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Some Parts Of EuropeTitle:
Spotlight on the Sterling
Forex News and Events:
Yesterday’s European session was a breather for the Euro area as German GDP came in much better than expected at 0.5% q-o-q. The strength of Germany’s numbers pulled EU’s GDP higher to 0.0% against a forecast -0.2%, avoiding a technical recession after last quarter’s -0.3% GDP. Nevertheless, both German and Euro zone economic sentiments were lower, underscoring a fading institutional optimism over economic health. GDP for the biggest European economies after Germany were worrisome, with France generating no growth in the first quarter of 2012 while Italy and Spain’s economies contracted by 0.8% and 0.3% respectively over the same period. The situation in Greece is still moving towards a new round of elections with Independent Greeks party leader Kammemos announcing ...
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Euro Sell-Off Accelerates As Greece Will Hold Now Elections
Sunrise Market Commentary
- Fixed Income: Fresh elections in Greece further support core bonds
- German bund came off the contract highs at the start of the session on better German Q1 GDP data. The move didn't last long however and the announcement of fresh Greek elections marked an intraday U-turn. This morning, the German Bund future and US Note future once again reach new contract highs.
- Currencies: euro sell-off accelerates as Greece will hold now elections.
- On Tuesday morning it looked temporary that the euro might enjoy some breathing space as the German Q1 growth was much stronger than expected. However, the rebound had no momentum at all. The euro was again hammered as talks on the formation of the Greek government collapsed. Is the euro heading for a free fall? ...
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Aussie Struggles on the Forex Market
Australian dollar is struggling on the Forex market, especially against the US dollar. Concerns about what’s happening in Europe are affecting risk appetite, and sending Forex traders away from riskier assets like the Aussie and to low beta currencies like the US dollar and the Japanese yen.
Risk appetite is playing a big role in the Australian dollar’s performance today. Concerns that the Greece might actually leave the eurozone are increasing, and there are worries that Spain can’t handle its debt. This risk appetite is leading to losses by high beta currencies like the Australian dollar against low beta currencies like the US dollar and the Japanese yen. Australian dollar is, however, higher against the euro, since the euro is in such a bad state.
The Aussie’s case isn’t being helped ...
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YouTradeFX Daily Market Analysis : 11/05/2012
Fundamental News
Today’s highlights:
- PPI Input (MoM) (GB, 09:30 GMT)
- Core PPI (YoY) (U.S, 13:30 GMT)
- Unemployment Rate (CAD, 13:30 GMT)
- Michigan Consumer Sentiment (U.S. 14:55 GMT)
The U.S. Department of Labor revealed that initial jobless claims came in at 367,000 for the week ended May 5. This was down 1,000 from the previous week's revised figure of 368,000. The Commerce Department released a report on Thursday showing that the U.S. trade deficit widened to $51.8 billion in March from a revised $45.4 billion in February.
Inflation in China eased in April, fueling expectations that the People's Bank of China may ease policy further amid slowing economic activity. The National Bureau of Statistics reported Friday that inflation eased to 3.4 percent in April from 3. ...
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Euro Finds Support in Forex Trading
Euro is finding some support in Forex trading today, heading a little bit higher. Even though there are still concerns about what is happening in Europe, traders are looking for a little bit of respite from the risk aversion and gloom. So, the euro is a little bit higher right now, and other high beta currencies are seeing some success as well.
Euro is slightly higher against the US dollar right now. Spain has all but nationalized its fourth-largest bank, and is taking aggressive steps to shore up its financial sector. While this may not solve Spain’s problems, it’s at least an attempt, and one that many are viewing favorably. Additionally, UK pound, another high beta currency, is seeing success against the US dollar. The Bank of England is keeping quantitative easing on hold, and that ...
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U.S. Trade Deficit Widened in March
U.S. Trade Deficit Widened in March
-The US trade deficit was $51.8 billion in March 2012, which was larger than the expected $50.0 billion shortfall; February's gap was revised to $45.4 billion from $46 billion.
-Exports rose 2.9% in March and imports jumped by 5.2%.
-The widening in the trade gap in March was in line with that assumed by the Bureau of Economic Analysis (BEA). Recent data showing that inventory growth and construction spending were less than assumed by the BEA, however, raise the prospect that the growth rate will be nudged lower than the 2.2% pace originally reported. The prospect of the US economy growing at a faster pace in the second quarter of 2012 remains intact. The US economy continued to generate jobs in April, albeit more slowly than forecasters ...
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A Mixed Session For Investors In Asia
Attention was momentarily drawn away from Europe by employment data out of Australia and then trade figures out of China, with the former printing better than expected and the latter disappointing the market. Following the data, price action was fairly range bound in the FX market as investors await the slew of news and data out of the UK and US tonight.
In Australia, data released early in the session showed that the unemployment rate dropped to 4.9% from 5.2% and employment increased by 15.5K, much better than the expected increase in the unemployment rate to 5.3% and a drop in employment of 5K. The participation rate also cooled at little, coming in at 65.2% versus a prior 65.4%.
Overall, the employment data bodes well for the health of the Australian economy this year. We were ...
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EUR/USD Testing Key Support
Sunrise Market Commentary
- Fixed Income: new contract highs
- London-traders returned and the market seemed to react with a lag to this weekend's election results. In a risk off session, both the German Bund Future and the US Note Future set new contract highs, respectively at 142.62 and 133-04.
- Currencies EUR/USD testing key support
- On Tuesday, sentiment on the euro remained fragile even as there was little news from the political scene in France or Greece. EUR/USD is again testing the key 1.2974/55 support area. A break below this level would be highly significant from a technical point of view.
The Sunrise Headlines
- US Equities dropped sharply lower yesterday, but reversed most of their losses in the final hours of trading. The S&P ended the session 0.43% lower. ...
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Dukascopy Morning Forex Overview : 07/05/2012
Fundamental Analysis
EUR
"The U.S. labor-market report will further erode investor confidence"
- Markus Allenspach, head of bond research at Julius Baer Group Ltd.
European stocks extended weekly losses, after a report showed U.S. companies added fewer jobs than expected in April. The Stoxx Europe 600 Index erased 1.76 per cent to 253.00. Germany’s DAX Index tumbled 1.99 per cent and France’s CAC 40 Index contracted 1.90 per cent. The U.K.’s FTSE 100 Index lost 1.93 per cent to 5,655.06.
USD
"We’re still very much on the recovery path, but we’ve got a huge amount of ground to make up in the labor market"
- Scott Brown, chief economist at Raymond James & Associates Inc.
The number of Americans, who have found a job in the private sector in April, tumbled to 115,000 from 154,000 the ...
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