ForexTribe is a french website mainly created to share graphic analysis and trade ideas on the Forex Forum.
Jobless Claims A WeeklyTitle:
Brent steady at $106 as economy worry lingers
(Reuters) - Brent crude futures held steady at $106 a barrel on Friday, but was on track for a fourth weekly loss and the longest losing streak since early 2010, as investors were jittery over signs of slowing global economic growth blunting oil demand.
Asian shares and the euro took a hit on Friday on a grim global economic outlook after weak data from the United States, China and Europe, and on the uncertain fate of Greece.
But losses were limited by fears of a supply disruption from the Middle East, as talks on Iran's nuclear program reached a stalemate, with Western countries insisting Iran must cease uranium enrichment before sanctions against it can be eased.
Brent crude inched up 2 cents to $106.57 a barrel by 0629 GMT after touching a session high of $106.98. U.S. crude dropped ...
Title:
Brent slips towards $106 as economy worry lingers
(Reuters) - Brent crude futures slipped towards $106 a barrel on Friday, on track for a fourth weekly loss and the longest losing streak since early 2010, as investors remained jittery on signs of slowing global economic growth blunting oil demand.
Asian shares and the euro took a hit on Friday on a grim global economic outlook after weak data from the United States, China and Europe and on the uncertain fate of Greece.
But losses were limited by fears of a supply disruption from the Middle East, as talks on Iran's nuclear program reached a stalemate, with Western countries insisting Iran must cease uranium enrichment before sanctions against it can be eased.
Brent crude was down 32 cents to $106.23 a barrel by 0503 GMT after touching a session high of $106.98. U.S. crude dropped 17 ...
Title:
EU Data Deteriorates
The euro remained under pressure against most of the majors after disappointing economic data and as the EU summit concluded without giving markets any indication of significant progress. European leaders debated the topic of eurobonds and whether or not it would contribute to growth. Germany remaining firmly opposed to the joint bonds saying that it would give countries with already large deficits incentive to continue to spend.
Economic data out of Europe added to the deterioration in sentiment as German, French, and Eurozone May PMI figures printed below expectations. Manufacturing PMI's in Germany, France, and the EZ fell to 44.4 (cons. 47.0), 45.0 (cons. 46.8), and 45.0 (cons. 46.0) respectively. The below 50 readings indicated ongoing contractions in manufacturing. Furthermore, ...
Title:
European Market Update : 24/05/2012
Major European PMI Manufacturing data misses expectations; German IFO Business Confidence falls for the first time in 7 months
Economic Data
(RU) Russia Gold & Forex Reserve w/e May 18th: $514.3B v $518.8B prior
(DE) Germany Q1 Final GDP Q/Q: 0.5% v 0.5%e; Y/Y: 1.7% v 1.7%e; GDP WDA Y/Y: 1.2% v 1.2%e
(DE) Germany Q1 Private Consumption: 0.4% v 0.2%e; Government Spending: 0.2% v 0.3%e; Domestic Demand: -0.3% v 0.0%e; Capital Investment: -1.1% v -0.3%e; Construction Investment: -1.3% v -0.4%e; Exports: 1.7% v 0.9%e; Imports: 0.0% v 0.3%e
(CH) Swiss Apr Trade Balance (CHG): 1.3B v 1.9Be; Real Exports M/M: -0.9% v +0.2%e; Real Imports M/M: 2.6% v 5.9% prior
(FI) Finland Apr PPI M/M: -0.1% v +0.4% prior; Y/Y: 1.4% v 1.4% prior
(FI) Finland Apr Preliminary Retail Sales Volume Y/Y: -2.0% v ...
Title:
Markets vs. Technocrats
Forex News and Events:
Over the past few days, the media has been relaying comments suggesting leaders are backing the stay of Greece in the EMU. For starters the G8 stressed the importance for Greece to remain in the monetary union regardless of the discord over how to best tackle the crisis. During an interview with CNBC on Tuesday, former Greek PM insisted that an exit would yield “catastrophic” consequences for the country itself and “far reaching” implications for the EU. During yesterday’s European session however, EU officials stated they have agreed over a teleconference call with Eurogroup Work Group (EWG) that each nation in the EMU must prepare an individual contingency plan in case of an exit. The EUR sank against the USD to its lowest level since July 2010 at 1.2544, down 5. ...
Title:
EUR/USD Cedes The 1.2624 Support
Sunrise Market Commentary
- Fixed Income: Risk off pushes German bond yields to new lows
- Risk off sentiment pushed core bonds higher and non-core bond yield spreads re-widened substantially. The Summit didn't bring new information, but another hole found in Spain's regions' budgets might get attention today.
- Currencies EUR/USD cedes the 1.2624 support
- On Wednesday, the EMU debt crisis was again omnipresent. Markets feared that the EU leaders wouldn't be able to take decisive action to address the debt crisis. Extreme risk aversion pushed EUR/USD to a new low for 2012. The losses of EUR/GBP were more contained, as poor UK retail sales and rather soft BoE minutes kept the door open for more policy stimulation.
The Sunrise Headlines
- In the final hour of trading, US ...
Title:
Gold hovers about $1,560 an ounce; Greece fear persists
(Reuters) - Gold hovered around $1,560 an ounce on Thursday, and remained on shaky ground as worries about Greece and the euro zone still dominated market sentiment after a European Union summit yielded few practical steps to manage the debt crisis.
FUNDAMENTALS
* Spot gold edged down 0.1 percent to $1,559.30 an ounce by 0049 GMT, after dropping to $1,533.41 in the previous session.
* U.S. gold gained 0.7 percent to $1,559.30.
* European Union leaders, advised by senior officials to prepare contingency plans in case Greece decides to quit the single currency, urged the country to stay the course on austerity and complete the reforms demanded under its bailout program.
* Spain announced a 9-billion-euro ($11 billion) bailout for troubled lender Bankia on Wednesday, while also seeking ...
Title:
The Weekly Bottom Line : 19/05/2012
The Weekly Bottom Line : 19/05/2012
HIGHLIGHTS OF THE WEEK
United States
- Global economic concerns ratcheted up this week. Widespread discussion of a Greek exit continued, Spanish banks faced rating downgrades and periphery sovereign debt yields moved higher.
- Financial markets have responded to these global worries with increased risk aversion. The S&P is poised to end the week 3% lower, and 10-year treasuries are yielding just 1.7%.
- U.S. economic data has proved somewhat more encouraging, but growth is still struggling to breakout beyond a moderate pace. This has kept the possibility of additional monetary stimulus alive even if the threshold remains quite high.
Canada
- Recent economic indicators are showing a resurgence of strength in the Canadian economy. Strong ...
Title:
Europe Steps Closer to the Cliff Edge
The Week Ahead
Highlights
Europe steps closer to the cliff edge
Can the USD extend its rally?
Bank of Japan may extend maturity of its bond buys
Pricing in more QE from the Bank of England
Europe steps closer to the cliff edge
It was a pivotal week for the Eurozone after Greece announced that it was heading back to the polls after the top three parities failed to form a coalition government. So now Greece is leaderless, there is a caretaker government in place but it won't be able to enforce the austerity required to get the next tranche of bailout funds necessary for Greece to avoid running out of money in July. So as time runs out for Greece the European authorities have been clear: the upcoming election is a referendum on euro-membership. Either vote for pro bailout ...
|