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Position Long IfTitle:
Oil falls as Greece, China feed economic worry
Oil prices fell on Monday as Greece's inability to form a coalition government and concerns about a slowing Chinese economy fed worries about the outlook for petroleum demand.
Greece's turmoil triggered selling in dollar-denominated copper and gold, sending a benchmark commodities index to a 19-month low, while pressuring the euro to a four-month low against the dollar and weighing on the stock market.
Hedge funds and large speculators made the biggest-ever cuts in their net long U.S. crude futures and options positions in the week to May 8, according to government data released on Friday, adding to this week's bearish sentiment.
Crude futures extended losses that, in the two weeks ending on Friday, left Brent crude down 6.2 percent and U.S. crude off 8.4 percent.
"The situation in ...
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Global shares, euro hit as political risks pile up
Uncertainty over the impact of a potential Greek exit from the euro on the debt-laden 17-nation currency bloc drove a rush to safety by investors on Monday, sending the single currency to near four month lows and European shares down 1.5 percent.
Problematic negotiations on forming a new Greek government have increased the chances it will be unable to meet the conditions of its bailout deal, and a worsening fiscal position in Spain has added to the sense of crisis facing the region.
The list of political risks facing the euro area grew on Sunday when German Chancellor Angela Merkel's conservatives suffered a crushing defeat in an election in Germany's most populous state.
"Selling rallies in risk assets seems the best way to make money in most asset classes given the event risk is still ...
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Gold ticks up on bargain hunting; off 4-month low
Gold edged up on Monday as bargain hunters lifted prices from four-month lows, but gains were capped as an inconclusive Greek election raised the risk the country could exit the euro zone and fanned fears of a worsening debt crisis in the region.
Gold has moved in tandem with riskier assets this year as the turmoil in Europe sent the euro to multi-month lows and investors turned to the safety of the dollar, analysts said.
The U.S. dollar has also been supported by optimism that more positive labor market numbers will be seen soon.
Gold hit an intraday high at $1,585.39 an ounce and was barely changed at $1,578.45 by 0615 GMT. Bullion had tumbled to a low of around $1,573 on Friday, its weakest since early January, on fears that the debt crisis in Europe will hurt global economic growth.
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Title:
Risk Aversion Continues to Weigh on Higher-Yielding Currencies
Following multiple failures by Greek politicians to form a new government, investors are now concerned about what impact a possible new election will have on Greece's status in the euro-zone. The news weighed down on riskier currencies, particularly the euro, throughout Friday's trading session. The EUR/USD dropped to a fresh 3 ½ month low at 1.2903 before staging a slight correction to close out the week at 1.2917. Turning to this week, euro-zone news is once again forecasted to dictate the direction the market takes. Any additional negative announcements out of Greece could drive the euro even lower against its main currency rivals.
Economic News
USD - US Consumer Sentiment Gives Dollar a Boost vs. JPY
News that consumer sentiment in the US reached a more than four-year high gave the ...
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Oil dips as China data outweighs upbeat U.S. consumers
Oil fell on Friday and posted a second straight weekly loss as pressure from weak industrial growth in China countered news that U.S. consumer confidence hit a four-year high.
Brent crude's 6.2 percent slide in the past two weeks was the biggest two-week percentage loss since December 16. U.S. crude fell 8.4 percent the past two weeks, its largest since September 30.
Crude prices felt early pressure from data showing China's industrial production in April grew at its slowest pace in nearly three years.
The report followed disappointing trade numbers released on Thursday, indicating China's economy is showing vulnerability to a global slowdown.
Oil pared losses later on news that U.S. consumer sentiment rose early this month to its highest in more than four years, according to the ...
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Euro near 3-1/2 month low vs dollar as Greece wrangles
The euro hovered near a 3-1/2-month low on Friday as Greek political parties made efforts to form a coalition government, and looked fragile as risk sentiment struggled on weak Chinese data and JPMorgan's shock trading losses.
The common currency was steady at $1.2936 after earlier hitting a trough of $1.2905, its lowest level since January 23. Investors were heavily focused on Greece, where inconclusive election results on Sunday threw the country into political disarray and raised the risk of it exiting the euro zone.
The euro climbed to a session high of $1.2956 as Greek conservative leader Antonis Samaras said there were still hopes a government could be formed, but came further pressure when the leader of the moderate Democratic Left said the country was heading for a repeat poll.
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EUR/GBP Testing 80.00 Barrier, As BoE Stops Printing Press
Sunrise Market Commentary
- Fixed Income: Largely uneventful session for core bonds
- Core bonds had an insignificant, technical and sentiment-driven session that left bond yields slightly higher in the close. Overnight, negative headline news on JP Morgan and Greece triggered a moderately strong opening of the Bund. Europe will be in the focus today with the publication of the Spanish banking plan and the EU spring forecasts.
- Currencies: EUR/GBP testing 80.00 barrier, as BoE stops printing press
- On Thursday, sentiment on risk turned slightly less negative, even without progress in the Greek debt/election crisis. Nevertheless, the decline in EUR/USD slowed. EUR/GBP reached a minor low just below 0.8000 as the BoE halted its program of asset purchases. For now, we see no ...
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US Data Set to Impact Markets Today
The euro spent most of the day slightly above recent three-month lows hit against the US dollar and Japanese yen. Greece's inability to form a new government has raised the prospects that a new election will be held in the coming weeks, which has resulted in additional risk aversion in the marketplace. Turning to today, traders will want to pay attention to a batch of US data, including the PPI figure and the Prelim UoM Consumer Sentiment. Both indicators are considered valid indicators of overall economic health and have the potential to create market volatility before markets close for the week. Should any of the data come in above expectations, the USD may be able to see some upward movement against the yen today.
Economic News
USD - Dollar Turns Bearish vs. GBP
The dollar turned ...
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Oil eases to around $113 on weak Chinese data
(Reuters) - Oil fell to around $113 per barrel on Thursday as weaker-than-expected Chinese trade data highlighted concerns over energy demand in the world's second-largest oil consumer.
Downbeat comments by the Organization of the Petroleum Exporting Countries also weighed on the market. The group's monthly report said oil supply was plentiful and in excess of market requirements.
Brent crude oil futures for June lost 10 cents to $113.10 a barrel by 07.06 a.m. EDT after settling at $113.20 on Wednesday, up 47 cents. U.S. crude fell 40 cents to $96.41 per barrel.
Brent has fallen sharply from highs of around $126 per barrel in April due to worries about political turmoil in Europe and a growing conviction that the market is well supplied.
Analysts remained downbeat about prospects for ...
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