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Driving The Market TodayTitle:
Crude trades with negative momentum on concerns over Europe, Iran deal
Iran agreed to let western nuclear inspectors into the country during talks in Bagdad today with US, UK, France, China, Russia and Germany, reducing the supply risk and providing some relief.
Moreover, the World Bank lowered its economic growth forecast for China, the world`s second-largest oil consumer, this year to 8.2% from 8.4% on sluggish US and European demand and softer property market.
Investors are losing their appetite for risk after they were spooked by the mounting worries over Greece exiting the eurozone, which could determine other countries to follow it, according to Jin Liqun chairman of China Investment Corp.
European leaders meet in Brussels today where the debate between French President Francois Hollande and German Chancellor Angela Merkel may intensify as the idea ...
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AUD/USD Reaches This Year’s Low
The Australian dollar continued its tumble today, reaching the lowest level this year against the US dollar, as adverse market sentiment and the interest rate cut earlier this month are still driving forces that push the currency down.
Europe is hurting risk and, as a result, riskier currencies, the Aussie (as the Australian currency is nicknamed) among them. The general uncertainty about the future also hurts commodities. The Australian dollar is a commodity currency and the decline of prices for raw materials hurt it. Commodities rallied in the second half of the past week and extended the rally on Monday, but slipped on Tuesday.
The decrease of the main interest rate by the Reserve Bank of Australia at the beginning of this month continues to put pressure on the Aussie. The cut was ...
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Strengthened dollar
Today a mix of sentiments were spread throughout the day on a local and global scale as we watched Facebook Inc. retreating and investors speculating that China and Europe will stimulate growth, yet optimism was the major sentiment felt on the U.S soil mainly after that the superpower`s existing home sales jumped by 3.4 percent in April; a clear sign of recent stability within the housing market.
Accordingly we watch the dollar strengthen on this unexpected cheerful data to therefore see the Dollar index which measures the performance of the U.S. dollar against a basket of currencies including the Euro, the Pound, and the Yen, rose to currently trade at 81.27 recording its highest level at 81.38 and its lowest at 80.92
As a result the euro fell against the dollar and remains on plunging ...
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YouTradeFX Daily Market Analysis : 22/05/2012
Fundamental News
Today’s highlights:
· CPI (MoM) (GB, 09:30 GMT)
· BOE Inflation Letter (GB, Tentative)
· Existing Home Sales (U.S., 15 :00 GMT)
The U.S. labor market is set to strengthen this year, a survey published by the National Association for Business Economics said Monday. The survey of 54 economists said non-farm payroll increases will average 188,000 per month this year, up from the prior projection of 170,000. The jobless rate is expected to fall to 8 percent by the fourth quarter of 2012.
Japan’s foreign investments and assets grew to the second-highest level on record as companies used the high yen to make acquisitions abroad, a trend that may help them cope with stagnant demand at home. Investments abroad grew 3.3 percent to 582 trillion yen ($7. ...
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Eyes on U.K. inflation as slowing pressures support QE expectations
The tension remains across the board and the focus shifted to leaders and central bankers to end the uncertainty over the outlook from slowing growth to a Greek exit. The U.K. is one of the biggest economies in harm’s way and Cameron expressed this fear in the G8 and the BoE is stuck between a rock and a hard place amid a frail recovery and elevated inflation.
Since April conditions took a strong turn in the UK progress. One of the arch MPC doves Adam Posen shifted stance and stopped the calls for more QE amid the general view that inflation might be more persistent; the economy unexpectedly entered recession, and the debt crisis in the euro area resurfaced with a vengeance.
The latest May Inflation Report reflected the tough task ahead of the policy makers to balance to risk between ...
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Major pairs currently narrow trading
Today on a daily scale we watched on one hand the yen plunging in front of most of its conterparts after that it was speculated that the Bank of Japan will add stimulus this week to support the country`s growth while that on the other hand the euro gained prior losses against the dollar as the German Finance Minister announced that "everything necessary" will be done by France and Germany to keep Greece in the Union.
Yet so far some technical movements are taking place throughout the currencies market within the U.S session to accordingly watch the major pairs and currencies narrow trade and therefore the dollar index, which measures the dollar performance against a basket of currencies including the Euro, the Pound, and the Yen is actually consolidating on the four-hour and one-hour ...
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Oil hits 2012 low under $107 on euro zone turmoil
Oil prices slipped below $107 a barrel on Friday and hit a 2012 low as investors fought shy of riskier, growth-oriented assets on fears that Greece would leave the euro, and after a downgrade of 16 Spanish banks by Moody's added to the contagion gloom.
Brent crude was down 51 cents to $106.98 a barrel by 1122 GMT after earlier slipping to its lowest level for the year at $106.40. U.S. crude was up 16 cents to $92.72.
"The driving factor is still what is going on in Europe with the downgrades of the Spanish banks and very negative sentiment towards risk investments," said Eugen Weinberg, an analyst at Commerzbank in Frankfurt. "It's not surprising to see further falls in Brent today."
The euro fell to fresh four-month lows as the dollar strengthened .DXY, putting commodities priced in ...
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YouTradeFX Weekly Market Analysis : 05/18/2012
Fundamental News
Today’s highlights:
· German PPI (MoM) (GER, 07:00 GMT)
· Italian Industrial Sales (MoM) (ITA, 09:00 GMT)
· Spanish Trade Balance (SPAIN, 11:30 GMT)
· Core CPI (MoM) (CAD, 13:30 GMT)
· ECRI Weekly Annualized (WoW) ( U.S, 15:30 GMT)
The Philly Fed Index tumbled to a negative 5.8 in May from a positive 8.5 in April and Conference Board's leading economic index edged down by 0.1 percent in April following a 0.3 percent increase in March, according to an official report released yesterday. While, the Labor Department figures said that the unemployment claims was at a seasonally adjusted level of 370,000 for the week, unchanged from the previous week's revised figure.
Greece’s credit rating was downgraded one level by Fitch ...
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Asian stocks returned to losses on collective downgrades including Spanish banks, Greece and China
As Europe’s debt crisis is threatening the global recovery, market participants limited their risk exposure while some inventors locked on to their profits ahead of the weekend, driving the Asian stocks lower where the MSCI Asia Pacific Index dropped 2.2% at 11.28 in Tokyo, and is down 0.8% this year.
Global equity markets lost almost $4 trillion dollars this month as Europe’s debt crisis is worsening threatening the global economic stability. Moody’s downgraded 16 Spanish banks on Thursday after the nation fell into recession during the first quarter while loan losses are mounting.
Meanwhile Fitch Ratings downgraded Greece by one notch to CCC from B- since its political deadlock is pushing the country out of the euro zone, as attempts to form a new government failed, leading to new ...
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