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Market Expectation The EuroTitle:
The dollar opened the door for crude to correct some of previous losses
Crude oil picks up in today’s session on a strong GDP from Japan and relief seen in the United States which showed some positive signs yesterday by recovering manufacturing and housing sectors. Nevertheless, fears are still elevated in Europe with the possibility of a Greek exit from the Euro bloc and bad economic conditions in Spain.
The Japanese economy released its industrial production that showed improvement in March, where the actual reading came at 1.3%, compared with the previous reading of 1.0%. The economy also reported 1.0% expansion in the first quarter that beat expectations.
Crude oil opened today’s session at $92.77 and reached so far a high of $93.69 and a low of $92.68 and is currently trading around $93.25 a barrel.
The EIA reported the eight’s consecutive week of ...
Title:
Euro slides to 4-month low as Greek woes weigh
The euro dropped to a four-month low against the U.S. dollar on Wednesday, sliding for a fourth consecutive session and likely to face more losses on fears about a Greek exit from the euro zone.
The European Central Bank stopped providing liquidity to some Greek banks as they are severely undercapitalized, further weighing on the euro. These banks have now been moved to the ECB's emergency liquidity assistance program.
The development briefly sent the euro below $1.27. It was on track to test the January trough of $1.2623, below which would mark the euro's lowest mark since August 2010.
"I think the ECB is playing hardball," said Mark McCormick, currency strategist at Brown Brothers Harriman in New York. "I doubt they want to get too involved in EU politics, but I think they're trying ...
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Euro hovers near 4-month low on Greece fears
The euro hovered near a fourth-month low against the U.S. dollar on Wednesday and more losses could be in store as investors feared a Greek exit from the euro zone that could result in other peripheral countries following suit.
Adding to the bearish sentiment, euro zone central bank sources said the European Central Bank has stopped monetary policy operations with some Greek banks as they have not been successfully recapitalized.
The news briefly sent the euro below $1.27, approaching its session low of $1.2679, according to Reuters data. It was on track to test the January low of $1.2623, below which would mark the euro's lowest level since August 2010.
"The move was short-lived but it highlights the general distrust out there right now. For most people, there's no good reason to buy ...
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Dukascopy Afternoon Forex Overview : 05/16/2012
Dukascopy Fundamental Analysis
EUR
Stoxx Europe 600 index have dropped for third consecutive day and reached the lowest level since the start of this year as specialists speculate that elections in Greece could take place as early as 10 of June. The index lost 0.5% of its value by noon in London and around 10% from its peak this year in mid-March.
USD
Facebook increases the share offering by 25% to 421.2M shares to collect near $16B. At the offering's price of $34-$38 per share Facebook is rushing towards the largest technology IPO in the history. Production of utilities, mines and factory's in the U.S. surpassed expected 0.6% level and increased by 1.1% in April.
GBP
The number of unemployed people for January-March decreased to 2.63 million, 45,000 down on the quarter, the Office for ...
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A mild relief on Merkel, upbeat U.S. data
After the deep selloff markets recover some of earlier losses triggered by fears of “Grexit”, after politicians failed to find a common ground and name a new coalition government. Meanwhile Angela Merkel in an interview with CNBC reiterated following many European politicians “I want Greece to stay in the Euro” giving markets a minor relief, and a reason to rebound in a normal pullback after being oversold.
The EUR/USD decently off lows, the pair has traded the lowest since January today at 1.2680, and currently trading around 1.2750. Meanwhile, U.S. housing sector continues to show recovery, as building permits fell to 715,000 last month, however March permits were revised upward to 769,000. Housing starts rose to 717,000 units, while March reading of 654,000 was revised to 699,000. On ...
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U.S. stocks rise on data, euro turns on Greek hope
The euro pared losses and bond prices slid on Wednesday after comments by German Chancellor Angela Merkel bolstered hopes that Greece would remain in the euro zone, while U.S. stocks rose on encouraging U.S. economic data.
U.S. industrial production posted its fastest growth in over a year in April and a rebound in groundbreaking for new U.S. homes last month suggested a recovery in U.S. housing was gaining some traction, bolstering U.S. investor sentiment that has been heavily hit by news about Greece.
Industrial output grew 1.1 percent, the most since December 2010 and nearly twice the pace expected by analysts polled by Reuters. Housing starts increased 2.6 percent to a seasonally adjusted annual rate of 717,000 units, while March's starts were revised upward.
"Nice to see some ...
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Spotlight on the Sterling
Forex News and Events:
Yesterday’s European session was a breather for the Euro area as German GDP came in much better than expected at 0.5% q-o-q. The strength of Germany’s numbers pulled EU’s GDP higher to 0.0% against a forecast -0.2%, avoiding a technical recession after last quarter’s -0.3% GDP. Nevertheless, both German and Euro zone economic sentiments were lower, underscoring a fading institutional optimism over economic health. GDP for the biggest European economies after Germany were worrisome, with France generating no growth in the first quarter of 2012 while Italy and Spain’s economies contracted by 0.8% and 0.3% respectively over the same period. The situation in Greece is still moving towards a new round of elections with Independent Greeks party leader Kammemos announcing ...
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The dollar kicks crude to the downside
Crude continues the sharp downside wave extending the losses for another consecutive session, where it retreated yesterday after attempting to move slightly higher to reach the lowest levels this year after the failure of Greek parties to form a coalition government and new elections will take place in June.
Crude oil opened today’s session at $93.11 and declined sharply to reach so far a low of $91.79 after it recorded a high of $93.41, where it is currently trading around $92.26 a barrel.
The commodity is facing strong downside pressure after Greek parties said yesterday that they haven’t reach an agreement to form a coalition government and new elections will likely be held in June, which raised fears again over Greece’s membership in the euro bloc.
Despite the bullish effect from U. ...
Title:
Euro Sell-Off Accelerates As Greece Will Hold Now Elections
Sunrise Market Commentary
- Fixed Income: Fresh elections in Greece further support core bonds
- German bund came off the contract highs at the start of the session on better German Q1 GDP data. The move didn't last long however and the announcement of fresh Greek elections marked an intraday U-turn. This morning, the German Bund future and US Note future once again reach new contract highs.
- Currencies: euro sell-off accelerates as Greece will hold now elections.
- On Tuesday morning it looked temporary that the euro might enjoy some breathing space as the German Q1 growth was much stronger than expected. However, the rebound had no momentum at all. The euro was again hammered as talks on the formation of the Greek government collapsed. Is the euro heading for a free fall? ...
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