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Noticeable rise for Yen after BOJ’s rate decision
Japanese yen inclined against major currencies after the BOJ’s rate decision, where the Bank of Japan did not offer new incentive policies, as the benchmark interest rate left unchanged between zero levels as well as assets purchase programs and credit load program.
Yen gained some power against dollar after BOJ’s meeting, where the USD/JPY pair declined to low of 79.48 from 79.95 recoding high at 80.07.
Japanese yen also inclined against euro recording the highest in three sessions, where EUR/JPY pair declined to low of 100.71 and high at 101.46 after opening at 101.39.
Australian dollar fell against American dollar to the lowest in almost five months, AUD/USD pair recorded lowest at 0.9739 after 0.9807 with high at 0.9809.
NZD/USD pair fell also to the lowest in almost five months to ...
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Analysis: World wheat bounty at risk as dry spell spooks market
(Reuters) - A damaging global dry spell is wilting wheat crops in Kansas, threatening exports from Russia and slowing sowing in Australia, serving a timely reminder to hedge funds that a new era of surplus grain is far from assured.
In their biggest surge since 1996, Chicago wheat prices jumped by more than 17 percent last week and reached a nearly 9-month high of more than $7 a bushel on Monday, a rally stoked by short-covering among big speculators -- a group that had amassed a near-record short position betting on falling prices.
By Tuesday, six days of buying subsided as analysts said the immediate weather-induced panic yielded to a more considered view: conditions are not as dire - at least not yet - as they were in 2010, when world trade in wheat was sharply curtailed as growing ...
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Brent slips 0.4 percent on potential Iran deal, economy concerns
(Reuters) - Brent crude slipped around 0.4 percent on Wednesday as a potential deal between Iran and the U.N. nuclear watchdog eased fears of oil supply disruptions, while concerns over the debt crisis in the euro zone and a slowing Chinese economy weighed on demand.
The U.N.'s International Atomic Energy Agency expects to sign a deal with Iran soon to unblock investigations into suspected work on atom bombs in the oil-producing country, increasing the prospect of a resolution to a conflict over the issue.
Brent crude had dropped 46 cents to $107.95 a barrel by 0402 GMT and U.S. July crude had fallen 56 cents to $91.29, with economic concerns weighing as the World Bank cut its economic growth forecast for China, the world's second-largest oil consumer.
Nagging fears of a messy Greek ...
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Cautious markets retreat before EU summit
(Reuters) - Riskier assets retreated broadly on Wednesday as hopes for fresh measures to tackle the euro zone debt crisis faded and caution set in ahead of a meeting of European leaders, with sentiment hurt by renewed fears Greece would leave the euro bloc.
European shares also looked likely to slump, with financial spreadbetters predicting major European markets .FTSE .FCHI .GDAXI would open as much as 1.5 percent lower. U.S. stock futures were down 0.5 percent. .EU .L .N
Shares, commodities, commodity-linked currencies and the euro all slid, while safe-haven demand lifted the dollar index .DXY measured against major currencies up to 81.830, its highest since September 2010.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slumped 2.0 percent. It had risen 1.1 ...
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AUD/USD Reaches This Year’s Low
The Australian dollar continued its tumble today, reaching the lowest level this year against the US dollar, as adverse market sentiment and the interest rate cut earlier this month are still driving forces that push the currency down.
Europe is hurting risk and, as a result, riskier currencies, the Aussie (as the Australian currency is nicknamed) among them. The general uncertainty about the future also hurts commodities. The Australian dollar is a commodity currency and the decline of prices for raw materials hurt it. Commodities rallied in the second half of the past week and extended the rally on Monday, but slipped on Tuesday.
The decrease of the main interest rate by the Reserve Bank of Australia at the beginning of this month continues to put pressure on the Aussie. The cut was ...
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Dollar Gains on Negative Risk Sentiment & Good US Fundamentals
The US dollar advanced today on fears of the worsening crisis in Europe that drove investors to safer currencies and the dollar in particular as the US economy continue to show signs of recovery.
Traders are worried by decline of Italy’s economy and speculation that Spain may be the next country to ask for a bailout. There was no major news from Europe recently, and that is not good as without a significant positive event the situation in the eurozone would worsen, not improve. It is not surprising that demand for safe currencies was strong. The greenback even managed to outperform the yen, another currency considered to be a safe haven, but many analysts believe that the US currency would not gain on Japan’s one for long.
Fundamentals in the United States are not perfect, but definitely ...
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Asian Market Update : 23/05/2012
Yen gains after BOJ stands pat; World Bank cuts China outlook, April lending looks weak; EUR falls on Papademos "grexit" mention
Economic Data
(JP) BANK OF JAPAN (BOJ) LEAVES TARGET RATE RANGE UNCHANGED BETWEEN 0.0% TO 0.10% (AS EXPECTED); Keeps economic assessment unchanged; Maintains asset purchase fund at ¥70T
(JP) JAPAN APR MERCHANDISE TRADE BALANCE TOTAL: -¥520B V -¥471BE; ADJUSTED: -¥480B V -¥617BE
(US) NORTH AMERICA SEMI EQUIPMENT INDUSTRY APR SALES BOOK TO BILL RATIO: 1.10 V 1.13 PRIOR (3RD CONSECUTIVE MONTH ABOVE PARITY, 1st decline in 7 months)
(AU) AUSTRALIA APR DEWR INTERNET SKILLED VACANCIES M/M: -0.8% V -0.5% PRIOR (4-month low)
(AU) AUSTRALIA MAR WESTPAC LEADING INDEX M/M: 0.4% V 0.0% PRIOR
(AU) AUSTRALIA MAR CONFERENCE BOARD LEADING INDEX M/M: +0.2% V 0.0% PRIOR
(SG) ...
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Global shares gain on Europe optimism; euro dips
(Reuters) - World equity markets rose for a second consecutive day on Tuesday on hopes European leaders will tackle the region's debt crisis, but the euro fell on doubts that much would come of a meeting just a day away.
European shares gained almost 2 percent on optimism European leaders may devise new measures to foster growth in the euro zone and restore a doubtful market's confidence.
An informal summit of European Union leaders late on Wednesday is expected to discuss the idea of regional bonds jointly underwritten by all euro zone member states.
However, Germany's long-standing opposition is unlikely to change; the country has dismissed the French-led call for the euro zone to issue common bonds.
"The string of summit meetings that have been called to address the euro crisis thus ...
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U.S. Existing Home Sales Rose as Expected in April While Resale Prices Posted Solid Gains
U.S. Existing Home Sales Rose as Expected in April While Resale Prices Posted Solid Gains
- Existing home sales in the U.S. rose 3.4% from March's downwardly revised pace to 4.62 million annualized units in April, meeting market expectations.
- The median price of existing homes jumped 10.1% on a year-over-year basis and reached the highest level since July 2010.
- Months' supply of unsold homes rose to 6.6 as homes available for sale surged 9.5%.
- Anecdotal reports noted that the unseasonably warm temperatures seen early this year supported the outsized gain in resale activity in the first quarter (existing home sales were up by an annualized 20% on a quarterly basis), suggesting that some retracement of the recent strength may be in the offing. Today's reported increase in ...
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