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Oil slips; German bond flop, econ data weighs
Oil fell on Wednesday, dented by weak economic data from across the world, and as euro zone debt worries were underscored by one of the worst German bond sales since the launch of the euro.
ICE Brent futures fell $1.26 cents to $107.77 a barrel by 1400 GMT, up from an intraday low of $107.33. U.S. crude was down 1.79 cents to $96.22 a barrel after falling to $95.76.
A "disastrous" sale of German benchmark bonds on Wednesday sparked fears the debt crisis was beginning to threaten even Berlin, with the Bundesbank forced to dig deep into its pockets to ensure the auction did not fail.
Prices were also pressured as the dollar reached its highest in six weeks against a basket of currencies .DXY.
Oil is priced in dollars and tends to weaken when the dollar strengthens as it becomes less ...
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Oil slips on poor data, euro zone worries
(Reuters) - Oil fell on Wednesday, dented by weak economic data in China and the United States, while euro zone debt worries and sluggish growth also kept investors wary of holding demand sensitive commodities.
ICE Brent futures fell $1.11 cents to $107.92 a barrel by 1127 GMT, up from an intraday low of $107.33. U.S. crude was down 1.68 cents to $96.33 a barrel after falling to $95.76.
Eurozone worries were underscored after Germany saw one of its worst bond sales since the launch of the euro, forcing the Bundesbank to buy large amounts of the 10-year paper to ensure the auction did not fail.
Prices were also pressured as the dollar reached its highest in six weeks against a basket of currencies .DXY.
Oil is priced in dollars and tends to weaken when the dollar strengthens as it ...
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Time to Begin Focusing on US economic Data
The rebound the EUR received late last week was short lived after Italian and Spanish bond yields moved higher. Today the economic calendar is filled with important economic data points from Europe, the UK, and the US, with the most important likely to be euro zone GDP and US retail sales.
Economic News
USD - Focusing on US economic Data
After two weeks of following the European political scene US economic data releases return to the spotlight. Today important data will be released beginning with retail sales, PPI, and the Empire State Manufacturing Index. Markets expect that the positive economic momentum that began in Q3 will likely carry over into Q4. An improvement in market sentiment is forecasted with a sharp pickup in the manufacturing sector. Retail sales numbers are expected ...
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Oil eases as dollar strengthens
(Reuters) - Oil prices eased on Monday, with Brent slipping below $110, as the dollar rose against the yen after Japan intervened in the currency markets to stem the rise of the yen.
Investors and analysts said the oil market may be swayed by
a spate of economic events this week including a U.S. Federal Reserve on Wednesday, a European Central Bank press conference on Thursday and a G20 meeting mid-week amid deepening concerns over the euro zone debt crisis.
Brent crude fell 51 cents to $109.40 a barrel by 0949 GMT after closing at $109.91 on Friday.
U.S. crude fell 82 cents to $92.50 per barrel.
The dollar climbed to a three-month high against the yen on Monday after Japan's intervention. The U.S. dollar index .DXY also rose against a basket of currencies. A stronger dollar makes oil ...
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Consumer spending rises, weak incomes a worry
(Reuters) - Sluggish income growth led U.S. households to cut back on saving in September to raise their spending, showing the economy's recovery remains fragile.
Consumer spending increased 0.6 percent, the Commerce Department said on Friday, after a 0.2 percent gain in August. However, incomes edged up only 0.1 percent after a 0.1 percent August drop.
The solid increase in consumer spending -- which accounts for about 70 percent of U.S. economic activity -- lends momentum to fourth-quarter output, but the economy could flag if income growth does not pick up.
"Consumers are really walking a tight rope here. They don't have much room and it's easy for them to lose balance with very modest shifts in hiring, the cost of food and everything," said Steve Blitz, senior economist, ITG ...
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Canadian Dollar Strengthens against US Dollar
As the Europeans announce a debt agreement, the Canadian dollar is strengthening against the US dollar. It’s been more than a month since the loonie has reached this level against the greenback, but some think that the strength is more a function of general greenback weakness today.
With the Bank of Canada forecast for Canadian economic growth cut earlier this week, there isn’t a whole to cheer about in terms of the loonie. Indeed, the Canadian dollar is down against a number of other major currencies on the Forex market. However, with the US dollar generally weak right now, thanks to strides made in Europe, the loonie is making up ground against at least one currency.
Also helping to support the loonie today against the greenback is the fact that oil prices are higher. The Canadian ...
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US Dollar Strengthens on Lowered Eurozone Expectations
US dollar is strengthening after showing some softness earlier today. Euro strengthened on some hopes for the EU summit underway, but, as expectations become lowered regarding the outcome of the meeting, euro is losing ground.
Concerns about whether eurozone countries can agree on a solution to the sovereign debt crisis threatening the survival of the eurozone as it is presently constituted — and possibly the euro itself — are undermining some of the earlier optimism about what could be next.
Instead, Forex traders are seeking safe haven, and that means that the US dollar is favored over the euro, and over the Great Britain pound (the United Kingdom has significant exposure to European sovereign debt). Of course, the desire for safe haven doesn’t mean that the greenback is gaining ...
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Japanese Yen Strengthens Against Majors
Japanese yen is strengthening against majors today, heading higher against the US dollar, euro and the Great Britain pound. Yen buying is on the rise, as Forex traders look for a little direction for what lies ahead.
Earlier, the yen was fairly stable against the US dollar, since Forex traders offloading dollars and buying yen were offset by Japanese firms selling yen in order to invest in offshore resources. However, the dynamic has changed a little bit, and yen buying is more popular right now, forcing USD/JPY lower.
There could be some caution introduced into the scenario, however. With the yen strengthening against the euro and the pound, as well as against the dollar, some Forex traders might get nervous about what Japan’s leaders will do. Japanese leaders have been known to ...
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Australian Dollar Gains as Optimism Strengthens
The Australian dollar advanced today as traders threw out doubts and were ready to take a riskier course. Earlier Forex market participants felt uncertainty caused by the unclear outcome of the EU summit, but it seems they decided to look at the current plans of the European leader in the positive light.
Another positive factor for the Aussie (the usual nickname of the Australian currency) was the expansion of the manufacturing in China. The Asian nation is the major trading partner of Australia and as such has a great impact on the Australian economy. For some time China was showing the troubling signs of a slower economic growth. Today’ report alleviated the worries, at least for now. The HSBC Flash China Manufacturing Purchasing Managers’ Index rose to 51.1 in October from 49.9 in ...
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