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Lower Trading AroundTitle:
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 ...
Title:
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 ...
Title:
Another Day, Another New Correction Low For EUR/USD
Sunrise Market Commentary
- Fixed Income: Hunt for yield
- Following horrible French and German PMI readings, core bonds set new highs. The German 10-yr yield set an all time low at 1.35% and this initiated for the first time a “hunt for yield” trade into Belgian, Austrian and French bonds. The trade was most visible at the longer end of the curve, resulting in a bull flattening.
- Currencies: Another day, another new correction low for EUR/USD
- On Thursday, the decline of EUR/USD was extended. However, given the flood of negative news, the damage could have been worse. EUR/GBP struggles to hold above the 0.8000 barrier. Today, the calendar is thin. However, one can expect investors to stay cautious going into a long weekend. This is no help for the euro
The Sunrise ...
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SunBirdFX Daily Market Analysis : 05/25/2012
www.sunbirdfx.com
The US indices closed yesterday on mixed territory, as NASDAQ appears to be the weakest index among the three majors. Nevertheless, the daily charts of the indices show that we might see a bullish correction, as Wednesday low were higher than the previous low, which indicates for a strong supports. The real test for the stock markets is whether they will be able to break-through the weekly high or not, and we will find it out today.
USD/CAD
Yesterday we mentioned that many pairs were oversold or overbought and that the correction was getting close in most of them. The USD completed over 220 pips since it broke-up the 200 SMA two weeks ago and reached the resistance at 1.03. Those who implemented the trade-idea that we brought before the break-up can now take profits ...
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 ...
Title:
Germany May Have No Choice But To Play Ball
Investors in Asia were not as confident as those in the US and Europe, with most equity markets in Asia trading in negative territory or flat. A lot of investors are likely choosing to stay on the sidelines with so much of their focus on the uncertainty in Europe.
Overnight, Italy’s Monti attempted to reassure the market by stating Eurobonds gained a lot of support at Wednesday’s EU summit, with the obvious exception of Germany.
Monti appears to be suggesting Germany will give in to other EU leaders. Looking at Germany’s alternatives we are inclined to agree with this assumption. The balance of power may be shifting, and Germany may have no other option than to bow to pressure from its fellow EU nations, especially when faced with the prospect of Greece leaving the Eurozone which puts ...
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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 ...
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:
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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