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Economic Confidence ImprovedTitle:
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 ...
Title:
Euro Rebound Short-Lived
Sunrise Market Commentary
- Fixed Income: Profit taking continued, but now concluded?
- The profit taking on global core bond markets continued in the run-up to tonight's informal EU-Summit. Spanish and Italian spreads decreased significantly but yields remain at elevated levels. Today, the eco calendar is again thin and trading will again be driven by sentiment.
- Currencies: Euro rebound short-lived On
- Tuesday, the euro came again under pressure even as the global context was not that negative. Sentiment on risk was constructive and intra-EMU spreads narrowed, but all this didn't prevent investors to use any upticks in the single currency to further reduce exposure. The key 1.2642/24 support is again coming within reach.
The Sunrise Headlines
- In the final hour of ...
Title:
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 ...
Title:
Dukascopy Morning Forex Overview : 05/18/2012
Fundamental Analysis
EUR
"Spain, once again, is where the confidence game is played"
- Sebastian Paris Horvitz, strategist at HSBC Private Bank Suisse
Spain sold the maximum targeted amount of debt, 2.5 billion euros, during yesterday’s auction with spiking borrowing costs. The interest rate of three-year bonds rose to 4.373% from April’s figure of 2.89% while interest rate of five-year bonds surged to 5.106% from 3.374 in March.
USD
"What we’re seeing in foreign-exchange markets is strong demand for the U.S. dollar"
- Steven Saywell, head of foreign-exchange strategy for Europe at BNP Paribas SA
Latest US initial unemployment claim data was released yesterday – 370 000 Americans demanded their jobless benefits last week versus a 368 000 consensus forecast. The Labor Department revised ...
Title:
Euro Sell-Off Accelerates As Greece Will Hold Now Elections
Sunrise Market Commentary
- Fixed Income: Fresh elections in Greece further support core bonds
- German bund came off the contract highs at the start of the session on better German Q1 GDP data. The move didn't last long however and the announcement of fresh Greek elections marked an intraday U-turn. This morning, the German Bund future and US Note future once again reach new contract highs.
- Currencies: euro sell-off accelerates as Greece will hold now elections.
- On Tuesday morning it looked temporary that the euro might enjoy some breathing space as the German Q1 growth was much stronger than expected. However, the rebound had no momentum at all. The euro was again hammered as talks on the formation of the Greek government collapsed. Is the euro heading for a free fall? ...
Title:
Dukascopy Morning Forex Overview : 05/16/2012
Fundamental Analysis
EUR
"Germany is holding up the rest of the euro zone”"
- Nick Kounis, head of macroeconomic research at ABN Amro
Germany helped the Eurozone avoid its second recession in three years. Overall gross domestic product stagnated in the first three months of 2012, compared to the previous quarter, Eurostat data showed on Tuesday.
USD
"There’s a lot of slack in the economy"
- Scott Brown, chief economist at Raymond James & Associates Inc.
Inflation in the U.S. stagnated in April, restrained by a decline in energy costs. The core consumer price index, which excludes food and energy costs, rose 0.2 per cent, showed Bureau of Labor Statistics data on Tuesday.
GBP
"March's UK trade figures showed a bit of an improvement, although the external sector still looks likely to ...
Title:
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.
...
Title:
Dukascopy Morning Forex Overview : 15/05/2012
Fundamental Analysis
EUR
"Industrial producion is a imely reminder that firstquarter GDP will likely show a contracion."
- Marin van Vliet, an economist at ING
Industrial producion in the Eurozone contracted unexpectedly in March, Eurostat data showed on Monday. Producion fell 0.3 per cent from February, when it rose 0.8 per cent.
USD
"The fear factor is definitely higher."
- Madelynn Matlock, a fund manager at Hunington Asset Advisor
U.S. stocks retreated on Monday on a poliical impasse in Greece.
GBP
"I can’t see even after the next Greek election a government appearing that will be able to do anything else than perhaps manage the Greek exit."
- Simon Sole, chief execuive officer of Exclusive Analysis Ltd.
U.K. stocks tumbled on Monday. The benchmark FTSE 100 Index fell 1.97%, or ...
Title:
Dukascopy Morning Forex Overview : 14/05/2012
Fundamental Analysis
EUR
"Equity markets are driven by two things: fundamentals and sentiment."
- Lorne Baring, managing director at B Capital SA
European stocks climbed on Friday after a report showed U.S. consumer confidence increased to the highest level in four years in May.
USD
"Confidence has been boosted by lower gasoline prices."
- Paul Dales, a senior economist at Capital Economics Ltd.
U.S. consumer confidence rose by more than expected in May as consumers became more optimistic on the outlook of the country's economy.
GBP
"The April producer price data … do little overall to reduce the uncertainty as to whether or not the Bank of England will eventually do more Quantitative Easing."
- Howard Archer, an economist at HIS Global Insight
U.K. producer prices rose by more than ...
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