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Market Recovery Was HavingTitle:
Copper drops to 3-week low on weak euro, Greek worry
Copper prices fell below $8,000 to a three-week low on Wednesday as the dollar rose and worries about the impact of political turmoil in Greece and the euro zone debt crisis sapped demand for risky assets, raising fears about demand for metals.
Benchmark copper on the London Metal Exchange (LME), untraded at the close, was last bid at $8,053 a metric ton (1.1023 tons) from Tuesday's close of $8,095. It earlier hit its lowest level in three weeks at $7,949.75 a metric ton.
Greece moved closer to a second snap election on Wednesday when the head of the biggest party launched a new attack on radical leftist Alexis Tsipras, saying his plans for a new government would push the country out of the euro zone.
The political uncertainty pushed the euro close to a recent three-month low against ...
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Investors fret after Greek, French votes
Greek and French election results rattled global investors on Monday by undermining confidence in the region's plans to cut spending and tackle its debt crisis, sending the euro to a three-month low.
European shares also initially traded lower, with Greek stocks down 6.4 percent .ATG, but reaction was muted with the UK market closed for a holiday. Wall Street stocks were expected to reflect the weaker tone when they being trading .N.
Investors sold bonds of other weaker euro zone member states after the two pro-bailout parties in Greece failed to win a parliamentary majority, rekindling fears over the country's future in the single currency.
"The Greek election outcome is the ultimate Greek tragedy. Not having a cohesive government means the IMF will not release further funds. Without ...
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Dollar drops vs yen on U.S. jobs data; euro lower
(Reuters) - The dollar slipped against the yen in volatile trading on Friday after a government report showed U.S. employers added fewer jobs in April than expected, providing further evidence the economic recovery was losing momentum.
The euro edged lower, while the Australian and New Zealand dollars tumbled as the data prompted investors to shed riskier, growth-linked currencies for safer investments such as Treasuries.
U.S. employers added 115,000 workers last month, well below expectations of 170,000. The unemployment rate fell to 8.1 percent but only because more people left the workforce.
Jobs growth in previous months was revised upwards. The data followed a string of weak readings on the economy that fueled speculation of more monetary stimulus from the Federal Reserve.
"On ...
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Gold edges into positive territory after U.S. data
(Reuters) - Gold prices edged back into positive territory on Friday after a report showed the U.S. economy added fewer jobs than expected last month, fuelling speculation the Federal Reserve may turn to further monetary easing to boost growth.
The data, which is seen as a key gauge of the economic recovery, showed only 115,000 more jobs were created last month, against expectations for 170,000. The dollar, a key driver of gold prices, hit session lows after the numbers.
Spot gold was up 0.1 percent at $1,637.71 an ounce at 1314 GMT, off an earlier low of $1,626.50. U.S. gold futures for June delivery were up $3.10 an ounce at $1,637.90.
"The numbers were less than consensus, but beat some more bearish expectations," Societe Generale analyst Robin Bhar said.
"The $64 million question ...
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Dukascopy Morning Forex Overview : 04/05/2012
Fundamental Analysis
EUR
"Technically, easier monetary policy conditions should be currency negative."
- Jane Foley, analyst at Rabobank
The European Central Bank held key rate at 1 per cent on Thursday and told it expects a gradual economic recovery this year.
USD
"Labor market conditions have improved in recent months."
- Federal Open Market Committee
The number of Americans claiming for unemployment benefits tumbled to 365,000 in the week ended April 28 from 392,000 the week before, said the Department of Labor on Thursday.
GBP
"The service sector started the second quarter on a weaker note than in the first quarter, but continued to grow at a reasonable pace."
- Chris Williamson, chief economist at Markit
U.K. service sector growth slowed in April, Markit Economics data showed on ...
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ECB Meeting: No Cut in June
The ECB kept the leading interest rate unchanged at 1% as widely expected and did not discuss rate changes at today's Governing Council meeting. There was no change in the use of non-standard measures.
Overall, the tone at the press conference was slightly 'hawkish' compared with consensus expectations. The ECB still considers monetary policy to be very accommodative and there were no 'signals' of further stimuli.
The deterioration in PMIs in April has not caused a change in the ECB's growth outlook, which remains a gradual recovery in the second half of the year. The ECB President acknowledged that the downbeat PMIs highlight the prevailing uncertainty.
Mario Draghi underlined that when he recently referred to the need for a 'growth compact' this was not a call for short-term stimuli ...
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Gold slips after U.S. jobless claims slide
(Reuters) - Gold prices fell 1 percent on Thursday after data showing a slide in U.S. weekly jobless claims last week boosted expectations that Friday's non-farm payrolls report will beat forecasts, offsetting a rebound in the euro.
A strong reading of the U.S. employment market on Friday would likely further curb speculation that the Federal Reserve would take fresh measures to shore up the economic recovery, a prospect that had been seen as gold-friendly.
Spot gold was down 0.9 percent at $1,638.51 an ounce at 1318 GMT (5.18 am EDT) , having earlier touched a low of $1,625.89. U.S. gold futures for June delivery were down $15.10 an ounce at $1,638.90.
"The focus for the next 24 hours will be the jobless report tomorrow," SAxo Bank vice president Ole Hansen said. "The (jobless) claims ...
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Copper at one-week low as global growth worries weigh
(Reuters) - Copper fell to its lowest in a week on Thursday after mixed U.S. economic data and a bond sale by Spain failed to ease investor concerns that the heavily indebted nation may hinder the bloc's recovery, denting growth and commodities demand.
Three-month copper on the London Metal Exchange was down half a percent to $8,258.50 a metric ton (1.1023 tons) at 1023 GMT, down from a $8,305 close.
Prices, which had rallied by more than 14 percent by early February have shed five percent since then, trimming the year's gains to around 9 pct.
"There's a lot of people asking about Europe and how bad things are. Recent events in the Netherlands and France may have underlined people's concerns, but if you're really looking for something to worry about, Spain is top of the list," metals ...
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On to Barcelona
Forex News and Events:
Expectations are increasing for today’s ECB rate announcement and press conference. It's generally consensus that no major decision on interest rates or change in operations will come out of the ECB's meeting in Barcelona. There is a growing anticipation that Draghi will sound significantly more dovish considering the recent deterioration in Eurozone economic data. Also it has not been disregarded that President Draghi endorsed the theme of encouraging growth within the context of a broader fiscal compact. The market is also buzzing over the change in the meeting's location to in Barcelona this suggested that the ECB want to illustrate the gravity of the facing the EU periphery. FX risk appetite stabilized in the Asian session but only after a very hard day for USD ...
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