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Optimism Mixed WithTitle:
An unchanged confidence is projected for the U.S
The present recovery of the superpower remains moderate and on track with mixed sentiments so far spread this week on a local and global scale regarding the companies` orders, housing activities and Greece, yet no true change has been witnessed and therefore most probably later on the day we will watch an unchanged confidence for this month.
In fact later on the day we will watch the University of Michigan Confidence final reading of this month released and highly projected by the market to come in unchanged at 77.8, indicating clearly that consumer confidence regarding personal finances, business conditions and purchasing power.
No wonder that yesterday we had the Commerce Department showing us that the demand for business equipment in the U.S plunged in April as companies across the U. ...
Title:
Euro Rebound Short-Lived
Sunrise Market Commentary
- Fixed Income: Profit taking continued, but now concluded?
- The profit taking on global core bond markets continued in the run-up to tonight's informal EU-Summit. Spanish and Italian spreads decreased significantly but yields remain at elevated levels. Today, the eco calendar is again thin and trading will again be driven by sentiment.
- Currencies: Euro rebound short-lived On
- Tuesday, the euro came again under pressure even as the global context was not that negative. Sentiment on risk was constructive and intra-EMU spreads narrowed, but all this didn't prevent investors to use any upticks in the single currency to further reduce exposure. The key 1.2642/24 support is again coming within reach.
The Sunrise Headlines
- In the final hour of ...
Title:
U.K. Unexpectedly Surprises Markets with Upbeat Jobs Report
The sentiment improved today after the United Kingdom provided markets with the jobs report, where unemployment has unexpectedly dropped in the three months ending in March, raising optimism that the "balanced budget" previously provided by the Chancellor of Exchequer, George Osborne, might have a positive impact on the royal economy and the labor market as well, despite speculations joblessness will peak 8.7% this year before falling again.
Unemployment in the United Kingdom unexpectedly fell to 8.2% from the previous of 8.3%, beating estimates of 8.4%, the thing that raised positivity in the market, supporting the sterling pound to erase most of the losses incurred earlier today; however, the sentiment is still mixed after Greeks found no common grounds regarding the creation of the ...
Title:
Euro still mixed despite upbeat growth data from the euro zone
Several factors are affecting the high yielding euro right now, where with the heavy load of fundamentals and events the euro is not able to define the intraday trend so far. Meanwhile, the sentiment is still mixed as Greeks still cannot reach an agreement regarding the creation of a government, while Moody`s downgraded 26 Italian banks, yet positivity remains stronger as the euro-region didn’t slip into recession after posting steady GDP figures.
Fears and tension eased in the market after growth data from Germany, France, Italy and finally the euro-area region, where GDP figures have beaten estimates in Germany and the euro zone, Stalled in France, yet missed estimates in Italy; however, the sentiment remained positive as the euro-area region skipped another phase of recession temporary. ...
Title:
Crude oil tries not to decline
Crude oil is being so volatile at today’s session after huge losses achieved during the last six sessions, the EFSF played a significant role in easing tensions today after it approved to give Greece a 5.2 billion euro tranche which eased fears over the near-term outlook for the country.
After achieving huge losses, the door is open for crude to rise slightly and any small positive factor would support it and help it in climbing upwards. And we can see this in today’s trading which showing some positivity due to EFSF’s decision.
However, this optimism that seen in Europe is temporary and would be vanished soon if nothing major comes out, as the 5.2 billion euro tranche for Greece would let the country to meet its short commitments, but what it will do for the longer commitment if lenders ...
Title:
EUR/USD Testing Key Support
Sunrise Market Commentary
- Fixed Income: new contract highs
- London-traders returned and the market seemed to react with a lag to this weekend's election results. In a risk off session, both the German Bund Future and the US Note Future set new contract highs, respectively at 142.62 and 133-04.
- Currencies EUR/USD testing key support
- On Tuesday, sentiment on the euro remained fragile even as there was little news from the political scene in France or Greece. EUR/USD is again testing the key 1.2974/55 support area. A break below this level would be highly significant from a technical point of view.
The Sunrise Headlines
- US Equities dropped sharply lower yesterday, but reversed most of their losses in the final hours of trading. The S&P ended the session 0.43% lower. ...
Title:
Weekly Economic and Financial Commentary : 27/04/2012
Weekly Economic and Financial Commentary
U.S. Review
First-Quarter GDP Growth Slows
The U.S. economy grew at a 2.2 percent annual rate in the first quarter, somewhat slower than the consensus had expected. Consumption remained the primary driver of growth as business spending slowed and the government sector continued to scale back spending.
In our U.S. review section this week, we discuss the GDP report in the context of the big miss in durables and consider what it means for business spending going forward. We also look at a very small change in the Fed statement this week that reflects an improving view on the troubled housing sector.
Business Spending Poised for a Slowdown?
Durable goods orders for March were ugly. The 4.2 percent drop was the largest decline since the U.S. ...
Title:
Euro Mixed after Italian Auction, Yen Advance despite Stimulus
The sentiment deteriorated today after the Spanish credit rating downgrade, which sent the euro to the downside; however, during the European session the common currency started to gain momentum and recover most of the losses incurred today as the results of major firms supported the sentiment to improve slightly, forcing upside pressures on the euro, but still, the bullishness remained limited after the downbeat Italian bond auction.
The Euro reversed sharply to the downside after Standard & Poor's rating agency downgraded the Spanish credit ranking for the second time on deteriorating budget deficit and economic conditions, where the rating agency cut the rating of Spain by two notches to triple-B+ from A, while cutting the short-term rating to A-2 from A-1, turning the outlook on Spain ...
Title:
Fed Doesn't Help The Dollar
Sunrise Market Commentary
- Fixed Income: Small changes after volatile trading
- Core bonds traded volatile due to economic data and bond auctions. The Fed had the final saying. The FOMC statement showed that the Fed was slightly more optimistic on growth and the governors more hawkish in their rate forecasts. However, policy remains unchanged and Bernanke kept the door for more QE open.
- Currencies: Fed doesn't help the dollar
- On Wednesday, trading in most major currency cross rates was confined to recent ranges. EUR/USD is holding near the recent highs. The Fed kept a soft tone and this was a slightly negative for the dollar. Sterling lost temporary ground as Q1 GDP data showed that the UK has slipped back into recession. However, the EUR/GBP 0.8222 resistance did its job. ...
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