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Morning Forex OverviewTitle:
Dukascopy Morning Forex Overview : 25/05/2012
Fundamental Analysis
EUR
"The euro zone is being buffeted by major headwinds."
- Howard Archer, chief European economist at IHS Global Insight
European manufacturing and services industries contracted in May. A composite index based on a survey of purchasing managers in manufacturing and services sectors declined to 45.9 from 46.7 in April, said the Markit Economics on Thursday.
USD
"It looks more and more like businesses are hesitating to invest in the face of worsening uncertainties in the and global economy."
- Pierre Ellis, a senior economist at Decision Economics
The number of Americans claiming for unemployment benefits declined slightly by 2,000 to a seasonally adjusted 370,000 in the week ended May 19 from the week before, said the Department of Labor on Thursday.
GBP
" ...
Title:
Dukascopy Morning Forex Overview : 24/05/2012
Fundamental Analysis
EUR
Concern about Greece "is a big weight on the market and makes things uncertain"
- Emmanuel Soupre, a fund manager at Neuflize Private Assets
European stocks tumbled on Wednesday, after rising by the most in a month on Tuesday, on speculation Greece may exit the euro zone.
USD
"It’s very clear now that the housing market has turned a corner"
- Richard DeKaser, deputy chief economist at Parthenon Group LLC
Sales of new U.S. homes rose by more than expected in April, Commerce Department data showed on Wednesday. Purchases increased to an annual rate of 343,000, up by 3.3 per cent from a revised 332,000 in March.
GBP
" employment remains fragile and wage growth weak"
- Ross Walker, chief U.K. economist at Royal Bank of Scotland Group
U.K. retails sales declined by ...
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:
Waiting for the EU Summit
Trading in the London Session was choppy with the market unwilling to take any clear direction as we lead up to tomorrow's informal EU summit. The market toyed with the idea of Eurobonds (they like that idea and risk assets may rally tomorrow on any signs they are on the horizon.) Then they focused on the prospect of a showdown between Germany and France, Europe's de facto leaders, which caused a mild sell off. Right now the chances of the latter happening are more likely especially since Merkel is unlikely to be re-elected next year if she agrees to Eurobonds (read Germany guaranteeing the bulk of Europe's debt), which would never fly with German voters.
Although the EU President said that everything is on the table for discussion tomorrow, he also said that no concrete measures will be ...
Title:
Dukascopy Morning Forex Overview : 22/05/2012
Fundamental Analysis
EUR
"Inevitably there is going to be an element of bargain hunting as investors look to top up their holdings on the basis of slightly lower prices"
- Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers
European stocks edged higher on Monday on China’s pledge to boost growth.
USD
"Equity prices have gotten oversold"
- Mark Luschini, chief investment strategist for Janney Montgomery Scott LLC
U.S. equity market edged higher on Monday on China stimulus hopes and after German and French officials said they would cooperate to keep Greece in the monetary union.
GBP
"Obviously, as the euro depreciates, the U.K. gets slightly more expensive"
- Miles Shipside, Rightmove commercial director
U.K. national house prices stagnated in March, announced the ...
Title:
Dukascopy Morning Forex Overview : 21/05/2012
Fundamental Analysis
EUR
"Fears of a Greek exit from the euro zone and the negative consequences from that are prevailing"
- Ben Kwong, KGI Asia
European stocks edged lower after Fitch downgraded Greece’s credit rating to ‘CCC’, implying that the country is vulnerable and highly dependent on favourable economic conditions to fulfill its financial obligations.
USD
"If there were scope to do another twist of some type it would be prudent to consider it, especially in the scenario where things are worse and the Fed feels like it needs to move"
- Nathan Sheets, Citigroup Inc.
Fed policymakers might potentially launch another round of Operation Twist rather than a direct asset purchases in case of increased risks or further weakening of the US economy.
GBP
"We must work together to give ...
Title:
Dukascopy Morning Forex Overview : 05/18/2012
Fundamental Analysis
EUR
"Spain, once again, is where the confidence game is played"
- Sebastian Paris Horvitz, strategist at HSBC Private Bank Suisse
Spain sold the maximum targeted amount of debt, 2.5 billion euros, during yesterday’s auction with spiking borrowing costs. The interest rate of three-year bonds rose to 4.373% from April’s figure of 2.89% while interest rate of five-year bonds surged to 5.106% from 3.374 in March.
USD
"What we’re seeing in foreign-exchange markets is strong demand for the U.S. dollar"
- Steven Saywell, head of foreign-exchange strategy for Europe at BNP Paribas SA
Latest US initial unemployment claim data was released yesterday – 370 000 Americans demanded their jobless benefits last week versus a 368 000 consensus forecast. The Labor Department revised ...
Title:
Dukascopy Morning Forex Overview : 05/17/2012
Fundamental Analysis
EUR
"We expect euro-region inflation to normalize in 2013"
- Michael Schubert, an economist at Commerzbank AG
Inflation in the seventeen nation bloc eased to 2.6 per cent in March from 2.7 per cent the previous month, said the European Union’s statistics office in Luxembourg on Wednesday.
USD
"Uncertainty about Greece and the effects a potential exit out of the euro would have on Europe, the global economy and the financial system in general is driving investors out of stocks into safe havens"
- Markus Huber, head of German sales trading at ETX Capital
The Standard & Poor's 500 lost 0.44%, or 5.86 points, to 1,324.80. The Dow Jones Industrial Average declined by 0.26%, or 33.45 points, to 12,598.55.
GBP
Unemployment figures are a "welcome step in the right ...
Title:
Dukascopy Morning Forex Overview : 05/16/2012
Fundamental Analysis
EUR
"Germany is holding up the rest of the euro zone”"
- Nick Kounis, head of macroeconomic research at ABN Amro
Germany helped the Eurozone avoid its second recession in three years. Overall gross domestic product stagnated in the first three months of 2012, compared to the previous quarter, Eurostat data showed on Tuesday.
USD
"There’s a lot of slack in the economy"
- Scott Brown, chief economist at Raymond James & Associates Inc.
Inflation in the U.S. stagnated in April, restrained by a decline in energy costs. The core consumer price index, which excludes food and energy costs, rose 0.2 per cent, showed Bureau of Labor Statistics data on Tuesday.
GBP
"March's UK trade figures showed a bit of an improvement, although the external sector still looks likely to ...
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