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U.K. inflation hits government`s upper limit for the first time since February 2010
Today`s U.K. data showed that CPI for the year ended April retreated again to 3.0%, below forecasts of 3.1%, from the prior reading of 3.5%, hitting the government`s upper limit for the first time since February 2010.
The drop was triggered by the Easter holiday and prices changes in the transport, alcohol and clothing categories.
Yet, on the monthly basis the reading showed a rise to 0.6% from 0.3%.
Other inflation gages showed a drop also as retail price index slipped to 3.5% on the annual basis from 3.6% while surged to 0.7% from 0.4% on the month.
Last week, the BoE said in the quarterly inflation report that inflation outlook remains uncertain, where the bank referred that "near-term outlook is judged to be somewhat higher than expected three months ago, with inflation now ...
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Copper falls as dollar firms, debt crisis weighs
(Reuters) - Copper fell on Tuesday as the dollar firmed and uncertainty about Europe's ability to resolve its debt crisis outweighed reports that top metals consumer China will fast-track infrastructure investment.
Three-month copper on the London Metal Exchange touched a week-high of $7,816 a metric ton (1.1 ton) in the session, before erasing gains to $7,712 at 5:37 a.m. EDT (0937 GMT), down 0.2 percent from Monday's $7,731 close.
One of the price supports for copper on Tuesday was a report in the state-backed China Securities Journal that Beijing will fast track its approval of infrastructure investments to combat slowing growth and a sluggish property sector. Copper is used extensively in construction.
Premier Wen Jiabao has also called for additional efforts to support growth, ...
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Gold falls as euro stumbles ahead of EU summit
(Reuters) - Gold eased on Tuesday under the weight of a weaker euro, while platinum shrugged off news of fresh disruption to production at South Africa's largest miner of the metal.
The euro remained clear of last week's four-month lows but was stuck in negative territory against the dollar ahead of an informal meeting later this week of European leaders aimed at discussing ways of stemming the debt crisis.
Across the broader markets, European blue-chip shares clung on to their gains, lifted by investors buying back some of the more heavily-sold names, while modest optimism that the summit could offer some interim solution to the crisis put pressure on safe-haven German Bunds.
Spot gold was down 1.0 percent at $1,576/26 an ounce by 6:15 a.m. EDT (1015 GMT). The price is still showing ...
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Oil falls below $109 on Iran talks progress
(Reuters) - Oil prices fell below $109 a barrel on Tuesday as hopes for a cooperation deal over Iran's disputed nuclear program eased concerns about major oil supply disruptions and as a report predicted more misery for the euro zone.
The United Nations nuclear agency chief said on Tuesday he expected to sign a cooperation deal with Iran "quite soon".
"(A) decision was made to conclude and sign the agreement...I can say it will be signed quite soon," Yukiya Amano, director general of the International Atomic Energy Agency (IAEA), told reporters at Vienna airport after returning from Tehran where he held talks with senior Iranian officials.
Brent oil prices reversed their earlier gains to trade 37 cents down at $108.44 a barrel by 0848 GMT and U.S. crude was also edging down 30 cents ...
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Euro steadies vs dollar as focus shifts to EU summit
(Reuters) - The euro steadied against the dollar on Tuesday as its rebound from a recent four-month low stalled, although traders said selling was likely to be limited in the run-up to an informal meeting of European leaders this week.
Many in the market were skeptical policymakers could agree measures to help tackle the euro zone debt crisis and soothe concerns about Greek political turmoil and weakness in the Spanish banking system.
But with speculators' short euro positions at a record high, traders were wary of the potential for a squeeze higher on any signs of progress at Wednesday's meeting.
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EUR/USD Rebound On Profit Taking
Sunrise Market Commentary
- Fixed Income: limited profit taking on core bond markets
- Global core bond markets fell prey to some profit taking in a thin, dull trading session. However, given the strength of equities, bond losses were very limited and occurred at the onset of trading. Today, the eco calendar remains thin and the profit taking might go some further in the run-up to tomorrow's informal EU Summit.
- Currencies EUR/USD rebound on profit taking
- The correction in EUR/USD was prolonged, but the euro gains were modest and mostly technical in nature. The UK inflation report is the eye-catcher of the day as it may influence sterling. However, overall trading might again be thin ahead of tomorrow's euro Summit.
The Sunrise Headlines
- US Equities rose for a second ...
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European Markets Set To Open Higher Before The Opening Today
European equities signal a positive start for trading today amid speculations that global economic recovery will be supported by China, after Chinese Premier said yesterday that his country is now in need of an urgent incentive plan, and also not to forget the G-8 meeting over the weekend that focused mainly on supporting the euro area.
The euro drooped from the opining levels that were the highest levels reached today at $1.2818 and is currently trading at $1.2788. The EUR/USD reached the lowest level today at $1.2780.
As for the Great British Pound, the currency is trading lower against the dollar at $1.5820 compared with the opening levels of $1.5834; the pair reached the highest level for the day at $1.5835 and the highest at $1.5808.
As for gold, the commodity is trading slightly ...
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Dukascopy Morning Forex Overview : 22/05/2012
Fundamental Analysis
EUR
"Inevitably there is going to be an element of bargain hunting as investors look to top up their holdings on the basis of slightly lower prices"
- Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers
European stocks edged higher on Monday on China’s pledge to boost growth.
USD
"Equity prices have gotten oversold"
- Mark Luschini, chief investment strategist for Janney Montgomery Scott LLC
U.S. equity market edged higher on Monday on China stimulus hopes and after German and French officials said they would cooperate to keep Greece in the monetary union.
GBP
"Obviously, as the euro depreciates, the U.K. gets slightly more expensive"
- Miles Shipside, Rightmove commercial director
U.K. national house prices stagnated in March, announced the ...
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SunBirdFX Daily Market Analysis : 05/22/2012
www.sunbirdfx.com
Wall Street opened the trading week with the expected short-squeeze that launched NASDAQ 2.4%, mainly because of Apple. The short-positions holders decided to realize their investments and take profits, as the buyers took advantage of that for gaining profits by opening long positions. This momentum might continue in the next few days, and in this point, it is important to remember that the previous bearish session ended with a sharp bullish day, and this might be the signal for this possible turnover. However, it is too soon to know whether the stocks have stopped falling or not and we need to wait few more days.
AUD/USD
The recovery of the US stock markets weakened the USD against most of the currencies, which might start a correcting session against the USD. The ...
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