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Euro off near two-year lows, outlook still bleak
(Reuters) - The euro inched up from two-year lows against the dollar on Friday as bearish investors took a breather from a sharp sell-off this week, but worries about a possible Greek exit from the euro zone and the risk of contagion could make gains fleeting.
The euro traded 0.4 percent higher on the day at $1.2581, pulling away from $1.25155, the lowest level since July 2010 that was hit the day before. Traders cited a reported option barrier at $1.2500 that could check losses with offers around $1.2600 and stop-loss orders above $1.2620.
Despite the bounce, the common currency has lost more than 5 percent against the dollar so far this month and is on track for its fourth straight week of losses, raising the possibility of a test of the 2010 low of $1.1875.
Macro funds and ...
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Analysis: Deeper metals price falls needed to spark closures
(Reuters) - A rout in commodity markets has pushed prices of aluminum, zinc and nickel down to levels where many high-cost producers are starting to suffer, although the pain threshold may have to increase before widespread closures help balance markets.
High cash premiums in aluminum and zinc along with recent weakening in commodity currencies are providing a cushion to some producers, who otherwise might be forced to halt loss-making output in markets burdened with surpluses.
"It becomes a question of how long you can hold your breath under water, if you can hold breath just a moment longer, then it may be your rival who makes the cuts," said Nick Moore, head of commodity research at RBS in London.
"If they don't cut, then prices will be the grim reaper. They will go down to a level ...
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Another Day, Another New Correction Low For EUR/USD
Sunrise Market Commentary
- Fixed Income: Hunt for yield
- Following horrible French and German PMI readings, core bonds set new highs. The German 10-yr yield set an all time low at 1.35% and this initiated for the first time a “hunt for yield” trade into Belgian, Austrian and French bonds. The trade was most visible at the longer end of the curve, resulting in a bull flattening.
- Currencies: Another day, another new correction low for EUR/USD
- On Thursday, the decline of EUR/USD was extended. However, given the flood of negative news, the damage could have been worse. EUR/GBP struggles to hold above the 0.8000 barrier. Today, the calendar is thin. However, one can expect investors to stay cautious going into a long weekend. This is no help for the euro
The Sunrise ...
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EU worries keep euro near 2-year lows, shares edge up
(Reuters) - The euro wallowed near two-year lows early on Friday while European shares edged up, as uncertainty over the fate of Greece coupled with this week's disappointing euro-zone and Chinese economic data curbed any appetite for riskier assets.
The euro was down 0.1 percent at $$1.2540, but has lost 1.78 percent this week after on Thursday touching its lowest level since July 2010, at $1.2515. The U.S. dollar index .DXY measured against key currencies benefited from safe-haven demand to touch a fresh 20-month peak of 82.411.
"Markets have priced in a very negative scenario for Greece as well as deteriorating growth prospects in the euro zone, but with them very much focused on the tail risk of Greece leaving the euro bloc, the euro remains highly vulnerable," said Masafumi Yamamoto, ...
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SunBirdFX Daily Market Analysis : 05/25/2012
www.sunbirdfx.com
The US indices closed yesterday on mixed territory, as NASDAQ appears to be the weakest index among the three majors. Nevertheless, the daily charts of the indices show that we might see a bullish correction, as Wednesday low were higher than the previous low, which indicates for a strong supports. The real test for the stock markets is whether they will be able to break-through the weekly high or not, and we will find it out today.
USD/CAD
Yesterday we mentioned that many pairs were oversold or overbought and that the correction was getting close in most of them. The USD completed over 220 pips since it broke-up the 200 SMA two weeks ago and reached the resistance at 1.03. Those who implemented the trade-idea that we brought before the break-up can now take profits ...
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European equities fluctuate with the start of the session European equities are mixed
European equities fluctuate with the start of the sessionEuropean equities are mixed on fear that Greece might be leaving the euro area despite the fact that the decision makers from the euro area con
European equities are mixed on fear that Greece might be leaving the euro area despite the fact that the decision makers from the euro area confirmed that they will not let Greece leave. Markets will be fluctuating between slight gains and losses ahead of the opening today.
The market mainly started to fluctuate after the Italian Prime Minister Mario Monti said yesterday night that most of the European leaders support the issuing of the European bonds.
But things stay uncertain especially after the china`s remarks witnessed in yesterday`s trading showed a possible failure of the largest ...
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Yuan declined to the lowest in 10 weeks regarding China’s flash PMI
China’s Yuan declined to the lowest level in 10 weeks after the data signaled China’s manufacturing may decline for the seventh month in May during the uncertainty of global environment and European debt crisis.
Moreover, China’s economy released its HSBC flash manufacturing PMI for the month of May, where the actual reading dropped to 48.7 compared with a previous of 49.3. Chinese government announced yesterday that it must proactively take policies and measures to expand demand and create a favorable policy environment for stable and relatively fast economic growth.
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Analysis: China's new privatization plan faces push-back risk
(Reuters) - China's new push to open state controlled industries may look bold after a decade of stuttering privatization progress, but Beijing faces stiff resistance from vested interests in its effort to extend its World Trade Organisation dividend.
Beijing's leaders, its top think-tanks, the World Bank and private sector economists all largely agree that for China to build on reform-fired growth after its first decade of WTO membership, state firms must be more competitive and capital better allocated.
The question is whether publication this week of detailed plans to allow private investment in highways, health care and railways will really help dilute state involvement in a range of industries where top executives enjoy ministerial level status and firms get preferential access to ...
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Euro wallows at 2-year lows as EU worries rattle markets
(Reuters) - The euro wallowed at two-year lows against the dollar on Friday and was poised to end the week two percent weaker, weighed down by weak German manufacturing data and worries about a messy Greek exit from the euro zone.
The risk-sensitive Australian dollar dipped 0.2 percent to $0.9741, coming close to the six-month low of $0.9690 hit on Wednesday as a sell-off in emerging market currencies picked up steam.
Rattled by worries over lack of growth in the euro area, the fragile situation of the region's banking system and a potential messy Greek exit from the single currency bloc, the euro is poised to chalk up its biggest weekly loss since the first week of April.
Macro funds and real money investors have ramped up selling of the currency, which is now down more than 5 percent ...
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