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Overview The Euro RoseTitle:
The Weekly Bottom Line : 29/07/2011
The Weekly Bottom Line
HIGHLIGHTS OF THE WEEK
United States
Another week has gone by and U.S. lawmakers have yet to reach a deal to raise the statutory debt ceiling. The U.S. government is just three days away from exhausting its authority to borrow.
If there is no progress over the weekend, the U.S. Treasury will have to give further details on a contingency plan for how it would to deal with its funding shortage.
As if all of these was not enough bad news, this morning real U.S. GDP came out well below expectations, with an annualized quarterly expansion of 1.3% in the second quarter. Furthermore, first quarter growth was revised down sharply from 1.9% to 0.4%. This is a stark reminder of the weakness of the U.S. economy.
Canada
With investors moving towards "safe" ...
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Dukascopy Afternoon Forex Overview : 28/07/2011
Previous session overview
The dollar is maintaining its mixed position against other major currencies Thursday after a report showed US pending home sales rose unexpectedly last month.
That National Association of Realtors says pending home sales were up 2.1% in June. Economists were expecting a 2% decline.
The dollar remains higher against the euro, but down against the yen. The euro is at USD1.4284 from USD1.4368 late Wednesday. The dollar is at JPY77.86 from JPY77.98.
Gold were flat Thursday as a slightly stronger dollar kept U.S. debt crisis fears in check. Gold for December delivery, the most actively traded contract, was recently up USD1.70, or 0.1%, at USD1619.00 a troy ounce.
The Canadian dollar made modest gains against its U.S. counterpart Thursday on better-than-forecast ...
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Dukascopy Morning Forex Overview : 27/07/2011
Previous session overview
Asian currencies soared to new highs against the dollar Wednesday, as investors showed the greenback no mercy on increasing expectations the U.S. will lose its triple-A credit rating.
The U.S. currency fell to JPY77.78, its lowest since the post-World War II-low of JPY76.25 marked in March. Japan Finance Minister Yoshihiko Noda reiterated that he will continue to closely monitor the market.
Central banks in Thailand and South Korea for a second straight day intervened to keep their currencies from rising too quickly and damaging their export-dependent economies.
Wednesday's gains extended a months-long trend of investors piling into Asian currencies and out of currencies like the dollar and euro, which are burdened by seemingly intractable fiscal problems.
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Dukascopy Afternoon Forex Overview : 26/07/2011
Previous session overview
The debt stalemate in Washington continues to weigh on the dollar before a pair of economic reports on US consumer confidence and home sales. Economists expect the Conference Board's consumer confidence index to fall, while new home sales are expected to rise.
With market participants locked in on the debt debate, economic reports could become secondary. A report out earlier Tuesday that showed home prices fell 4.5% in May did little to move the dollar.
The euro rose against the dollar to USD1.4474 from USD1.4378 late Monday. The greenback fell to CHF0.8025 from CHF0.8060.
The dollar is at JPY78.04 from JPY78.28 late Monday. The ICE U.S. Dollar Index is down 0.5% at 73.724.
Elsewhere, the pound rose against the buck, after U.K. economic growth in the second ...
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Dukascopy Afternoon Forex Overview : 21/07/2011
Previous session overview
The euro rose against the U.S. dollar on reports that Germany and France have agreed on a strategy for designing a new aid program for Greece, which raised hopes that European leaders will announce further rescue measures for the debt-laden country at Thursday's EU summit.
No details were released, but a senior euro-zone official told that the joint proposal will include measures to lower Greece's debt with a bailout about equal to the EUR110 billion it received last year.
The source said that it will also lower the interest rates Greece must pay and will also include participation by the private sector. Agreement to revised terms by private-sector creditors has been seen as a contentious element because it could lead to Greek bonds being declared in partial ...
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Dukascopy Morning Forex Overview : 21/07/2011
Previous session overview
The euro rose against the U.S. dollar on reports that Germany and France have agreed on a strategy for designing a new aid program for Greece, which raised hopes that European leaders will announce further rescue measures for the debt-laden country at Thursday's EU summit.
No details were released, but a senior euro-zone official told that the joint proposal will include measures to lower Greece's debt with a bailout about equal to the EUR110 billion it received last year.
The source said that it will also lower the interest rates Greece must pay and will also include participation by the private sector. Agreement to revised terms by private-sector creditors has been seen as a contentious element because it could lead to Greek bonds being declared in partial ...
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Dukascopy Afternoon Forex Overview : 20/07/2011
Previous session overview
Euro fell below the mention level and accelerated the decline and retreated further from the highs to USD1.4170. The pair was able to hold above the USD1.4170 zone and after the release of US housing data rose back to USD1.4200.
German Chancellor Merkel has adopted a skeptical tone this week on the possibility for a long-term Greek aid solution. Merkel and French President Sarkozy will seek a common line on a New Greek aid program and broader euro-zone reforms when they meet Wednesday ahead of a meeting of the bloc's leaders in Brussels.
Potential good news on euro-zone debt front is making precautionary credit lines available, enabling the EFSF fund to lend to banks and to buy directly in the secondary market.
In the market the Yen is trading with mix ...
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Dukascopy Morning Forex Overview : 15/07/2011
Previous session overview
The dollar rose slightly in afternoon Asian trade Friday after receiving a morning jolt following a warning from Standard & Poor's that it may downgrade U.S. government debt.
The move comes after Moody's said on Wednesday that its long-term rating on U.S. Treasurys was now under review for a possible downgrade. Both agencies have long given U.S. debt their highest Triple-A ratings.
S&P said that in recent months, the political debate has "only become more entangled."
The dollar dove on the news, dropping to JPY78.89 from JPY79.15 just before the announcement.
However, the greenback quickly retraced its losses. As of 0450 GMT, the dollar was at JPY79.22 from JPY79.12 in late New York trade Thursday.
The moves were mirrored in the euro, which jumped to USD1. ...
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Dukascopy Afternoon Forex Overview : 14/07/2011
Previous session overview
The dollar added to its gains against the yen and pared losses against the euro Thursday after Federal Reserve Chairman Ben Bernanke said the central bank is not currently prepared to take further action on the economy.
Bernanke's comments in front of the Senate dampen any recent growing expectations that the Fed would embark on a new bond-buying program to help stimulate the economy. In recent days Bernanke had said the door was open for further easing measures, but Thursday's statement appears to shut the door on any near-term possibilities of another round of bond buying.
The euro was at USD1.4201 from about USD1.4236 just before Bernanke made the comments. The dollar was at JPY79.14 yen from about JPY79.04.
Jobless claims fell by 22,000 to 405,000 last ...
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