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Especially After Data ReleasedTitle:
Some frayed nerves as USDA grains data goes 'live'
(Reuters) - CBOT grain traders got their first taste on Thursday of trading without a two-hour cushion between the release of price-sensitive U.S. government data and markets being open, as the new 21-hour trading cycle exposed some frayed nerves.
The U.S. Department of Agriculture issued its weekly export sales report at 7:30 a.m. Central (1230 GMT) when the Chicago Board of Trade grain markets were open for business. The CBOT began a 21-hour trading cycle on Monday.
Rival Intercontinental Exchange (ICE.N) was also open, but its volume was far smaller than that of the world's largest grain exchange, owned by the CME Group (CME.O).
The data moved the corn futures market, with benchmark July slipping slightly lower in a knee-jerk reaction before rebounding after traders dug deeper into ...
Title:
Asian Market Update : 21/05/2012
Equities and risky FX bounce after G8 commitment to Greece and China hints of easing
Economic Data
(JP) JAPAN MAR ALL INDUSTRY ACTIVITY INDEX M/M: -0.3% V -0.1%E (3rd consecutive decline)
(NZ) NEW ZEALAND APR NET MIGRATION: -850 V 230 PRIOR
(NZ) NEW ZEALAND APR CREDIT CARD SPENDING M/M: 0.2% V 0.4% PRIOR; Y/Y: 3.7% V 5.3% PRIOR
(TH) THAILAND Q1 GDP Q/Q: 11.0% V 10.0%E; Y/Y: +0.3% V -0.5%E
(UK) UK MAY RIGHTMOVE HOUSE PRICE M/M: 0.0% V 2.9% PRIOR (4-month low); Y/Y: 2.0% V 3.4% PRIOR
Markets Snapshot (as of 04:30GMT)
Nikkei225 +0.7%
S&P/ASX +0.3%
Kospi +0.9%
Shanghai Composite +0.2%
Hang Seng -0.1%
Jun S&P Futures +0.5% at 1,297
June gold +0.4% at $1,599/oz
June Crude +0.5% at $91.90
Overview/Top Headlines
Asian equity markets, commodities, and risk-on FX opened the new week ...
Title:
Europe Steps Closer to the Cliff Edge
The Week Ahead
Highlights
Europe steps closer to the cliff edge
Can the USD extend its rally?
Bank of Japan may extend maturity of its bond buys
Pricing in more QE from the Bank of England
Europe steps closer to the cliff edge
It was a pivotal week for the Eurozone after Greece announced that it was heading back to the polls after the top three parities failed to form a coalition government. So now Greece is leaderless, there is a caretaker government in place but it won't be able to enforce the austerity required to get the next tranche of bailout funds necessary for Greece to avoid running out of money in July. So as time runs out for Greece the European authorities have been clear: the upcoming election is a referendum on euro-membership. Either vote for pro bailout ...
Title:
Crude finds relief after better than expected German GDP
Crude oil found strong support from the German data today to halt the sharp downside wave and starts an upside correction after the sharp losses. Germany remains the rescuer for the Euro area’s economy after it grew better than expected in the first quarter, offering room in the market for relief.
Crude oil opened today’s session at $94.04 and reached so far a high of $95.01 and a low of $93.95, where it is currently trading around $94.75 a barrel. The commodity found strong support from the weakening dollar that declined from the opening at 80.70 to the low of 80.48.
Uncertainty remains in Europe but relief is seen after the Euro’s biggest economy Germany released its first quarter GDP figures beating all estimates. The German economy grew by 0.5% over quarterly basis recovering from ...
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 ...
Title:
Worries to continue in the euro area
Worries are expected to continue this week in the European continent amid political uncertainty in Greece and fiscal woes in Spain, where more attention will be given to fundamentals as eyes will track euro area first quarter GDP.
Investors are now suspicious that the debt crisis is opening a new chapter characterized by heightening fiscal concerns and sluggish growth.
First, political concerns are expected to continue in Greece after the failure of political parties to form a coalition government, pushing the debt-mired nation into reelections by mid-June, thus casting doubts regarding the adoption of spending cuts vows.
Germany warned Greece last week that the continuation of aids is conditioned on Athens commitment to bailout terms.
Second, focus will remain on Spain after the ...
Title:
When Will Volatility Pick Up
The Week Ahead
Highlights
When will volatility pick up
Digesting payrolls
Will there be more QE for the UK?
Data Watch
When will volatility pick up?
Volatility in US Treasuries is at its lowest level since 2007, so too is volatility in the FX options market for short-term EURUSD products and the Vix has fallen sharply since peaking in autumn 2011. Yet Europe's sovereign stresses remain as strong as ever, Spain and Italy are struggling to sell their sovereign debt to anyone bar their domestic banking sectors and election risks are enormous as Greece and France go to the polls on Sunday.
So why is volatility so low? The answer lies with central banks and fairly tight FX ranges. When central banks come in and pledge that interest rates will remain extremely low until 2014, ...
Title:
Loonie Slips after Seeing Earlier Gains
Canadian dollar is slipping today, after heading higher in earlier trading. Many currencies are fluctuating on the currency market today, thanks to the uncertainty in the markets right now. Earlier, the loonie had seen some gains as disappointing data in the United States dropped the greenback. Now, though uncertainty is weighing on the Canadian dollar.
Initially, when the US nonfarm payrolls for April were released and the disappointing result was seen, the Canadian dollar got a boost against the US dollar. With greenback disappointing traders, the loonie went higher. Additionally, the Canadian dollar also got a bit of a boost against European currencies on the expectation of at least some upheaval as elections in Greece and France are this weekend — and Nicolas Sarkozy could actually ...
Title:
Euro Declines on Downbeat Services Data, Eyes Still on U.S. Jobs Report
As this week comes to an end, markets are standing still awaiting the performance of the labor market in the world's largest economy for more details regarding the pace of recovery; however, markets retreated slightly against the low yielding U.S. dollar after the downbeat performance of the European services sectors which contracted significantly in April, raising fears of recession and deep contraction.
Investors are demanding more of the low yielding U.S. dollar in order to avert as much risk as possible, especially as this week comes to an end, where investors remain in the market awaiting the U.S. jobs report; however, at the same time they tend to avert risk therefore holding the U.S. dollar is the best choice, especially with speculation the jobs report will show improvement in the ...
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