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Japanese Yen RoseTitle:
Safe Havens Gain amid Disappointing Data in EU, US
USD remains firmer after the disappointing ADP employment change. The report showed that 119k jobs were added in April from the prior downwardly revised 201k while the consensus was for a gain of 170k. Housing data released earlier showed a +0.1% increase in weekly mortgage applications from the prior -3.8% decline and Fed Governor Tarullo said that he sees ‘signs of gradual improvement' in U.S. housing. UST yields are lower as the softer labor data increases speculation of further Fed measures and 10-year yields dipped below the 1.90% mark. European bourses are mostly lower and US stock futures are pointing to a negative open as sentiment deteriorates. The DXY is higher today and approaching the 55-day SMA and Kijun line which converge around the 79.35/40 area. March factory orders are ...
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High Yielding Currencies Slip on European-Recession Concerns
High yielding currencies dropped sharply today after the flow of downbeat fundamentals from Europe, where the euro, the sterling pound and the Australian dollar all slumped significantly on fears Europe will slip into deep recession, the thing that supported the low yielding U.S. dollar and Japanese yen to gain strength as more investors hold the currencies to avert risk.
The euro reversed sharply to the downside, pulling other high yielding currencies, where after the downbeat fundamentals from the old continent, pessimism spread widely leaving investors with no appetite for risk, the thing that led them to leave high yielding currencies for wealth protection, leading a sell-off wave across the forex market.
The Manufacturing sector deteriorated sharply in April, led by the largest ...
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Dukascopy Morning Forex Overview : 02/05/2012
Fundamental Analysis
EUR
"The likelihood of inflation falling below 2 percent in the short run remains low, putting the ECB in a difficult situation."
- Peter Vanden Houte, an economist at ING
Inflation in the euro zone rose by more than expected in April, mounting pressure on the European Central Bank to take action against price pressures.
USD
"Manufacturing is still in pretty good shape."
- Scott Brown, chief economist at Raymond James & Associates Inc.
Manufacturing in the U.S. expanded in April at the fastest pace in 10 months, showed Institute for Supply Management data on Tuesday.
GBP
"The good news is that manufacturing clocked up a fifth straight rise, whilst cost pressures have eased a little and some firms are still recruiting."
- Lee Hopley, chief economist at EEF
U.K. ...
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Asia shares rise as U.S. data soothes slowdown fears
(Reuters) - Asian shares rose and the dollar recovered against the yen on Wednesday after strong U.S. factory activity data raised hopes that the world's biggest economy remained on a recovery track while growth in Asian manufacturing improved broader sentiment.
European shares were expected to open mixed, with most exchanges reopening after the May Day holiday on Tuesday. Financial spreadbetters predicted that major European markets .FTSE .FCHI .GDAXI would open between down 0.3 percent and up 0.7 percent. U.S. stock futures were up 0.2 percent. .EU .L .N
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS climbed 0.9 percent to a six-week high, after the Dow Jones Industrial Average closed on Tuesday at its highest level in more than four years.
Japan's Nikkei ...
Title:
Dukascopy Afternoon Forex Overview : 01/05/2012
Fundamental Analysis
EUR
Anti-austerity protestors are likely to hold massive demonstrations in May Day. Demonstrations in Athens that involve private and public sector strikes have already disrupted the public transport. However, the traditional violence is not expected as Greeks are likely to show their protest against austerity measures on Sunday when the general elections are due.
USD
Crude and Brent oil dropped as lifted US energy inventories outweighed supply concerns caused by export disruptions in Yemen, Sudan and North Sea.
GBP
Manufacturing sector in the UK performed worse than initially expected in April, reported research group Markit. UK's manufacturing PMI declined to 50.5 last month on a seasonally adjusted basis as compared to a March reading of 52.1. Experts ...
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Growth worries mount, sending the dollar lower
(Reuters) - World shares eased and the dollar hit a two-month low against the Japanese yen on Tuesday, after signs of recovery in China's vast factory sector failed to offset worries over the health of the global economy and the euro zone crisis.
But activity was limited with many markets in Asia and Europe closed for the May Day holiday.
The MSCI's world equity index .MIWD00000PUS was down just 0.1 percent to 328.40, as it added to losses of about 1.5 percent in April. The stronger yen hit Japan's export-related equities, sending the Nikkei index .N225 to a 2-1/2 month closing low.
"In general, stock markets and risk assets seem to be extremely resilient in the face of the news flow which has undoubtedly been in the more negative nature," James Ferguson, strategist at Westhouse ...
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Copper dips on economy concerns, China data supports
(Reuters) - Copper dipped on Tuesday as brisk manufacturing data in top metal consumer China and a softer dollar failed to offset concerns about the fragile U.S. economy and the euro zone crisis.
Trading was thin with most Asian markets shut for the May Day holiday, including China and parts of Europe, limiting the market impact of data showing a sustained expansion in China's factory sector.
Three-month copper on the London Metal Exchange was down 0.1 percent at $8,391 a tonne by 1058 GMT, after hitting a session high of $8,450. It closed at $8,400 on Monday.
China's official purchasing managers' index (PMI) rose to a 13-month high of 53.3 in April, signaling the world's No. 2 economy may be recovering from a first-quarter trough. (nL4E8G10UO)
"I'm not sure there was enough in it to ...
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Gold eases from two-week highs as dollar ticks up
(Reuters) - Gold eased from two-week highs on Tuesday, breaking its longest stretch of daily gains since the start of this year, in line with the dollar paring earlier losses incurred by waning investor confidence in the reliance of the U.S. economy.
A sharp fall in business activity in the U.S. Midwest combined with data on Monday showing Spain was in recession dented investor appetite for risk and supported the safe-haven yen, which also rose against the broadly weaker Australian dollar.
Gold has drawn a degree of strength from the most recent spate of data from the United States that has revived expectations among some quarters of the investment community for the Federal Reserve to offer additional support to the economy via a third round of quantitative easing, or purchases of ...
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USD Remains Bearish During Slow Trading Day
The US dollar extended its bearish trend during yesterday's trading session, as investors continued to digest the disappointing US Advance GDP figure released last week. The greenback hit a two month low against the Japanese yen while the GBP/USD rose to an eight-month high. Turning to today, most European markets are closed for the May Day holiday. That being said, traders will want to pay attention to news out of the US. Specifically, the US ISM Manufacturing PMI is forecasted to generate significant market volatility. A better than expected result could help the dollar recoup some of its recent losses.
Economic News
USD - US Manufacturing PMI May Help Dollar
The dollar largely remained bearish against its main currency rivals yesterday, following disappointing US news last week which ...
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