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TradedTitle:
Euro slumps to fresh 4-month low; Greece weighs
The euro slid to a fresh four-month low against the dollar on Tuesday after a spokesman for the Greek president said the country will hold new elections after political leaders failed to reach agreement on a coalition government.
In a sign of a swift rise in risk aversion, German government bonds rose sharply and Italian 10-year yields hit 6 percent on the news.
The dollar, bolstered by safe-haven flows, also gained against the yen as investors compared U.S. data releases to those from elsewhere in the world and saw the world's largest economy on track to recovery, albeit at a slow pace.
The Greek news "triggered the (euro's) fall through $1.2800 and it looks like they can't compromise so they will have to hold elections," said Boris Schlossberg, director of FX Research at GFT in Jersey ...
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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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Gold touches 4-1/2 month low as euro retreats
Gold eased below $1,560 an ounce on Tuesday after the failure of Greek politicians to form a government sent the single European currency to four-month lows and unnerved investors over the profitability of holding euro-denominated assets.
With gold's decline to its lowest since late December, consumers in top purchasing-nations such as India have delved into the market, which analysts said could protect the bullion price from a more protracted decline.
Gold remains vulnerable, however, as worries over the euro zone's future simmer in the background, keeping the single currency under pressure.
Spot gold was down 0.1 percent at $1,555.69 an ounce at 1350 GMT, while U.S. gold futures for June delivery were down $8.70 an ounce at $1,552.10.
Gold earlier hit its lowest since December 30 at $ ...
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Crude rebounds on upbeat European growth data
After the economic growth in Germany helped the euro zone avoid its second recession in three years, fears over Europe deteriorating environment eased, pushing crude and Brent prices higher.
Crude traded this morning near the lowest in five months as the Greek political deadlock continue to put the euro zone unity at risk, weighing down on sentiment.
However after as the European governments hinted at giving Greece extra time to meet the budget-cut targets, fears eased, but in return Greece must put together a ruling coalition committed to austerity.
Meanwhile Germany’s unexpected economic expansion in Q1 helped counter the declining GDP in the euro zone, which avoided falling into a second recession in three years.
Crude is trading as of this writing around the $95.20 level, while the ...
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Gold lifts from 4-1/2 month low as euro recovers
Gold prices edged back towards $1,560 an ounce in Europe on Tuesday after a positive reading of German growth lifted the euro versus the dollar, and as physical buyers stepped in to take advantage of the metal's fall to 4-1/2 month lows.
Gold remains vulnerable to more losses, however, as worries over the euro zone's future simmer in the background, keeping the single currency under pressure.
Spot gold was up 0.1 percent at $1,557.80 an ounce at 05:24 a.m. EDT (0924 GMT), while U.S. gold futures for June delivery were down $3.50 an ounce at $1,557.50.
Gold earlier hit its lowest since December 30 at $1,547.99 an ounce and is down more than 6 percent in May so far, on track for its worst monthly performance since December's washout, as talk that Greece could exit the euro zone spooked ...
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Weak Outlook for Australia
Forex News and Events:
The S&P GSCI Index reversed its 2011 gains in the last six consecutive trading sessions. As a matter of fact, the index tracking 24 commodities broke down 7.6% from a high of 684.15 on April 30th to a more than four-month low low of 634.25 during yesterday’s trade session. This downturn in commodity prices can be explained on the one hand by headlines from the Euro area, as markets seem to be pricing in a second round of elections in Greece as well as a probable EU exit. On the other hand, the marked slowdown of commodity-intensive economies such as China -see Newsletter May 14- pushed prices lower in light of atrophied demand and lower infrastructure investments. From the foreign exchange perspective, the Australian dollar having experienced a 34% appreciation ...
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Market Drivers - Currencies
Today's Comment
Today ZEW data will be announced in Germany. Sometimes the economic indicator has added to the market momentum. If today's ZEW figure falls by more than expected, we will most likely see increased pressure on safe havens (USD, GBP and NOKSEK). As the financial market has traded with a negative bias over the past month, the pressure will be on the downside in ZEW as it reflects the financial market players' expectations of the economy.
This afternoon, the important retail sales figures will be released in the US. A relatively steep fall is expected. Hence we should not expect good news in that area.
Greek election: The three large parties failed in forming a government. Therefore the process of forming a government has ground to a halt, and there are extensive ...
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YouTradeFX Weekly Market Analysis : 15/05/2012
Fundamental News
Today’s highlights:
· French GDP (QoQ) (FRA, 6:30 GMT)
· German GDP (QoQ) (GER, 7:00 GMT)
· French Non-Farm Payrolls (QoQ) (FRA, 7:45 GMT)
· Trade Balance (GB, 9:30 GMT)
· ZEW Economic Sentiment (EUR, 10:00 GMT)
· German ZEW Economic Sentiment (GER, 10:00 GMT)
· GDP (QoQ) (EUR, 10:00 GMT)
· Core CPI (YoY) (U.S, 13:30 GMT)
· Retail Sales (MoM) U.S, 13:30 GMT)
· NY Empire State Manufacturing Index (U.S, 13:30 GMT)
· TIC Net Long-Term Transactions (U.S., 14:00 GMT)
Foreign direct investment in China fell for a sixth month in April, as faltering global growth and renewed turmoil in financial markets dented company spending in Asia’s biggest economy. Inbound investment ...
Title:
Dukascopy Morning Forex Overview : 15/05/2012
Fundamental Analysis
EUR
"Industrial producion is a imely reminder that firstquarter GDP will likely show a contracion."
- Marin van Vliet, an economist at ING
Industrial producion in the Eurozone contracted unexpectedly in March, Eurostat data showed on Monday. Producion fell 0.3 per cent from February, when it rose 0.8 per cent.
USD
"The fear factor is definitely higher."
- Madelynn Matlock, a fund manager at Hunington Asset Advisor
U.S. stocks retreated on Monday on a poliical impasse in Greece.
GBP
"I can’t see even after the next Greek election a government appearing that will be able to do anything else than perhaps manage the Greek exit."
- Simon Sole, chief execuive officer of Exclusive Analysis Ltd.
U.K. stocks tumbled on Monday. The benchmark FTSE 100 Index fell 1.97%, or ...
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