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European Data LiftedTitle:
U.S. oil rallies, Brent pares gain in spread trade
(Reuters) - Brent pared gains on Tuesday after rising above $117 per barrel to push its premium to U.S. crude above $20 a barrel, triggering profit taking and helping U.S. crude recover and rally.
Fears that Iran would stop exports to the European Union in advance of the EU's embargo set for July, along with Europe's severe cold snap, had lifted Brent despite concerns Greece's debt crisis would result in curbed economic growth.
U.S. crude had been weighed down by rising domestic stocks and tepid demand that was highlighted in recent government data. However, data has started painting an improving jobs picture that is more supportive to oil.
Brent's premium to U.S. crude oil widened to more than $20 per barrel on Tuesday, its highest since October, then a sharp reversal by Brent and ...
Title:
Gold rebounds as draft Greek deal lifts euro
(Reuters) - Gold prices bounced back into positive territory on Tuesday, paring earlier losses in line with a rallying euro after a Greek official said the government is drafting an agreement on a second bailout.
Spot gold was up 0.3 percent at $1,723.89 an ounce at 1502 GMT (10:02 a.m. EST), having earlier fallen as low as $1,709.29 an ounce, while U.S. gold futures for February delivery were up $1.70 at $1,726.60.
A Greek government official said Greece's government is preparing the text of an agreement on a 130 billion euro bailout that will be put to political leaders for approval, suggesting Athens had largely wrapped up talks with lenders on the rescue.
A conclusion to the discussions would likely to support gold, although it has struggled to maintain upward momentum as the ...
Title:
Gold eases towards $1,710/oz
(Reuters) - Gold prices eased towards $1,710 an ounce on Tuesday in line with a softening euro as traders awaited a breakthrough on talks over a second bailout deal for Greece, with its leaders fighting to avoid a chaotic debt default.
Spot gold eased 0.4 percent to $1,712.79 an ounce at 1210 GMT (7:10 a.m. EST), while U.S. gold futures for February delivery were down $10.20 at $1,714.70.
While a retreat in stock markets and the euro kept gold under pressure on Tuesday, the precious metal still is up 10 percent so far this year after December's sharp drop, supported by a Federal Reserve pledge to maintain ultra-loose monetary policy.
The euro eased 0.2 percent versus the dollar. For Greece, failure to secure the 130 billion euro ($170 billion) rescue would mean it faces a messy debt ...
Title:
Dukascopy Afternoon Forex Overview : 06/02/2012
Fundamental Analysis
EUR
17-nation currency declined against most of its counterparts on Monday Asian trade as investors awaited Greek officials' response to international creditor requirements. The Euro dropped 0.6% against greenback to USD 1.3085 and lost 0.3% against Japanese Yen, reaching JPY 100.46. Currently EUR/USD is trading at USD 1.3070 and EUR/JPY is trading at JPY 100.30.
USD
Bank of America, JP Morgan Chase &Co and Well Fargo & Co was sued over use of property loan database by Eric Schneiderman, Attorney General of New York. According to Schneiderman, the lenders' use of database (MERS) led to inadequate foreclosures. Banks are accused of misleading home-owners, undermining foreclosure proceedings and creating uncertainty about proprietorship interests in real estate.
...
Title:
Greek uncertainty pushes down euro as deadline nears
(Reuters) - The euro fell broadly on Monday on investor concern that Greek coalition parties had yet to sign off on the terms of a new bailout with a deadline imminent, keeping alive the risk of a messy default which could rock the currency bloc.
Greece's coalition members must tell the European Union by noon on Monday (5 a.m. ET) whether they accept the painful terms of a new bailout worth 130 billion euros, with euro zone ministers postponing a meeting planned for Monday due to the delay in Athens.
So far there appears some distance between the Greeks and the targets proposed by the IMF-EU-ECB troika with concerns mounting that Athens might be opposed to more austerity measures like labor reforms and wage cuts.
"Investors are a bit cautious about the euro ahead of the deadline with a ...
Title:
Dukascopy Morning Forex Overview : 02/03/2012
Dukascopy Fundamental Analysis
EUR
" is probably going to retake the topside, but $1.34 is probably where it tops out"
- Westpac Banking Corp. (based on WSJ)
Despite pair’s recent determined advancement, EUR/USD is expected to remain capped be a key resistance line located at 1.3245/50.
USD
"Risk appetite is fairly positive at the moment, and this could continue for a couple of weeks. Typical safehaven currencies have taken a step back now"
- Rochford Capital (based on Bloomberg)
A tough resistance area at 102.55/60 is unlikely to let EUR/JPY rally in the nearest future, pushing the pair down toward 99.00/98.90.
GBP
"If QE is 25 billion, sterling could stabilise and even rally. If it is 75 billion, sterling may come under pressure"
- UBS (based on Reuters)
En route to 1.6170/90 (200 ...
Title:
Dukascopy Afternoon Forex Overview : 02/02/2012
Dukascopy Fundamental Analysis
EUR
The ECB is expected to reject helping to lessen Greek debt load until private creditors and government reach an agreement. Greek investors are boosting pressure on ECB to support the debt swap, however, the bank's officials are awaiting for the final agreement before disclosing ECB strategy which may contain sacrificing profits from Greece's bonds.
USD
Head of Fed Ben Bernanke claims that the US economy is on the path towards recovery while still remaining fragile. Bernanke pointed out that recent employment, spending and production data have improved. Bearing in mind stable inflation expectations, anchored commodity prices and labor and production reserves, Bernanke expects low inflation in near term.
GBP
FTSE 100 Index fluctuated between gains and ...
Title:
Gold climbs towards 8-week high as stocks rise
Gold prices rose on Thursday, approaching their earlier eight-week peak above $1,750 an ounce, as a larger than expected fall in new U.S. claims for unemployment benefit lifted stock markets and helped pull the dollar off highs versus the euro.
The precious metal has risen nearly 12 percent this year, supported by the Federal Reserve's announcement that it would hold U.S. interest rates at rock bottom for an extended period. The move is set to keep the dollar under pressure and the opportunity cost of holding non-interest bearing bullion low.
Spot gold was up 0.2 percent at $1,747.00 an ounce at 1440 GMT, while U.S. gold futures for February delivery rose $1 an ounce to $1,750.50. Gold earlier peaked at $1,753.20, its highest since December 8.
"Gold's fundamentals are strong and the ...
Title:
Dukascopy Afternoon Forex Overview : 01/02/2012
Dukascopy Fundamental Analysis
EUR
European Flash CPI y/y for January was in line with expectations at 2.7%; the reading remained unchanged since December. Final manufacturing PMI slightly outperformed the 48.7 forecast and stood at 48.8 in January; the PMI reading still points out a demand contraction among European businesses.
USD
Amazon announced an essential decline in net income and warned of probable loss this year. Net income for Q4 of 2011 achieved USD 177 million as compared to USD 416 million in the preceding year. The decline appeared despite sharp growth in revenues that increased by 35% to USD 17.43 billion last year. Following the announcement, the company's shares lost over 8% to trade at USD 177.50.
GBP
The prospects of new QE undertaken by the Bank of England aimed at ...
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