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German Trade BalanceTitle:
Euro dips but shares mostly firm on economic data
Global shares firmed on Wednesday as signs of economic resilience in Europe and underlying strength in the U.S. economy offset concerns about the uncertain prospects for a bailout of Greece, a challenge that weighed on the euro.
Overall U.S. industrial output was unexpectedly flat in January, but the second straight month of gains in the manufacturing component pointed to a strengthening economy, data from the Federal Reserve showed.
"Clearly the headline (overall) number is disappointing. However, the healthy upward revision to December on balance is offsetting some of the headline disappointment," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.
"Overall the vast majority of data recently has been positive, so I am not too concerned about this one ...
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Forex - China to Europes Rescue
Forex News and Events:
All it took was some comments from China to put risk appetite into hyper drive. Traders took no time to recover from the yesterday's news that Moody's had downgraded the rating of six Eurozone sovereigns, and cut the outlooks of two more. PBoCs Zhou stated that China was ready to expand its investment in Europe's EFSF and ESM and would participant in resolving the EU debt crisis. This was just the thing traders wanted to hear after the earlier disappointment of EU Fin Min cancelling the meeting in Brussels instead opting for a conference call. Risk rallied across the board, with Asian indices leading the way as Nikkei 2.5% (JPY getting sold off), Hang Seng 2.14% and Shanghai trailing up 0.94%. We are watching for a move to 2400 in Shanghais which would be a clear ...
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Asian Stocks Rise as Greece’s Default May Not Be an Option
Although markets are getting cautious ahead of some key economic data today, Asian stocks rose on Wednesday as Greece’s commitment to the debt deal was put to test after the eurozone’s finance ministers’ meeting on Greece's bailout was canceled, yet Greece’s default is not yet seen as an option.
The European officials cancelled Wednesday’s meeting, saying that Greece must provide written commitments if it wants to obtain the new austerity package worth 130 billion euros to avoid a messy default. So now Greece might increase its efforts to finalize the debt deal.
Optimism was seen improving after China's central bank governor Zhou Xiaochuan said today that his country will continue to invest in eurozone government debt via the IMF and the EFSF as he is confident in the euro and in Europe’ ...
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Brent edges up nearing expiry, eyeing Iran, Europe
Brent March crude edged up at the contract expiration on Tuesday, while nearby Brent and U.S. crude prices dipped, as investors weighed potential supply threats in a tense Middle East and persistent concerns about the euro zone economy.
U.S. crude losses were limited by news that Canadian Natural Resources Ltd's (CNQ.TO) Horizon oil sands processor would be shut until mid- to late March, longer than initially expected, reducing supplies to the United States.
Brent's expiring front-month March crude rose 23 cents to settle at $118.16 a barrel, after swinging from $117 to $118.28. April Brent fell 4 cents to settle at $117.35, having traded from $116.53 to $117.80.
"Book squaring on the March Brent contract ahead of today's expiration was (a) feature of the trade," Tim Evans, energy ...
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Brent edges up nearing expiry, eyeing Iran, Europe
Brent crude prices edged up in choppy trading as the March contract headed toward expiration on Tuesday and as investors weighed potential supply threats in a tense Middle East and persistent concerns about the euro zone economy.
U.S. crude futures slipped, also in volatile trade, with losses limited by Canadian Natural Resources Ltd's (CNQ.TO) shut Horizon oil sands processor, expected to be down until mid- to late March, longer than initially expected.
Brent's expiring front-month March crude rose 26 cents to $118.19 a barrel by 1:05 p.m. EST (1805 GMT), having swung from $117 to $118.28.
"Book squaring on the March Brent contract ahead of today's expiration was (a) feature of the trade," Tim Evans, energy analyst for Citi Futures Perspective, said in a note.
U.S. March crude fell 32 ...
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Euro gains on Greek deal, but doubts remain
The euro gained against the dollar on Monday, a day after Greece approved new austerity measures, but worries about hurdles in the country's bid to avoid a disorderly default limited gains and kept the currency well off its session high as New York trading began to close.
The Greek parliament passed a package of wage, pension and job cuts on Sunday, boosting hopes Athens would secure more rescue funds from the European Union and International Monetary Fund ahead of a March bond redemption.
"The euro bounced back on Monday as Greece approved the budget-cutting measures laid out by the troika - the European Central Bank, the European Commission and the International Monetary Fund," said David Song, currency analyst at DailyFX. "But the relief rally may be short-lived as the fundamental ...
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Euro up on Greek deal, doubts eat at gains
The euro rose against the dollar in light trading on Monday after Greece approved new austerity measures, but worries about hurdles in the country's bid to avoid a disorderly default ate into gains.
The Greek parliament passed a package of wage, pension and job cuts on Sunday, boosting hopes that Athens would secure more rescue funds from the European Union and International Monetary Fund ahead of a March bond redemption.
"You got that knee-jerk positive reaction (in the euro), and that's ultimately starting to fade right now," said Brian Dolan, chief currency strategist at Forex.com.
"There's market suspicion that Greece will meet the targets it's setting itself, and that we're going to be seeing a replay of this several months down the road," he added.
Markets aren't the only ...
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Euro rallies on Greek vote but lacks conviction
(Reuters) - The euro rose on Monday on relief that Greece's parliament had approved an austerity bill, taking Athens closer to securing much-needed bailout funds, though with obstacles still to be cleared to avoid a hard default, investors remained skeptical.
"A Greek agreement for austerity was always going to be short term positive for the euro," said Paul Robson, currency strategist at RBS.
Amid widespread civil unrest Greece passed the bill but Robson expected the euro to be volatile in the run-up to Wednesday's meeting of euro zone finance ministers.
The ministers still require Greece to explain how 325 million euros ($430 million) of this year's total budget cuts will be achieved before they agree to the 130 billion euro bailout.
The euro was up 0.5 percent at $1.3245, in sight ...
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A calm week for the superpower…
This week was a calm one for the world's leading economy as only few data and economical indexes were released indicating that the revival remains moderate but on track with investors eyes for instance mainly on the EU soil while watching a worse than trade deficit coming out on the last day of the week along with minor significant data yet pessimism was the major feeling and sentiment spread within the local and global financial, currencies and stock markets.
If truth be told as the week ended the trade balance report for December was released and showed in fact that the deficit widened in the balance worse than expectations, as the rising U.S. dollar during the same period weighed the exports, taking into account that the trade deficit is the highest since the month of June last year.
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