around 81.25.
Crude is trading as of this writing around today’s opening at $93.12, while the lowest for today is found at $91.79, the lowest in six months, while the highest is found at $93.42. Brent is trading around $111.46 after falling 0.69%.
The Greek President Karolos Papoulias failed yesterday to form a ruling coalition, raising concerns that Greece will to exit the euro zone after June’s elections during which the far-left anti-bailout party Syriza is expected to win.
Also weighing down on sentiment was the expected rise in the US crude inventories during the week ending in ...
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Greek Political Impasse Leads to Euro Losses
The euro started off yesterday's trading session on a positive note following a better than expected German Prelim GDP figure which caused the EUR/USD to advance to 1.2868. That being said, the common currency came under pressure later in the day following another failed attempt by Greek politicians to form a new government, virtually guaranteeing new elections will take place next month. As a result, the euro fell as low as $1.2769 during the afternoon sessoin. Turning to today, traders will want to pay attention to the US FOMC Meeting Minutes, set to be released at 18:00 GMT. Any signs that the Federal Reserve is preparing for another round of quantitative easing could result in the greenback turning bearish.
Economic News
USD - US Manufacturing Data Sends USD/JPY Over 80.00
The ...
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Dukascopy Afternoon Forex Overview : 05/15/2012
Dukascopy Fundamental Analysis
EUR
Investors battered European stocks, dumped the bonds of Spain and Italy, and bid the euro down against the dollar Monday after the collapse of weekend coalition talks in Greece edged that country closer to an exit from the euro zone.
USD
Retail sales in the U.S. rose in April at the slowest pace of the year, showing unseasonably mild weather and pre-Easter shopping may have pulled consumers to stores the prior month.
GBP
Governor Mervyn King looks set to leave the door open to more support for the struggling economy when he presents the Bank of England's new economic outlook on Wednesday, which is likely to show a tricky mix of lower growth and higher inflation ahead.
CHF
Swiss stocks lost ground on Monday on concern Greece will exit the Eurozone.
...
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S&P 500 May Rebound From 3-Month Low On German GDP Optimism
Risk sentiments are flowing ahead of the U.S. session, as German GDP data came unexpectedly better, giving a boost for the euro and the U.S. stock-index futures, indicating the Standard & Poor`s 500 Index will bounce back from a three-month low.
As of 06:04 a.m. New York Time, Dow Jones Industrial Average futures expiring in June 12 rose 0.62 percent to 12,734, Standard & Poor`s 500 Index futures gained 0.70 percent to 1,343.50, and NASDAQ 100 futures added 0.80 percent to 2,605.75.
While the 17-nation common currency appreciated 0.28 percent to $1.2859 as the largest economy in Europe reported faster than expected growth in the first quarter. The German economy expanded by 0.5 percent from the fourth quarter, beating expected 0.1 percent GDP.
Greece steps into a conclusive day, which ...
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