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ExpectedTitle:
Inertia Will Sink The Euro Again
The G8 Summit achieved very little in public which was no real surprise, but there was also an apparent lack of urgency surrounding the Euro-zone situation which was a much greater surprise given a sharp deterioration in the financial sector last week. Where was the urgency for fresh action to help support the Euro banking sector? The absence must surely indicate that Euro-zone and G8 leaders, while paying lip-service to the current strategy, have effectively moved on and are actively planning the next stage of the crisis.
Fear is likely to dominate in the short term and this is likely to keep strong defensive demand for the dollar and yen. In these circumstances, there is no real chance of a sustained Euro rally with 2012 lows likely to be seen. Bond markets will be watched very closely ...
Title:
Gold eases after failing to breach $1,600 an ounce
(Reuters) - Gold prices slipped on Monday after early buying failed to lift prices past $1,600 an ounce, with investors still cautious about the precious metal as they awaited clearer signals on the euro-zone debt crisis.
Last week, gold slid to its lowest level since December, then rallied 4.5 percent late in the week. Buying resumed early on Monday but ran out of steam, as mild technical selling set in around the session high of $1,599 an ounce -- gold's priciest level in a week and a half.
Spot gold was down 0.08 percent at $1,590.80 an ounce at 3:43 p.m. EDT (1910 GMT), while U.S. gold futures for June delivery settled at $1,588.70 per ounce, down 0.2 percent from Friday.
A close above $1,605 an ounce would trigger significant buying, traders said, but after last week's tumultuous ...
Title:
Greek Chaos Continues But Solution Ultimately Found
- While waiting for the Greek election on 17 June we are likely to see continued high uncertainty and continued high stress in the markets. Things are likely to get worse before they get better.
- Amid this uncertainty, Greek citizens are likely to withdraw more money from their banks and this could escalate into a real bank run.
- A major game of chicken has started between the EU on the one hand and Greek politicians on the other.
- The EU is likely to stand firm on its demands for Greece to deliver austerity and give only a few concessions. The rethoric from the left coalition party Syriza is likely to continue to be fiercely against the EU as it is aiming to become the biggest party and get 50 bonus mandates for this.
- We look at three different post-election scenarios. ...
Title:
Gold advances slightly, investors to remain cautious
Precious-Gold continued its rebound on Monday after China has pledged to bolster growth while Group of Eight leaders have urged Greece in the euro area.
Chinese Premier Wen Jiabao said he will give utmost determination to boost growth, while in Japan the BoJ is predicted to raise stimulus when policy makers meet this week.
On the other hand, in the G8 meeting, world leaders focused on bolstering both and fiscal discipline while called for Greece to stay in the euro zone.
Today, German and French Finance Ministers will meet before an EU Summit on May 23.
Despite the rise for the third consecutive session for the yellow metal, it may come once again under pressure amid political uncertainty in Greece and fiscal woes in Span, especially as G8 leaders to did not reveal how they can prevent ...
Title:
US Dollar Index Starts Week Stronger
US dollar index is starting out another week stronger, thanks in large part to difficulties plaguing the eurozone. While the Facebook IPO last week distracted Forex traders and investors from the crisis in the eurozone for a short period of time, focus is back on Europe, and what’s happening (or not happening).
Concerns about the eurozone continue to make the US dollar attractive as a safe haven. Even as concerns about Greece’s exit from the eurozone grow, the US dollar remains backed by the world’s most stable taxpayer base. On top of that, there is an expectation that other central banks — especially the ECB and the BOE — are more likely to ease monetary policies before the Federal Reserve does.
That said, there is still a chance that the Fed, led by Ben Bernanke, will engage in ...
Title:
Pessimism is to infiltrate after a vulnerable pullback
Markets rebounded slightly with the start of week on a pullback that is expected to be short lived among the mounting concerns over Greece exit, where no one is certain over the outcome of such an event if happened.
The negativity should continue to dampen risk appetite; where the EUR/USD has started to pare earlier gains trading at 1.2745 after kicking off the session at 1.2762, where it printed a high at 1.2812 previous low and key short term resistance. Stochastic has completed a bearish crossover hinting we may see another downside attempt to resume the bearish trend towards 1.2625 lows.
The GBP/USD is fluctuating around 1.5800, also attempting to regain the bearish momentum, eying another test of 1.5730 recent low. The bearish bias is expected to remain evident so long as 1.5840 ...
Title:
Treasury prices fall as G8 leaders back Greece in euro zone
(Reuters) - Treasuries prices fell slightly on Monday after world leaders over the weekend backed keeping Greece in the euro zone, easing some demand for safe haven U.S. debt, and as $99 billion in new Treasuries supply scheduled for this week was seen weighing on prices.
A summit of the Group of 8 leading industrialized nations on Saturday said they had an interest in having Greece stay in the euro zone and said they would balance European austerity in the region with U.S. style-stimulus seen as vital to healing ailing euro-zone economies.
Investors are looking to the European Central Bank for signs that the central bank will offer new long-term loans as bank funding stresses in the region again rise, though the ECB is not expected to act unless conditions in the worsen.
"There was a ...
Title:
Safe-Haven Dollar
Forex News and Events:
Friday’s trading session was mostly uneventful with all the focus shifted to Facebook’s IPO. Many markets that had been freefalling these last two weeks caught a breather, with gold, silver, and the EUR gaining 1.12%, 2.57% and 0.63% respectively against the USD. The reversal has been attributed to a weak Philly Fed reading on economic activity in a sign that the world’s reserve currency is riskier than panicked markets are pricing. The weak number raised speculation over a new round of interventions from the part of the Fed in order to boost its economy. WTI however, was not able to profit from this reversal as it dropped to a six-month low before closing at 91.33. A 22-year high in inventory levels for the US could explain the decoupling of oil from the rest of ...
Title:
European Market Update : 21/05/2012
Spain's banking sector said to be calling on market regulator for renewed ban on short-selling
Economic Data
(EU) ECB: €809M borrowed in overnight loan facility €839M prior; €762.4B parked in deposit facility v €785.1B prior
(JP) Japan Apr Nationwide Dept. Sales Y/Y: 1.3% v 14.1% prior; Tokyo Dept. Store Sales Y/Y: 6.7% v 26.7% prior
(IN) India Apr CPI Y/Y: 10.4% v 9.4% prior
(DE) Germany Apr Producer Prices M/M: 0.2% v 0.3%e; Y/Y: 2.4% v 2.5%e
(HU) Hungary Mar Avg Gross Wages Y/Y: 2.7% v 6.5%e v 6.9% prior
(RU) Russia Narrow Money Supply w/e May 14th (RUB): 6.93T v 6.88T prior
(ES) Spain Central Bank (BOS): Mar Bad Loan Ratio at 8.37% v 8.16% prior; - Lending -3.1% y/ym, Deposits -4.2% y/y
(IT) Italy Mar Industrial Orders M/M: 3.5% v 1.0%e; Y/Y: -14.3% v -13.2% prior
(IT) Italy ...
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