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Markets Will Still NeedTitle:
Euro slumps vs. dollar on Greek, Spain worries
(Reuters) - The euro tumbled to nearly two-year lows against the dollar on Friday, rattled by fears of a possible Greek exit from the euro zone and the risk other debt-plagued countries could also leave the bloc.
A plea from Spain's wealthiest autonomous region, Catalonia, for help from the central government to refinance its debt this year was the latest news to hit the euro, which was on track for its worst weekly showing in five months.
Catalonia's appeal reverberated across financial markets. Spanish and Italian bonds sold off, equities fell, and U.S. crude futures turned negative.
"The Catalonia news was a big deal because it implies that the Spanish government may have to take on more debt and it cannot afford to do so," said Richard Franulovich, senior currency strategist at ...
Title:
Euro falls to near two-year low as Greece, Spain weigh
(Reuters) - The euro tumbled to nearly two-year lows against the dollar on Friday, and remained on track for its worst weekly showing in five months, rattled by fears of a possible Greek exit from the euro zone and the risk other debt-plagued countries could also leave the regional bloc.
A plea from Spain's wealthiest autonomous region, Catalonia, for help from the central government to refinance its debt this year became the latest headline to hit the euro.
Catalonia's appeal affected almost all asset classes as Spanish and Italian bonds sold off, equities fell, and U.S. crude futures turned negative.
"The Catalonia news was a big deal because it implies that the Spanish government may have to take on more debt and it cannot afford to do so," said Richard Franulovich, senior currency ...
Title:
European Market Update : 25/05/2012
Germany said to be working on growth plan for euro zone
Economic Data
(EU) ECB: €3.8B borrowed in overnight loan facility vs. €3.8B prior; €760.9B parked in deposit facility v €765.9B prior
(RU) Russia Narrow Money Supply w/e May 21st (RUB): 7.00T v 6.93T prior
(SG) Singapore Apr Industrial Production M/M: -3.5% v +06%e; Y/Y: -0.3% v +4.1% prior
(DE) Germany Jun GfK Consumer Confidence: 5.7 v 5.6e
(FR) France May Consumer Confidence: 90 v 88e
(ES) Spain Apr Producer Prices M/M: -0.8% v 0.0%e; Y/Y: 3.1% v 2.7%e
(AT) Austria Mar Industrial Production M/M: +1.6% v -1.4% prior; Y/Y: +0.8% v -0.9% prior
(CH) Swiss Q1 Non-Farm payrolls: 4.049M v 4.044M prior
(DE) Germany May CPI Saxony M/M: -0.2%% v +0.1% prior; Y/Y: 1.9% v 2.0% prior
(IT) Italy Mar Retail Sales M/M: -0.2% V -0.2%e; Y/ ...
Title:
Analysis: Deeper metals price falls needed to spark closures
(Reuters) - A rout in commodity markets has pushed prices of aluminum, zinc and nickel down to levels where many high-cost producers are starting to suffer, although the pain threshold may have to increase before widespread closures help balance markets.
High cash premiums in aluminum and zinc along with recent weakening in commodity currencies are providing a cushion to some producers, who otherwise might be forced to halt loss-making output in markets burdened with surpluses.
"It becomes a question of how long you can hold your breath under water, if you can hold breath just a moment longer, then it may be your rival who makes the cuts," said Nick Moore, head of commodity research at RBS in London.
"If they don't cut, then prices will be the grim reaper. They will go down to a level ...
Title:
Another Day, Another New Correction Low For EUR/USD
Sunrise Market Commentary
- Fixed Income: Hunt for yield
- Following horrible French and German PMI readings, core bonds set new highs. The German 10-yr yield set an all time low at 1.35% and this initiated for the first time a “hunt for yield” trade into Belgian, Austrian and French bonds. The trade was most visible at the longer end of the curve, resulting in a bull flattening.
- Currencies: Another day, another new correction low for EUR/USD
- On Thursday, the decline of EUR/USD was extended. However, given the flood of negative news, the damage could have been worse. EUR/GBP struggles to hold above the 0.8000 barrier. Today, the calendar is thin. However, one can expect investors to stay cautious going into a long weekend. This is no help for the euro
The Sunrise ...
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SunBirdFX Daily Market Analysis : 05/25/2012
www.sunbirdfx.com
The US indices closed yesterday on mixed territory, as NASDAQ appears to be the weakest index among the three majors. Nevertheless, the daily charts of the indices show that we might see a bullish correction, as Wednesday low were higher than the previous low, which indicates for a strong supports. The real test for the stock markets is whether they will be able to break-through the weekly high or not, and we will find it out today.
USD/CAD
Yesterday we mentioned that many pairs were oversold or overbought and that the correction was getting close in most of them. The USD completed over 220 pips since it broke-up the 200 SMA two weeks ago and reached the resistance at 1.03. Those who implemented the trade-idea that we brought before the break-up can now take profits ...
Title:
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:
SunBirdFX Daily Market Analysis : 05/24/2012
www.sunbirdfx.com
Another day of battle between the sellers and the buyers in Wall Street has passed by, as the sellers are still on the upper hand. In fact, the continuation of the bearish momentum was expected after the indices made bearish reversal patterns on Tuesday. The new home sales data came out better than expected but this did not help the stock to rise, as today's main data is the continuing jobless claims.
The declines of the stocks caused sharp weakening of most of the major currencies, except the USD. Therefore, we see many oversold/overbought pairs and we see less accurate patterns in the daily chart. What you should do in these kinds of situations is to wait for corrections or trade in the intraday charts and look for quick trades, although it can be more dangerous.
EUR/ ...
Title:
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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