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MarketTitle:
EU Summit to no surprise disappoints pushing euro below $1.26 ahead of PMI
The EU informal summit on Wednesday again failed to address the heightened tension across global markets over the outlook for euro stability, no decisions were taken and only disagreement emerged out of the introductory dinner for Hollande to European procrastination and not unity!
Heavy downward pressure is still seen on the euro as it slumped against its major peers and trading just above a two-year low this morning versus the dollar after it slumped to the lowest since July 2010 on Wednesday at $1.2545 as the leaders added nothing new and further pinned the fears of a Greek collapse out of the euro.
Although former Greek Prime Minister said that there are no preparations in place for a Greek euro exit that he is aware of; news reports yesterday proclaimed the opposite based and ...
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Asia shares ease as weak China PMI, Greece risks weigh
(Reuters) - Asian shares eased on Thursday as markets were vulnerable to faltering factory orders in China and lack of concrete measures shown by European leaders to tackle the risk of Greece leaving the currency bloc.
European Union leaders, at an informal meeting on Wednesday, said they wanted Greece to stay in the euro zone while respecting commitments it had made in return for its bailout, but have been advised by senior officials to prepare contingency plans in case Greece exits.
The murky outlook for the euro zone and fears that the crisis could derail the global economy have prompted investors to park money in safe-haven assets such as U.S. and German government bonds, the U.S. dollar or cash.
Implications of a retreat in China's HSBC Flash Purchasing Managers Index, the earliest ...
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Copper rises from 4-1/2 month low, EU crisis weighs
(Reuters) - London copper rose 0.8 percent on Thursday as the market took a breather after sinking to a 4-1/2 month low in the previous session on risk aversion triggered by worries over Greece's possible exit from the euro zone.
Copper, which has lost almost 10 percent this month, may find support from positive U.S. housing data, although gains were capped as the market remains vulnerable to the implications for the global economy after European leaders were unable to deliver meaningful measures to resolve the region's debt crisis.
"Prices of copper have come off quite heavily in recent weeks so there might be some sense that maybe it was an overreaction," said Alexandra Knight, an economist with National Australia Bank. "From my perspective Greece will ultimately stay in the euro zone ...
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Euro stuck near 22-month low on Greek exit worry
(Reuters) - The euro hovered just above its 22-month low against the dollar on Thursday and remained vulnerable to further declines as the prospect of a Greek exit from the euro zone kept investors on tenterhooks.
The euro eased 0.1 percent to $1.2575. It fell to about $1.2545 the previous day, its lowest level since July 2010. That level should provide initial support, followed by $1.2500.
The euro drew little comfort from an informal summit of European Union leaders that shed no new light on how the euro zone nations intend to tackle its debt crisis, including the threat of Greece's exit from euro.
"It's still hard to see what the endgame will be like," said a trader at a Japanese bank in Tokyo.
European Union leaders urged Greece to stay the course on austerity and complete the ...
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Gold hovers about $1,560 an ounce; Greece fear persists
(Reuters) - Gold hovered around $1,560 an ounce on Thursday, and remained on shaky ground as worries about Greece and the euro zone still dominated market sentiment after a European Union summit yielded few practical steps to manage the debt crisis.
FUNDAMENTALS
* Spot gold edged down 0.1 percent to $1,559.30 an ounce by 0049 GMT, after dropping to $1,533.41 in the previous session.
* U.S. gold gained 0.7 percent to $1,559.30.
* European Union leaders, advised by senior officials to prepare contingency plans in case Greece decides to quit the single currency, urged the country to stay the course on austerity and complete the reforms demanded under its bailout program.
* Spain announced a 9-billion-euro ($11 billion) bailout for troubled lender Bankia on Wednesday, while also seeking ...
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Crude prices rise, Iran nuclear talks go to 2nd day
(Reuters) - Crude rose on Thursday after Washington signaled it was hopeful of progress in resolving a dispute over Iran's nuclear goals as talks on the issue enter a second day, easing fears of oil supply disruptions.
But economic concerns about the euro zone lingered, with European leaders preparing contingency plans in case Greece decides to quit the euro.
FUNDAMENTALS
U.S. crude rose 65 cents to $90.55 at 9.21 p.m. EDT.
ICE Brent crude climbed 92 cents to $106.48 a barrel.
Iran and six major powers exchanged proposals at talks in Baghdad on Wednesday, attempting to defuse a dispute over Tehran's nuclear energy program.
Wednesday's meeting came a day after International Atomic Energy Agency (IAEA) Director General Yukiya Amano said he expected to sign a deal with Iran soon to ...
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CAD Reaches Four-Month Low vs. USD
The Canadian dollar slipped to the four-month low against its US counterpart and the three-month low versus the Japanese yen. The currency gained against the euro and the Australian dollar.
Interestingly enough, traders were scared by the meeting of European chief in Brussels tonight. Previously, the European Union summits were a source of optimism for market participants, but it looks like now people just get tired from empty promises and do not believe that anything good would come out from the meeting. Speculators are still worried that Greek elections on June 17 may result in an exit of the country from the eurozone.
Commodities taken a beating and fell on negative market sentiment. The Standard & Poor’s GSCI Index, which tracks 24 commodities, fell 1.9 percent. It is not a surprise ...
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Metaquotes integrates MT5 with Integral’s FX Grid
Metaquotes continues its effort to plug Metatrader 5 platform into as many liquidity sources as possible. Latest were Currenex and CitiFX Pro. Connecting to Integral’s FX Grid will allow brokers with the right liquidity relationships to plug MT5 to liquidity pools they are able to access through FX Grid.
MetaQuotes Software Corp. announces integration of its MetaTrader 5 Trading Platform with FX Grid, a global inter-institutional connectivity and trading network developed by Integral Development Corp. Thus the brokers that use MetaTrader 5 get access to one more liquidity platform in the forex market.
The MetaTrader 5 connects to Integral through new gateway, which was developed by MetaQuotes Software Corp. The connection of the trading platform with the diverse sources of liquidity on ...
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Gold lower but recovers some ground; trade eyes $1,525/oz
(Reuters) - Gold managed to recover most of the ground it lost in a brutal sell-off earlier on Wednesday even as sentiment and the euro remained fragile as European leaders met to discuss the deepening euro-zone debt crisis.
Gold tested key support levels for a second time in a week as a wave of selling hit commodities, the euro and equities, before bouncing off those lows in New York afternoon trading.
Money had piled into bonds and the dollar, assets considered low risk, on Wednesday ahead of a meeting of European Union leaders later in the day. The leaders are expected to discuss growth-boosting measures and the idea of a joint euro zone bond.
Spot gold prices dropped as low as $1,534.25 an ounce, down over 2 percent, as the euro slumped to its weakest against the dollar in nearly ...
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