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FoundTitle:
Euro clouded by Greece and Spain worry
(Reuters) - The euro fell close to a recent three-month low versus the dollar on Wednesday and the safe haven yen rose broadly amid worries over the impact on the euro zone stemming from political turmoil in Greece and the fragility of Spain's banking sector.
The euro remained under widespread pressure after the leader of Greece's Left Coalition party said on Tuesday that the country's commitment to a European Union/International Monetary Fund rescue deal had become null and void.
Greece's two main pro-bailout parties failed to win a majority in weekend elections, leaving questions over the country's ability to avert bankruptcy and stay in the euro.
Added to instability in Greece, French President-elect Francois Hollande has advocated an approach to tackling the debt crisis centered ...
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Euro on the edge as political risk mounts
(Reuters) - The euro fell close to a recent three-month low on Wednesday and was set for further falls on worries that Greek political uncertainty and a French leadership change may undermine the euro zone's austerity measures.
The euro remained under pressure after the leader of Greece's Left Coalition party said on Tuesday that the country's commitment to a European Union/International Monetary Fund rescue deal had become null and void.
Greece's two main pro-bailout parties failed to win a majority in weekend elections, leaving questions over the country's ability to avert bankruptcy and stay in the euro.
Added to instability in Greece, French President-elect Francois Hollande has advocated an approach to tackling the debt crisis centered more on growth, which may create tensions with ...
Title:
Dukascopy Morning Forex Overview : 09/05/2012
Fundamental Analysis
EUR
"The debt crisis damps demand for German products in Europe but Russia, China, India, Brazil and South Africa should generally be able to compensate declining sales."
- Gerd Hassel, an economist at BHF Bank AG
German industrial production unexpectedly soared in March, adding to signs the euro zone’s largest economy is weathering debt crisis. Production jumped 2.8 per cent from February, when it declined 0.2 per cent, said the Economy Ministry on Tuesday.
USD
"People are preparing for a shock that may or may not occur."
- Michael Holland, chairman and founder of New York-based Holland & Co.
U.S. stocks fell on Tuesday as Greece’s bailout pledge came into question.
GBP
"The health of the housing market is a reverberation of consumer confidence and credit ...
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No tax reform plan yet: Obama aide
(Reuters) - President Barack Obama's nominee to be the top tax official at the U.S. Treasury Department said on Tuesday that the administration is not actively working on a plan to revamp the tax code, frustrating some of Obama's fellow Democrats.
"We'd be negligent if we weren't doing foundational work ... But at this point there is no plan that has been developed," Mark Mazur, Obama's nominee for Treasury's top tax job, said at a Senate panel hearing on his confirmation. "We'll see how this plays out."
Both Republicans and Democrats, including Obama, call revamping the complicated tax code a top priority, but acknowledge this will not happen until after the November 6 elections.
Mazur, currently deputy assistant secretary for tax analysis, will lead Treasury tax policy if he is ...
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Copper slides most in a month on Europe jitters
Base metal markets slid on Tuesday, with copper prices in New York notching their biggest fall in a month, as fears that Greece's hard-fought bailout deal could unravel hit the euro and raised concerns about demand for industrial metals.
European jitters roiled broader markets too, with gold shedding almost 2 percent and crude oil futures dropping almost 1 percent. U.S. stocks hit two-month lows and the euro fell for a seventh straight session. The dollar rose and U.S. Treasuries rallied on safe-haven buying.
Funds and institutional investors led selling in metals markets, cutting exposure to assets considered risky and seeking to raise cash, traders said.
Three-month copper on the London Metal Exchange (LME) ended at $8,095 a tonne, down almost 1 percent from Friday's close of $8,175 a ...
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Copper hits 2-week low on euro, Greek political uncertainty
Copper fell to a two-week low on Tuesday, pressured by a weak euro following political uncertainty in Greece which reignited fears about the euro zone debt crisis and raised worries about the demand outlook for industrial metals.
Investors are also cautious ahead of China economic data due this week, including numbers on import growth, inflation and bank lending.
Three-month copper on the London Metal Exchange (LME) fell to $8,059.50 a metric ton (1.1023 tons) at 1458 GMT, down 1.4 percent from Friday's close of $8,175 a metric ton. The exchange was closed on Monday for a bank holiday.
The metal used in power and construction earlier fell to its lowest level since April 24 at $8,057 a metric ton.
The euro extended losses against the dollar as Leftist Alexis Tsipras began efforts to ...
Title:
Euro drops below three-month low on political worries in Greece
The euro slipped sharply on Tuesday`s trading on heightening worries from Greece amid the undergoing political upheavals after voters had turned against austerity-pro parties, raising questions regarding the nation`s future in the euro bloc.
Samaras, the leader of the New Democracy party, said he failed to form a coalition Greek government, thus giving the turn to Alexis Tsipras, the head of Syriza, who has pledged to renegotiate aid terms for Greece.
On the other hand, the win of the Socialist party candidate Hollande in the French Presidential elections also raised concerns that there would be a conflict between the euro area`s second biggest economy and Germany over methods of dealing with the crisis as he is in favor of lower austerity.
Additionally, auctions today from Greece, ...
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Crude falls as demand is seen dropping
As the eurozone still causes worries, investors continue to seek safe haven, pushing the USD dollar higher and increasing the downside pressures on crude, especially after Al-Naimi said prices are too high.
Saudi Arabia’s oil minister Ali Al-Naimi said today that crude prices are “still a little bit high”, fueling believes that the kingdom may increase its oil production to lower prices while demand is falling due to the global economic slowdown.
Crude oil is trading as of this writing around the $96.95 with the highest found at $98.10 and the lowest at $96.56, as demand on oil is seen dropping while the USD rose from the lowest 79.54 towards the 79.85 levels.
Investors are seeking safe haven on worries over the eurozone`s ability to introduce further austerity measures after elections ...
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Gold drops after the breach of $1630 on political upheavals in Greece
Gold remained drops sharply after the breakout of $1630 critical level on political worries from Greece which ignited concerns regarding the adoption of austerity measures needed to tackle debt crisis.
Samaras, the leader of the New Democracy party, said he failed to form a coalition Greek government, thus giving the turn to Alexis Tsipras, the head of Syriza, who has pledged to renegotiate aid terms for Greece.
In France, the win of the Socialist party candidate Hollande in the French Presidential elections also raised concerns that there would be a conflict between the euro area`s second biggest economy and Germany over methods of dealing with the crisis as he is in favor of lower austerity.
Auctions today from Greece, Netherlands and the EFSF saw a rise in yield von the back of the ...
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