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TradeTitle:
Dukascopy Afternoon Forex Overview : 23/05/2012
Fundamental Analysis
EUR
German bunds rose on worries that European leaders will struggle to resolve the euro zone debt crisis during tonight's European summit. David Schnautz of Commerzbank AG in London thinks that Europe is unlikely to solve key topics and will probably disappoint the market. The 5-year bund lost 5 bp to 0.47 percent at 10:49 GMT after tumbling to 0.461 percent, the lowest since 1990, when Bloomberg began gathering data.
USD
Crude oil futures declined in Asian session on Wednesday as Iran is ready to invite nuclear inspectors, the move that may ease oil import sanctions. Light, sweet crude oil futures for July delivery traded at 91.27 US Dollars per barrel, retreating by 0.63% from the last session's high of 91.72 US Dollars per barrel.
GBP
Today the minutes of the ...
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Canadian Retail Sales Rise 0.4% in March
Canadian Retail Sales Rise 0.4% in March
- Canadian retail sales rose 0.4% in March 2012 following a 0.2% drop in February and a 0.2% gain in January. The increase in March modestly outpaced market expectations for a 0.3% increase.
- Overall, sales were helped by an unexpected 1.2% jump in sales at motor vehicle and parts dealers despite earlier indications that unit auto sales fell in the month. Excluding the auto component, sales rose a more modest 0.1%, which was below market expectations for a 0.5% gain, although weighed down by a price-led drop in gasoline station sales.
- Eliminating the effect of prices, the volume of retail activity climbed 0.4%. This marked the first increase in three months following unrevised 0.6% and 0.1% declines in February and January, respectively. ...
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Global stocks, euro sag on Greece exit worries
(Reuters) - World stocks stumbled and the euro fell to a 21-month low on Wednesday on worries about Greece's possible exit from the euro zone, which would deepen the region's debt crisis and hurt an already fragile global economic recovery.
Each euro zone country will have to prepare a contingency plan for the eventuality of Greece leaving the bloc's currency, three euro zone sources told Reuters, citing an agreement reached by officials.
A scramble for low-risk investments enabled Germany to pay no interest on 5-billion euro worth of new, two-year debt amid the absence of new measures to tackle the region's debt crisis from a European leaders' summit in Brussels.
"The markets are on edge and sensitive to every possible out-of-control scenario coming out of Europe," said Peter Boockvar, ...
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Bank of Japan Inaction Helps Yen
The Bank of Japan decided against taking any more action to ease at this time, and that is helping the Japanese yen. Forex traders had been expecting the Bank of Japan to ease further, in an attempt to keep the yen weak, but the BOJ offered something of a surprise following the recent downgrade by Fitch.
Citing faster economic growth, Bank of Japan officials decided to forgo additional easing measures during the most recent BOJ policy meeting. Leaders insist that public investment has increased, along with private consumption. This situation has resulted in the BOJ deciding that further easing in an attempt to stimulate the economy is not needed.
Without the specter of more easing (at least for now), Forex traders feel a little more confident about buying the yen. The yen has ...
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Gold resumes its drop before EU summit
Gold resumed its drop before the carefully watched EU summit which is expected to show discrepancy between European leaders amid concerns Greece amid exit the euro bloc.
The main highlight of the day is the informal EU summit that will tackle euro area fiscal problems, where probably the meeting would show disagreement between Germany and France over introducing Eurobonds.
German Chancellor Angela Merkel said on Monday she will not be shy to reject Hollande`s idea of introducing Eurobonds to continue its rejection to the common bonds idea which is also favored by Italy, Belgium, Luxembourg and peripheral countries.
Thus, with the debt crisis intensifying gold is predicted to face more downside pressure after losing its safe-have characteristic for the dollar.
Yesterday, the OECD ...
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Risky trade getting hammered
Higher yielders remained under pressure as uncertainty continues to surround markets. The lack of assurance of an Imperative action on Greece from the euro leaders in their informal summit today makes things further vague for the destiny of the risky trade. While markets lack a conclusive expectation for the outcome of the summit majors look skeptical around key support levels.
During a teleconference earlier today, the Eurogroup Working Group (EWG); which consists of the officials preparing the meetings of finance minister, and form the board of the ESF as well, agreed that euro zone countries must consider and prepare for the consequences of a Greece exit. The move could have further negative impact on the common currency.
While Later today, the finance ministers are expected to unveil ...
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Euro sinks to 21-month low as Greek exit fears rise
(Reuters) - The euro plunged to a 21-month low against the dollar on Wednesday as investors dumped the currency on growing fears of a Greek euro zone exit and widespread doubts about the outcome of an EU summit later in the day.
EU leaders are expected to discuss growth-boosting measures but are not expected to produce any plan that would restore optimism among investors, especially given Germany's strong opposition to joint euro bonds.
Investors are doubtful that the leaders will come up with any measures to calm fears that have grown since an inconclusive Greek election earlier this month left the country on the path to bankruptcy and a possible exit from the euro zone.
"The whole problem of Greece, of fiscal retrenchment in the euro zone, the lack of growth across the region, and the ...
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Global stocks, euro fall on Greece exit worries
(Reuters) - World stocks and the euro fell on Wednesday as investors shunned riskier assets on worries about Greece's possible departure from the euro zone, which would deepen the region's debt crisis and hurt an already fragile global economy.
Each euro zone country will have to prepare a contingency plan for the eventuality of Greece leaving the single currency, three euro zone sources told Reuters, citing an agreement reached by officials.
A scramble for low-risk investments enabled Germany to pay no interest on a new two-year debt issue amid the absence of new measures from a European leaders' summit in Brussels to tackle the region's debt crisis.
"The markets are on edge and sensitive to every possible out-of-control scenario coming out of Europe," said Peter Boockvar, equity ...
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Crude trades with negative momentum on concerns over Europe, Iran deal
Iran agreed to let western nuclear inspectors into the country during talks in Bagdad today with US, UK, France, China, Russia and Germany, reducing the supply risk and providing some relief.
Moreover, the World Bank lowered its economic growth forecast for China, the world`s second-largest oil consumer, this year to 8.2% from 8.4% on sluggish US and European demand and softer property market.
Investors are losing their appetite for risk after they were spooked by the mounting worries over Greece exiting the eurozone, which could determine other countries to follow it, according to Jin Liqun chairman of China Investment Corp.
European leaders meet in Brussels today where the debate between French President Francois Hollande and German Chancellor Angela Merkel may intensify as the idea ...
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