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Financial Markets HadTitle:
Asia stocks slide as economy fears rattle markets
Asian stocks fell more than 2 percent and gold sat near a record above $1,660 an ounce on Wednesday, with fears increasing that Washington's efforts to cut spending will slow growth at a time when global factory output is already stagnating.
Completion of a last-gasp deal to avoid a U.S. default failed to bring any relief, as investors focused instead on how tighter fiscal policy could constrict U.S. growth and Europe's debt crisis was still worsening.
"I think the conditions have completely changed this week," said Koichi Ono, senior strategist at Daiwa Securities Capital Markets in Tokyo. "Until last week, people have been saying the U.S. debt ceiling was the problem. Now they talk about worries about the health of the economy."
In Europe, financial spreadbetters were calling the ...
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Gold soars to record on mounting economic gloom
Gold surged over 2 percent to all-time highs on Tuesday, as investors scrambled for a safe haven from sliding stock markets, a sputtering economy and a potential downgrade of the top-notch U.S. credit rating.
Bullion notched its biggest daily gain since November 5, just after the U.S. Federal Reserve launched a second round of government debt purchases, or quantitative easing. Some investors believe the Fed may soon embark on a third round of dollar-printing stimulus to revive the moribund U.S. economy.
Wall Street stocks slid more than 2 percent, while safe havens such as Swiss franc and U.S. Treasury debt rose sharply, after data showed consumer spending fell for the first time since September 2009.
After weak manufacturing and second-quarter growth data in recent days, the economic ...
Title:
U.S. avoids default but fails to dispel economy fears
The United States stepped back from the brink of default on Tuesday but congressional approval of a last-gasp deficit-cutting plan failed to dispel fears of a credit downgrade and future feuds over taxes and
spending.
President Barack Obama and lawmakers from across the political divide expressed relief over the hard-won compromise to raise U.S. borrowing authority. Nevertheless, U.S. stocks fell sharply as investors fretted over persistent economic and political uncertainties dogging the world's largest economy.
Senate approval on a 74 to 26 vote of the $2.1 trillion deficit-reduction plan, already passed on Monday by the Republican-controlled House of Representatives, drove away the immediate specter of a catastrophic U.S. debt default.
President Barack Obama immediately signed the ...
Title:
Congress averts default, downgrade fears haunt
Congress buried the specter of a debt default by finally passing a deficit-cutting package on Tuesday, but the shadow lingered of a possible painful downgrade of the top-notch American credit rating.
Just hours before the Treasury's authority to borrow funds ran out, the Senate voted 74 to 26 to pass a hard-won compromise to lift the government's $14.3 trillion debt ceiling enough to last beyond the November 2012 elections.
President Barack Obama, who will seek a second term next year, was expected to immediately sign the deal into law, although without any White House ceremony.
His signature would draw the line under months of bitter partisan squabbling over debt and deficit strategy that had threatened chaos in global financial markets and dented America's stature as the world's ...
Title:
Oil turns higher as dollar weakens
Brent crude oil futures rose on Tuesday, shedding earlier losses, as the dollar index turned negative ahead of an imminent deal to avert a U.S. debt default.
Oil gained despite worries about the growth prospects of the United States, the world's largest crude consumer, after weak global manufacturing and consumer spending data.
Brent was $1.33 higher at $118.14 a barrel by 1424 GMT, having slipped as low as $115.53 a barrel earlier in the session.
U.S. crude was 77 cents up at $95.66 after trading as low as $93.42 on Monday, its lowest since late June, on news that the world's manufacturing expanded at its weakest pace in two years last month.
In Washington, investors briefly found relief in news that a $2.1 trillion deficit-cutting plan is expected to be approved in a vote on Tuesday, ...
Title:
Forex - Growth fears Leads to Broad Sell-off
Forex News and Events:
Trading is getting nasty. Yesterday's move to safe-haven trades highlights that the markets are unconvinced that the solution being proposed by US and EU policymakers have any real problem solving capabilities. There has been steady buying of safe haven, with the EURCHF going into free fall to 1.10127, while USDCHF dropped to 0.7731, both new all time lows. JPY has also seen heavy supply entering the market, pushing USDJPY to 77.18. Equity markets were sold off across the board with the S&P falling -0.41% and Asia regional indices followed the trend with Shanghai down 1.25% today. Implied Vols. in FX have risen in many funding currencies, all but killing the fragile carry trade. Interestingly, it seems that the market is focused on deteriorating growth, rather ...
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Japan primes markets for FX intervention
Japan primed financial markets on Tuesday for currency intervention after the yen tested record highs overnight, signaling it may try to tame the unit with a combination of yen-selling and monetary easing.
Even as the yen pulled back from Monday's heights, Japanese officials adopted a new, more direct tone, suggesting they were increasingly convinced markets needed a nudge to keep the yen at levels the economy could live with.
The yen traded as high as 76.29 per dollar on the EBS platform on Monday, close to its March peak of 76.25. The currency eased to around 77.40 on Tuesday.
"The yen is being valued stronger than we think ... I'd like to watch currency market conditions especially carefully today," Finance Minister Yoshihiko Noda told parliament.
Reinforcing a sense of urgency, the ...
Title:
Forexpros.com Daily Analysis - 02/08/2011
ForexPros Daily Analysis August 02, 2011
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Will AUD/CAD Form a Double Top?
Perhaps more than other crosses, pair of the commodity currencies go through more periods of consolidation. That happens because they often respond in a similar fashion to certain ...
Title:
YouTradeFX Daily Market Analysis : 08/02/2011
www.youtradefx.com
EUR/USD
Yesterday, the United States Congress officially accepted the plan to raise the National Debt ceiling and the cut back in government expenditure. However, despite the agreement signed in the United States, the financial markets continued to dive steeply against the background of the exceptionally bad macro figures, also published yesterday. The Purchasing Managers Index for the United States production sector fell to its lowest price for the past two years. The gloomy figures once again reverse investor's sentiments to negative. However, it may well be that, from this point, a good chance will develop to buy euro – dollar pair at a relatively low price at the border of the strong support level of 1.4200 euro to the dollar.
In the short term, the pair can be ...
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