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FormerTitle:
Stock futures signal losses; Citi eyed
Stock index futures pointed to a lower open on Wall Street on Monday, with futures for the S&P 500 down 0.45 percent, Dow Jones futures down 0.39 percent and Nasdaq 100 futures down 0.4 percent at 0817 GMT.
* European stocks were down 0.4 percent in morning trade, led lower by banking stocks such as Societe Generale (SOGN.PA) and BBVA (BBVA.MC), on growing concern Greece could be forced to restructure its debt.
* Greek daily Eleftherotypia said on Monday Greece told the IMF and the European Union earlier this month that it wants to restructure its debt and discussions on the issue are expected to start in June. The report was later denied by a Greek finance ministry official.
* On Sunday, China raised banks' required reserves for the fourth time this year, stepping up efforts to fight ...
Title:
Euro falls on profit taking, Asian stocks flat
The euro weakened on a broad wave of profit-taking on Monday though could rebound later in the day, while stocks in Asia ex-Japan remained flat, with investors unconvinced that China's latest moves to cool its economy would hurt the global recovery.
A raft of news about Europe's tenuous debt situation, including Finland's anti-euro party making big gains in a parliamentary election on Sunday and talk of a Greek debt restructuring, gave cover to traders hoping to take profits after the euro rose above $1.4500.
"This probably mostly has to do with market sentiment. In the end, I think what it probably boils down to is that there are still some long positions in the euro," said Koji Fukaya, director of global foreign exchange research for Credit Suisse Securities in Tokyo, referring to the ...
Title:
Stocks take China tightening in stride, euro falls
Asian stocks rose on Monday as investors bet that China's latest round of policy tightening won't dent prospects of a global economic recovery while the euro weakened on a broad wave of profit-taking.
China on Sunday raised banks' reserve requirements for the fourth time this year. The move was not a surprise as market players had predicted more tightening after last week's data showed an acceleration in inflation.
Beijing's latest policy action is a sign that authorities across the region are intensifying their battle, using interest rate increases and strengthening currencies, to rein in imported inflation due to rising commodity prices.
Singapore sanctioned an increase in the value of its currency last week while the Bank of Thailand is likely to raise interest rates at a review on ...
Title:
USD Consolidates, While Metals Shine
The Week Ahead
Highlights
* USD consolidates, while metals shine
* Could peripheral concerns disrupt the ECB?
* The Bank of England to keep cool on rates over the summer
* SEK firms as Riksbank tightening expected to continue
* The Aussie should continue to defy gravity
* Key data and events to watch next week
USD consolidates, while metals shine
The US dollar managed to hold its ground against most other major currencies, and it still remains vulnerable, essentially consolidating near recent lows. Incoming US data over the past week suggest the US recovery is continuing, with strength in manufacturing as the lead driver. Renewed concerns over debt restructuring in the Eurozone re-surfaced, adding pressure to the EUR against most other currencies, and preventing ...
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Analysis: Pssst, looking to trade a swap without margin?
NEW YORK/WASHINGTON (Reuters) -- Hey buddy, looking for a bespoke hedge on oil prices or forex rates, without paying millions in margin to your bank? I may be able to help...
If new rules proposed this week stand as written, that may be the pitch from major hedge funds like Citadel or big commodity firms such as BP (BP.L) who have long offered similar hedging services as the Wall Street banks, but struggled to grow their business in an increasingly crowded market.
That outlook could change after the Federal Deposit Insurance Corp said on Tuesday that banks would be required to collect collateral from customers who don't meet certain credit criteria if they want to sell uncleared swaps.
A separate proposal from the Commodity Futures Trading Commission -- which applies to swap market ...
Title:
Forex - Heavy Calendar Tomorrow Keeps FX Subdued Today
Forex News and Events:
Very quiet Asian session in FX trading. New flow once against this week basically ground to a halt as traders seem reluctant to put on directional trades. Overall we remain constructive on the environment for risk correlated trades and macro risk looks to be fading into the background and the fears that the Fed will suddenly shift gears ending the world reliance on the cheap & endless liquidity. That said the highlight o f the trading day will be a slew of Fed speaks that the market will be monitoring every word for hints that a psychological adjustment is taking place within the Fed. Yet with none of the “dovish three” speaking (Bernanke, Dudley and Yellen) impact will should be limited. EURUSD was able to regain the 1.4500 handle and USDJPY run at 83.20 was fell ...
Title:
Forex - FX Markets Wait For More Data
Forex News and Events:
The erosion of risk appetite seen yesterday was short lived as FX risk-correlated trades are gaining across the board. Asian regional equity indices were higher across the board and the good feeling looks to be spreading into Europe. EURUSD traded relatively easily off 1.4400 climbing swiftly to 1.4500 while USDJPY has been consolidating between the 83.50 and 84.50 levels.
AUDJPY - our barometer for risk appetite and carry trade attractiveness, rallied further off the 86.87 lows to 88.40 this morning in Asia. Despite JPY fueled carry trades looking slightly overstretched with IMM data pointing to long position vs. JPY near historical highs, we suspect that traders will continue to build and maintain these positions.
The current conditions just does not look ripe ...
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Japan says nuclear crisis stabilizing, time to rebuild
(Reuters) - Japan's nuclear crisis is slowly stabilizing and the country must now focus on repairing the damage wrought by the devastating earthquake and tsunami that struck the northeast coast a month ago, Prime Minister Naoto Kan said.
He was speaking shortly after new data showed more radiation leaked from the crippled Fukushima Daiichi nuclear power plant in the early days of the crisis than first thought.
That new information put Japan's nuclear calamity in the same category as the world's worst nuclear disaster, Chernobyl, officials said, but the upgrade in its severity rating to the highest level on a globally recognized scale did not mean the situation had suddenly become more critical.
"The situation at the Fukushima Daiichi plant is slowly stabilizing, step by step, and the ...
Title:
Dukascopy Morning Forex Overview: 13/04/2011
Previous session overview
The dollar rose against the yen in Asia Wednesday as Japanese pension funds and importers bought the U.S. unit amid a lull in the flow of negative news about Japan's stricken nuclear power plant.
Japanese investors snapped up the U.S. currency after it fell in the morning session to JPY83.50, close to its 200-day moving average, said dealers.
Dealers said investors had largely digested the previous day's news that Japan's nuclear regulators had raised the severity rating of the accident at the Fukushima Daiichi nuclear plant to the same level as the Chernobyl nuclear disaster in the former Soviet Union.
The dollar was at JPY84.04 as of 0450 GMT from JPY83.59 late Tuesday in New York, while the euro was at JPY121.67 from JPY120.98. The euro was at USD1.4477 ...
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