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EuroTitle:
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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Canadian Dollar Drops Against US Dollar on Risk Aversion
Risk aversion is the Forex market driver today, thanks to the Fitch downgrade of Japan. Even though equities aren’t being much affected by the latest news, currencies are. High beta currencies like the Canadian dollar are dropping, thanks to a desire for safe haven. Loonie is headed lower against the US dollar today, even though its own credit rating is remains solid.
Canada retains the highest credit rating with all the agencies, but that isn’t helping the Canadian dollar today on the Forex market. The Japan downgrade has shaken things up a bit, and the US dollar is gaining against the loonie today. However, even though the Canadian dollar is down against the greenback, it is up against other high beta currencies, including the UK pound.
With the situation in Europe so uncertain, it isn’ ...
Title:
Euro falls vs. dollar as EU summit hopes dim
(Reuters) - The euro fell against the dollar on Tuesday after two days of gains as investors pared back expectations that an informal meeting of European leaders would yield much progress in tackling the region's debt crisis.
However, given the market's stretched bearish positioning and oversold signals on the technical charts, the euro could see a short-term squeeze higher ahead of the European summit.
While there have been hopes in some quarters that Wednesday's summit may lead to agreement on measures to boost growth, investors were not confident of a breakthrough given apparent differences in opinion between Germany and France.
French President Francois Hollande is expected to push for a joint euro zone bond, a measure backed by Italy, Spain and the European Commission.
However ...
Title:
Shares gain on hopes of Europe action, euro falls
(Reuters) - World shares gained for a second day on Tuesday on increasing speculation of fresh action to tackle Europe's debt crisis at an informal talks later this week, even as the euro fell on skepticism much would come of the meeting.
European shares gained more than 1 percent and Wall Street opened higher. Bond prices fell on both sides of the Atlantic on speculation European leaders may devise new measures to foster growth in the euro zone and restore market confidence.
An informal supper summit of European Union leaders on Wednesday also is expected to discuss the idea of euro area bonds jointly underwritten by all euro zone member states.
However, Germany's long-standing opposition is unlikely to change, particularly as Germany has dismissed the French-led call for the eurozone ...
Title:
Gold Falls on Worries in Markets, Before EU Summit
Precious-Gold dropped as worries in markets after Fitch downgrade to Japan and before an awaited informal EU summit tomorrow damped demand on the yellow metal.
Concerns increased after Japan had its credit ranking slashed by Fitch which revealed that Japan`s slackening response to tackling its public debt burden is the key reason behind the downgrade.
On the other hand, worries from the euro area continued amid speculations there would be frictions among European leaders at their meeting in Brussels tomorrow.
While the newly elected French President Francois Hollande will propose introducing Eurobonds to ease the tensions in European bond markets, German Chancellor Angela Merkel said she will not be shy to reject Hollande`s idea of introducing Eurobonds.
Hence, with possible ...
Title:
JPY Underperforms Amid Downgrade, Ahead of BoJ
USD stronger today against most of the majors amid higher global equities and higher U.S. treasury yields. A ratings downgrade in Japan, dampened EU Summit expectations and low growth projections in Europe, and slowing inflation in the UK are benefitting the USD. The dollar index rebounded from the 81.00 figure but remains below the double top around the 81.75 level and the dollar is currently strongest against the JPY as UST yields advance. On the data front, the May Richmond Fed manufacturing index (expected to soften to 11 from 14) and April existing home sales (forecast to increase 2.9% m/m to 4.61M) are set for release at the top of the hour.
EUR is weaker against most of the G10 currencies amid growth concerns and low expectations of the upcoming EU Summit. The OECD released update ...
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European shares rise on China`s plan to bolster growth, before EU summit
European shares rise on Tuesday midday trading on plans from China to bolster growth and on hopes European leaders will do more to tackle crisis when they gather at tomorrow`s informal EU Summit.
China is looking forward to accelerating the consent of infrastructure projects as well as allocating construction funding to reinvigorate growth.
On the other hand, before the awaited EU summit on May 25, German and French Finance Ministers said on Monday they agreed "to do everything to keep Greece in the euro club."
Tomorrow`s summit will tackle fiscal crisis and discuss the Greek issue, where new measures such as launching Eurobonds are expected to be on the table.
However, still there are worries after Spain had sold debt with higher yield and the OECD lowered euro area growth forecasts. ...
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OECD lift U.S. growth outlook and bolster dollar gains
Major currencies are once again trending lower against greenback today after the Organization for Economic Cooperation and Development (OECD) downgraded its growth outlook for the euro area opposed to improvement in the United States.
The U.S. economy is expected to strengthen this year and the OECD expects growth of 2.4% and 2.6% this year and next, lifting higher its November forecasts of 2.0% and 2.5% respectively. For the euro area the organization expects 0.1% contraction this year and 0.9% growth in 2013 which is worse than the previous expectations for 0.2% and 1.4% growth respectively.
The OECD also downgraded its China growth forecasts to 8.2% and 9.3% this year and next from 8.5% and 9.5% leaving the U.S. economy till now the only with the positive expectations prevailing, ...
Title:
Euro falls as hopes dim of EU summit progress
(Reuters) - The euro fell on Tuesday as skepticism grew that an informal meeting of European leaders would yield much progress in tackling the debt crisis, with worries about Greek politics and Spanish banking problems expected to keep the currency weak.
While there have been hopes in some quarters that measures to boost growth may be agreed at Wednesday's summit, investors were not confident of a breakthrough given apparent differences in opinion between Germany and France.
French President Francois Hollande is expected to push for a joint euro zone bond, a measure backed by Italy, Spain and the European Commission.
However Germany, Europe's largest economy and paymaster, has so far opposed the move and continues to champion austerity measures. A German official said on Tuesday euro ...
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