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Ice Dollar IndexTitle:
Gold steady; currency, Greece vote eyed
(Reuters) - Spot gold held steady on Tuesday as investors watched moves in the currency market while waiting for a vote by Greece's parliament later this week on an unpopular austerity plan needed to avoid a sovereign debt default.
Gold had traded in a narrow range of barely $6, as the euro steadied and the dollar index .DXY weakened slightly as Greece's parliament debates the austerity plan ahead of an expected vote on Wednesday.
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Dukascopy Morning Forex Overview : 28/06/2011
Previous session overview
The euro held steady against the dollar and the yen in Asia Tuesday as growing optimism that Greece will approve a package of austerity measures Wednesday prodded traders to refrain from making fresh bets.
Earlier in the day, short covering that triggered stop-loss purchases above USD1.4300 sent the single currency as high as USD1.4330. But the gains were eroded later due to the absence of fresh news related to the Greek debt crisis.
At 0450 GMT, the euro was at USD1.4298 from USD1.4283 late New York trade Monday. The dollar was at JPY80.82 from JPY80.89, while the euro was at JPY115.55 from JPY115.53.
European governments said Monday they want private creditors to roll over as much as EUR30 billion of Greek government bonds that come due by 2014.
The ...
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GBP Breaking Out of Long-Term Bullish Channel
Regional investors are expecting a technical downturn for the pound this week after several reports showed the currency breaking out of a long-term bullish channel. Lying behind the turning point is several months' worth of bearish manufacturing reports and a concern that inflation may become flattened out through the summer with analysts calling for a sluggish second quarter.
Economic News
USD - USD Dips as Investors Await CB Consumer Confidence Data
The US dollar was seen in decline in trading yesterday as traders began to seek risk after a solid US stock market open. The EUR/USD was seen moving towards 1.4275 yesterday before settling mildly below this mark at day's close. The GBP/USD was also in a bullish channel, with a high of 1.6002 touched prior to getting tested by technical ...
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Gold steady on Asian physical buying; dollar weighs
(Reuters) - Gold prices held steady on Monday, aided by active buying on the physical market in Asia, while a stronger dollar weighed along with caution as investors awaited a Greek parliament vote this week that is crucial to securing a sovereign debt bailout.
Greece's parliament begins on Monday to debate a deeply unpopular austerity plan which international lenders are demanding to see approved this week to avert the threat of bankruptcy.
A parliament vote is expected on Wednesday, which will be closely watched by participants in the global financial markets.
"If Greece's parliament passes the austerity measures, it could be positive for risk assets such as commodities," said Ong Yi Ling, an analyst at Phillip Futures, noting that gold could be a beneficiary as it has closely ...
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YouTradeFX Daily Market Analysis : 27/06/2011
www.youtradefx.com
S&P 500 :
The recent wave of price drops in the financial markets can still be defined, according to all technical and fundamental parameters, as a correction to the main trend of increases that began at the beginning of March 2009. The negative sentiments brought the S&P 500 all the way down to the present record low levels that it is traded at today, at around 1260 dollars. Since the feelings are that the technical correction should end in the near future, so long as the index continues to be traded at these low levels but still above the critical support level of 1220 dollars, it is worth buying.
From the technical point of view, a break in the important support level at 1220 dollars will constitute a very real danger to the main trend of increases in the markets ...
Title:
Dukascopy Morning Forex Overview : 27/06/2011
Previous session overview
The dollar broadly strengthened against major currencies in Asia on Monday as jitters over this week's parliamentary votes in Greece on a EUR28 billion package of austerity measures heightened traders' risk aversion, prompting them to buy the greenback.
Falling stock and commodity prices, coupled with global growth concerns, also added to uncertainty in the currency market, leading traders to trim their holdings of riskier currencies such as the euro, the U.K. pound, and the Australian dollar. The greenback also gained against its safe-haven rivals such as the yen and the Swiss franc.
At 0500 GMT, the euro was at USD1.4123 from USD1.4192 late Friday in New York. It earlier tumbled to as low as USD1.4102. The U.K. pound stood at USD1.5922, after falling to a ...
Title:
Dollar rises, stocks ease on fears about Europe
(Reuters) - The U.S. dollar rose for a fourth consecutive session and equities fell on Monday, with investors nervous ahead of a Greek vote on unpopular austerity measures this week that may sow stronger doubts about financial stability in Europe.
Greek lawmakers began debating a 28 billion euro ($40 billion) package of measures to increase taxes and cut fiscal spending that is critical to winning a new round of international funding to keep it afloat.
A rejection of the austerity plan could greatly worsen pressures already reflected by rising Portuguese and Spanish government bond yields, possibly bringing high-risk Europe closer to a chain of sovereign defaults that would blow out interbank funding costs and place heavy stress on the region's banking system.
The risk of a credit event ...
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The World’s largest economy knocks doors of July
The World’s largest economy knocks doors of July with further economic fundamentals due to be released next week
If truth be told last week is more likely to be tilted as the “Fed’s Week” for the superpower, since the Federal Reserve released the rate decision where the FOMC decided to leave the benchmark interest rate unchanged at a record low between 0.00% and 0.25%, in addition Fed Chairman Ben Bernanke spoke at press conference and announced his new projection regarding growth, unemployment and inflation for the world’s largest economy.
In fact investors worldwide constantly eye the economic releases from the superpower especially at the present time as more weakened the data sounds shall add further signs that the economy is slowing, taking into consideration if the current economic ...
Title:
Fresh Signs of Global Slowing Keep Risk Down
The Week Ahead
Highlights
Fresh signs of global slowing keep risk down
All eyes on Greece, again
IEA emergency reserve release - Transitory or permanent influence on crude oil prices?
UK data releases evidence a stagnant economic recovery
Important technical levels to watch in the week ahead
Key data and events to watch next week
Fresh signs of global slowing keep risk down
Markets received fresh signals this past week that global growth is moderating further, suggesting potential for further declines in risk assets (stocks and commodities) in the weeks ahead. Stocks in the US did not lose much ground, but attempts to rebound were rejected, highlighting our view that sellers remain dominant. Commodities, using the CRB index as the proxy, posted much sharper ...
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