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Gold tracks the euro`s rebound on Spanish efforts and Greek payment approval
Gold rebounded from the lowest level in four months on Thursday, tracking gains the euro after efforts from the Spanish government to ease fiscal concerns and Greece got approval to receive a payment.
The shiny metal is currently trading around $1594.69 an ounce from the day`s opening of $1589.35, where it is expected to face resistance at the psychological level of $1600.
Worries eased today after the Spanish government decided to step in to regain confidence in the ailing banking sector via taking over Bankia SA, Spain’s fourth-biggest lender.
The bank bailout fund will convert its 4.5 billion euros loan to Bankia’s parent company BFA into voting shares according to the Spanish economy ministry, in a move that will provide the government a 45% controlling stake in the bank.
In ...
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Jobless claims fall, trade gap widens
The number of Americans submitting new applications for jobless benefits edged down last week, easing concerns the labor market was deteriorating after April's weak employment growth.
While the claims data indicated the economy remained on a moderate growth path, a report from the Commerce Department showing a widening in the trade deficit in March suggested economic growth was much slower in the first quarter than initially believed.
New claims for state unemployment benefits slipped 1,000 to a seasonally adjusted 367,000, the Labor Department said on Thursday. The prior week's figure was revised up to 368,000 from the previously reported 365,000.
Economists polled by Reuters had forecast claims inching up to 369,000 last week. The four-week moving average for new claims, considered a ...
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Analysis: World's platinum lies on African political faultlines
(Reuters) - Platinum markets have avoided an eruption that would have shaken them to the core with mine nationalization effectively killed as policy in South Africa, which sits on about 80 percent of the global supply of the precious metal.
But they should brace for aftershocks.
The world's richest platinum veins lie along the political faultlines of South Africa and Zimbabwe, where income disparities, labor strife and political populism are fueling intense brands of resource nationalism.
"All platinum supply, bar bits and pieces, come from southern Africa. In almost any other mining sector you would be able to do cross-geography comparisons about political risks, security of tenure and labor relations," said Nic Borain, an independent political analyst based in Cape Town ahead of the ...
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European shares fluctuate by midday trading amid mounting concerns
European shares fluctuated on Thursday midday trading with more downside tendency amid political concerns from Greece and fiscal woes in Spain.
In Greece, the political chaos in Greece is raising concerns regarding the future of Greece in the euro area. Today, the turn is on Evangelos Venizelos, leader of Pasok, to form a government after Alexis Tsipras, the head of Syriza, who has pledged to renegotiate aid terms for Greece, said he failed to form a coalition Greek government. Hence, another election may be inevitable by mid-June if political parties failed to form a government.
However, some of the worries eased after Greece got approval from European governments to receive a 4.2 billion euros payment from the region`s bailout fund.
On the other hand, worries intensified after ...
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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 ...
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Fragile euro holds above multi-month lows
(Reuters) - The euro edged away from 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.
Greece averted an imminent funding crisis after the board of the European Financial Stability Facility agreed to a scheduled 5.2 billion euro ($6.72 billion) payment. However, impatient governments withheld part of the latest tranche of rescue funds to be paid to Greece on Thursday.
Ten-year Spanish government bond yields fell after Spain's government effectively took over Bankia, one of the country's biggest banks, in a bid to restore confidence in Spain's ailing banking system.
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SunBirdFX Daily Market Analysis : 05/10/2012
www.sunbirdfx.com
The battle between the sellers and the buyers in Wall Street continued yesterday, as the indices closed on the red territory but made bull candlesticks on the daily chart. The volumes in the US stock markets are higher than average these days, which indicate for the tension among the traders. It looks like the indices are ready for the bullish correction, but the threat of another bearish session still exists.
GBP/USD
We keep mentioning that the pound is a strong currency that suffered from Wall Street weakening otherwise it would probably trade around 1.65 today. The pair made an accurate retest to the break-up level at 1.65, slide under it, and know it has to overcome this obstacle one more time in order to continue rising. Yesterday's candlestick was a long-tail ...
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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 $ ...
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EUR/USD Testing Key Support
Sunrise Market Commentary
- Fixed Income: new contract highs
- London-traders returned and the market seemed to react with a lag to this weekend's election results. In a risk off session, both the German Bund Future and the US Note Future set new contract highs, respectively at 142.62 and 133-04.
- Currencies EUR/USD testing key support
- On Tuesday, sentiment on the euro remained fragile even as there was little news from the political scene in France or Greece. EUR/USD is again testing the key 1.2974/55 support area. A break below this level would be highly significant from a technical point of view.
The Sunrise Headlines
- US Equities dropped sharply lower yesterday, but reversed most of their losses in the final hours of trading. The S&P ended the session 0.43% lower. ...
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