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European Union In AdvanceTitle:
Dukascopy Morning Forex Overview : 24/05/2012
Fundamental Analysis
EUR
Concern about Greece "is a big weight on the market and makes things uncertain"
- Emmanuel Soupre, a fund manager at Neuflize Private Assets
European stocks tumbled on Wednesday, after rising by the most in a month on Tuesday, on speculation Greece may exit the euro zone.
USD
"It’s very clear now that the housing market has turned a corner"
- Richard DeKaser, deputy chief economist at Parthenon Group LLC
Sales of new U.S. homes rose by more than expected in April, Commerce Department data showed on Wednesday. Purchases increased to an annual rate of 343,000, up by 3.3 per cent from a revised 332,000 in March.
GBP
" employment remains fragile and wage growth weak"
- Ross Walker, chief U.K. economist at Royal Bank of Scotland Group
U.K. retails sales declined by ...
Title:
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 ...
Title:
Dukascopy Afternoon Forex Overview : 23/05/2012
Fundamental Analysis
EUR
German bunds rose on worries that European leaders will struggle to resolve the euro zone debt crisis during tonight's European summit. David Schnautz of Commerzbank AG in London thinks that Europe is unlikely to solve key topics and will probably disappoint the market. The 5-year bund lost 5 bp to 0.47 percent at 10:49 GMT after tumbling to 0.461 percent, the lowest since 1990, when Bloomberg began gathering data.
USD
Crude oil futures declined in Asian session on Wednesday as Iran is ready to invite nuclear inspectors, the move that may ease oil import sanctions. Light, sweet crude oil futures for July delivery traded at 91.27 US Dollars per barrel, retreating by 0.63% from the last session's high of 91.72 US Dollars per barrel.
GBP
Today the minutes of the ...
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Dollar Gains on Negative Risk Sentiment & Good US Fundamentals
The US dollar advanced today on fears of the worsening crisis in Europe that drove investors to safer currencies and the dollar in particular as the US economy continue to show signs of recovery.
Traders are worried by decline of Italy’s economy and speculation that Spain may be the next country to ask for a bailout. There was no major news from Europe recently, and that is not good as without a significant positive event the situation in the eurozone would worsen, not improve. It is not surprising that demand for safe currencies was strong. The greenback even managed to outperform the yen, another currency considered to be a safe haven, but many analysts believe that the US currency would not gain on Japan’s one for long.
Fundamentals in the United States are not perfect, but definitely ...
Title:
European Market Update : 22/05/2012
Fitch cuts Japan's sovereign rating two notches
Economic Data
(JP) Japan Apr Supermarket Sales Y/Y: --1.9% v -2.4% prior
(FI) Finland Apr Unemployment Rate: 8.4% v 8.4%e
(DK) Denmark May Consumer Confidence Indicator: 0.4 v 0.6 prior
(ZA) South Africa Mar Leading Indicator: 134.5 v 134.4 prior
(NL) Netherlands May Consumer Confidence: -38 v -32 prior
(NO) Norway Q1 GDP Q/Q: 1.4% v 0.9%e; GDP Mainland Norway Q/Q: 1.1% v 0.9%e
(UK) Mar ONS UK House Prices Y/Y: -0.4% v +1.0% prior
(UK) Apr Public Finances (PSNCR): -£23.2B v -£6.0Be; Public Sector Net Borrowing: -£18.8B v -£22.8Be; PSNB ex Interventions: -£16.5B v -£20.0Be
(UK) Apr CPI M/M: 0.6% v 0.6%e; Y/Y: 3.0% v 3.1%e; Core CPI Y/Y: 2.1% v 2.0%e
(UK) Apr RPI M/M: 0.7% v 0.6%e; Y/Y: 3.5% v 3.4%e; Core RPI- Ex Mortgages Y/Y: 3.5% ...
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European Union shares plummet again as fears persist in the area
The European Union saw its shares in red throughout the closing session, as fears and worries persist and even spread further within the global and of course EU markets since that it is highly projected that Greece will be forced to leave the euro area.
The benchmark index for Europe, the STOXX 600 ended lower by 1.14% to 238.88, and STOXX 50 ended down by 0.88% at 2249.15.
CAC 40 Index
The French benchmark index was covered in red by closing, down by 3.99 points or 0.13% to close at 3008.00. The index opened at 2980.86 recording a high of 3031.83 and a low of 2970.10.
The worst performing shares in terms of subtracted value for the index were led by LVMH Moet Hennessy Louis Vuitton SA as it plummeted 2.04% to end at €119.75; following was Pernod-Ricard SA as it shed 3.90% to settle at ...
Title:
European shares drop on worries from Greece and Spain
European shares dropped by midday trading on Thursday as worries from Greece and Spain damped investors` risk appetite.
In Greece, a new caretaker government was sworn on Thursday to lead the country in the current interim period till holding a second parliamentary election on June 17.
Meanwhile, there are speculations Greece may leave the euro bloc which prompted ECB President to announce yesterday that he strongly advocates the stay of Greece in the European monetary union, yet the ECB halted lending to insolvent Greek banks temporarily to limit risk.
As of 06:55 EST, STOXX EUROPE 600 slipped 0.79% to record 242.47 points. Financials led the decline with a drop of 1.98%, followed by Basic Materials which recorded 1.22% slide.
The largest losses were recorded by Bankia as its ...
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Loonie Weakens as Europe Hits Commodity Prices
The Canadian dollar yesterday as the crisis in Europe escalates, damping demand for commodities and commodity-dependent currencies. The loonie trimmed its losses today on good fundamentals in Canada and the United States.
Talks about Greece leaving the eurozone intensified after the European Central Bank paused lending to some Greek banks. The ECB said it would resume borrowing after the banks boost their capital:
Once the recapitalization process is finalized, and we expect this to be finalized soon, the banks will regain access to standard Eurosystem refinancing operations.
The central bank explained that it does not want to see Greece exiting the currency union, but the bank cannot break the rule to lend only to reliable financial institutions. Anyway, markets reacted negatively ...
Title:
Dukascopy Morning Forex Overview : 05/17/2012
Fundamental Analysis
EUR
"We expect euro-region inflation to normalize in 2013"
- Michael Schubert, an economist at Commerzbank AG
Inflation in the seventeen nation bloc eased to 2.6 per cent in March from 2.7 per cent the previous month, said the European Union’s statistics office in Luxembourg on Wednesday.
USD
"Uncertainty about Greece and the effects a potential exit out of the euro would have on Europe, the global economy and the financial system in general is driving investors out of stocks into safe havens"
- Markus Huber, head of German sales trading at ETX Capital
The Standard & Poor's 500 lost 0.44%, or 5.86 points, to 1,324.80. The Dow Jones Industrial Average declined by 0.26%, or 33.45 points, to 12,598.55.
GBP
Unemployment figures are a "welcome step in the right ...
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