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FoundTitle:
Oil report seen supporting Iran sanctions
(Reuters) - Global oil inventories grew over the last two months despite the loss of further supplies from Iran, according to a U.S. report that gave leeway for the Obama administration to press ahead with sanctions on the OPEC nation.
The Energy Information Administration report, required every 60 days by the Iran sanctions law President Barack Obama signed in December, gave a mostly positive assessment of global oil supplies, which typically build at this time of year.
World oil and motor fuel supplies exceeded demand by 500,000 barrels per day in March and April, the EIA said, allowing consumer countries to build cushions against any potential losses from U.S. and EU measures against Tehran.
Inventories were helped by strong production from Saudi Arabia, which pumped 9.8 million ...
Title:
Dukascopy Afternoon Forex Overview : 27/04/2012
Fundamental Analysis
EUR
Spain's credit rating was lowered by Standard & Poor's for a second time in 2012 on enduring worries the nation will have to apply additional fiscal backing to lenders as the economy shrinks. S&P cut its long term grade for Spain from A to BBB+ adding a negative outlook. Country's short term rating was lowered from A-1 to A-2, S&P agency reported on Thursday.
USD
Crude oil price declined from almost 4-week high in New York trade after S&P ratings agency cut Spain's sovereign credit rating, boosting concerns that further recession in Europe may halt demand for crude. Oil to be delivered in June lost USD 0.61, reaching USD 103.94 a barrel. June Brent oil gave up USD 0.49 and traded at USD 119.43 a barrel.
GBP
Today the Great Britain Pound extended its gains ...
Title:
Euro Mixed after Italian Auction, Yen Advance despite Stimulus
The sentiment deteriorated today after the Spanish credit rating downgrade, which sent the euro to the downside; however, during the European session the common currency started to gain momentum and recover most of the losses incurred today as the results of major firms supported the sentiment to improve slightly, forcing upside pressures on the euro, but still, the bullishness remained limited after the downbeat Italian bond auction.
The Euro reversed sharply to the downside after Standard & Poor's rating agency downgraded the Spanish credit ranking for the second time on deteriorating budget deficit and economic conditions, where the rating agency cut the rating of Spain by two notches to triple-B+ from A, while cutting the short-term rating to A-2 from A-1, turning the outlook on Spain ...
Title:
Spain Gets Reality Check From S&P
The last 24 hours have heaped even more pressure on Madrid. First there was Standard & Poor's two notch rating downgrade for Spain from A to BBB+ with a negative outlook.
Second, was a further deterioration in the unemployment rate in the first quarter. S&P's rationale for the downgrade was down to 1, the possibility that the government will need to provide further fiscal support to the banking sector and 2, the deterioration in the budget deficit trajectory for 2011-2015. S&P also mentioned the significant risks to Spain's economic growth, which could weigh on the country's creditworthiness.
Spain now has the same rating as Ireland after S&P affirmed Ireland's rating at BBB+ with a negative outlook. It sounded fairly impressed with the Irish government's 'proactive and substantive' ...
Title:
Asian Market Update : 27/04/2012
S&P cuts Spain; BOJ increases JGB facility by net ¥10T, reduces fixed-rate ops by ¥5T
Economic Data
(KR) SOUTH KOREA MAR CURRENT ACCOUNT: $3.0B V $557M PRIOR; GOODS BALANCE: $3.00B V $1.31B PRIOR
(UK) UK APR GFK CONSUMER CONFIDENCE SURVEY: -31 V -30E
(JP) JAPAN APR MARKIT/JMMA MANUFACTURING PMI: 50.7 V 51.1 PRIOR
(JP) JAPAN MAR JOBLESS RATE: 4.5% V 4.5%E; JOB-TO-APPLICANT RATIO: 0.76 V 0.76E PRIOR
(JP) JAPAN MAR NATIONAL CPI Y/Y: 0.5% V 0.4%E; NATIONAL CORE Y/Y 0.2% V 0.1%E (6-month high); APR TOKYO CPI Y/Y: -0.3% V -0.1%E; TOKYO CORE Y/Y: -0.5% V -0.3%E (5-month low)
(JP) JAPAN MAR OVERALL HOUSEHOLD SPENDING Y/Y: 3.4% V 4.1%E (2-year high)
(JP) JAPAN MAR PRELIMINARY INDUSTRIAL PRODUCTION M/M: 1.0% V 2.3%E;
(JP) JAPAN MAR RETAIL TRADE M/M: -1.2% V -0.5%E ; Y/Y: 10.3% V 10.0%E (multi-year ...
Title:
Dukascopy Afternoon Forex Overview : 26/04/2012
Fundamental Analysis
EUR
Deutsche Bank, the German biggest lender posted a 33% drop in its first quarter profit, citing debt crisis as a negative force that curbed trading. Net income declined to EUR 1.38 billion (USD 1.82 billion) compared to EUR 2.06 billion in the same period last year. Economists questioned by Bloomberg expected the profit to decrease less to EUR 1.56 billion. Deutsche Bank shares have added 16% this year.
USD
Crude oil fluctuated close to a one-week record high as Fed claimed they expect the economic growth to advance, encouraging the speculation that fuel demand will increase. Moreover Iran announced it may stop its nuclear expansion. June crude traded at USD 104.07 a barrel after climbing USD 0.57 yesterday. Brent oil to be delivered in June traded at USD 119 a ...
Title:
Fed Doesn't Help The Dollar
Sunrise Market Commentary
- Fixed Income: Small changes after volatile trading
- Core bonds traded volatile due to economic data and bond auctions. The Fed had the final saying. The FOMC statement showed that the Fed was slightly more optimistic on growth and the governors more hawkish in their rate forecasts. However, policy remains unchanged and Bernanke kept the door for more QE open.
- Currencies: Fed doesn't help the dollar
- On Wednesday, trading in most major currency cross rates was confined to recent ranges. EUR/USD is holding near the recent highs. The Fed kept a soft tone and this was a slightly negative for the dollar. Sterling lost temporary ground as Q1 GDP data showed that the UK has slipped back into recession. However, the EUR/GBP 0.8222 resistance did its job. ...
Title:
YouTradeFX Daily Market Analysis : 26/04/2012
Fundamental News
Today’s highlights:
Initial Jobless Claims (U.S 13:30 GMT)
Pending Home Sales (MoM) (U.S, 15:00 GMT)
German CPI (MoM) (GER, Tentative)
BBA Mortgage Approvals (GB, 09:30 GMT)
The U.S. economy continues to expand at a moderate pace despite the "temporary" impact of higher energy prices, the Federal Reserve announced in making its latest decision on interest rates Wednesday. There were no major shifts in the Fed's accommodative monetary policy and the decision to keep its benchmark rate at effectively zero was in line with economist expectations. However, Federal Reserve Chairman Ben S. Bernanke said the central bank stands ready to add to its stimulus if necessary.
The FOMC “expects economic growth to remain moderate over coming quarters and then to pick ...
Title:
Dukascopy Morning Forex Overview : 26/04/2012
Fundamental Analysis
EUR
"There’s a bit of risk back on after some positive company numbers helped stocks and improved the tone of the markets"
- Eric Wand, a fixed-income strategist at Lloyds Banking Group Plc
Demand for Spanish and Italian debt rose, pushing Spanish and Italian bonds higher, as investors turned to higher-yielding assets after companies from Apple to Swedbank reported better than forecast earnings.
USD
"The committee expects economic growth to remain moderate over coming quarters and then to pick up gradually"
- Federal Open Market Committee
U.S. durable goods orders tumbled below forecast in March, a sign the manufacturing sector may be losing momentum. Bookings for long lasting goods dropped 4.2 percent, said the Commerce Department on Wednesday.
GBP
" could be ...
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