Euro Slips As

Gold eased on Monday after elections in France and Greece at the weekend reflected strong anti-austerity feeling and raised concerns over the euro zone's ability to battle its debt crisis, knocking the euro to a three-month low versus the dollar. Greek voters in particular rejected the austerity-for-aid policies that have shielded the country from bankruptcy and a euro exit, dealing a serious blow to the euro zone's fragile political consensus on debt. Assets seen as higher risk, like stocks and commodities, came under pressure along with the euro. European stocks slumped to 4-1/2 month lows, Brent crude oil fell to its lowest since January, and safe-haven German Bund futures hit record highs. Spot gold was down 0.1 percent at $1,639.60 an ounce at 0942 GMT, having earlier dropped as ...

After falling throughout the morning session, the euro was able to stage a partial recovery during afternoon trading yesterday, following comments from ECB President Draghi who reiterated his earlier predictions of euro-zone economic growth during the second half of the year. Turning to today, investors will be carefully monitoring the US Non-Farm Payrolls, set to be released at 12:30 GMT. Analysts are forecasting today's news to come in at 173K. While that number would represent a significant increase over last month's Non-Farm figure, it is not considered high enough to signal strong growth in the US labor sector. Still, should today's news come in at or above expectations, the greenback could see gains to close out the week. Economic News USD - All Eyes on Today's US Non-Farm ...

Forex Morning Briefing : RBA surprises with 50 bps cut What’s new: Forex: Aussie tumbles on RBA rate cut; euro off two-week lows against yen Global Markets: Asian shares hurt by concerns over US and European economies, lifted by RBA Australia: RBA cuts rates by 50 bps to 3.75 percent China: Manufacturing PMI rises as expected to 53.6 Euro zone: Eurogroup head quits citing intolerance to Franco-German interference Euro zone: Spain slips back into recession United States: Fed’s Fisher and Williams say no need for further monetary easing United States: ISM manufacturing index due today at 16:00 CET Rates in Asia and Indices: EUR/USD 1.3234 1.3260 0.11 % USD/CHF 0.9060 0.9077 0.11 % GBP/USD 1.6212 1.6241 -0.07 % USD/JPY 79.64 79.95 ...

(Reuters) - The euro weakened against the dollar on Monday and was on track for its worst month since December, pressured by nagging euro zone stresses as German retail sales were softer than expected and Spain slipped into recession. Investors were also wary of buying euros before weekend elections in France and Greece and a European Central Bank (ECB) meeting later in the week that could knock sentiment in the single currency. "There is clear risk aversion in the market," said Boris Schlossberg, director of FX research at GFT in Jersey City, New Jersey, citing data showing Spain's slide into recession and the weaker-than-expected German data. "In short, the news from Europe continues to point to further structural stress in the system." The euro failed to gain traction versus the ...

The euro fell today as Spain’s economy entered a recession, fueling concerns that the financial crisis is spreading across Europe. That was the first day of decline against the dollar after four days of gains and the third consecutive session of losses against the yen. Spain’s gross domestic product fell 0.3 percent in the first quarter from the previous three months. The economy shrank at the same rate in the fourth quarter of the previous year, meaning that Spain’s economy is declining for two quarters in a row and that means the country entered a recession. It is really no surprise, considering that Spain has huge unemployment of 25 percent. The nation’s ministers gather today to discuss budget cuts, but it is very likely that Spain would be forced to request a bailout. EUR/USD fell ...

(Reuters) - Gold prices slid below $1,630 an ounce on Monday as concerns that the euro zone debt crisis could ensnare higher-rated countries hurt the single currency, though moves were muted ahead of this week's Federal Reserve meeting. The metal is extending the 2 percent losses it has posted so far this month, in line with a drop in the euro. The currency has come under heavy pressure from growing fears over the ability of some euro zone countries, particularly Spain, to manage debt. Spot gold was down 0.7 percent at $1,629.69 an ounce at 7:53 a.m. EDT (1153 GMT), while gold futures for June delivery were down $11.80 an ounce at $1,630.90. "We are basically caught between two opposing factors," Credit Suisse analyst Tobias Merath said. "On the one hand, we have U.S. bond yields ...

(Reuters) - The euro fell for a second straight session on Wednesday as euro-zone debt worries mounted one day ahead of a bond sale in Spain, seen as a test of Madrid's capacity to grapple with financial and budgetary pressures. Spain is the fourth largest euro-zone economy, and some investors worry its financing troubles could lead to problems in healthier economies in the region. The euro was further pressured by a rise in sterling, which posted the biggest gains among the major currencies. The British pound rallied after minutes showed the Bank of England expressed concern that high inflation could persist into the medium term. One BoE policymaker, for instance, dropped his long-standing call for more stimulus. The fall in Spanish shares also weighed on the euro. Some strategists ...

(Reuters) - Spain's government met regional officials on Wednesday to agree ways to cut state healthcare, an attack on a treasured welfare system that will fuel anger among a population weary of EU-enforced austerity to tackle a ballooning deficit. The conservative government has warned Spaniards they would have to start paying more for prescriptions, part of the welfare system that has provided state-financed health and education since the country's transition to democracy began in the 1970s. Although protests against cuts have been mostly peaceful and polls show that many Spaniards are resigned to reining in costs to fight the debt crisis, violent flashes during a recent national general strike may suggest patience is wearing thin. "It's time we end the culture of everything for free," ...

Forex Morning Briefing : Spanish yields make fresh highs What’s new: Asia: Asian Equities follow their US counterparts; mostly into negative territory China: Announces a widening of the USDCNY trading band EZ: European officials rallying support for more IMF emergency funds FOREX: EUR/USD slips briefly below 1.30 Spain: 10-yr yields at levels last seen in Nov’11 Rates in Asia and Indices: EURUSD: 1.2995 – 1.3075. USDCHF: 0.9198 – 0.9251. GBPUSD: 1.5819 - 1.5861. EURJPY: 108.02 – 108.41. USDJPY: 80.45– 80.99. DowJones: 12’849.59 -1.05% NASDAQ: 3'011.33 -1.45% S & P 500: 1'370.26 -1.25% Nikkei: 9’470.64 -1.74% Shanghai: 2'356.01 -0.13% Gold: $ 1'647.50 Crude Oil: $ 102.09 Comments: Asian equities continued to sell off following on last Friday’s US close. Overall renewed EZ debt ...