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YouTradeFX Daily Market Analysis : 10/05/2012
Fundamental News
Today’s highlights:
- ECB Monthly Report (EUR, 09:00 GMT)
- Italian Industrial Production (MoM) (ITA, 09:00 GMT)
- Trade Balance +Manufacturing Production (MoM)+ Industrial Production (MoM) (GB, 09:30 GMT)
- Interest Rate Decision (GB, 12:00 GMT)
- Initial Jobless Claims + Trade Balance (U.S, 13:30 GMT)
- Trade Balance (CAD, 13:30 GMT)
- Fed Chairman Bernanke Speaks (U.S, 14:30 GMT)
Wholesale inventories in the U.S. rose by 0.3% (less than expected) in the month of March, according to a report released by the Commerce Department on Wednesday. Prices for single-family homes climbed in half of U.S. cities in the first quarter as real estate markets stabilized, the National Association of Realtors said in a report yesterday.
According to Bloomberg ...
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EUR/USD Continues to Tumble
The euro continued to tumble vs. its main currency rivals yesterday, as traders remained cautious about investing in riskier assets due to political uncertainty in the euro-zone. The EUR/USD fell to a fresh three-month low during the afternoon session at 1.2929. Turning to today, traders should be prepared for market volatility, as significant indicators from the UK and US are scheduled to be released. Attention should be given to the UK MPC Rate Statement, followed by the US Trade Balance figure and a speech from Fed Chairman Bernanke. Should any of the news lead to additional pessimism in the global economic recovery, riskier currencies like the euro may fall further.
Economic News
USD - Safe Haven Dollar Extends Gains amid Euro-Zone Worries
A lack of news events yesterday helped the ...
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Euro Extends Its Trip South As Speculation On Greek Exit Is Growing
Sunrise Market Commentary
- Fixed Income: Core bonds higher at first, but gave back gains in US session
- Fears about Greece and Spain continued to boost core bonds, but a rumours, later confirmed, that the EFSF would today disburse a tranche of the Greek bail-out loan triggered some correction and erased part of the German bond gains and almost all of the US ones. Today, the BoE decision on QE may affect overall bond markets.
- Currencies: euro extends its trip South as speculation on Greek exit is growing
- On Wednesday, trading on global markets was still dominated by negative headlines on Europe. This weighed on the euro. After all, the decline of EUR/USD developed in an orderly way even as several EMU policymakers pondered the option of a Greek exit. Today, the BoE holds ...
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China’s slower exports brought volatility in Asia; eyes on Europe and BoE
Pessimism brought volatility in Asian on Thursday, where the Asian stocks swung between gains and losses while the MSCI Asia Pacific Index rose only 0.1% at 14:25 in Tokyo, after China’s slowing growth was confirmed by the trade balance data.
Investors continue to limit their appetite for risk as cautious persist since doubts over the strength of the US recovery were combined with the complicating the outlook for Europe and the slower growth in China.
Greece’s political deadlock is still a major concern for markets, as it puts the eurozone unity at risk, derail the austerity plans and could aggravate the region’s debt crisis especially after the political changes seen in France.
The leader of Greek leftist party Syriza, Alexi Tspiras, failed again to form a government coalition, which ...
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The Political Turmoil Continues in Greece, BoE to Announce Rates and APF for May
Another day comes for the old continent and still Greeks cannot find common grounds regarding the formation of the new government, where after Antonio Samaras failed to form a coalition government earlier this week, the leader of the leftist party Syriza, Alexis Tspiras, also failed yesterday, leaving the job in the hands of the PASOK party, led by the former Greek finance minister.
As the political conflict remains obvious in Greece, the tension continues to be significant in the market, where fears and debt concerns are still weighing sharply on the overall sentiment, with expectations negativity will return for the third consecutive day as Greek leaders still cannot reach an agreement in regards to the creation of the coalition government, which in result will trigger a fresh general ...
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Asian Market Update : 10/05/2012
China trade data misses expectations, Australia records 1-yr low for unemployment
Economic Data
(CN) CHINA APR TRADE BALANCE: $18.42B V $9.9BE
(AU) AUSTRALIA APR UNEMPLOYMENT RATE: 4.9% V 5.3%E (1-yr low); EMPLOYMENT CHANGE: 15.5K V -5.0KE (2nd consecutive increase); PARTICIPATION RATE: 65.2% V 65.4%E
(KR) BANK OF KOREA (BOK) LEAVES 7-DAY REPO RATE UNCHANGED AT 3.25%; AS EXPECTED
(JP) JAPAN MAR CURRENT ACCOUNT TOTAL: ¥1.59T V ¥1.4TE; ADJUSTED CURRENT ACCOUNT TOTAL: ¥785.5B V ¥647BE; CURRENT ACCOUNT BALANCE Y/Y: -8.6% V 17.1%E; TRADE BALANCE: ¥4.2B V -¥43BE
(NZ) NEW ZEALAND APR BUSINESS NZ PMI: 48.0 V 53.8 PRIOR
(PH) PHILIPPINES MAR TOTAL EXPORTS: -1.2% V 11.0%E; TOTAL MONTHLY EXPORTS: $4.3B V $4.4B PRIOR
(NZ) NEW ZEALAND APR QV HOUSE PRICES Y/Y: 3.1% V 3.0% PRIOR
(JP) JAPAN APR ...
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China's Trade Balance Unexpectedly Rose
Chinese economy released its trade balance for April to show an unexpected surplus of 18.4 billion US dollars, compared with the previous of 5.35 billion while expectations was 9.90 billion .
Exports dropped on the yearly basis to 4.9% in April compared with a previous of 8.9% while expectations were of 8.5%. At the same time, China's Imports also dropped on annual basis to be 0.4% from previous of 5.3% where expectations were leading to 10.9%.
Moreover, overseas shipments rose 4.9% from a year earlier where expectations were 8.5%, adding that European complicated outlook increased concerns over global trade, which negatively affected China's exports during the current period and upcoming months.
China is expected to modify policies during the upcoming period in order to compensate the ...
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Global shares pressured by weak China data, Europe jitters
(Reuters) - Asian shares struggled on Thursday, as a weak Chinese trade data stoked fears of a growth slowdown and further undermined risk appetite already reduced by worries about the health of Spanish banks and deepening political chaos in Greece.
European shares will likely open mixed, with financial spreadbetters predicting that major European markets .FTSE .FCHI .GDAXI would open between a 0.3 percent rise and a 0.4 percent fall. U.S. stock futures were up 0.2 percent. .EU .L .N
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS, which has declined for the past five days, last stood nearly flat after bouncing between positive and negative territory. During the session it fell as much as 0.3 percent to its lowest in nearly four months and briefly rose as much as ...
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Brent drops below $113 after China trade data
(Reuters) - Brent crude slipped below $113 on Thursday, after weaker-than-expected Chinese trade data that raised concerns over energy demand at the world's second-largest oil consumer.
Government data showed China's exports and imports in April grew at a far slower rate than forecast.
Prices were also pressured by signs of rising U.S. crude inventories, although this was tempered by falling refined fuel stocks at the world's top oil consumer.
"The weak Chinese data is putting more pressure on oil. With demand for oil looking bleak and rising inventories, I don't expect crude oil prices to rebound any time soon," said Miguel Audencial, a trader with CMC Markets in Sydney.
Brent crude lost 55 cents to $112.65 a barrel by 23:40 EDT (0340 GMT), after settling at $113.20 on Wednesday, up ...
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