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Europe Wide StressTitle:
Euro falls versus dollar ahead of ECB, summit
The euro slipped against the U.S. dollar on Tuesday a day after Standard & Poor's warned of downgrades of 15 euro zone economies, with investors reluctant to place big bets ahead of a key European Union summit this week.
The Swiss franc weakened against both the euro and dollar on speculation the Swiss National Bank could intervene and raise the floor on the euro/Swiss franc from the current 1.20 level.
Markets were in a holding pattern ahead of a policy meeting by the European Central Bank on Thursday and a crucial summit of European leaders on Friday. Optimism policymakers would deliver a comprehensive solution to tackle the region's debt crisis has helped the euro recently.
"The market held high hopes that the meeting would see some progress made," said Adam Smith, corporate FX ...
Title:
Dukascopy Afternoon Forex Overview : 06/12/2011
Fundamental Analysis
EUR
After two day gains German DAX Index dropped as Standard & Poor's positioned Germany and 14 other Euro-region countries on monitoring for potential rating downgrades. DAX lost 0.7% reaching 6,062.66 led by RWE AG, German 2nd largest utility company which plunged 9.1% after it had to raise $2.8 bn in a stock sale to lower debt. Metro AG (MEO) fell 9.9% after retail firm cut its profit outlook. Deutsche Bank AG (DBK) and Commerzbank AG (CBK) both declined about 1%.
USD
On Tuesday's premarket trading Nasdaq, Dow Jones industrial average and S&P 500 futures float around breakeven as investors stay prudent after S&P European rating warning. US equity futures edge higher in advance of opening indicating direction for the morning trade. US stocks advanced on Monday ...
Title:
Euro declines; S&P warning weighs ahead of EU summit
The euro slipped against the dollar for the third straight day on Tuesday, surrendering earlier gains, as investors remained focused on Standard & Poor's euro zone downgrade warning.
Rating agency S&P on Monday placed its long-term sovereign ratings on 15 euro zone countries on CreditWatch negative, which normally means a chance of downgrade within three months.
The warning, which included top-rated Germany and France, came as the two countries announced an initiative, to be discussed at a Friday summit, to impose budget discipline across the euro zone through treaty changes.
Analysts said the warning has put European Union leaders under additional pressure to produce quick results to stabilize markets and regain confidence. If core euro zone nations are downgraded, the European rescue ...
Title:
Euro falls as S&P warning weighs ahead of summit
The euro fell against the dollar for a third straight day on Tuesday, surrendering earlier gains, as investors remained focused on Standard & Poor's euro zone downgrade warning.
Rating agency S&P on Monday placed its long-term sovereign ratings on 15 euro zone countries on CreditWatch negative, which normally means a chance of downgrade within three months.
The warning, which including top-rated Germany and France, came as the two countries announced an initiative, to be discussed at a Friday summit, to impose budget discipline across the euro zone through treaty changes.
Analysts said the warning has put European Union leaders under additional pressure to produce quick results to stabilize markets and regain confidence. If core euro zone nations are downgraded, the European rescue fund ...
Title:
Euro rises on German data, brushes aside S&P warning
(Reuters) - The euro moved higher on Tuesday buoyed by a surprise jump in German industrial orders and on expectations euro zone policymakers will stitch together a deal to save the currency bloc after Standard & Poor's warned about a mass downgrade.
With most investors already running bearish positions on the euro, chances of a bounce were strong as many were looking to book profits.
The unprecedented warning to downgrade 15 countries including top-rated heavyweights such as Germany and France came as they announced an initiative, to be discussed at the Friday summit, to impose budget discipline across the euro zone through treaty changes.
Analysts say the credit warning has put EU leaders under additional pressure to produce quick results to stabilize markets and regain confidence. If ...
Title:
Time of reckoning for the euro zone
(Reuters) - Failure by European leaders at their summit this week to fix the fatal flaw in the euro zone, its lack of political union, would risk tremendous market upheaval, a rupture of the common currency and global economic fallout.
The world economy already is slowing, leaving it increasingly vulnerable to shocks reverberating from Europe. China cut reserve requirements for banks last week for the first time in three years and its factory sector shrank to levels not seen since February 2009. Brazil also lowered rates for the third time since August.
Only the United States has enjoyed a steady stream of improving data. The unemployment level dropped to 8.6 percent in November, the lowest level in 2-1/2 years, factories expanded and retail spending accelerated, pointing to a slow and ...
Title:
Make or Break Week for EU Debt Crisis
The Week Ahead
Highlights
Make or break week for EU debt crisis
Outlook for central bank decisions: RBA, BOC, RBNZ, BOE and ECB
US political wrangling clouds the outlook
Make or break week for EU debt crisis
Next week will likely see either an agreement to bind Eurozone nations' fiscal policies together with irrevocable, enforceable institutions or the beginning of the end for the single currency. We have been here before and so far EU leaders have never failed to disappoint, but they must surely recognize by now that markets have run out of patience and a global financial crisis awaits if they don't make concrete commitments to credible fiscal governance. I am actually optimistic for the first time in this never-ending saga since ECB Pres. Draghi on Thursday indicated the ...
Title:
Dukascopy Morning Forex Overview : 30/11/2011
Fundamental Analysis
EUR
"Everyone is concerned , not just France. It's all the euro zone countries"
- Francois Baroin, French Finance Minister
Standards & Poor’s credit rating agency may downgrade France’s top notch triple A rating within next ten days, a French newspaper La Tribune reported on Monday. “It could happen within a week, perhaps 10 days.” S&P officials in Europe rejected to comment on rumors.
USD
"Consumers appear to be entering the holiday season in better spirits, though overall readings remain historically weak"
- Lynn Franco, director of The Conference Board Consumer Research Center
U.S. consumer confidence rose the most in more than 8 years in November as consumers became more optimistic on the outlook of the country’s economy, the Conference Board Inc. said on ...
Title:
Caution on euro zone bailout progress hits Asian shares
(Reuters) - Asian shares fell and the euro trimmed gains on Wednesday as caution set in over the chance for more progress in resolving euro zone debt woes after officials agreed to strengthen a rescue fund and seek more aid from the International Monetary Fund.
European share markets were set to dip, with financial spreadbetters expecting Britain's FTSE 100 .FTSE and France's CAC-40 .FCHI to open down 0.9 percent and Germany's DAX .GDAXI to open down 0.6 percent. .EU
An early rise in Asian shares was mostly seen as a correction to last week's huge selling, with investors only tepidly scaling back risk aversion as they waited for more euro zone debt sales and meetings ahead.
MSCI's broadest index of Asia Pacific shares outside Japan .MIAPJ0000PUS rose as much as 0.5 percent but then ...
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