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Dollar Under PressureTitle:
Greek worries push euro to four-month low; more losses eyed
The euro hit another four-month low against the dollar on Wednesday and was likely to extend hefty losses sustained so far this month after Greece said it would hold new elections, boosting the risk Athens could exit the euro.
The prospect of prolonged political instability in the debt-ridden country, compounded by skittish sovereign bond markets sent Asian bourses sharply lower, with analysts saying the euro and other risk-sensitive currencies would remain under severe pressure.
A Greek departure from the euro zone would also have a potentially huge knock-on effect on struggling economies such as Italy and Spain, whose bond yields climbed above the crucial 6 percent mark the day before.
"An entry to the euro zone was supposed to be irrevocable. They tore down the bridge so people ...
Title:
Brent rise boosts premium to slumping U.S. crude
Brent oil edged higher on Tuesday, snapping three days of declines and pushing its premium to slumping U.S. crude back above $18 a barrel, as supportive German economic growth helped counter political turmoil in Greece.
Anticipation that inventory reports will show U.S. crude stocks rose an eighth straight time last week, adding to record stockpiles at Cushing, Oklahoma, helped pressure U.S. crude and increase its price deficit to Brent, brokers and traders said.
The approach of the June Brent contract's expiration on Wednesday also helped raise the premium to U.S. June crude to $18.26 a barrel based on settlements.
Brent's premium to U.S. crude pushed above $18 for the first time since April 16, when news of this week's planned reversal of the Seaway crude pipeline broke.
The pipeline ...
Title:
World stocks ease, euro at 4-month low on Greece woes
World stocks dropped and the euro fell to a four-month low against the dollar on Tuesday after Greece said it would hold new elections and worries increased about its possible exit from the euro zone.
Gold touched a 4-1/2-month low, with the euro's weakness unnerving investors over the profitability of holding euro-denominated assets.
The political turmoil in Greece kept pressure on markets. Investors have been concerned that long-lasting problems in the euro zone and a likely recession will hit global growth.
Greek politicians again failed to agree on a new government, nine days after an inconclusive election. After Greece's president said the country will hold new elections, the euro slumped and investors fled to the safe-haven dollar.
The Greek news "triggered the fall through $1. ...
Title:
Consumer shares lift Wall St, but Greece drags
Consumer shares led a modest rebound on Wall Street on Tuesday, after the S&P 500 fell for four of the past five sessions, but gains were capped as investors kept an eye on the political impasse in Greece.
Quarterly results helped boost the S&P consumer discretionary sector index, with TJX (TJX.N) up 7.4 percent at $42.65 and Dick's Sporting Goods (DKS.N) up 9.2 percent at $51.59. The S&P retail sector index .RLX rose 1.5 percent.
U.S. retail sales rose 0.1 percent in April, slightly below expectations. However, details in the Commerce Department's report indicating underlying strength in demand and a rebound in manufacturing activity in New York State calmed concerns that the economy was stalling.
"Earnings have been pretty good and supporting the market to a certain degree," said John ...
Title:
World stocks slip with euro on Greece turmoil
World stocks declined and the euro fell to a four-month low against the dollar on Tuesday after Greece said it would hold new elections and worries increased about its possible exit from the euro zone.
Gold touched a 4-1/2-month low as the euro's weakness unnerved investors over the profitability of holding euro-denominated assets.
The turmoil in Greece kept pressure on markets. Investors have been concerned that long-lasting problems in the euro zone and a likely recession in Europe will hit global growth.
Greek politicians again failed to agree on a new government, nine days after an inconclusive election. After Greece's president said the country will hold new elections, the euro slumped and investors fled to the safe-haven dollar.
The Greek news "triggered the fall through $1.2800 ...
Title:
Gold touches 4-1/2 month low as euro retreats
Gold eased below $1,560 an ounce on Tuesday after the failure of Greek politicians to form a government sent the single European currency to four-month lows and unnerved investors over the profitability of holding euro-denominated assets.
With gold's decline to its lowest since late December, consumers in top purchasing-nations such as India have delved into the market, which analysts said could protect the bullion price from a more protracted decline.
Gold remains vulnerable, however, as worries over the euro zone's future simmer in the background, keeping the single currency under pressure.
Spot gold was down 0.1 percent at $1,555.69 an ounce at 1350 GMT, while U.S. gold futures for June delivery were down $8.70 an ounce at $1,552.10.
Gold earlier hit its lowest since December 30 at $ ...
Title:
Gold lifts from 4-1/2 month low as euro recovers
Gold prices edged back towards $1,560 an ounce in Europe on Tuesday after a positive reading of German growth lifted the euro versus the dollar, and as physical buyers stepped in to take advantage of the metal's fall to 4-1/2 month lows.
Gold remains vulnerable to more losses, however, as worries over the euro zone's future simmer in the background, keeping the single currency under pressure.
Spot gold was up 0.1 percent at $1,557.80 an ounce at 05:24 a.m. EDT (0924 GMT), while U.S. gold futures for June delivery were down $3.50 an ounce at $1,557.50.
Gold earlier hit its lowest since December 30 at $1,547.99 an ounce and is down more than 6 percent in May so far, on track for its worst monthly performance since December's washout, as talk that Greece could exit the euro zone spooked ...
Title:
Euro area growth stalls in the first quarter amid uncertainty surrounding the region`s outlook
Euro zone data released today showed that euro area growth stalled in the first quarter, amid the undergoing political uncertainty and fiscal woes.
The GDP advanced reading for the first quarter showed a flat reading, following the 0.2% drop in the last quarter of 2011. On the year, the reading also came flat compared to the prior 0.3% drop.
In fact, the reading beat expectations of seeing 0.3% contraction on the quarterly basis, probably boosted by the better-than-expected advance in the German reading which recorded 0.5% expansion.
In France, the growth path stalled in the first quarter from a revised of 0.1% which was 0.2% initially.
Although there is improvement in the region`s largest economy, yet it seems that Germany is moving solely as other euro area nations are ...
Title:
Speculation On Grexit Continues To Hammer The Euro
Sunrise Market Commentary
- Fixed Income: Global core bonds profit from euro debt crisis
- Concerns about Greece and Spain underpinned the ongoing rally of global core bonds. The German 10-year yield fell below 1.50%. Intra-EMU yield spreads versus Germany widened substantially. Today, the eco calendar is enticing. If no euro debt crisis news acts as a circuit breaker, the eco data may for once drive the price action.
- Currencies: Speculation on Grexit continues to hammer the euro.
- At the start of the new trading week, the Greek crisis remained the key factor for currency trading. With no visibility on the outcome of the EMU crisis, the easiest way for the euro is south. EUR/USD set a new correction low. EUR/GBP dropped below the 0.8000. This morning, strong German ...
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