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Jpy Yen May BeTitle:
USD Softer ahead of Holiday Weekend
The dollar is giving back some of its recent gains as traders cover positions ahead of the holiday weekend and after the market failed to break the 1.25 downside barrier in EUR/USD. Sentiment is relatively stable with global equities trading flat to slightly softer, EU sovereign yield spreads have eased somewhat, and the dollar index is lower and testing the 82.00 figure after making new highs for the current rally. Uncertainty remains high as markets lack clarity on key European issues and barring any new headlines, today's price action may be driven by position squaring ahead of the long weekend.
The Swiss franc was on the move earlier with EUR/CHF rising sharply on speculation of possible fees on SNB deposits. Swiss officials declined to comment and the franc regained ground after the ...
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Dukascopy Morning Forex Overview : 25/05/2012
Fundamental Analysis
EUR
"The euro zone is being buffeted by major headwinds."
- Howard Archer, chief European economist at IHS Global Insight
European manufacturing and services industries contracted in May. A composite index based on a survey of purchasing managers in manufacturing and services sectors declined to 45.9 from 46.7 in April, said the Markit Economics on Thursday.
USD
"It looks more and more like businesses are hesitating to invest in the face of worsening uncertainties in the and global economy."
- Pierre Ellis, a senior economist at Decision Economics
The number of Americans claiming for unemployment benefits declined slightly by 2,000 to a seasonally adjusted 370,000 in the week ended May 19 from the week before, said the Department of Labor on Thursday.
GBP
" ...
Title:
German Data Leads to Additional Euro Losses
Disappointing German data sent the euro to fresh lows against the USD during European trading yesterday. In a sign that even the euro-zone's biggest economy was not immune from the region's debt crisis, the German Flash Manufacturing PMI and Ifo Business Climate both came in significantly below expectations. As a result, the EUR/USD dropped as low as 1.2515, close to a two-year low. As we close out the week, traders will want to continue monitoring any developments out of the euro-zone. Any new negative developments could send the common currency below $1.2500 before markets close for the week.
Economic News
USD - Safe-Haven USD Sees Additional Gains
The US dollar was able to extend its gains against the euro yesterday, following the release of several disappointing economic indicators ...
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Asian Market Update : 25/05/2012
Monti thinks Greece will remain in the EU; China slowdown fears return to front and center
Economic Data
(JP) JAPAN APR NATIONAL CPI Y/Y: 0.4% V 0.4%E; NATIONAL CORE CPI Y/Y: 0.2% V 0.1%E; TOKYO MAY CPI Y/Y: -0.5% V -0.3%E; TOKYO CORE CPI Y/Y: -0.8% V -0.5%E (20-month low)
(KR) SOUTH KOREA MAY CONSUMER CONFIDENCE: 105 V 104 PRIOR (15-month high)
(SG) SINGAPORE APR INDUSTRIAL PRODUCTION M/M: -3.5% V +0.6%E; Y/Y: -0.3% V +4.1%E
(TH) THAILAND APR CUSTOMS TRADE BALANCE: -$2.9B V -$2.9BE
(PH) PHILIPPINES MAR TRADE BALANCE: -$1.05B V -$562M PRIOR; TOTAL IMPORTS: $5.4B V $4.99B PRIOR
Markets Snapshot (as of 05:00GMT)
Nikkei225 +0.1%
S&P/ASX -0.4%
Kospi +0.6%
Singapore Straits Times Index -0.3%
Shanghai Composite -0.4%
Hang Seng -0.3%
June S&P Futures -0.2% at 1,320
June gold -0.3% $ ...
Title:
Spike of EUR/USD Leads to Speculation About SNB Intervention
The Swiss franc fell after a spike of the EUR/USD currency pair lead to speculations that the Swiss National Bank may take additional measures to erode the role of the franc as a safe haven.
Yesterday, for a short time, EUR/USD climbed to the highest level since March. The currency pair quickly pulled back, but that was enough to spur talks about another intervention by the SNB. There were rumors that the central bank plans to introduce a tax on deposit. Government and the bank’s officials refused to comment the speculations. Some economists say that the spike was likely caused just by some bank selling euros.
The SNB introduced the 1.20 cap on the franc against the euro in September last year. Since then, the Swiss currency was steadily appreciating, but stopped near the ceiling, ...
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Dollar continues on gaining power
Today throughout the U.S session mixed sentiments; fears and hopes, were spread on a local scale with on one hand orders for business equipment dropped for a second month and on the other hand Hewlett-Packard Co. gained significantly.
Plus today`s German manufacturing data came out gloomy and showed weakened industry and production conditions while that China attested out that some of its biggest banks may fall short of loan targets.
Accordingly on a daily scale we watched the euro fall to its weakest level against the dollar since July 2010 and the Dollar index which measures the performance of the U.S. dollar against a basket of currencies including the Euro, the Pound, and the Yen, rose on multiple time charts to currently trade at 82.28 recording its highest level at 82.36 and its ...
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Dukascopy Afternoon Forex Overview : 24/05/2012
Fundamental Analysis
EUR
European stocks returned to growth, despite services and manufacturing purchasing managers indices across Europe and German business confidence shrank more than expected. The Stoxx Europe 600 Index added 1.0 percent to 241.81. Cable & Wireless Communications Plc soared 19 percent. Sonova Holding AG gained 2.5 percent. Bayer AG declined 1.1 percent. U.S. futures and Asian stock little changed. S&P 500 futures gained 0.3 percent, MSCI Asia Pacific index added 0.1 percent.
USD
The US Dollar followed bullish trend on Thursday as Germany disapproves issuance of Eurobonds that may help to ease Greek debt burden. Traders are also cautions ahead of Euro Zone's manufacturing data release due later today. The US Dollar index, which tracks the greenback's performance ...
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Kiwi Pauses Decline, Can It Keep Gains?
The New Zealand dollar stalled its declined and rebounded today on speculations that losses were excessive. Gains were limited, though, as the disagreement between European leaders hurt demand for higher-yielding assets.
Losses were indeed big as the kiwi (the nickname of New Zealand’s currency) was falling since the beginning of May against the greenback and since the beginning of March versus the yen. In fact, just yesterday the currency touched the lowest level this year. The NZ dollar had a bit of good news today as the traded balance surplus widened to NZ$355 million in April from NZ$186 million in March. Nevertheless, the adverse global economic environment caused by Europe’s woes is likely to keep the kiwi from running much higher.
NZD/USD was up from 0.7516 to 0.7546 as of 11:02 ...
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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 ...
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