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The dollar opened the door for crude to correct some of previous losses
Crude oil picks up in today’s session on a strong GDP from Japan and relief seen in the United States which showed some positive signs yesterday by recovering manufacturing and housing sectors. Nevertheless, fears are still elevated in Europe with the possibility of a Greek exit from the Euro bloc and bad economic conditions in Spain.
The Japanese economy released its industrial production that showed improvement in March, where the actual reading came at 1.3%, compared with the previous reading of 1.0%. The economy also reported 1.0% expansion in the first quarter that beat expectations.
Crude oil opened today’s session at $92.77 and reached so far a high of $93.69 and a low of $92.68 and is currently trading around $93.25 a barrel.
The EIA reported the eight’s consecutive week of ...
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Dukascopy Morning Forex Overview : 05/17/2012
Fundamental Analysis
EUR
"We expect euro-region inflation to normalize in 2013"
- Michael Schubert, an economist at Commerzbank AG
Inflation in the seventeen nation bloc eased to 2.6 per cent in March from 2.7 per cent the previous month, said the European Union’s statistics office in Luxembourg on Wednesday.
USD
"Uncertainty about Greece and the effects a potential exit out of the euro would have on Europe, the global economy and the financial system in general is driving investors out of stocks into safe havens"
- Markus Huber, head of German sales trading at ETX Capital
The Standard & Poor's 500 lost 0.44%, or 5.86 points, to 1,324.80. The Dow Jones Industrial Average declined by 0.26%, or 33.45 points, to 12,598.55.
GBP
Unemployment figures are a "welcome step in the right ...
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Higher Yielding Currencies Maintain Bearish Trend
Higher Yielding Currencies Maintain Bearish Trend
Higher yielding currencies, namely the EUR and AUD, remained bearish during European trading yesterday, as fears that Greece will have to leave the euro-zone led to risk aversion in the marketplace. Investors are now worried about what the possible effects of a Greek exit from the euro-zone would be for other indebted countries, including Spain and Italy. Today, traders will want to note that there is a bank holiday in France, Germany and Switzerland. That being said, news out of the US may lead to market volatility. The Unemployment Claims figure and Philly Fed Manufacturing Index are both forecasted to show US economic growth. If true, the USD could see gains during the afternoon session.
Economic News
USD - Manufacturing Data Could ...
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Spanish Growth in Focus amid the Current Economic Situatio
The focus shifts once again from the United Kingdom and the quarterly inflation report to the highly indebted Spanish economy, where all markets will pay attention now to the final growth data for more details whether recession will be confirmed in Spain or not, while tracking the performance of the debt market as Spain, France and Germany prepare to auction debt today.
With the lack of major fundamentals from the old continent, the focus as mentioned shifts to Spain, which is the potential next victim of the escalating debt crisis, where the fourth largest economy in the euro zone has suffered significantly from the debt crisis and the housing bubble which exploded back in 2008, while the consequences are still clear as the economy is very weak, pressured further by the European crisis ...
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Japan’s economy expand more than expected in first quarter
Japanese economy grew more than expected during the first quarter, where Japan’s GDP showed unexpected growth supported by the reconstruction from last year’s earthquake that boosted public investment as well as consumer spending.
Japan’s GDP grew more than expected during the first quarter of year, where it recorded actual of 1.0% compared with a previous of -0.2% revised to 0.0%, while the expectations were 0.9%.
While annualized GDP in first quarter inclined actual of 4.1% compared with a previous of -0.7% revised to 0.1%, while expectations were 3.5%.
The strength of Japanese yen against the dollar since March may increase pressure on monetary policy makers of the Bank of Japan to add stimulus especially after the unexpected growth that the nation is witnessing.
Yesterday, Japan’s ...
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Global shares recover a bit, though fear on Greece remains
Asian shares on Thursday recovered a bit of the ground lost in the previous day's sell-off, but investors found no reason to bet on risk amid deepening turmoil in Greece and fears of contagion to other stressed euro zone economies.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.5 percent on short covering, after sliding more than 3 percent - its biggest one-day drop in six months - on Wednesday.
The index hit a new 4-month low on Wednesday, and has shed 9.6 percent since May 2.
Gold and the euro recovered from Wednesday's lows as a recovery in shares helped improve sentiment slightly.
Bucking the general trend of recovery in Asia-Pacific, Australian shares .AXJO bucked the general recovery, falling 0.6 percent to a four-month low, with banks easing on ...
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Analysis: U.S. bond bulls not ready to call off the charge
They are the few, the brave, the unloved, and among big investors, their number shrinks by the month.
They are the last of the bond bulls, the investors who believe long-term U.S. government bonds will extend a historic run that has already pushed interest rates to multi-decade lows.
Recent surveys show broad disdain for Treasuries among market cognoscenti. A cross-section of star money managers and investors, including Warren Buffett, BlackRock's Larry Fink and even bond expert Dan Fuss of Loomis Sayles, have urged investors to switch to stocks, arguing yields have nowhere to go but up.
Yet the average retail investor keeps sending money to bond funds. And in the past few weeks, things have been moving in the bond bulls' favor.
Fear of a Greek exit from the euro zone and JPMorgan ...
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Brent trades near 4-month low on Greece, possible oil release
Brent crude slipped to a near four-month low on Thursday as investors shunned riskier assets following turmoil in Greece and the euro zone, while oil supplies could rise as G8 countries may tap emergency reserves ahead of sanctions on Iran in July.
Greece faces a possible exit from the euro zone as it failed to form a government to implement austerity measures in exchange for rescue funds from the common currency region. Investors feared Greece's exit could drag down other EU economies.
Brent crude for July was down 42 cents at $109.33 by 0453 GMT, after slipping to $109.01, the lowest intraday price since January 25. U.S. crude gained for the first time in five sessions, rising 53 cents to $93.34.
"The euro zone crisis can only go one way, that is, Greece leaving the EU on a temporary ...
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Euro slides to 4-month low as Greek woes weigh
The euro dropped to a four-month low against the U.S. dollar on Wednesday, sliding for a fourth consecutive session and likely to face more losses on fears about a Greek exit from the euro zone.
The European Central Bank stopped providing liquidity to some Greek banks as they are severely undercapitalized, further weighing on the euro. These banks have now been moved to the ECB's emergency liquidity assistance program.
The development briefly sent the euro below $1.27. It was on track to test the January trough of $1.2623, below which would mark the euro's lowest mark since August 2010.
"I think the ECB is playing hardball," said Mark McCormick, currency strategist at Brown Brothers Harriman in New York. "I doubt they want to get too involved in EU politics, but I think they're trying ...
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