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New York TradersTitle:
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 ...
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Gold lower but recovers some ground; trade eyes $1,525/oz
(Reuters) - Gold managed to recover most of the ground it lost in a brutal sell-off earlier on Wednesday even as sentiment and the euro remained fragile as European leaders met to discuss the deepening euro-zone debt crisis.
Gold tested key support levels for a second time in a week as a wave of selling hit commodities, the euro and equities, before bouncing off those lows in New York afternoon trading.
Money had piled into bonds and the dollar, assets considered low risk, on Wednesday ahead of a meeting of European Union leaders later in the day. The leaders are expected to discuss growth-boosting measures and the idea of a joint euro zone bond.
Spot gold prices dropped as low as $1,534.25 an ounce, down over 2 percent, as the euro slumped to its weakest against the dollar in nearly ...
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Natural gas futures end up for second day
(Reuters) - Natural gas futures ended higher on Wednesday for a second straight day, as tighter supply-demand fundamentals and forecasts for warm weather offset early selling on the milder outlook for late next week.
Gas prices, which rallied 9 percent last week, are nearly flat so far this week, with investors cautious about prices near 3-1/2 month highs ahead of a three-day weekend.
NYMEX floor trading will be closed on Monday for the U.S. Memorial Day holiday.
Since posting a 10-year low of $1.90 per million British thermal units in April, nearby futures are up nearly 44 percent amid signs that record production was finally slowing while demand was picking up as more electric utilities switch from coal to cheaper gas for power generation.
Technical traders had been expecting Monday' ...
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Euro Slips Before EU Summit; Oil Dips Below $90
Sentiment is still locked with pessimism on Wednesday as the euro fell to its weakest level against the dollar sine almost four years with mounting speculation the EU summit will struggle to shore up debt-laden Greece amid increasing odds the country will leave the shared currency.
Worries about the outcome of the EU summit and the disorderly Greek exit from the euro zone continue to weigh on risk assets. Equities slumped heavily and the euro, but those worries pushed the dollar index to a 20-month high, as traders sought the safest assets amid worsening financial crisis.
With risk offset, the Japanese yen and the dollar remain at the top of the list. The USDIX, which tracks the performance of the greenback against a basket of major currencies including the euro, the pound and the ...
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U.S. Stock Futures Slip on CBO Warning, Greek-Exit Fears
Wall Street may stretch the slide that started at the final hour of trading yesterday, as worries grew that Greece will soon leave the shared currency and the Congressional Budget Office warned the economy would tip back into recession if needed budget measures aren`t taken before year-end.
As of 16:12 a.m. in New York time, Dow Jones Industrial Average futures expiring June 12 lost 0.65 percent to 12,395, Standard & Poor`s 500 Index futures fell 0.72 percent, and NASDAQ 100 futures decreased 0.77 percent to 2,515.50.
The CBO yesterday warned the U.S. economy would be pulled back into recession next year if Congress fails to address a so-called "fiscal cliff" - a series of policies set to take effect in January that would take more than $500 billion out of the economy in 2013 alone.
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Dukascopy Afternoon Forex Overview : 22/05/2012
Fundamental Analysis
EUR
Gold extended previous gains in Asian session on Tuesday as concerns over Greek exit from the single currency union eased. At G8 summit leaders of eighth largest economies stated that they would do everything possible to retain Greece in the Euro Zone. COMEX gold June contract traded at 1,592.35 US Dollars per troy ounce on the New York Mercantile Exchange, advancing by 0.23%.
USD
The US Senate has passed a bill aimed at tightening sanctions imposed on Iran to force the country to cease its nuclear program. The new sanctions imply investigation of role of Iran's Revolutionary Guard in oil exports as well as obliging the US companies to disclose any business activities with Iranian partners. The move came ahead of negotiations between Iran and six major ...
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Euro slides vs. dollar as EU summit hopes wane
(Reuters) - The euro fell against the dollar on Tuesday after two days of gains as investors pared back expectations that an informal meeting of European leaders this week would yield much progress in tackling the region's debt crisis.
However, given the market's stretched bearish positioning and oversold signals on the technical charts, the euro could see a short-term squeeze higher ahead of the European summit.
The yen, meanwhile, tumbled after Fitch downgraded Japan's ratings and although the currency posted the biggest loss versus the dollar, investors remained focused on the euro.
While there have been hopes in some quarters that Wednesday's summit may lead to agreement on measures to boost euro zone growth, investors were not confident of a breakthrough given apparent differences ...
Title:
Euro falls vs. dollar as EU summit hopes dim
(Reuters) - The euro fell against the dollar on Tuesday after two days of gains as investors pared back expectations that an informal meeting of European leaders would yield much progress in tackling the region's debt crisis.
However, given the market's stretched bearish positioning and oversold signals on the technical charts, the euro could see a short-term squeeze higher ahead of the European summit.
While there have been hopes in some quarters that Wednesday's summit may lead to agreement on measures to boost growth, investors were not confident of a breakthrough given apparent differences in opinion between Germany and France.
French President Francois Hollande is expected to push for a joint euro zone bond, a measure backed by Italy, Spain and the European Commission.
However ...
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