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Greece Still OutTitle:
Negative outlook in EU sends EUR/USD to new 2012 lows
MORNING BRIEFING: Negative outlook in EU sends EUR/USD to new 2012 lows
What’s new:
Asia: Japanese CPI in line with expectations. Risk mixed overnight. EUR/JPY consolidates below 100.
United States: Soft core durables send GDP forecasts down. USD gaining against most peers
Europe: Decent indices, but Euro selling off. Still focus on Greece and the lack of progress.
Rates in Asia and Indices:
EUR/USD 1.2519 1.2561 0.21 %
USD/CHF 0.9567 0.9606 0.16 %
GBP/USD 1.5648 1.5676 -0.00 %
USD/JPY 79.54 79.82 -0.06 %
EUR/CHF 1.2012 1.20375 -0.03 %
EUR/JPY 99.73 100.06 -0.25 %
Dow Jones 12419.63 12539.59 0.26 %
Nasdaq 2512.35 2554.2 ...
Title:
Euro Corrects Some of the Losses as This Week Comes to an End
Another week has almost ended, while all the focus remains on Greece as markets still attempt to weigh the alternatives for Greece and whether the nation might exit the one-currency bloc or not, where uncertainty dominates investors and markets, the thing the weighed sharply on the common currency, which almost shed 2% this week.
The sentiment remains negative, while fears and concerns are mounting, where a poll in Greece showed yesterday that the anti-austerity Syriza Party is leading now as more and more Greeks are joining the anti-austerity campaign.
The Public Issue/Saki TV poll showed that the leftist party gained 30% of the vote, beating that conservative New Democracy Party with 4 points, noting that this party mainly backs the second bailout deal. In the third place the Socialist ...
Title:
Canadian Dollar Remains Depressed by European Crisis
The Canadian dollar fell today, dropping for the fourth straight day against its US peer, as fears of a collapse of the eurozone made Forex traders prefer the US currency to the Canadian one. The currency was flat against the yen.
The prospect of an exit of Greece from the eurozone is still haunting investors and is likely to persist until the elections in June. China and the United States also add to uncertainty from time to time as some indicators signal about slower growth. All in all, currently is not the best environment to trade higher-risk currencies associated with risk.
The future of the Canadian currency does not look grim despite the negative factors as the economy of Canada looks robust enough to weather most adverse events. In fact, fundamentals were rather supportive for ...
Title:
Stocks eke out gains, euro falls
(Reuters) - Global stocks eked out gains on Thursday while the euro fell as data suggested Europe's debt woes were spreading and worsening a global economic slowdown, adding to investor concerns about Greece's possible exit from the euro zone.
In a volatile session, investors looking for bargains initially bought equities, oil and gold, which have been beaten down this week by worries a Greece exit would deepen the euro zone debt crisis.
The appetite for growth-oriented assets faded as fears about the euro zone's drag on the world economy returned. Then for a second straight day, a wave of buying emerged shortly before Wall Street's close.
"The market has pulled back far enough that people are trying to assess if we've priced the worst of what's known. But with the problems in Europe ...
Title:
Global stocks, euro slip on weakening growth
(Reuters) - U.S. stocks and the euro edged lower on Thursday as data suggested Europe's debt woes were spreading and worsening a global economic slowdown.
In a volatile session, investors looking for bargains earlier bought equities, oil and gold which have been battered this week by worries Greece would leave the euro zone. But the buying of growth-oriented assets faded as worries about the euro zone's drag on the world economy returned.
Stocks and other riskier assets turned negative as disappointing data from Europe, China and the United States compounded concerns about the economic contraction moving across Europe.
Amid speculation of more coordinated efforts from major central banks to stem further deterioration of the euro zone debt crisis, bond yields of Spanish, Italian and ...
Title:
Gold edges up as euro cuts losses
(Reuters) - Gold rose on Thursday, after three days of losses, although the drag of the euro near two-year lows tempered the bullion price and eclipsed data that showed another rise in central bank purchases of the metal last month.
The euro edged higher, having hit a near two-year low against the dollar earlier on Thursday after dire German economic data suggested no country in the region was immune from crisis, spooking investors already weighing the risk of Greece leaving the euro zone.
This offset a potentially bullish lift from International Monetary Fund data that showed another rise in central bank holdings in April, after the largest purchase in over four years by the Philippines and further additions by the likes of Mexico, Ukraine and Russia to their reserves.
Spot gold rose 0. ...
Title:
Copper up from 4-1/2 month low, EU data weighs
(Reuters) - Copper firmed a little on Thursday after sinking to a 4-1/2 month low in the previous session but remained under pressure as downbeat data from the European Union raised worries that global economic weakness will hit demand for industrial metals.
Benchmark copper on the London Metal Exchange was trading at $7,589.50 a tonne by 0939 GMT, 0.8 percent up from a close at $7,531 on Wednesday.
The metal, used in power and construction, has dropped on risk aversion triggered by worries about Greece's possible exit from the euro zone.
Business surveys showed Germany's manufacturing sector has been shrinking at the fastest rate in three years in May and the euro zone's private sector has sunk further into the doldrums this month as new orders shrivel, forcing firms to run down ...
Title:
Markets vs. Technocrats
Forex News and Events:
Over the past few days, the media has been relaying comments suggesting leaders are backing the stay of Greece in the EMU. For starters the G8 stressed the importance for Greece to remain in the monetary union regardless of the discord over how to best tackle the crisis. During an interview with CNBC on Tuesday, former Greek PM insisted that an exit would yield “catastrophic” consequences for the country itself and “far reaching” implications for the EU. During yesterday’s European session however, EU officials stated they have agreed over a teleconference call with Eurogroup Work Group (EWG) that each nation in the EMU must prepare an individual contingency plan in case of an exit. The EUR sank against the USD to its lowest level since July 2010 at 1.2544, down 5. ...
Title:
EUR/USD Cedes The 1.2624 Support
Sunrise Market Commentary
- Fixed Income: Risk off pushes German bond yields to new lows
- Risk off sentiment pushed core bonds higher and non-core bond yield spreads re-widened substantially. The Summit didn't bring new information, but another hole found in Spain's regions' budgets might get attention today.
- Currencies EUR/USD cedes the 1.2624 support
- On Wednesday, the EMU debt crisis was again omnipresent. Markets feared that the EU leaders wouldn't be able to take decisive action to address the debt crisis. Extreme risk aversion pushed EUR/USD to a new low for 2012. The losses of EUR/GBP were more contained, as poor UK retail sales and rather soft BoE minutes kept the door open for more policy stimulation.
The Sunrise Headlines
- In the final hour of trading, US ...
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