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Europe Especially WithTitle:
Persistent fears over debt crisis keep the euro near its lowest in 22 months
Investors continue to limit their risk exposure on Thursday, heading towards the safe haven dollar and the Japanese yen, as European leaders failed to adopt concrete actions during yesterday’s summit while manufacturing in China is seen shrinking for a seventh month in May according to HSBC.
With the risk of Greece exiting the euro zone not being eliminated by officials yesterday, the sentiment is seen negative, pushing the euro near the lowest since July 2010, especially after Italian Prime Minister Mario Monti backed French President Francois Hollande’s proposal of jointly underwrite regional bonds that Germany still opposes.
The risk remains subdued and markets trade with volatility today as data may show that Europe’s services and manufacturing industries shrank for a fourth month, ...
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Continued Fears Over Europe's Debt Crisis Keep The Euro Near Its Lowest In 22 Months
Investors continued to limit their risk exposure on Thursday, heading towards the safe haven USD and the Japanese yen, as European leaders failed to adopt concrete actions during yesterday's summit while manufacturing in China is seen shrinking for a seventh month in May.
With the risk of Greece exiting the euro zone not being eliminated by officials yesterday, sentiment is seen subdued, pushing the euro near the lowest since July 2010, especially after Italian Prime Minister Mario Monti backed French President Francois Hollande's proposal of jointly underwrite regional bonds.
Sentiment may continue to be subdued and markets volatile today as data may show that Europe's services and manufacturing industries shrank for a fourth month, while Germany`s IFO business climate index, a key ...
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Asia Session: Policy Easing From Beijing May Not Save China If Greece Exits The Euro
Despite another below 50 print for Chinese flash manufacturing PMI and the release of NZ’s annual budget, market action was largely subdued during the session following the sell-off in the euro overnight which pushed it below 1.2600 against the dollar. The budget out of NZ was largely a non-event as it didn’t differ from market expectations, but the flash PMI figure out of China is somewhat worrying.
HSBC’s flash manufacturing PMI figure printed at 48.7 for May, modestly down from the prior 49.3. Thus, HSBC believes manufacturing in China may contract for the seventh straight month in row, which, if turn, raises concerns about the overall health of the Chinese economy.
Yet, we did not see commodities currencies and equities sink significantly after the data, but this may be because the ...
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Euro stuck near 22-month low on Greek exit worry
(Reuters) - The euro hovered just above its 22-month low against the dollar on Thursday and remained vulnerable to further declines as the prospect of a Greek exit from the euro zone kept investors on tenterhooks.
The euro eased 0.1 percent to $1.2575. It fell to about $1.2545 the previous day, its lowest level since July 2010. That level should provide initial support, followed by $1.2500.
The euro drew little comfort from an informal summit of European Union leaders that shed no new light on how the euro zone nations intend to tackle its debt crisis, including the threat of Greece's exit from euro.
"It's still hard to see what the endgame will be like," said a trader at a Japanese bank in Tokyo.
European Union leaders urged Greece to stay the course on austerity and complete the ...
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Euro falls to almost two-year low on Greek fears
(Reuters) - The euro slumped to its weakest level against the dollar in nearly two years on Wednesday on doubts a meeting of European leaders would calm fears of a disorderly Greek exit from the euro zone.
Investors piled money into safe-haven instruments, driving the U.S. dollar index to its strongest since September 2010. The yen, which also tends to perform well during times of stress, hit its highest level since February against the euro.
Euro zone officials have told members of the currency area to prepare contingency plans in case Greece quits the bloc, an eventuality which Germany's central bank said would be testing but "manageable," three officials told Reuters.
An informal summit of European Union leaders on Wednesday is expected to discuss growth-boosting measures and the ...
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Global stocks, euro sag on Greece exit worries
(Reuters) - World stocks stumbled and the euro fell to a 21-month low on Wednesday on worries about Greece's possible exit from the euro zone, which would deepen the region's debt crisis and hurt an already fragile global economic recovery.
Each euro zone country will have to prepare a contingency plan for the eventuality of Greece leaving the bloc's currency, three euro zone sources told Reuters, citing an agreement reached by officials.
A scramble for low-risk investments enabled Germany to pay no interest on 5-billion euro worth of new, two-year debt amid the absence of new measures to tackle the region's debt crisis from a European leaders' summit in Brussels.
"The markets are on edge and sensitive to every possible out-of-control scenario coming out of Europe," said Peter Boockvar, ...
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Bank of Japan Inaction Helps Yen
The Bank of Japan decided against taking any more action to ease at this time, and that is helping the Japanese yen. Forex traders had been expecting the Bank of Japan to ease further, in an attempt to keep the yen weak, but the BOJ offered something of a surprise following the recent downgrade by Fitch.
Citing faster economic growth, Bank of Japan officials decided to forgo additional easing measures during the most recent BOJ policy meeting. Leaders insist that public investment has increased, along with private consumption. This situation has resulted in the BOJ deciding that further easing in an attempt to stimulate the economy is not needed.
Without the specter of more easing (at least for now), Forex traders feel a little more confident about buying the yen. The yen has ...
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Euro sinks to 21-month low as Greek exit fears rise
(Reuters) - The euro plunged to a 21-month low against the dollar on Wednesday as investors dumped the currency on growing fears of a Greek euro zone exit and widespread doubts about the outcome of an EU summit later in the day.
EU leaders are expected to discuss growth-boosting measures but are not expected to produce any plan that would restore optimism among investors, especially given Germany's strong opposition to joint euro bonds.
Investors are doubtful that the leaders will come up with any measures to calm fears that have grown since an inconclusive Greek election earlier this month left the country on the path to bankruptcy and a possible exit from the euro zone.
"The whole problem of Greece, of fiscal retrenchment in the euro zone, the lack of growth across the region, and the ...
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Global stocks, euro fall on Greece exit worries
(Reuters) - World stocks and the euro fell on Wednesday as investors shunned riskier assets on worries about Greece's possible departure from the euro zone, which would deepen the region's debt crisis and hurt an already fragile global economy.
Each euro zone country will have to prepare a contingency plan for the eventuality of Greece leaving the single currency, three euro zone sources told Reuters, citing an agreement reached by officials.
A scramble for low-risk investments enabled Germany to pay no interest on a new two-year debt issue amid the absence of new measures from a European leaders' summit in Brussels to tackle the region's debt crisis.
"The markets are on edge and sensitive to every possible out-of-control scenario coming out of Europe," said Peter Boockvar, equity ...
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