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Euro And The Uk PoundTitle:
Gold prices rise 1 percent as dollar retreats
(Reuters) - Gold rose 1 percent on Thursday, snapping three days of losses to climb towards $1,580 an ounce, as the dollar swung back into negative territory versus the euro after a softer-than-expected U.S. manufacturing report.
Confidence in the single currency remains fragile after it earlier hit a near two-year low against the dollar. Dire German manufacturing and business climate data spooked investors already weighing up the risk of Greece leaving the euro zone.
But gold got a lift from International Monetary Fund data showing another rise in central bank gold holdings in April, after the largest purchase in over four years by the Philippines.
Spot gold rose as high as $1,577.50 an ounce and was up 0.8 percent to $1,573.11 an ounce by 9:50 a.m. EDT (1350 GMT), while U.S. gold ...
Title:
Gold edges up as euro cuts losses
(Reuters) - Gold rose on Thursday, after three days of losses, although the drag of the euro near two-year lows tempered the bullion price and eclipsed data that showed another rise in central bank purchases of the metal last month.
The euro edged higher, having hit a near two-year low against the dollar earlier on Thursday after dire German economic data suggested no country in the region was immune from crisis, spooking investors already weighing the risk of Greece leaving the euro zone.
This offset a potentially bullish lift from International Monetary Fund data that showed another rise in central bank holdings in April, after the largest purchase in over four years by the Philippines and further additions by the likes of Mexico, Ukraine and Russia to their reserves.
Spot gold rose 0. ...
Title:
UK shares edge up cautiously from lows
(Reuters) - Britain's top shares rose on Thursday, clawing back some of the previous session's steep losses, though trade remained cautious after a European summit failed to produce concrete proposals for tackling the region's debt crisis.
Markets rallied earlier in the week on hopes that new proposals would be made at the informal summit, including ways of sparking economic growth and boosting investor confidence.
Thursday's economic data made for grim reading, with Britain falling deeper into recession than first thought in the first quarter after a sharp drop in construction output.
In Germany, the manufacturing sector shrank and business sentiment plummeted in May, heightening concerns about the ability of Europe's largest economy to weather the region's crisis.
Market moves have ...
Title:
U.K. GDP expected unrevised as recession keeps weight on BoE
The United Kingdom today continues to release more important fundamentals that only reassure the lingering hurdles ahead of policy makers` next decision. The second reading for the first quarter GDP is expected unrevised today as the economy contracts with slowing capital investment and exports that were hit by weak global growth.
The ONS is expected to report the unrevised quarterly contraction of 0.2% in the first three months of the year and hold flat on the year as the BoE suffers to support growth. With the deterioration in the jobs market and high inflation Britons remain under pressure and so far policy makers.
As the MPC said it, we are against a tough task, especially after they raised short term inflation expectations and revised lower growth estimates in the May inflation ...
Title:
Greek Exit Fears Weigh, Gold Bounces Epically
The euro (EUR) dropped to a 22-month low falling to 1.2545 from 1.2686 against the US dollar on a heightened risk aversion in the markets. Concerns that Greece may face a damaging default and a messy exit from the eurozone weighed on the single currency after talks said that Eurogroup was asked to prepare a Greek exit plan. Wednesday’s informal EU summit did little to restore sentiment in the market after it showed no progress on how EU leaders are planning to tackle the eurozone debt crisis but all agreed on the importance that Greece stays in the euro. France pushed a proposal of joint eurozone bonds, which can help with funding difficulties for some heavily-indebted eurozone countries but that policy is rejected by Germany.
The US dollar (USD) strengthened against a basket of ...
Title:
USD Moves Up vs. JPY Following Japanese Credit Downgrade
The JPY took losses against the US dollar during European trading yesterday, following a downgrade of Japan's credit rating. The USD/JPY advanced close to 60 pips over the course of the day, eventually peaking at 79.93. Today, dollar traders will want to pay attention to US New Home Sales figure, set to be released at 14:00 GMT. Analysts are forecasting the figure to show improvements in the US real estate sector, which if true, could help the greenback extend yesterday's gains. In addition to the news out of the US, traders will want to pay attention to any announcements out of the euro-zone. An informal meeting of euro-zone leaders is set to conclude today. Any signs of a new strategy to combat the region's debt crisis could lead to market volatility.
Economic News
USD - Dollar Sees ...
Title:
Japan Policy On Hold, Eyes On BoE Minutes
The euro (EUR) dropped near a 21-month low falling to 1.2645 from 1.2814 against the US dollar as risk aversion dominates the markets. Comments from former Greek Prime Minister Lucas Papademos raised concerns after he said that Greece has two options, stick to a painful austerity program or face a damaging default and a messy exit from the eurozone. Focus now turns to today’s informal EU summit where France is expected to push a proposal of joint eurozone bonds. The idea of joint bonds can help with funding difficulties for some heavily-indebted eurozone countries but that policy has been rejected by Germany before. EU leaders are also expected to focus more on growth and ways to help Greece stay in the euro.
The US dollar (USD) strengthened against a basket of currencies as fears of a ...
Title:
Waiting for the EU Summit
Trading in the London Session was choppy with the market unwilling to take any clear direction as we lead up to tomorrow's informal EU summit. The market toyed with the idea of Eurobonds (they like that idea and risk assets may rally tomorrow on any signs they are on the horizon.) Then they focused on the prospect of a showdown between Germany and France, Europe's de facto leaders, which caused a mild sell off. Right now the chances of the latter happening are more likely especially since Merkel is unlikely to be re-elected next year if she agrees to Eurobonds (read Germany guaranteeing the bulk of Europe's debt), which would never fly with German voters.
Although the EU President said that everything is on the table for discussion tomorrow, he also said that no concrete measures will be ...
Title:
Pound Falls as CPI & HPI Drop
The Great Britain pound fell against the US dollar today after reports showed that inflation slowed and house prices unexpectedly declined, adding incentive for the Bank of England to stimulate the economy. The currency advanced against the euro after four days of losses.
The consumer price index was 3.0 percent in April on an annual basis, down from 3.5 percent in the month before. The house price index fell 0.4 percent in March from a year ago, compared to the expected increase by 0.5 percent and the February growth by 1.0 percent. The index declined 0.6 percent on a monthly basis. The International Monetary Fund recommended the BoE to add stimulus for the UK economy.
GBP/USD was down from 1.5827 to 1.5779 as of 13:13 GMT today. EUR/GBP dropped from 0.8094 to 0.8084.
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