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Dukascopy Afternoon Forex Overview : 05/15/2012
Dukascopy Fundamental Analysis
EUR
Investors battered European stocks, dumped the bonds of Spain and Italy, and bid the euro down against the dollar Monday after the collapse of weekend coalition talks in Greece edged that country closer to an exit from the euro zone.
USD
Retail sales in the U.S. rose in April at the slowest pace of the year, showing unseasonably mild weather and pre-Easter shopping may have pulled consumers to stores the prior month.
GBP
Governor Mervyn King looks set to leave the door open to more support for the struggling economy when he presents the Bank of England's new economic outlook on Wednesday, which is likely to show a tricky mix of lower growth and higher inflation ahead.
CHF
Swiss stocks lost ground on Monday on concern Greece will exit the Eurozone.
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UK Pound Drops Against Stronger Euro
UK pound is declining today, especially against the euro, as the latest news indicates that the eurozone is likely to avoid a recession. The pullback in the pound is not limited to its performance against the euro, though. The British currency is also down against the US dollar as Forex traders re-evaluate recent gains made by the pound.
UK pound is lower against the euro mainly due to the latest economic news out of Germany. Germany’s GDP single-handedly offset declines elsewhere in the eurozone and kept the 17-nation currency region out of recession. As a result, the UK pound, which has been gaining as a European safe haven, is no longer in demand. The euro is gaining, and the pound is lower.
The news has also affected the pound’s performance against other currencies. Sterling is lower ...
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Oil rises as euro zone avoids recession
Brent crude oil futures gained on Tuesday, as the euro zone narrowly avoided recession and as better-than-forecast German first quarter GDP data raised hopes that Germany will steer the way through the European debt crisis.
The euro zone economy stagnated, with zero growth, the EU's statistics office Eurostat said on Tuesday.
The results were more positive than forecast, boosting riskier assets, but the region's debt crisis has sapped the life out of the French and Italian economies and widened a split with paymaster Germany.
Brent crude rebounded from earlier losses, rising by 30 cents to $111.87 a barrel by 05:34 a.m. EDT (0934 GMT) after sliding to $110.04 on Monday, its lowest intraday price since January 25.
U.S. crude dropped 22 cents to $94.56 a barrel, after Monday's fall to $ ...
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Asian stocks drop as Greece put the euro zone’s unity at risk
Asian stocks dropped, with the MSCI Asia Pacific Index sliding 0.9% at 14:00 in Tokyo, as the Greek political deadlock continues, the slowdown in China’s economy was confirmed again while Europe’s economy is expected to shrink for the first time since 2009.
Greece continues to put the euro zone unity at risk, as the political parties are still in talks for a ninth day today, in a last attempt to form a government and avoid another round of elections in June, during which the far-left anti-bailout party Syriza is expected to win, which may push the country to exit the eurozone.
Also weighing on sentiment was Moody’s decision to downgrade 26 Italian banks yesterday, fueling concerns over Europe’s growth and keeping risk appetite subdued, especially before a report that may show Europe’s ...
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Gold pares some of the losses, yet remains under pressure
Gold pared some of its losses after falling for three consecutive sessions on Tuesday trading amid political concerns in Greece which is making investor`s wary of buying bullions or risky assets.
On the daily basis, gold is showing a drop where it fell to a low of $1548.33 an ounce yet a rebound on the short-time frames managed to push price up to $1553.97, noting that it opened today`s trades at $1.556.37.
The yellow metal benefited from the better-than-expected German GDP report which showed that the euro area`s biggest economy grew 0.5% in the first quarter, beating expectations of 0.1% expansion.
Yet, the main focus will turn to euro area GDP due at 09:00 GMT, where expectations are in favor of 0.3% drop in the first quarter, following the 0.2% contraction in the last quarter of ...
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Brent falls towards $111 on Greece jitters
Brent crude futures fell towards $111 a barrel on Tuesday as Greece's political and economic turmoil deepened and worries that the debt-laden country could leave the euro zone sparked a sell-off in dollar-denominated commodities.
Brent prices slid for a fourth consecutive day, hammered by fears of a slowdown in the global economy with European data due on Tuesday expected to show the region slipping back into a second recession in just three years.
China's decision to loosen monetary policy over the weekend also fed fears that the global economy is suffering as the crisis worsens, causing investors to flee from riskier assets and weighing on copper, gold and the euro.
Brent crude slipped 49 cents to $111.08 a barrel by 0452 GMT after sliding to $110.04 on Monday, its lowest intraday ...
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Euro drops to near 4-month low on Greek deadlock
The euro fell to a nearly four-month low against the dollar on Monday on fears Greece could exit the euro and worries that weak industrial data signaled that Europe was heading for recession.
Concerns about slowing Chinese and global growth also drove down higher-yielding currencies and boosted the safe-haven dollar and yen. The Australian dollar fell to a five-month low against the greenback, while the New Zealand dollar dropped to a 4-1/2-month trough.
Greece's political impasse, as a major Greek leftist party refused to join a unity government or create a government of technocrats, also pushed the country's sovereign spreads over German bunds to their widest level since November.
Greece's troubles helped drive up Spain's and Italy's borrowing costs. Spain's bill auctions also showed ...
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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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US Dollar Gains Against Euro in Forex Trading
US dollar is heading higher against the euro in Forex trading right now, gaining as concerns about Spain and Greece come into sharper focus. Greenback is also higher against the Canadian dollar and other commodity currencies as oil prices and gold prices drop. UK pound, though, is gaining against the US dollar, as is the Japanese yen.
US dollar is turning in a mixed performance today, gaining against the euro and many commodity currencies as Forex traders look for safe haven against the volatility brought on by troubles continuing in Greece and Spain. In Greece, difficulties about forming a government, and the future of the austerity measures agreed to for the bailout, are causing uncertainty. In Spain, the financial sector continues to struggle, and doubts remain about Spain’s ability to ...
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