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PositionTitle:
European Market Update : 21/05/2012
Spain's banking sector said to be calling on market regulator for renewed ban on short-selling
Economic Data
(EU) ECB: €809M borrowed in overnight loan facility €839M prior; €762.4B parked in deposit facility v €785.1B prior
(JP) Japan Apr Nationwide Dept. Sales Y/Y: 1.3% v 14.1% prior; Tokyo Dept. Store Sales Y/Y: 6.7% v 26.7% prior
(IN) India Apr CPI Y/Y: 10.4% v 9.4% prior
(DE) Germany Apr Producer Prices M/M: 0.2% v 0.3%e; Y/Y: 2.4% v 2.5%e
(HU) Hungary Mar Avg Gross Wages Y/Y: 2.7% v 6.5%e v 6.9% prior
(RU) Russia Narrow Money Supply w/e May 14th (RUB): 6.93T v 6.88T prior
(ES) Spain Central Bank (BOS): Mar Bad Loan Ratio at 8.37% v 8.16% prior; - Lending -3.1% y/ym, Deposits -4.2% y/y
(IT) Italy Mar Industrial Orders M/M: 3.5% v 1.0%e; Y/Y: -14.3% v -13.2% prior
(IT) Italy ...
Title:
Gold steadies as softer euro curbs rebound
(Reuters) - Gold steadied in Europe on Monday as a retreat in the euro arrested the metal's rebound from its 2012 lows, but prices remained supported near $1,600 an ounce as investors bet the metal's price correction had been overdone.
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Spot gold was at $1,591.50 an ounce at 0932 GMT against $1,592.00 late on Friday. U.S. gold futures for June delivery were down $1.30 an ounce at $1,590.60.
Last week, gold fell to its lowest this year at $1,527 an ounce, before staging its biggest two-day rally since October as traders holding short positions rushed to cover.
"I suspect that what we saw last week was partly short covering, and that has helped us on the way up, with maybe a little bit of extra safe-haven interest," Mitsui Precious Metals analyst David Jollie said.
"In the next few weeks ...
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Copper up but Greek contagion fears weigh
(Reuters) - Copper extended gains on Monday, rising from four-month lows hit last week despite investors' concern about the risk of contagion if Greece defaults on its debt and leaves the euro.
Leaders of G8 major industrialized nations meeting at the weekend vowed to take steps to combat financial turmoil and revitalize a global economy threatened by Europe's debt crisis, but they offered no specific prescription for debt-crippled Greece which is to hold elections on June 17.
Recent opinion polls show Greek voters are returning to the establishment parties that negotiated its bailout, offering potential salvation for European leaders.
But deepening banking sector instability in Spain heightened concerns about contagion from Greece's political turmoil, meaning investors will likely stay ...
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LME copper gains on soft dollar; Europe eyed
(Reuters) - London copper rose on Monday after last week's steep losses, as a weak dollar, technical buying and a pickup in Chinese spot demand supported prices, although worries about the euro zone debt crisis capped gains.
Hopes for stimulus from top consumer China after the country's premier called for additional efforts to support growth on Sunday proved to be a bright spot for copper, which has shed about 9 percent in London over the last three weeks.
But market participants warned the upward momentum may be short-lived, given the chaos in Europe, where political problems threaten to drive Greece out of the euro zone and indebted Spanish banks keep their country's borrowing costs high.
Three-month copper on the London Metal Exchange rose 1.2 percent to $7,742 a tonne by 0713 GMT, ...
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Euro gets respite, but stays under pressure
(Reuters) - The euro traded firm above recent four-month low on Monday as some investors who had bet on the currency falling booked profits, but deep-seated concerns about financial turmoil in Greece and Spain will keep it under pressure.
The common currency earned respite from this month's relentless bout of selling, as speculators who had piled up a record amount of bets against it cut some of those positions.
The euro was steady at $1.2781, well above Friday's four-month low of $1.2642 struck on trading platform EBS. The euro has managed to stay above its 2012 low of $1.2624, a major support, a break of which would take the single currency back down to levels not seen since August 2010.
Traders cited sell-side stops above $1.2835 with plenty of offers ahead of that level, all of ...
Title:
Market Drivers - Currencies : 21/05/2012
Today's Comment
Over the past couple of weeks, we have seen a couple of important measures in respect of the financial turmoil – measures that we have called for here in the second quarter. We expect that the situation is far from being resolved yet, but in the very short term many cross rates are oversold and overbought at the current levels. Therefore we recommend that investors remain on the sidelines in this period and begin to put STOP/ENTRY positions in the order books to catch the next risk-off phase. (This may come very soon).
Later in the week, we will see Ifo and the important PMI data from the euro zone.
EURUSD (from Sell to NEUTRAL): S/P was reached. We recommend a new STOP / ENTRY order at 125.95 so we can catch EURUSD in the event of further negative news that will cause ...
Title:
Euro Succeeds Short Squeeze
Sunrise Market Commentary
- Fixed Income: Global core bonds take a breather
- Investors remained mostly sidelined in an uneventful session on Friday. The G-8 meeting stressed the need for growth, besides fiscal consolidation and sees Greece staying inside EMU. This shouldn’t surprise markets today. With a razor thin calendar, trading might start the week in a lackluster mode.
- Currencies: Euro succeeds short squeeze
- On Friday, the decline of the euro halted and EUR/USD succeeded a cautious rebound, even as uncertainty on the EMU debt crisis persisted. Technical considerations will also dominate trading today as the G8 meeting provided no high profile measures to address the debt crisis.
The Sunrise Headlines
- US Equities rose for a second consecutive session on ...
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SunBirdFX Daily Market Analysis : 05/21/2012
www.sunbirdfx.com
The bearish momentum in Wall Street continued last week as indices shed 4%-5% during the week. The sharp declines were expected from the technical analysis point of view, since the main indices broke significant support in their daily charts, which we have analyzed and marked as key levels. The S&P 500 broke the support at 1350 points and reached the target we set at 1300 points, mainly because of the collapse of the financial sector. The volumes are increasing, which means that the sellers are gaining power, in spite improving economic data and the optimism that spread with Facebook trading on Friday. The three main indices are close to the annual opening levels as NASDAQ's next support is at 2400 points.
EUR/USD
We have been mentioning the support at 1.30 as a ...
Title:
Facebook IPO Fails to Make a Dent in the Marketplace
Following weeks of speculation regarding how Facebook's debut on the New York Stock Exchange would turn out, investors were mildly disappointed with the social media site's performance on Friday night. Facebook closed out the week at 37.96, slightly below its opening price. What direction Facebook takes from here is a hotly debated topic among market analysts. Some are warning that the site may be overvalued already, and Friday's disappointing performance could be a sign of things to come. That being said, any moves by Facebook to expand its already massive subscribership could generate excitement in the marketplace which could help boost the value of this site.
Economic News
USD - Dollar Comes off 4-Month High vs. Euro
The US dollar turned bearish against most of its main currency ...
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