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Markets Await A DecisionTitle:
EUR/USD Cedes The 1.2624 Support
Sunrise Market Commentary
- Fixed Income: Risk off pushes German bond yields to new lows
- Risk off sentiment pushed core bonds higher and non-core bond yield spreads re-widened substantially. The Summit didn't bring new information, but another hole found in Spain's regions' budgets might get attention today.
- Currencies EUR/USD cedes the 1.2624 support
- On Wednesday, the EMU debt crisis was again omnipresent. Markets feared that the EU leaders wouldn't be able to take decisive action to address the debt crisis. Extreme risk aversion pushed EUR/USD to a new low for 2012. The losses of EUR/GBP were more contained, as poor UK retail sales and rather soft BoE minutes kept the door open for more policy stimulation.
The Sunrise Headlines
- In the final hour of trading, US ...
Title:
Oil falls below $109 on Iran talks progress
(Reuters) - Oil prices fell below $109 a barrel on Tuesday as hopes for a cooperation deal over Iran's disputed nuclear program eased concerns about major oil supply disruptions and as a report predicted more misery for the euro zone.
The United Nations nuclear agency chief said on Tuesday he expected to sign a cooperation deal with Iran "quite soon".
"(A) decision was made to conclude and sign the agreement...I can say it will be signed quite soon," Yukiya Amano, director general of the International Atomic Energy Agency (IAEA), told reporters at Vienna airport after returning from Tehran where he held talks with senior Iranian officials.
Brent oil prices reversed their earlier gains to trade 37 cents down at $108.44 a barrel by 0848 GMT and U.S. crude was also edging down 30 cents ...
Title:
BoJ Rate Decision the Highlight for Asia this Week
Asian markets are waiting heavy data during the upcoming week starting with the Bank of Japan decision and the release of HSBC flash Manufacturing PMI for China.
The Bank of Japan has left rates between 0.0% and 0.10%, in order to support the nation’s growth against the current instability and although inevitable will not change rates, investors await any move with more stimulus as the USDJPY falls below 80 levels again.
The Japanese economy showed signs of recovery where last week the decline in machinery orders slowed in March, as well as recording more-than-expected expansion during the first quarter to begin exiting deflation that faced the nation’s economy since 2011.
The BOJ is expected to keep the monetary policy unchanged and keep monitoring markets closely with a slight ...
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Pound`s focus on United Kingdom Labor Sector, Inflation Report
The focus shifts from Greece and the political tension to the United Kingdom today, where the royal economy will provide markets will data regarding the performance of the labor sector amid the current economic situation and the spending cuts adopted by the British government, which attempts to trim the huge deficit the nation handles.
The performance of the labor sector is not expected to improve in April, where the claimant count rate, which measures the number of people claiming unemployment benefits in the royal economy, could have expanded in the month to 5.0% from the previous of 4.9%, as additional five thousand Britons could have applied for benefits in the related month.
Other bearish signs will be provided by the ILO unemployment report, where the joblessness in the United ...
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Euro still mixed despite upbeat growth data from the euro zone
Several factors are affecting the high yielding euro right now, where with the heavy load of fundamentals and events the euro is not able to define the intraday trend so far. Meanwhile, the sentiment is still mixed as Greeks still cannot reach an agreement regarding the creation of a government, while Moody`s downgraded 26 Italian banks, yet positivity remains stronger as the euro-region didn’t slip into recession after posting steady GDP figures.
Fears and tension eased in the market after growth data from Germany, France, Italy and finally the euro-area region, where GDP figures have beaten estimates in Germany and the euro zone, Stalled in France, yet missed estimates in Italy; however, the sentiment remained positive as the euro-area region skipped another phase of recession temporary. ...
Title:
Euro continues on the offer on Greece and Spain
Forex Morning Briefing : Euro continues on the offer on Greece and Spain
What’s new:
US: Mixed to higher session on first monthly budget surplus since 2008. Weak JPM earnings kept gains limited.
Europe: Green equities across the board with Spain leading the pack on back of government support. EUR continue on the offer to new 3-month lows.
Asia: Falling equity markets on weak corporate earnings and Chinese inflation in line with expectations.
Rates in Asia and Indices:
EUR/USD 1.2905 1.2944 -0.11 %
USD/CHF 0.928 0.9307 -0.12 %
GBP/USD 1.6099 1.6154 -0.21 %
USD/JPY 79.73 79.98 0.18 %
EUR/CHF 1.20099 1.20131 -0.00 %
EUR/JPY 102.97 103.49 ...
Title:
Eyes on Greece`s Last Chance of Creating a Government
The week has come to an end and still Greeks cannot find common grounds regarding the creation of the coalition government, where after the effort made by Samaras and Tspiras failed, the focus will shift now to the former finance minister, Evangelos Venizelos, who will be meeting the leaders of other parties in attempt to end the political turmoil seen in Greece, and accordingly ease tension that controlled markets through the week.
Eyes turned now to the PASOK Party to create the government, where Venizelos, who dropped his job as a finance chief to lead the party, is expected to negotiate his peers today in attempts to create a government to avoid bankruptcy, as the Greek financial situation is critical now and austerity for sure is the best interest for Greece.
The sentiment continued ...
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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 ...
Title:
European Services Data to Confirm the Coming Recession Ahead of U.S. Jobs Report
Another week is to end today, while markets are fluctuating heavily with the start of the final session, where markets are waiting services data from the euro zone for more confirmations whether the region is slipping into another phase of recession, ahead of the closely watched jobs report from the world's largest economy.
The European common currency as seen yesterday was able to recover most of the losses incurred earlier, where after the European Central Bank rate decision and Draghi's press conference the euro rebounded supported by the downbeat services data from the world's largest economy, which sent the dollar south supporting high yielding currencies to rebound.
Mario Draghi, the European Central Bank President, reassured yesterday that downside risks to growth remain evident, ...
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