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U.S. Stock Futures Waver Before Jobless Claims, Trade Balance Reports
After three consecutive days of no major economic data from the world`s largest economy, the U.S calendar comes back with a couple of key reports so traders will be watching the U.S. trade balance and U.S. jobless claims, along with a key speech from the Federal Reserve Chief.
Still, focus will be all around the 17-bloc euro and the political instability that sent speculators beyond a Greek exit from the euro and the harm of the global economic recovery as political uncertainty following Greece`s election entered a fourth day.
As of 06:42 a.m. New York Time, Dow Jones Industrial Average futures expiring June 12 plunged 0.14 percent to 12,777, Standard & Poor`s 500 Index futures slipped rose mo more than 0.1 percent to 1,351.50, and NASDAQ Composite Index fell 0.30 percent to 2,613.25.
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All Eyes on BoE
Forex News and Events:
Bank of England stands to make a crucial decision today as turmoil hinders most of its peer Euro Zone economies. UK’s GDP contracted in the last quarter of 2011 by a revised 0.3%, and inflation remained higher than the 2% average target set by the BoE. During the last weeks, economic data in services and manufacturing were mainly affected by rising petroleum prices and austerity budget cuts biting deep into consumer / household spending. But MPC member Adam Posen, hitherto a fervent supporter of QE stated: “My own personal view is that I think the economy is stronger than what data is going to show”. The central bank last increased its asset purchase program target by 18% in February to GBP325bn as the money supply gauge M4 dipped heavily, suggesting a tightening of ...
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Risk Recovery Looks Fragile
It's one step forward and two steps back for risk at the moment. On the one hand we heard yesterday that Greece was 'more than likely' to receive its next aid tranche in order to cover a bond redemption due later this month, yet the political deadlock from Sunday's election is now entering its fourth day. The chances are that Greece will have to go back to the polls next month (at the cost of about EU 18mn) and the financial markets are concerned that the electorate will choose an anti-austerity party as its first choice.
The choice is up to the Greeks
However, Greece may not like austerity, but it also wants to remain in the Eurozone. EU officials, particularly in Germany, have broken the taboo that no one can leave the Eurozone and started to publically announce that Greece has to ...
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Greece and European issues still in focus; BoE to announce its monetary policy
Forex Morning Briefing : Greece and European issues still in focus; BoE to announce its monetary policy
What’s new:
Equity: Asian and US equities down on Greek political instability
Spain: Government to nationalize Bankia
Forex: AUD/USD pares yesterday’s losses on stronger unemployment rate
Forex: EUR/USD breaks the 1.2950 support, investors remain bearish
Rates in Asia and Indices:
EUR/USD 1.2925 1.2964 0.21 %
USD/CHF 0.9266 0.9293 0.21 %
GBP/USD 1.6123 1.6151 0.05 %
USD/JPY 79.61 79.77 -0.05 %
EUR/CHF 1.2009 1.20131 -0.01 %
EUR/JPY 102.91 103.36 -0.26 %
Dow Jones 12748.48 12921.81 -0.75 %
Nasdaq 2588.97 2635.71 -0.32 %
S&P 500 1343.13 1363.73 -0.67 %
Nikkei 225 8985.9 9075.63 - ...
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YouTradeFX Daily Market Analysis : 10/05/2012
Fundamental News
Today’s highlights:
- ECB Monthly Report (EUR, 09:00 GMT)
- Italian Industrial Production (MoM) (ITA, 09:00 GMT)
- Trade Balance +Manufacturing Production (MoM)+ Industrial Production (MoM) (GB, 09:30 GMT)
- Interest Rate Decision (GB, 12:00 GMT)
- Initial Jobless Claims + Trade Balance (U.S, 13:30 GMT)
- Trade Balance (CAD, 13:30 GMT)
- Fed Chairman Bernanke Speaks (U.S, 14:30 GMT)
Wholesale inventories in the U.S. rose by 0.3% (less than expected) in the month of March, according to a report released by the Commerce Department on Wednesday. Prices for single-family homes climbed in half of U.S. cities in the first quarter as real estate markets stabilized, the National Association of Realtors said in a report yesterday.
According to Bloomberg ...
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Euro Extends Its Trip South As Speculation On Greek Exit Is Growing
Sunrise Market Commentary
- Fixed Income: Core bonds higher at first, but gave back gains in US session
- Fears about Greece and Spain continued to boost core bonds, but a rumours, later confirmed, that the EFSF would today disburse a tranche of the Greek bail-out loan triggered some correction and erased part of the German bond gains and almost all of the US ones. Today, the BoE decision on QE may affect overall bond markets.
- Currencies: euro extends its trip South as speculation on Greek exit is growing
- On Wednesday, trading on global markets was still dominated by negative headlines on Europe. This weighed on the euro. After all, the decline of EUR/USD developed in an orderly way even as several EMU policymakers pondered the option of a Greek exit. Today, the BoE holds ...
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Brent rises on Greece bailout payment, technicals
Brent crude futures climbed back into positive territory in late trading on Wednesday, snapping five days of losses after approval of a bailout payment to Greece eased worries about euro zone debt.
Oversold conditions in recent days after an extended drop in prices sent crude futures down as much as 8.6 percent since May 2 also attracted bargain hunters, analysts said.
Trading was choppy all day with oil finding balancing news of a North Sea oilfield shutdown, a U.S. refinery snag and a drop in U.S. refined product inventories against concerns about a potential Greek debt deal.
The stock market pared losses and Brent crude turned positive after euro zone governments agreed to authorize a payment of 5.2 billion euros from the region's bailout fund, despite opposition from some member ...
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Investor Sentiment Is Taking A Beating From The US And Europe
Local data took a back seat to negative sentiment stemming from the Eurozone as a result of elections in France and Greece which saw pro-European and pro-austerity parties lose ground against their rivals. Adding to the risk-off tone are Friday's payrolls data which showed the US economy was creating fewer jobs than the market expected.
France's socialist party with Mr Hollande at its head swept to victory in France's presidential election, thereby ending the reign of incumbent Sarkozy and bringing to a close the Merkel-Sarkozy crisis fighting team. Investors are now worried that the new President will hamper the ability of European officials to cut government deficits and bring the region back from the brink of collapse. Mr Hollande has made his disdain for austerity clear and has vowed ...
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Dukascopy Morning Forex Overview : 07/05/2012
Fundamental Analysis
EUR
"The U.S. labor-market report will further erode investor confidence"
- Markus Allenspach, head of bond research at Julius Baer Group Ltd.
European stocks extended weekly losses, after a report showed U.S. companies added fewer jobs than expected in April. The Stoxx Europe 600 Index erased 1.76 per cent to 253.00. Germany’s DAX Index tumbled 1.99 per cent and France’s CAC 40 Index contracted 1.90 per cent. The U.K.’s FTSE 100 Index lost 1.93 per cent to 5,655.06.
USD
"We’re still very much on the recovery path, but we’ve got a huge amount of ground to make up in the labor market"
- Scott Brown, chief economist at Raymond James & Associates Inc.
The number of Americans, who have found a job in the private sector in April, tumbled to 115,000 from 154,000 the ...
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