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Hit Markets YesterdayTitle:
Inflation data from across the globe in focus today
As this week comes to an end today, markets will be focused on inflation data from across the globe, where Germany, the United Kingdom and the world's largest economy are to release inflation-linked data, which most probably eased in March due to the global slowdown and growth concerns across Europe and the whole world itself.
As we all know, an ease in inflationary pressures will weaken the European common currency, and in result, in case the indexes came in line with expectations, the euro might cut the gains recorded yesterday against the U.S. dollar, noting that the currency surged yesterday after Fed's Dudley renewed fears regarding the recovery in the U.S. and opened the door for a third round of quantitative easing.
The President of New York Federal Reserve Bank, William Dudley, ...
Title:
Speculation on EURCHF Jump
Forex News and Events:
There is plenty of speculation about the EURCHF spike around 20.00est yesterday. The sudden move to 1.2035 from 1.2015 has fueled speculation that the SNB was active once again in the FX markets. At this point there is little supporting evidence that what we saw was an official intervention rather than panicky traders hearing footsteps. The SNB, so far, has been very transparent regarding their FX policy. Last Thursday’s trading action had the SNB wholly entering the market on EBS in their own name. In addition, SNBs Jordon quickly issued a discussion memo (see below) outlining in very lucid details the events of the day. The SNB saw no advantage of hiding being classics convoluted Central bank language. There are some significant credibility issues and policy ...
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Euro Builds Up Against Dollar As Stocks, Oil Advance
Markets are on its way to recoup yesterday's losses as traders are charged back with more optimism about a probably available painkiller for Europe's debt crisis while U.S. traders saw a surprisingly good start for the earnings season – kicked off by Alcoa Inc yesterday, and now anticipate the Federal Reserve's latest survey on economic conditions across 12 Federal districts.
The dollar was sold good today in favor for higher-yielding currencies, falling against most of its traded peers accordingly and driving the USDIX which tracks the performance of the greenback against a basket of currencies including the yen, the pound and the Japanese yen, down to 79.72 from 79.83 after recording a high of 79.90 and a low of 79.52.
Gold spot prices were little changed around $1658.90 an ounce this ...
Title:
Euro climbs but outlook clouded by debt concerns
(Reuters) - The euro rose against the dollar on Wednesday as gains on stock markets encouraged traders to push it through resistance levels, but it stayed vulnerable to further selling as worries about indebted euro zone countries persisted.
Analysts said the single currency could succumb to another bout of weakness if low-rated euro zone government bonds come under further selling pressure, with Spanish 10-year yields hovering close to 6 percent.
A weak auction of German 10-year bonds weighed a little on the euro, but traders said market players were encouraged by the fact that peripheral bond yields did not rise as a result.
"Spreads in peripheral Europe did not widen on the (German) auction which was taken as a positive. Everyone was short the euro from yesterday, so we have just ...
Title:
Prospects of more easing hurts yen
Forex Morning Briefing : Prospects of more easing hurts yen
What’s new:
Forex: Yen falls on prospects of more stimulus by BOJ; Aussie recovers from 3-month low
Global Markets: Global shares extend declines as Europe’s debt crisis seen worsening
Euro zone: Bond yields rise sharply; Spain’s 10yr yields soar to highest since December 12th
Euro zone: Italy scheduled to sell €11 bln bills today
United States: Fed Vice-Chairman Yellen to speak today
Rates in Asia and Indices:
EUR/USD 1.3067 - 1.3116 0.24 %
USD/CHF 0.9162 - 0.9195 0.22 %
GBP/USD 1.5852 - 1.591 0.28 %
USD/JPY 80.62 - 80.95 -0.30 %
EUR/CHF 1.2012 - 1.2018 -0.01 %
EUR/JPY 105.45 - 106.15 -0.54 %
Dow Jones 12710.56 - 12929.59 -1.65 %
Nasdaq 2688.21 - 2749.51 -1.63 %
S&P 500 1357.38 - ...
Title:
Traders Watching Spanish Yields Nervously
Forex News and Events:
Today traders will be watching development in Europe as Spanish yields continue to rise and investors remain skeptical that Prime Minister Rajoy can bring the nations deficit under control. Rajoy was quoted as saying “Spain is in an emergency situation.” Yields on Spanish 10 year sovereign debt rose to 5.79%. In addition, there is regional contagion worries as concerns are also spilling over into Italian debt (5yr +17bps today). And despite strong rhetoric, investors have not ruled out Spain joining Greece, Portugal and Ireland in seeking an international bailout. No helping to ease concern, Spanish economic minister Guindo declined to rule out a possible need for a rescue. Although he did go on to mention that Spain had covered almost 50% of 2012 financing needs. ...
Title:
Pessimism dominates European Currencies as they react to the downbeat U.S. jobs report
With the return of European markets, pessimism returns once again to dominate high yielding currencies as worries return to affect the sentiment again, which deteriorated already as European investors started to weigh the impact of the downbeat U.S. jobs report, the thing that led high yielding currencies to the downside as investors attempt to avert as much risk as possible.
Moreover, European investors are also worried over the situation in Spain, the fourth largest economy in the euro-area region, where the tension returned to debt market once again, spreading jitters across the board and pressuring the confidence to weaken, especially after Italian and Spanish bonds declined, while borrowing costs kept on surging.
The Spanish Premier, in attempts to control the deficit, met yesterday ...
Title:
BoJ keeps policy unchanged; Bernanke weighs on USD
Forex Morning Briefing : BoJ keeps policy unchanged; Bernanke weighs on USD
What’s new:
Forex: Yen extends gains as BOJ stays on hold; Bernanke’s comments weigh on USD
Global Markets: Asian shares slide as Chinese imports fell sharply
Japan: Bank of Japan keeps rates, asset purchases on hold
China: China posts unexpected trade surplus, but imports declined sharply
United States: Fed Chairman Bernanke says US far from complete recovery
Rates in Asia and Indices:
EUR/USD 1.3089 - 1.3145 -0.06 %
USD/CHF 0.9146 - 0.9178 -0.02 %
GBP/USD 1.5875 - 1.5931 -0.09 %
USD/JPY 81.26 - 81.87 +0.19 %
EUR/CHF 1.20137 - 1.20261 +0.02 %
EUR/JPY 106.43 - 107.47 +0.26 %
Dow Jones 12903.78 - 13057.72 -0.99 %
Nasdaq 2722.77 - 2751.44 -0.81 %
S&P 500 1378.24 - ...
Title:
Oil rises, U.S. jobless claims lift demand hopes
Oil rose on Thursday after two straight days of losses, as initial U.S. jobless claims fell to a near four-year low last week, raising hopes that an improving labor market would lift demand for energy.
Data from the U.S. Labor Department showing first-time claims for state unemployment benefits fell to the lowest level since April 2008 gave U.S. prices an early boost, with further strength coming from short covering ahead of the three-day holiday weekend.
In recent months, new jobless claims have fallen sharply, boosting hopes that the end of a long stretch of heavy layoffs will lead to more hiring, ultimately boosting demand for motor fuel and other energy products.
In London, ICE Brent crude for May delivery settled at $123.43 per barrel, up $1.09, climbing back from the session low ...
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