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Copper rises from 4-1/2 month low, EU crisis weighs
(Reuters) - London copper rose 0.8 percent on Thursday as the market took a breather after sinking to a 4-1/2 month low in the previous session on risk aversion triggered by worries over Greece's possible exit from the euro zone.
Copper, which has lost almost 10 percent this month, may find support from positive U.S. housing data, although gains were capped as the market remains vulnerable to the implications for the global economy after European leaders were unable to deliver meaningful measures to resolve the region's debt crisis.
"Prices of copper have come off quite heavily in recent weeks so there might be some sense that maybe it was an overreaction," said Alexandra Knight, an economist with National Australia Bank. "From my perspective Greece will ultimately stay in the euro zone ...
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Risk Aversion Causes Euro to Reverse Gains
The EUR/USD, which had come within a one-week high during the overnight session yesterday, once again fell below the 1.3300 level during European trading. Analysts attributed the bearish correction to ongoing uncertainties regarding the euro-zone economic recovery. Today, the US ADP Non-Farm Employment Change figure is likely to be the highlight of the trading day. The figure is considered a valid predictor of Friday's all-important Non-Farm Payrolls figure, and typically leads to heavy market volatility. A better than expected result could help the USD against its main currency rivals.
Economic News
USD - Dollar Stages Slight Recovery vs. EUR, AUD
The US dollar was able to correct earlier losses against several of its main currency rivals during the European session yesterday, as risk ...
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Risk Aversion Boosts Safe Haven Currencies
Fears regarding the pace of the global economic recovery sent riskier assets lower during yesterday's session. The EUR/USD fell some 90 pips during the European session, while the EUR/JPY tumbled close to 150 pips. Today, the US dollar may be able to maintain its bullish trend if the FOMC Meeting Minutes helps boost investor confidence in the US economy. Later in the week, traders will want to remember that the US will be releasing the monthly Non-Farm Employment Change figure. With analysts predicting growth in the US employment sector, the dollar may see significant upward momentum in the coming days.
Economic News
USD - Positive US Data Helps USD
The US dollar saw gains vs. most of its riskier currency rivals as the combination of poor international fundamental news and positive US ...
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Heavy Volatility Predicted for Non-Farm Payrolls Week
Following a relatively mild session last week, traders can anticipate significant market activity in the coming days, as a batch of significant US news is set to be released. While the most attention will be given to Friday's Non-Farm Employment Change figure, investors will be also looking at today's ISM Manufacturing PMI and tomorrow's FOMC Meeting Minutes for clues as to the current state of the US economy. Positive news may help the dollar move up vs. its main currency rivals, including the euro and Japanese yen.
Economic News
USD - Manufacturing Data May Give USD a Boost Today
The US dollar saw a mixed day on Friday to close out last week's trading session, as positive euro-zone news generated some risk taking in the marketplace. The passage of Spain's budget gave investor ...
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Safe Heaven Currencies Continue to Rise on High Risk Aversion
Traders moving assets to safer, lower yielding currencies appear to be playing a factor in the correction of the major crosses. The USD and JPY, which are seen as a safer bet than others currencies in times of market stress, will likely keep drawing demand as investors stay away from riskier assets.
Economic News
USD - U.S Dollar Soars against the EUR and GBP
The dollar rose against the EUR on Thursday, reversing the single currency's earlier gains, as investors grew more risk averse and sought safety in the dollar. By yesterday's close, the USD rose against the EUR, pushing the oft-traded currency pair to 1.3370. The dollar experienced similar behavior against the GBP and closed at 1.5900.
As the U.S economy stabilizes, currency traders have started to focus more on fundamentals such ...
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EUR Bullish as Investors Shift Focus to Fed Decision
The euro staged a strong upward correction throughout the day yesterday, as investors shifted focus away from the euro-zone crisis to a recent decision from the US Federal Reserve. The Fed announced earlier in the week that US interest rates would remain at their current levels for at least the next two years. The news brought the EUR/USD to a five-week high, at 1.3175. Today, traders will want to pay attention to the US Advance GDP figure. A positive reading may give the USD a temporary boost to close out the week.
Economic News
USD - Fed Decision Turns USD Bearish
The US dollar turned overwhelmingly bearish throughout yesterday's trading session, following the Fed announcement that US interest rates would remain at their current levels for at least the next two years. The greenback ...
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Yen Tumbles Following Negative Japanese News
News that Japan logged its first annual trade deficit in over 30 years sent the JPY tumbling during yesterday's trading session. The USD/JPY shot up well over 100 pips, reaching above the 78.00 level. Meanwhile the EUR/JPY extended its bullish trend before staging a downward correction toward the end of the European session. Today, a batch of US news is forecasted to generate market volatility. Traders will want to pay particular attention to the US Unemployment Claims figure, as it will be an important gauge of the US economic recovery.
Economic News
USD - USD Turns Bullish Following EU News
The US dollar had a particularly strong day yesterday following negative news out of both Japan and the euro-zone. News that Japan has logged in a trade deficit for the first time since 1980 ...
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EUR Rallies Following Positive Global Data
The euro was largely up during yesterday's trading session, as positive global data led to risk taking among traders. A successful Spanish debt auction combined with a lower than forecasted US Unemployment Claims were largely responsible for the euro's bullish trend. That being said, analysts are warning that the overall trend for the common currency is still down and that considerably better euro-zone news is needed before a meaningful reversal will take place.
Economic News
USD - USD Gains vs. JPY Following Unemployment Report
The US dollar saw substantial gains against several of its main currency rivals yesterday, following a better than expected US Unemployment Claims figure. The weekly unemployment figure came in at an almost 4-year low and well below analysts earlier ...
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Positive News Out of the IMF Boosts EUR
The euro saw some steady gains in trading yesterday, as news was released that the IMF would increase its lending capacity in order to limit the effects of the euro-zone debt crisis. While the news helped boost riskier currencies, analysts were quick to warn that there are still plenty of unknowns with regards to the European crisis that could still sink the common currency lower.
Economic News
USD - USD Weakens Amid Risk Taking
The US dollar took some losses against the majors yesterday, following news that the IMF would expand lending to help stave off the negative effects of the euro-zone debt crisis. As a result of the news, increased risk taking dominated market sentiment, causing the safe-haven dollar to retreat during the afternoon session. The EUR/USD rose well above the 1.2800 ...
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