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NewsTitle:
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:
Weekly Focus: Weak Data Expected to Trigger Policy Response
Weekly Focus: Weak Data Expected to Trigger Policy Response
Market Movers ahead
- US non-farm payrolls are expected to rebound to 170K.
- We expect the manufacturing ISM index for May to weaken somewhat.
- The result of the Irish referendum on fiscal compact will most likely be a 'Yes'.
- In China focus will be on the release of the NBS manufacturing PMI.
Global Update
- Deteriorating PMIs and IFO signal that core Europe is in recession as well.
- EU summit produced few new details. Growth compact set to be endorsed in June.
- Greek polls suggest close run between Syriza and New Democracy.
- First release of US flash PMI showed a deterioration of economic conditions.
- The US housing market is a source of good news.
- Weak Chinese data are expected to ...
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:
Islamists lead in historic Egyptian elections
The counting has begun in the historic Egyptian elections that mark the first stage in the new republic after the ousting of Hosni Mubarak in February 2011.
The initial results so far show the bias from the people towards Islamists as the Muslim Brotherhood claims the lead so as their political leaders Mohamed Morsi leads the ballot count and heading to the runoff vote next month.
The Muslim Brotherhood announced its unofficial results are based on the reports from 90% of votes collected by their own monitors that confirm Morsi leads in the count. Exit polls suggest his lead as well, but Egypt will announce the official results next week.
As for the counting that begun at some of the polling stations after two days of voting, the initial results also show Mori the favorite candidate for ...
Title:
Euro off near two-year lows, outlook still bleak
(Reuters) - The euro inched up from two-year lows against the dollar on Friday as bearish investors took a breather from a sharp sell-off this week, but worries about a possible Greek exit from the euro zone and the risk of contagion could make gains fleeting.
The euro traded 0.4 percent higher on the day at $1.2581, pulling away from $1.25155, the lowest level since July 2010 that was hit the day before. Traders cited a reported option barrier at $1.2500 that could check losses with offers around $1.2600 and stop-loss orders above $1.2620.
Despite the bounce, the common currency has lost more than 5 percent against the dollar so far this month and is on track for its fourth straight week of losses, raising the possibility of a test of the 2010 low of $1.1875.
Macro funds and ...
Title:
EURCHF Move Provides Temporary Excitement
Forex News and Events:
Risk appetite has recovery marginally in the Asian session as the lack of Europe-negative headlines allowed risk seekers to pick up bargains. EURUSD was able to rally off the 1.2519 lows trading up to 1.2579. One of the more tangible drivers of today’s renewed positive sentiment has been the optimistic tone out of the Iran nuclear talks. A spokesman for EU foreign policy chief Catherine Ashton, stated "there is a positive atmosphere.” Oil went bid in the European session as WTI traded swiftly to $91.31. Yesterday’s move of the day was in the EURCHF where speculation on exactly what happened is still dominating conversation. After a month of inactivity around the 1.2010 level (vols compressed to nothing), EURCHF jumped suddenly over 60 pips during the European ...
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:
Brent steady at $106 as economy worry lingers
(Reuters) - Brent crude futures held steady at $106 a barrel on Friday, but was on track for a fourth weekly loss and the longest losing streak since early 2010, as investors were jittery over signs of slowing global economic growth blunting oil demand.
Asian shares and the euro took a hit on Friday on a grim global economic outlook after weak data from the United States, China and Europe, and on the uncertain fate of Greece.
But losses were limited by fears of a supply disruption from the Middle East, as talks on Iran's nuclear program reached a stalemate, with Western countries insisting Iran must cease uranium enrichment before sanctions against it can be eased.
Brent crude inched up 2 cents to $106.57 a barrel by 0629 GMT after touching a session high of $106.98. U.S. crude dropped ...
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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