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MarketsTitle:
Gold slips in line with euro ahead of EU meeting
(Reuters) - Gold fell towards $1,550 an ounce in Europe, pressured by concerns that a European Union meeting later on Wednesday would fail to significantly ease worries over the euro zone debt crisis which lifted the dollar to a 21-month high against the euro.
The dollar, along with German bond futures, benefited from a flight from riskier assets, including stocks and commodities such as copper and oil.
Spot gold was down 0.1 percent at $1,555.50 an ounce at 0930 GMT while U.S. gold futures for June delivery were down $20.60 an ounce at $1,556.00.
"Gold is acting more as a risky asset, and everything is tumbling this morning ahead of this informal finance ministers meeting, where nothing good is really expected," Societe Generale analyst Robin Bhar said.
"It is not inconceivable that ...
Title:
Euro hits 21-month low versus dollar before EU summit
(Reuters) - The euro hit a 21-month low against the dollar on Wednesday ahead of an EU meeting later, with investors doubtful that leaders would come up with measures to stem the euro zone debt crisis.
An informal EU summit is expected to discuss growth-boosting measures but was not expected to produce any plan that would restore optimism among investors, especially given Germany remains strongly opposed to joint euro bonds.
The euro fell to $1.2615, dropping below the 2012 low of $1.2624 set in January to mark its lowest since August 2010.
Fears that Greece may have to leave the euro grew after Dow Jones earlier quoted former prime minister Lucas Papademos as saying Greece had no choice but to stick with a painful austerity program or face a damaging exit from the euro zone.
However, ...
Title:
Dukascopy Morning Forex Overview : 23/05/2012
Fundamental Analysis
EUR
"The rally is mostly technically driven after we became quite oversold last week."
- Raimund Saxinger, a fund manager at Trust Investment GmbH
European stocks rose by the most in a month on Tuesday. The Stoxx Europe 600 Index gained 1.91 per cent to 244.76. Germany’s DAX Index edged higher 1.65 per cent and France’s CAC 40 Index added 1.88 per cent. The U.K.’s FTSE 100 Index rose 1.86 per cent to 5,403.28
USD
"People are becoming more confident about job prospects and about taking on mortgages."
- Millan Mulraine, a senior U.S. strategist at TD Securities Inc.
U.S. existing home sales rose in April to an annual rate of 4.62 million from 4.47 million in March, said the National Association of Realtors.
GBP
"These figures give the Monetary Policy Committee ...
Title:
YouTradeFX Daily Market Analysis : 23/05/2012
Fundamental News
Today’s highlights:
BoJ Press Conference (JAP, Tentative)
Retail Sales (MoM) + MPC Meeting Minutes (GB, 09.30 GMT)
Industrial New Orders (MoM) (EUR, Tentative)
CBI Industrial Trends Orders (GB, 11:00 GMT)
Core Retail Sales (MoM) (CAD, 13:30 GMT)
New Home Sales (U.S., 15:00 GMT)
The National Association of Realtors released a report on Tuesday showing a rebound in U.S. existing home sales in the month of April following a decrease in the previous month, sales rose by less than economists had anticipated. NAR said existing home sales rose 3.4 percent to an annual rate of 4.62 million in April from a downwardly revised 4.47 million in March.
Japan’s exports increased by a less-than- estimated 7.9 percent in April from a year earlier, underscoring ...
Title:
European markets single lower, while eyes are on the EU summit
The tension is evident as the sell-off wave swept the currency market including high yielding currencies, and the European stock futures are back once again to trade lower before the opening today.
The risks of Greece leaving the euro area have become very influential on the markets lately with the expectations that anti-austerity parties will win the elections held on the seventeenth of June.
Investors will be focusing today on the European summit held in Brussels with Greece being the main theme in addition to Spain`s Budget deficit.
The euro drooped from the opining levels that were near the highest levels reached today at $1.2687 and is currently trading at $1.2664. The EUR/USD reached the lowest level today at $1.2643 while it opened at $1.2643.
As for the Great British Pound, the ...
Title:
Investors driven by rumors as they wait for concrete solutions
MORNING BRIEFING: Investors driven by rumors as they wait for concrete solutions
What’s new:
Equity: Asian and US equities down on fears of a Greek euro exit
JPY: Fitch downgrade Japan’s long term rating to “A+” with a negative outlook
Forex: USD/JPY lower after BoJ stated it would keep its interest rate unchanged and made no changes to its QE.
Forex: EUR/USD was sold-off in the US session after some rumors of a Greece’s contingency plan
Rates in Asia and Indices:
EUR/USD 1.2645 1.2689 -0.03 %
USD/CHF 0.9466 0.9498 -0.02 %
GBP/USD 1.5743 1.5772 -0.01 %
USD/JPY 79.45 80.08 0.50 %
EUR/CHF 1.2009 1.20135 0.02 %
EUR/JPY 100.61 101.48 0.54 %
Dow Jones 12447.33 12575.96 -0.01 %
Nasdaq 2524.11 ...
Title:
SunBirdFX Daily Market Analysis : 05/23/2012
www.sunbirdfx.com
Dramatic finishing in the US stock markets yesterday caused mixed closing by the main indices. The trading was on the green side most of the day but massive selling during the last half hour erased most of the bullish movement, but strong 10 minutes before the closing bell prevented sharper declines. The indices are now facing important test and if they slide under yesterday's low, the sharp declines from last week might return. On the other hand, if they cross above yesterday's high, it will be a strong bullish signal for the markets. On the fundamental aspect, the existing home sales data came out as analysts expected and today the investors will focus on the new home sales data.
EUR/GBP
All of the major pairs resumed weakening against the USD yesterday due to the ...
Title:
Although Informal, Eyes Are Still On EU Summit As Euro Sinks
The tension is gripping markets still with the uncertainty over the stability in Europe and expectations for a Greek euro exit. The common currency is still trading sharply lower as hope dims ahead of the informal EU summit in Brussels today, where previous hopes for any action evaporated as Germany confirmed that its stance did not drastically change!
Investors are still pushing the euro lower amid fear that Greece might be forced to default and exit the euro after the inclusive May 06 elections confirmed the wide rejection to the deep austerity measures. The market still sees high risks that the June 17 election might bring anti-austerity parties into the lead that will opt against austerity and refuse the bailout terms as Syriza did and that will cost Greece its membership.
Investors ...
Title:
Japan Policy On Hold, Eyes On BoE Minutes
The euro (EUR) dropped near a 21-month low falling to 1.2645 from 1.2814 against the US dollar as risk aversion dominates the markets. Comments from former Greek Prime Minister Lucas Papademos raised concerns after he said that Greece has two options, stick to a painful austerity program or face a damaging default and a messy exit from the eurozone. Focus now turns to today’s informal EU summit where France is expected to push a proposal of joint eurozone bonds. The idea of joint bonds can help with funding difficulties for some heavily-indebted eurozone countries but that policy has been rejected by Germany before. EU leaders are also expected to focus more on growth and ways to help Greece stay in the euro.
The US dollar (USD) strengthened against a basket of currencies as fears of a ...
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