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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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Islamists lead in historic Egyptian elections
The counting has begun in the historic Egyptian elections that mark the first stage in the new republic after the ousting of Hosni Mubarak in February 2011.
The initial results so far show the bias from the people towards Islamists as the Muslim Brotherhood claims the lead so as their political leaders Mohamed Morsi leads the ballot count and heading to the runoff vote next month.
The Muslim Brotherhood announced its unofficial results are based on the reports from 90% of votes collected by their own monitors that confirm Morsi leads in the count. Exit polls suggest his lead as well, but Egypt will announce the official results next week.
As for the counting that begun at some of the polling stations after two days of voting, the initial results also show Mori the favorite candidate for ...
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An unchanged confidence is projected for the U.S
The present recovery of the superpower remains moderate and on track with mixed sentiments so far spread this week on a local and global scale regarding the companies` orders, housing activities and Greece, yet no true change has been witnessed and therefore most probably later on the day we will watch an unchanged confidence for this month.
In fact later on the day we will watch the University of Michigan Confidence final reading of this month released and highly projected by the market to come in unchanged at 77.8, indicating clearly that consumer confidence regarding personal finances, business conditions and purchasing power.
No wonder that yesterday we had the Commerce Department showing us that the demand for business equipment in the U.S plunged in April as companies across the U. ...
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Fed's Plosser warns on discretionary policy decisions
(Reuters) - The debate over how the Federal Reserve can best articulate its policy actions grew on Friday as a top Fed official warned against discretionary decisions, and asked whether a more systematic approach was desirable.
Philadelphia Fed President Charles Plosser said the financial crisis has tied the hands of many central banks, including the Fed, creating a "conundrum" of near-zero interest rates and a search for new and untested ways to boost economies.
"The degree to which policy actions, for better or worse, have become increasingly discretionary should give us pause as we try to evaluate policy choices..." Plosser said in prepared remarks to the Deutsche Bundesbank Spring Conference.
"Whether to act as the lender of last resort is discretionary, but does it have to be so? ...
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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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Euro Continues the Upside Correctional Move
As the last session approaches the end this week, markets are still rebounding to the upside supported by investors position squaring, where due to the high level of uncertainty in the market investors tend to terminate any open trade ahead of the coming week in order to protect their wealth against any surprise that might hit markets with the opening on Monday. After heavy losses it is only normal for the correction as bears lock in their profits!
The comments from the Italian Premier added to the uncertainty in markets, where Monti called on Germany to respond to mounting pressures and approve the issuance of joint Eurobonds, a thing that was weighed positively by markets as investors believe that if European nations acted in unity, Spain and Italy might skip falling into the debt trap ...
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EURCHF Move Provides Temporary Excitement
Forex News and Events:
Risk appetite has recovery marginally in the Asian session as the lack of Europe-negative headlines allowed risk seekers to pick up bargains. EURUSD was able to rally off the 1.2519 lows trading up to 1.2579. One of the more tangible drivers of today’s renewed positive sentiment has been the optimistic tone out of the Iran nuclear talks. A spokesman for EU foreign policy chief Catherine Ashton, stated "there is a positive atmosphere.” Oil went bid in the European session as WTI traded swiftly to $91.31. Yesterday’s move of the day was in the EURCHF where speculation on exactly what happened is still dominating conversation. After a month of inactivity around the 1.2010 level (vols compressed to nothing), EURCHF jumped suddenly over 60 pips during the European ...
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European Market Update : 25/05/2012
Germany said to be working on growth plan for euro zone
Economic Data
(EU) ECB: €3.8B borrowed in overnight loan facility vs. €3.8B prior; €760.9B parked in deposit facility v €765.9B prior
(RU) Russia Narrow Money Supply w/e May 21st (RUB): 7.00T v 6.93T prior
(SG) Singapore Apr Industrial Production M/M: -3.5% v +06%e; Y/Y: -0.3% v +4.1% prior
(DE) Germany Jun GfK Consumer Confidence: 5.7 v 5.6e
(FR) France May Consumer Confidence: 90 v 88e
(ES) Spain Apr Producer Prices M/M: -0.8% v 0.0%e; Y/Y: 3.1% v 2.7%e
(AT) Austria Mar Industrial Production M/M: +1.6% v -1.4% prior; Y/Y: +0.8% v -0.9% prior
(CH) Swiss Q1 Non-Farm payrolls: 4.049M v 4.044M prior
(DE) Germany May CPI Saxony M/M: -0.2%% v +0.1% prior; Y/Y: 1.9% v 2.0% prior
(IT) Italy Mar Retail Sales M/M: -0.2% V -0.2%e; Y/ ...
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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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