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Dollar Under PressureTitle:
Gold drops after the breach of $1630 on political upheavals in Greece
Gold remained drops sharply after the breakout of $1630 critical level on political worries from Greece which ignited concerns regarding the adoption of austerity measures needed to tackle debt crisis.
Samaras, the leader of the New Democracy party, said he failed to form a coalition Greek government, thus giving the turn to Alexis Tsipras, the head of Syriza, who has pledged to renegotiate aid terms for Greece.
In France, the win of the Socialist party candidate Hollande in the French Presidential elections also raised concerns that there would be a conflict between the euro area`s second biggest economy and Germany over methods of dealing with the crisis as he is in favor of lower austerity.
Auctions today from Greece, Netherlands and the EFSF saw a rise in yield von the back of the ...
Title:
Uncertainty over Europe hits euro, shares slip
Investors sold European shares and the euro on Tuesday, unnerved by the political stalemate in Greece and the threat of a Franco-German split over policies to tackle the region's debt crisis.
The uncertainty in Europe added to worries about global growth after weak American jobs data, sending industrial commodities like oil and copper lower. U.S. shares were also expected to open down on Wall Street. .N
While markets were in a risk averse mood, activity was less volatile than on Monday when European shares initially fell sharply in reaction to the weekend's election results before firming after Spain said it was prepared to use public funds to help its troubled banks.
Spain is the euro zone's fourth largest economy and investors have focused on its troubles because it would be expensive ...
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Gold falls as euro feels pinch of election results
(Reuters) - Gold fell for a second day on Tuesday, under pressure from the slide in the euro on the back of political uncertainty in Greece and a change of president in France, while Chinese import figures did little to offset the impact of the weaker currency.
Data showing a sharp jump in exports of gold in March from Hong Kong to mainland China, soon to be the world's top bullion consumer, did little to support the price, but reinforced analyst expectations for gold to benefit in the longer term from Chinese demand.
In the shorter term, however, gold was more affected by the decline in the euro.
The correlation between the single European currency and the gold price hit its highest in four months in late April, meaning the two are more likely to move in lockstep than inversely to each ...
Title:
Dukascopy Morning Forex Overview : 08/05/2012
Fundamental Analysis
EUR
" show that despite the crisis in the euro area, Germany is growing and benefiting from a revival in international trade."
- Klaus Baader, senior economist at Societe Generale SA
German factory orders rose by more than forecast in March, a sign Europe’s largest economy is weathering the debt crisis.
USD
"From where we sit right now, we think the economy looks fundamentally stronger."
- Marisa Di Natale, an economist at Moody’s Analytics in West Chester
U.S. stocks closed mixed on Monday after Francois Hollande was elected as a French president and Greek voters turned to antibailout parties.
GBP
"… the challenging economic backdrop suggests that a significant acceleration in prices or activity is unlikely in the near term."
- Robert Gardner, Nationwide’s ...
Title:
Gold pushed down by political uncertainties in Greece
Gold remained under pressure for a second day on Tuesday on worries political changes in France and Greece would affect adopting austerity needed to tackle debt crisis.
New Democracy party leader said he did not succeed to form a coalition Greek government, thus Alexis Tsipras, the head of Syriza, who has pledged to cancel aid terms for Greece, will have the chance to form a government.
This situation has been reached in Greece after voters turned to anti-bailout parties at the expense of pro-bailout ruling parties. Therefore, there are worries the debt-mired nation will not adopt measures that guarantee the country`s future in the euro area.
In France, the win of the Socialist party candidate Hollande in the French Presidential elections raised concerns that there would be a conflict ...
Title:
Aussie Under Pressure After Trade Deficit
The euro (EUR) rose to 1.3065 rebounding from a three-month low at 1.2954 against the US dollar. The single currency tumbled following the elections in Greece and France as investors are concerned about the countries' ability to apply the austerity measures necessary to tackle the eurozone debt crisis. Political uncertainty in Greece continues to weigh on the euro as a first attempt to form a new Greek government failed while investors fear about the country's ability to avoid bankruptcy and stay in the euro. Shares recovered on Tuesday and sentiment in the market appears improved on hopes about a plan to bolster its troubled banks. Focus turns to today's Industrial Production figures from Germany.
The US dollar (USD) strengthened against a basket of currencies following the elections but ...
Title:
Euro eases but possible short covering may lend support
(Reuters) - The euro eased on Tuesday but stayed above the previous day's three-month low, with the potential for short covering seen offering the currency some support even as political uncertainty in Greece clouded its outlook.
The single currency dipped 0.1 percent from late U.S. trade on Monday to $1.3035, but stayed well above Monday's trough near $1.2955, its lowest level since late January.
The euro came under pressure on Monday after elections in Greece and France cast doubt on the ability to push through austerity plans regarded as key to tackling the euro zone debt crisis.
"This seems to me like a pretty serious situation," said Satoshi Okagawa, senior global markets analyst at Sumitomo Mitsui Banking Corp. in Singapore, referring to the election results and political ...
Title:
Euro dips but market positioning may lend support
(Reuters) - The euro eased on Tuesday but stayed above the previous day's three-month low, with market positioning seen offering the currency some support even as worries over political uncertainty in Greece clouded its outlook.
The single currency dipped 0.1 percent from late U.S. trade on Monday to $1.3043, but stayed well above Monday's trough near $1.2955, its lowest level since late January.
The euro had initially come under pressure on Monday after the outcome of elections in Greece and France cast doubt on the ability to push through austerity plans regarded as key to tackling the euro zone debt crisis.
"This seems to me like a pretty serious situation," said Satoshi Okagawa, senior global markets analyst at Sumitomo Mitsui Banking Corp. in Singapore, referring to the election ...
Title:
Euro drops on anti-austerity votes but off lows
The euro dropped broadly on Monday after elections in Greece and France cast doubt on politicians' commitment to austerity plans aimed at tackling the euro zone debt crisis.
Renewed fears about the stability of the euro zone made the common currency pierce the key psychological level of $1.30 on its way to hitting a three-month low against the dollar in the overnight session.
Technical support helped pare losses during New York trade, though the single currency looked likely to remain under pressure in days ahead.
The biggest blow to the common currency was the Greek election, in which the two main parties that support the nation's international bailout failed to secure a parliamentary majority. This threw into question the future of the program and potentially the country's membership ...
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