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Gave Us A SellTitle:
Fragile euro hovers near multi-month lows
(Reuters) - The euro stayed close to a 3 1/2-month low against the dollar on Thursday and was expected to suffer further losses as political deadlock in Greece increased the risk of insolvency and a possible euro exit.
The common currency gained a short-term reprive as stress in Spanish debt markets abated slightly and after Greece secured funds needed for bond repayments.
However, it was expected to continue the firm downward path established since Greece's inconclusive elections at the weekend. With another set of elections likely, doubts are growing that Greece will adhere to austerity measures needed to secure further emergency funding.
The euro was up 0.2 percent at $1.2956, but it stayed not far from $1.29115 hit on Wednesday, its lowest since late January. Analysts were skeptical ...
Title:
Fragile euro teeters near multi-month lows
(Reuters) - The euro steadied near a 3 1/2-month low against the dollar on Thursday as stress in Spanish debt markets abated slightly and after Greece secured funds needed for bond repayments, tempering the threat of a Greek insolvency and possible euro exit.
However Greece's future in the euro zone remains in question, with another round of elections foreseen and doubts about whether the country will adhere to austerity measures needed to secure further emergency funding.
Greece averted an imminent funding crisis after the board of the European Financial Stability Facility agreed to release 4.2 billion euros of a scheduled payment. However, impatient governments withheld part of the latest tranche of rescue funds to be paid on Thursday.
Ten-year Spanish government bond yields fell ...
Title:
European Market Update : 10/05/2012
Markets eye whether BOE extends its Asset Purchase Program later today; Greece continues to struggle to form new gov't
Economic Data
(RU) Russia Central Bank (CBR) left Refinancing Rate unchanged at 8.00%, as expected
(ID) Indonesia Central Bank left Reference Rate unchanged at 5.75%, as expected
(FI) Finland Mar Industrial Production M/M: -1.5% v -0.2%e; Y/Y: -5.7% v -2.2%e
(FR) Bank of France Apr Business Sentiment: 95 v 95e
(FR) France Mar Industrial Production M/M: -0.9% v -0.6%e; Y/Y: -0.9% v -1.3%e
(FR) France Mar Manufacturing Production M/M:+1.4% v -0.2%e; Y/Y: -0.3% v -2.8%e
(FR) France Mar Central Govt. Balance: -€29.4B v -€24.2B prior
(ES) Spain Mar House transactions Y/Y: -22.7% v -31.8% prior
(CZ) Czech Apr CPI M/M: 0.0% v 0.1%e; Y/Y: 3.5% v 3.6%e
(CZ) Czech Mar ...
Title:
Euro Extends Its Trip South As Speculation On Greek Exit Is Growing
Sunrise Market Commentary
- Fixed Income: Core bonds higher at first, but gave back gains in US session
- Fears about Greece and Spain continued to boost core bonds, but a rumours, later confirmed, that the EFSF would today disburse a tranche of the Greek bail-out loan triggered some correction and erased part of the German bond gains and almost all of the US ones. Today, the BoE decision on QE may affect overall bond markets.
- Currencies: euro extends its trip South as speculation on Greek exit is growing
- On Wednesday, trading on global markets was still dominated by negative headlines on Europe. This weighed on the euro. After all, the decline of EUR/USD developed in an orderly way even as several EMU policymakers pondered the option of a Greek exit. Today, the BoE holds ...
Title:
Technical analysis of the GBP/JPY pair on May 10th, 2012
Commentary of the GBP/JPY pair :
The pair GBP/JPY has continued yesterday its bearish movement and the breakout of 128.85 gave us a new sell signal.
Then, the pair has rebounded on 128 and is now moving towards a pullback on 128.85 as resistance.
All indicators are bearish.
The pair is moving into a falling wedge (purple lines - reversal pattern).
We continue to advise short positions as far as 129.50 is resistance.
The breakout of 127.70 will give a new sell signal and open the way towards 126.70.
In case of return above 129.50, we will be neutral between this level and 130.15.
The breakout of 130.15 will give a new buy signal.
See the previous analysis of the GBP/JPY pair of May 9th, 2012
GBP/JPY Analysis
Title:
Technical analysis of the USD/CAD pair on May 10th, 2012
Commentary of the USD/CAD pair :
The pair USD/CAD has continued yesterday its bullish movement and the breakout of 1.0020 gave us a new buy signal.
Then, the next resistance at 1.0050 has been tested the pair is currently making a pullback on 1.0020 as support.
All indicators are bullish.
We continue to advise long positions as far as 0.9950 is support.
A return above 0.9965 will comfort our bullish feeling.
The breakout of 1.0050 will give a new buy signal and will open the way towards 1.01.
In case of return below 0.9950, we will be neutral between this level and 0.9911.
The breakout of 0.9911 will give a sell signal.
See the previous analysis of the USD/CAD pair of May 9th, 2012
USD/CAD Analysis
Title:
Asian Market Update : 10/05/2012
China trade data misses expectations, Australia records 1-yr low for unemployment
Economic Data
(CN) CHINA APR TRADE BALANCE: $18.42B V $9.9BE
(AU) AUSTRALIA APR UNEMPLOYMENT RATE: 4.9% V 5.3%E (1-yr low); EMPLOYMENT CHANGE: 15.5K V -5.0KE (2nd consecutive increase); PARTICIPATION RATE: 65.2% V 65.4%E
(KR) BANK OF KOREA (BOK) LEAVES 7-DAY REPO RATE UNCHANGED AT 3.25%; AS EXPECTED
(JP) JAPAN MAR CURRENT ACCOUNT TOTAL: ¥1.59T V ¥1.4TE; ADJUSTED CURRENT ACCOUNT TOTAL: ¥785.5B V ¥647BE; CURRENT ACCOUNT BALANCE Y/Y: -8.6% V 17.1%E; TRADE BALANCE: ¥4.2B V -¥43BE
(NZ) NEW ZEALAND APR BUSINESS NZ PMI: 48.0 V 53.8 PRIOR
(PH) PHILIPPINES MAR TOTAL EXPORTS: -1.2% V 11.0%E; TOTAL MONTHLY EXPORTS: $4.3B V $4.4B PRIOR
(NZ) NEW ZEALAND APR QV HOUSE PRICES Y/Y: 3.1% V 3.0% PRIOR
(JP) JAPAN APR ...
Title:
Euro wallows near 3 1/2-month low on Greek deadlock
(Reuters) - The euro wallowed near a 3 1/2-month low against the dollar on Thursday as political deadlock in Greece threatens its rescue deal and raises the spectre of the country risking insolvency and leaving the euro zone.
Worries that the euro zone could plunge back into a debt crisis, after a semblance of stability in the past few months, were also supporting the yen near a three-month high.
"Uncertainty over Greece is going to weigh on markets," said Sumino Kamei, senior currency analyst at the Bank of Tokyo-Mitsubishi UFJ.
"There's now open talk about Greece's exit from the euro. The euro is likely to have moved into a new range below $1.30."
The euro fell as low as $1.29115 on Wednesday, the lowest since Jan 23.
It last stood at $1.2947, with next possible support seen around $ ...
Title:
Gold falls below $1,600 on euro zone uncertainty
Gold dropped below $1,600 an ounce in heavy trading on Wednesday, nearly wiping out gains for 2012 as political uncertainty in Greece and Spanish bank worries prompted investors to sell bullion for a third straight daily decline.
The precious metal was down more than 3 percent so far this week on European debt fears due to a change in the French presidency, the frail state of Spanish banks and political gridlock in Greece.
This week's turmoil in Europe prompted investors to unwind long positions in gold built on optimism that followed a 130-billion euro bailout deal between the EU, the IMF and Greece.
"With the fate of the euro once again hanging in the balance, investors may have also soured on gold, perhaps questioning whether they are now going to be seeing sufficient amounts of ' ...
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