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IncreasingTitle:
Euro dips after Spain auction, ECB eyed
(Reuters) - The euro dipped against the dollar on Thursday as a jump in borrowing costs at a Spanish debt auction highlighted market concerns about Madrid's economic problems, and the shared currency looked vulnerable ahead of a European Central Bank rate decision.
Spain sold 2.5 billion euros of three- and five-year bonds to solid demand, but yields jumped compared with previous auctions. It was the first test of market appetite for Spanish debt since the country slipped into recession and had its credit rating cut.
The euro was last down 0.15 percent at $1.3136, hovering within sight of the 10-day low of $1.3121 hit on Wednesday after weaker-than-expected euro zone manufacturing data and rising unemployment figures.
Immediate support was seen around the 100-day moving average at $1. ...
Title:
On to Barcelona
Forex News and Events:
Expectations are increasing for today’s ECB rate announcement and press conference. It's generally consensus that no major decision on interest rates or change in operations will come out of the ECB's meeting in Barcelona. There is a growing anticipation that Draghi will sound significantly more dovish considering the recent deterioration in Eurozone economic data. Also it has not been disregarded that President Draghi endorsed the theme of encouraging growth within the context of a broader fiscal compact. The market is also buzzing over the change in the meeting's location to in Barcelona this suggested that the ECB want to illustrate the gravity of the facing the EU periphery. FX risk appetite stabilized in the Asian session but only after a very hard day for USD ...
Title:
U.K. services slowdown raises recovery concerns, pound drops for the fourth day
U.K. services expansion ease added to concerns economic recovery is faltering, especially after the slowdown in growth in the major sectors.
PMI services showed an ease in expansion in April to 53.3 from 55.3 in March. This week, PMI manufacturing also showed an ease in expansion to 50.5, the lowest since December, compared to a revised of 51.9, while construction showed a narrowing expansion to 55.8 from 56.7 in March.
With the economy's major sectors deteriorating with the beginning of the second quarter, worries are increasing the economy will experience a deepening recession.
The British economy has recorded 0.2% contraction in the first quarter, following the 0.3% contraction recorded in the last quarter of 2011.
BoE King said the British economy is recovering from the 2008 ...
Title:
Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
Failure to reclaim key barrier at 1.3300 has resulted in steep decline that so far retraced over 50% of 1.2993/1.3282 upleg. Temporary support was found at 1.3120, 90 day MA, with subsequent recovery attempt so far unable to clear the initial barrier at 1.3160, increasing risk of test of strong support zone at 1.3100, 23 Apr low / Fib 61.8% and possible extension lower, as near-term studies remain negative. Break below 1.3100 to open 1.3060 and 1.3032 static supports. On the upside, yesterday’s intraday high and recovery top, offers initial resistance, while 1.3200 zone, 01 May low / 20/55 day EMA crossover, is expected to cap.
Res: 1.3157, 1.3166, 1.3200, 1.3232
Sup: 1.3121, 1.3100, 1.3068, 1.3056
GBP/USD
Remains under pressure, after losing initial support at 1.6200, with ...
Title:
Dukascopy Morning Forex Overview : 03/05/2012
Fundamental Analysis
EUR
"The grim unemployment figures for March will likely encourage talk about a long overdue ‘growth pact’ for the euro zone"
- Martin van Vliet, an economist at ING Group
Euro area unemployment rose to the highest level since 1997 in March and manufacturing contracted in April, adding to signs the economy is still far from out of the woods.
USD
"Employment growth is slowing"
- David Sloan, an economist at 4Cast Inc.
The number of Americans, who have found a job in the private sector fell to 119,000 in April from a revised 201,000 in March, the ADP Employer Services said on Wednesday.
GBP
" points to clear, decent construction expansion in April"
- Howard Archer, chief UK economist at IHS Global Insight
U.K. construction sector expanded slower in April, compared ...
Title:
Euro weighed by sour economic data; ECB meeting in focus
Forex Morning Briefing : Euro weighed by sour economic data; ECB meeting in focus
What’s new:
Forex: Euro hurt by downbeat euro zone data; forex investors brace for more dovish ECB
Global Markets: Asian shares weighed by sour data from both sides of Atlantic
New Zealand: Sharp rise in jobless rate to 6.7% from 6.3% drives kiwi lower
Euro zone: Spanish bond sale, ECB meeting in focus
Euro zone: Unemployment rate edges to 15-year high
United States: Treasury Secretary Geithner repeats call for stronger Chinese yuan
United States: ADP employment report shows lowest gain in 7 months
Rates in Asia and Indices:
EUR/USD 1.3135 1.316 -0.07 %
USD/CHF 0.913 0.9148 -0.08 %
GBP/USD 1.6171 1.6203 -0.04 %
USD/JPY 80.1 80. ...
Title:
Asian stocks drop on disappointing data ahead of ECB’s rate decision
Amid thinner-than-usual volumes, with markets in Japan being closed for holiday, Asian stocks dropped, where the MSCI Asia Pacific Excluding Japan Index fell 0.4% at 13:03 in Hong Kong, on disappointing data that fueled doubts over recovery.
Sentiment turned negative after manufacturing in the eurozone slipped deeper into contraction, unemployment unexpectedly rose in Germany, while the US added fewer than expected jobs in April, darkening the outlook for Friday’s key non-farm payrolls report.
Furthermore, the jobless rate rose in New Zealand during this year’s first quarter to the highest level since 2010 at 6.7% from 6.4% previous, raising more fears over global growth, while Australia’s performance of services dropped to 39.6 from 47.0, and China’s services PMI fell to 56.1 in April ...
Title:
Awful EMU PMI Data Hit The Euro
Sunrise Market Commentary
- Fixed Income: German yields set record lows
- Depressing April PMI's and unemployment data in the EMU set the tone for a risk off session. Core bonds surged higher and the German Bund future reached a new record high. In the US session, US equities rebounded and triggered profit taking in US treasuries. German bonds stayed near the highs however.
- Currencies: Awful EMU PMI data hit the euro
- The focus in currency trading shifted from the US to Europe. On Tuesday, EUR/USD declined due to dollar strength in the wake of the ISM release. On Wednesday, an awful set of EMU data triggered a next selling wave. EUR/GBP continues to set new lows, too. We doubt that the Draghi press conference will be able to change the course of events
The Sunrise ...
Title:
Market Drivers - Currencies : 03/05/2012
Today's Comment
Yesterday, the PMI data from the euro zone showed signs of weakness as practically all data surprised by showing declines. The indicators showed that unemployment in Europe has worsened relative to the preceding month. Even the otherwise strong German labour market showed signs of weakness. Overnight China added to risk aversion as PMI data (service) showed a steeper fall than feared. Given all the negative events over the past 24 hours, it is not strange that the safe havens, USD, JPY and GBP, were among the investors' favourites.
Today will see two very important economic events: the ECB has its interest-rate meeting and ISM service will be released in the US. ISM offers a status for about 88% of the US economy, and therefore a weak figure in this respect will be a hard ...
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