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Gold Will Likely BenefitTitle:
Gold slips in line with euro ahead of EU meeting
(Reuters) - Gold fell towards $1,550 an ounce in Europe, pressured by concerns that a European Union meeting later on Wednesday would fail to significantly ease worries over the euro zone debt crisis which lifted the dollar to a 21-month high against the euro.
The dollar, along with German bond futures, benefited from a flight from riskier assets, including stocks and commodities such as copper and oil.
Spot gold was down 0.1 percent at $1,555.50 an ounce at 0930 GMT while U.S. gold futures for June delivery were down $20.60 an ounce at $1,556.00.
"Gold is acting more as a risky asset, and everything is tumbling this morning ahead of this informal finance ministers meeting, where nothing good is really expected," Societe Generale analyst Robin Bhar said.
"It is not inconceivable that ...
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Gold off 4-1/2 month low on increased physical buying
Gold rose more than 1 percent on Thursday, bouncing off a 4-1/2 month low, as weaker prices attracted new physical buyers, but gains were likely to be limited as the euro was undermined by fears of a deepening debt crisis in Greece.
Spot gold rose 1 percent to $1,553.80 an ounce by 09.07 a.m. EDT, from $1,538.30 late in New York on Wednesday, when it plunged to $1,527 - its weakest since December 29.
The precious metal rose to a high of $1,557.56 earlier, helped by the approaching expiry of gold options in the COMEX futures market.
U.S. gold futures hit a high of $1,557.90 an ounce and were at $1,554.30, up 1.1 percent. The contract had plunged to a multi-month low of $1,526.70 on Wednesday.
Gold, traditionally a safe-haven asset, has been moving in tandem with riskier assets such as ...
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Central Banks' to the Rescue?
Central Banks' to the Rescue?
The Bank of England stole the headlines this morning as it delivered its second Inflation Report of the year. Its message was fairly grim: the UK won't regain its 2007 level of output until 2018. The biggest threat to the UK economy right now according to the bank is the impasse in the Eurozone (something the BOE can't control).
The BOE: "blame the Royal Family and the Eurozone"
However, the one thing it can control is QE and interest rates, and it kept the door to more QE firmly open today. It noted that Q1 GDP figures could be revised higher, however a number of "one off" factors like the Queen's Jubilee bank holiday this year could knock 0.5% from GDP. This "holiday" could have a more damaging economic effect than the Royal Wedding, according to the Bank. ...
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Greece continues to drive market; Investors bearish as risk-aversion rises
What’s new:
Global Markets: Asian markets up after China cuts RRR
China: People’s Bank of China cuts Required Reserve Ratios by 50 basis points
Spain: More than €30 bln to clear real estate exposure from Spanish Banks
Forex: AUD/USD hits a 5-month low at 0.9999
Forex: EUR/USD dips down to 4-month low at 1.2878
Forex rates in Asia and Indices:
Low High Change
EUR/USD 1.2879 1.2905 -0.20 %
USD/CHF 0.9309 0.9326 -0.21 %
GBP/USD 1.6054 1.6079 -0.03 %
USD/JPY 79.89 80.13 -0.12 %
EUR/CHF 1.2009 1.2014 -0.00 %
EUR/JPY 102.99 103.37 0.08 %
Dow Jones 12779.28 12918.01 -0.26 %
Nasdaq 2604.99 2643.22 -0.00 %
S&P 500 1348.89 1365.66 -0.33 %
Nikkei 225 ...
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Gold posts worst weekly drop this year on euro fears
Gold fell almost 1 percent on Friday as fears over a worsening European debt crisis and sharp losses in equities and commodities sent the precious metal to its biggest weekly decline this year.
The metal came under heavy pressure as disclosures of huge trading losses at JPMorgan Chase & Co (JPM.N), a major bullion trader, dented sentiment among gold investors. Sharp losses in crude oil and copper also offset surprisingly robust U.S. consumer confidence data.
Political uncertainty in Greece and a change of leadership in France this week had investors doubting whether Europe would come through with the billions of euros needed to bail out its troubled economies. Spanish bank worries also added to debt fears.
"Everybody's looking in Europe trying to figure out what's going on there, so you ...
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Gold hits 4-month low as dollar rises, stocks slide
Gold prices fell to a four-month low on Friday as worries over the financial health of Greece and Spain and huge trading losses for JPMorgan hurt stock markets and the euro, prompting investors to seek refuge in the dollar.
Investors liquidated gold holdings to cover losses on other markets, analysts said, as a rise in risk aversion sparked selling across assets seen as higher risk, while lifting the U.S. currency and safe-haven German Bunds.
Spot gold slid to $1,573.29 an ounce, its weakest since January 3, after support gave way at $1,579, and was down 0.7 percent at $1,582.19 an ounce at 1145 GMT.
Prices pared the worst of their losses as hopes that a Greek government may be formed soon lifted the euro from lows, but spot prices were still down nearly 4 percent so far this week, ...
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Gold steadies as euro lifts from 3-1/2 month low
(Reuters) - Gold steadied in Europe on Thursday after falling to a four-month low in the previous session, as an uptick in the euro after Spain moved to clean up its banks and Europe's bailout fund approved a key payment to Greece took some pressure off prices.
While the euro zone debt crisis is continuing to simmer, moves to address some of its problems are improving appetite for assets seen as higher risk, like stocks and commodities, as well as the single currency.
Spot gold was at $1,589.40 an ounce at 05.26 a.m. EDT against $1,590.45 late on Wednesday, when it fell as low as $1,579.30 an ounce, its weakest since early January.
Prices have fallen 3 percent this week as concerns over the euro zone debt crisis pressured the euro and other risk assets. While investors bought gold as a ...
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Risk Recovery Looks Fragile
It's one step forward and two steps back for risk at the moment. On the one hand we heard yesterday that Greece was 'more than likely' to receive its next aid tranche in order to cover a bond redemption due later this month, yet the political deadlock from Sunday's election is now entering its fourth day. The chances are that Greece will have to go back to the polls next month (at the cost of about EU 18mn) and the financial markets are concerned that the electorate will choose an anti-austerity party as its first choice.
The choice is up to the Greeks
However, Greece may not like austerity, but it also wants to remain in the Eurozone. EU officials, particularly in Germany, have broken the taboo that no one can leave the Eurozone and started to publically announce that Greece has to ...
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French, Greek Elections Set to Impact Euro
A disappointing US jobs report resulted in the safe-haven US dollar sliding against the Japanese yen while rallying against riskier currencies like the AUD and EUR to close out last week's trading session. Turning to today, elections held in France and Greece over the weekend are forecasted to generate significant market volatility. Any indication that Greece could back away from recent austerity measures as a result of the election could result in the euro extending its current bearish trend.
Economic News
USD - US Jobs Report Causes USD/JPY to Tumble
Last Friday's US Non-Farm Payrolls figure came in at 115K, well below the forecasted 173K. The news represented the third month in a row of declining hiring in the US, and resulted in renewed speculation that the Fed may initiate a new ...
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