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Major Economies AlongTitle:
Oil turns upwards, Greece still weighs
(Reuters) - Oil prices rose back towards $108 per barrel on Monday, after last week's falls, supported by tension between Western countries and Iran as talks were resuming this week and further lifted by the possibility of growth stimulus in China.
Fears of a Greek exit from the euro continued to weigh, however.
A summit of the Group of Eight major economies at the weekend failed to deliver any signal Europe would act quickly to address the risk of a chaotic Greek exit from the euro, leaving investors on alert and curb an upturn in oil prices.
"Gains may be short-lived as EU politicians as usual are having a hard time agreeing on anything. However (there is) an interesting week ahead with the European debt crisis posing a risk on the downside and the potential for nuclear talks with ...
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Consolidation Continues Post The Spanish Bond Auction
Consolidation Continues Post The Spanish Bond Auction
The big event of the morning was the Spanish bond auction, however it failed to generate anything more than an immediate ripple in the FX market. The auction raised just below the top of its target amount of EU2.5bn, at EU 2.49bn. Although demand was strong, Madrid had to pay up to attract investors to its debt. The yield on the 2015 debt it sold jumped to 4.375% vs. 2.89% at an auction in April, the 2016 debt sold with a yield of 4.876% vs. 4.037% at an auction earlier this month.
Will Germany soften its stance?
In the aftermath, EURUSD is down about 20 pips but it remains above 1.27, while Spanish bond yields have actually fallen. The consolidation period in the market may continue as we lead up to the G8 summit in the US this ...
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Crude finds relief after better than expected German GDP
Crude oil found strong support from the German data today to halt the sharp downside wave and starts an upside correction after the sharp losses. Germany remains the rescuer for the Euro area’s economy after it grew better than expected in the first quarter, offering room in the market for relief.
Crude oil opened today’s session at $94.04 and reached so far a high of $95.01 and a low of $93.95, where it is currently trading around $94.75 a barrel. The commodity found strong support from the weakening dollar that declined from the opening at 80.70 to the low of 80.48.
Uncertainty remains in Europe but relief is seen after the Euro’s biggest economy Germany released its first quarter GDP figures beating all estimates. The German economy grew by 0.5% over quarterly basis recovering from ...
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Oil extends slide after French, Greek polls
(Reuters) - Oil fell sharply on Monday, extending steep losses from the previous session, after elections in France and Greece raised concerns over their ability to carry out further austerity measures and renewed worries about the euro zone debt crisis.
The bad news from Europe came after data showing U.S. nonfarm hiring slowed for the second month in a row in April, which fueled a sell-off in oil markets on Friday on fears of falling energy demand at the world's top oil consumer.
Since Friday, U.S. crude has lost more than 6 percent, while Brent has dropped over 4 percent.
"There are great fears that the new government in Greece will end austerity measures and that will lead to a disorderly default, and that has led to a sell-off across all risk markets," said Ben Le Brun, a market ...
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Asian Region in a Week
The Asian Pacific ended a week full of heavy and significant economic data. The region’s major economies such Australia, New Zealand and South Korea released upbeat data this week except for China that reported unexpected weak results.
Starting with Chinese economy, Chinese PMI continued to contract during April, where HSBC PMI remained below 50. The HSBC Flash Manufacturing PMI reading rose to 49.1 in comparison with the previous reading of 48.3.
Moving to Australia, consumer prices unexpectedly dropped during the first quarter of the year, which could determine the central bank to continue to cut interest rates, while the local currency and bond yields fell as well.
The consumer price index for the first quarter of the year came below expectations at 0.1% from a previous of 0.0% while ...
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Weekly Economic and Financial Commentary : 27/04/2012
Weekly Economic and Financial Commentary
U.S. Review
First-Quarter GDP Growth Slows
The U.S. economy grew at a 2.2 percent annual rate in the first quarter, somewhat slower than the consensus had expected. Consumption remained the primary driver of growth as business spending slowed and the government sector continued to scale back spending.
In our U.S. review section this week, we discuss the GDP report in the context of the big miss in durables and consider what it means for business spending going forward. We also look at a very small change in the Fed statement this week that reflects an improving view on the troubled housing sector.
Business Spending Poised for a Slowdown?
Durable goods orders for March were ugly. The 4.2 percent drop was the largest decline since the U.S. ...
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ECB and Fed on the Sidelines
Forex News and Events:
Without the strong guiding hand of the Fed and ECB, EURUSD momentum will remain indecisive. FX traders are now conditioned to expect the heavy hand of the central banks and to be without that intervention, the pair and risky assets will be range-bound. Wednesday's FOMC meeting suggested that the majority of Fed officials are on hold, willing to simply monitor the US recovery. The statement reaffirmed the FOMC’s conditional commitment to leave policy at near-zero until at least late 2014. In addition, there seems to be little desire for extending Operation Twist or replacing it with any alternative stimulus. Given the choppy nature of incoming data we suspect that the Fed will be in a wait and see mode. But the guessing game will continue. Today’s GDP will provide ...
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EUR Reverses Earlier Gains
The euro gave up its recent gains against the US dollar and Japanese yen yesterday, following a combination of negative euro-zone news which led to an increase in risk aversion. Worse than expected indicators out of both Germany and France, along with political uncertainty following the first round of elections in France was largely to blame for the euro's bearish trend. Today, euro traders will want to pay attention to debt auctions out of Italy and the Netherlands. Positive results from the auctions could help the common currency. Furthermore, the US CB Consumer Confidence and New Home Sales figures are set to generate market volatility when they are released at 14:00 GMT.
Economic News
USD - Risk Aversion Leads to Bullish Dollar
The US dollar saw gains against most of its main ...
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YouTradeFX Daily Market Analysis : 23/04/2012
Fundamental News
G20 Finance Ministers and Central Bank Governors reached an agreement to lift the funding resources of the International Monetary Fund by over $430 billion as the Eurozone debt crisis dent global growth. “This is the result of a broad international cooperative effort that includes a significant number of countries," the International Monetary and Financial Committee and the Group of 20 Finance Ministers and Central Bank Governors said in a joint statement issued in Washington late Friday.
Bloomberg news reported that, the biggest gain in consumer spending in a year probably helped the U.S. economy keep expanding in the first quarter even as fuel costs climbed, economists said before a report this week. Gross domestic product, the value of all goods and services the ...
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