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Gold down almost 1.5 percent as selling snowballs
(Reuters) - Gold traded near intraday lows on Tuesday afternoon with selling accelerating on low volumes as the euro lost further ground ahead of a much-anticipated European summit.
The pressure started on Monday after bullion failed to break through key resistance at $1,600 per ounce, sending prices below near-term technical support levels.
That selling snowballed on Tuesday afternoon in New York, sending prices below $1,570 an ounce as the euro weakened with investors betting Wednesday's meeting of European leaders would do little to tackle the region's debt crisis.
"The euro continued to sag. It's not going to make a decisive move until the EU summit," said James Steel, chief commodity analyst at HSBC.
Weaker oil prices on news of a potential deal between Iran and the U.N. nuclear ...
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Strengthened dollar
Today a mix of sentiments were spread throughout the day on a local and global scale as we watched Facebook Inc. retreating and investors speculating that China and Europe will stimulate growth, yet optimism was the major sentiment felt on the U.S soil mainly after that the superpower`s existing home sales jumped by 3.4 percent in April; a clear sign of recent stability within the housing market.
Accordingly we watch the dollar strengthen on this unexpected cheerful data to therefore see 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 to currently trade at 81.27 recording its highest level at 81.38 and its lowest at 80.92
As a result the euro fell against the dollar and remains on plunging ...
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Gold still down, weaker euro blamed
(Reuters) - Gold remained under pressure trading below a near-term technical support level on Tuesday due to a weaker euro, with investors betting against a meeting of European leaders this week doing much to tackle the region's debt crisis.
Platinum tracked gold lower, shrugging off news of a fresh production outage in South Africa.
The euro remained clear of last week's four-month lows but was stuck in negative territory against the dollar as worries about Greek politics and Spanish banking problems kept the currency under pressure.
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Fitch downgrades Japan’s credit rating
On Tuesday Fitch Ratings lowered Japan’s sovereign credit rating by one notch with a negative outlook on fears that the nation will find difficulty in cutting its huge debt load amid political deadlock.
Japan’s long-term foreign currency rating was cut to A plus from AA, while the local currency rating was cut to A plus from AA minus.
Both were placed with negative outlook as the agency warned that more downgrades could be possible if the government does not take action to tackle the ballooning debt and take appropriate fiscal measures to stabilize public finances.
The rating from Fitch for Japan is now the lowest between the three major rating agencies as the nation’s debt stands at nearly twice the size of the $5 trillion economy and the worst among the industrialized countries.
The ...
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Gold falls as euro stumbles ahead of EU summit
(Reuters) - Gold eased on Tuesday under the weight of a weaker euro, while platinum shrugged off news of fresh disruption to production at South Africa's largest miner of the metal.
The euro remained clear of last week's four-month lows but was stuck in negative territory against the dollar ahead of an informal meeting later this week of European leaders aimed at discussing ways of stemming the debt crisis.
Across the broader markets, European blue-chip shares clung on to their gains, lifted by investors buying back some of the more heavily-sold names, while modest optimism that the summit could offer some interim solution to the crisis put pressure on safe-haven German Bunds.
Spot gold was down 1.0 percent at $1,576/26 an ounce by 6:15 a.m. EDT (1015 GMT). The price is still showing ...
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EUR/USD Rebound On Profit Taking
Sunrise Market Commentary
- Fixed Income: limited profit taking on core bond markets
- Global core bond markets fell prey to some profit taking in a thin, dull trading session. However, given the strength of equities, bond losses were very limited and occurred at the onset of trading. Today, the eco calendar remains thin and the profit taking might go some further in the run-up to tomorrow's informal EU Summit.
- Currencies EUR/USD rebound on profit taking
- The correction in EUR/USD was prolonged, but the euro gains were modest and mostly technical in nature. The UK inflation report is the eye-catcher of the day as it may influence sterling. However, overall trading might again be thin ahead of tomorrow's euro Summit.
The Sunrise Headlines
- US Equities rose for a second ...
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European Markets Set To Open Higher Before The Opening Today
European equities signal a positive start for trading today amid speculations that global economic recovery will be supported by China, after Chinese Premier said yesterday that his country is now in need of an urgent incentive plan, and also not to forget the G-8 meeting over the weekend that focused mainly on supporting the euro area.
The euro drooped from the opining levels that were the highest levels reached today at $1.2818 and is currently trading at $1.2788. The EUR/USD reached the lowest level today at $1.2780.
As for the Great British Pound, the currency is trading lower against the dollar at $1.5820 compared with the opening levels of $1.5834; the pair reached the highest level for the day at $1.5835 and the highest at $1.5808.
As for gold, the commodity is trading slightly ...
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U.S. swing states' jobless rates dive in April
(Reuters) - Jobless rates in all but two U.S. states dropped in April from a year before, and were sharply lower in battleground states that could decide November's presidential contest.
Sharp drops in unemployment rates were registered in Florida, Nevada and Ohio, while joblessness in Michigan, a key state in the election four years ago, hit its lowest since 2008.
According to Labor Department data released on Friday, New York's rate rose to 8.5 percent, marking the third month in a row in which New York was the sole state with an unemployment rate higher than the year before. Rhode Island's was the same as in April 2011, 11.2 percent.
Compared with March, jobless rates fell in 37 states and the District of Columbia, rose in five, and were unchanged in eight states. North Dakota again ...
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U.S shares continue raise to close in green
U.S. stocks inclined throughout the day; opening and midday sessions, to accordingly close in green after China and G-8 countries vowed to spur growth in their countries ahead of German-Franco finance ministers meeting later on the day.
Keeping in mind that leaders of the Group of eight nations aligned to keep Greece in the euro and committed to spur growth in their countries, raising growth prospects of the global economy and easing Greece`s debt concerns.
In China, Premier Wen Jiabao vowed to keep an eye on boosting growth in the world`s second-largest economy. In Berlin, German Finance minister Wolfgang Schaeuble will for the first time discuss the euro with his French counterpart, Pierre Moscovici.
The Dow Jones Industrial Average index gained 135.10 points or 1.09% to close at ...
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