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Stocks fall, Australia dollar up on debt deadlock
(Reuters) - Asian stocks slid more than 1 percent in thin volume on Thursday as investors trimmed positions with just three trading days to go before a deadline to lift the U.S. debt ceiling, while the Australian dollar showed resilience in the face of global sovereign risks.
European stock futures fell 1 percent in early trade, echoing losses in Asia and on Wall Street overnight.
The increasing possibility of a U.S. credit rating downgrade -- with Washington still in a stalemate over government spending -- is weighing on equity markets globally, though there have been no signs of panic selling.
The S&P 500 index finished down 2 percent on Wednesday .SPX, while the futures were up a touch on Thursday.
Fears of a U.S. debt default or downgrade and Europe's own sovereign borrowing crisis ...
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Dukascopy Morning Forex Overview : 28/07/2011
Previous session overview
The yen retained its strength against the euro and the dollar Thursday in Asia as traders park their funds in safe havens as sovereign debt concerns both in the U.S. and the euro zone linger.
Still, fear of a currency intervention by the Japanese Finance Ministry has made traders wary of pushing the yen higher, even though they believe such action is a little way off.
At 0450 GMT, the euro was at USD1.4359 from at USD1.4363 in late New York Wednesday. The dollar was at JPY77.84 from JPY77.98, while the euro was at JPY111.78 from JPY112.02. The U.K. pound was at USD1.6331 from USD1.6326. The dollar was CHF0.8022 from CHF0.8015.
Japan's Finance Minister said Thursday that he will continue to watch movements in the foreign exchange market, adding that he is ...
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Economic Doomsday So Far Not Materializing
The value of safe-haven assets has been given a boost by a shift away from higher yielding assets this week, though the dollar has been receiving fewer of these gains than normal. What is noteworthy, however, is the lack of dire economic shifts as most politicians and media pundits have anticipated in their day-to-day posts and commentary. Should we be concerned or relieved?
Economic News
USD - USD Pares Losses after Severe Downturn
The US dollar (USD) was seen trading mildly bullish at yesterday's close after a day of severe downturns in value. The value of safe-haven assets has been given a boost by a shift away from higher yielding assets, though the dollar has been receiving fewer of these gains than normal. What is noteworthy, however, is the lack of dire economic shifts as most ...
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Dollar recovers some ground after sell-off
(Reuters) - The dollar rallied on Wednesday, cushioned against declines by a lack of further news on U.S. debt ceiling negotiations, though the uncertainty was expected to keep the rally short-lived.
The dollar earlier fell to a record low against the Swiss franc and a three-week trough versus the euro. It recovered as investors locked in profits on short positions in the greenback this week.
Analysts said the dollar's outlook remained downbeat. Most market participants believed the deficit reduction proposals being discussed in Congress fall short of the budget cuts necessary to avert a U.S. debt downgrade by ratings agencies.
The euro was also pressured after Standard & Poor's cut Greece's sovereign credit rating further into junk territory, lowering it to CC from CCC, saying the ...
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Gold drops from record on profit-taking, technicals
(Reuters) - Gold fell on Wednesday after hitting record highs on growing fears of a U.S. default, as technical weakness, a rallying dollar and a broad sell-off of riskier assets prompted bullion investors to take profits.
Gold volatility rose as trading volume hit its highest since January and marked the second-heaviest trading day of the year, after option investors exercised a large number of in-the-money $1,600 calls at Tuesday's option expiry.
In early trade, gold rose as the fate of Republican and Democratic deficit-reduction plans remained heavily in doubt as top lawmakers pursued a behind-the-scenes compromise to avert a crippling U.S. debt default.
Bullion could pull back sharply if a deal to cut the U.S. deficit dampens market fears, analysts said. The metal is up about 9 ...
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Durable Goods Drop in June, While Focus Remains on U.S. Debt Ceiling Negotiations
The U.S. Commerce Department released on Wednesday the durable goods orders for the month of June, where durable goods dropped in June to signal the recent weakness in overall economic activities, as the U.S. economy continues to struggle in its recovery from the Great Depression.
The durable goods orders fell in June by 2.1%, compared with the prior rise of 1.9% back in May, and below median estimates of 1.3%, while durable goods excluding transportation rose by 0.1%, compared with the prior revised rise of 0.7% and also below median estimates of 0.5%, and durable goods excluding defense declined by 1.8%, compared with the prior rise of 1.5% back in May.
Capital goods orders dropped by 4.1% in June, where non-defense orders fell by 4.1%, while defense orders dropped by 3.9%, ...
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European Debt Crisis Still Here
Traders should remember the euro zone debt crisis hasn't gone anywhere. Comments today by German Finance Minister Wolfgang Schaüble sent the euro lower when Schaüble said in a letter to the Bundestag, "it would be a mistake to think that the crisis of trust in the euro area can be solved by a single summit." The comments sparked a widening of spreads between Italian bonds and German bunds as well as in Spanish bonds. The euro was lower versus the dollar and in the crosses.
Traders have been quick to offer the euro when the EUR/USD rises above 1.45. Initial Support comes in at 1.4440 but the euro could receive a bid should the 1.420 level hold. This is an important support as it coincides with last Friday's low and the rising trend line on the hourly chart.
Turning to the other debt ...
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AUD Surges Against Everything on Higher Inflation Numbers
The Australian dollar went up against all other major currencies today, as the consumer inflation reports showed higher values than the traders have expected, hinting more hawkish interest rate policy.
The Aussie rose against the US dollar, the yen and the euro today after the CPI data for the second quarter of 2011 were released by the Australian Bureau of Statistics. The inflation was reported at 0.9 percent compared to 1.6 percent in Q1 2011. The economic strategists predicted only 0.7 percent CPI growth in Q2. The currency also rose against the New Zealand dollar.
With the higher inflation numbers, it’s now quite probable that the Reserve Bank of Australia will want to raise the interest rate (from 4.75 percent) at its meeting on August 2. If not at the next meeting, then it will ...
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Traders await June's Durable Goods Orders along with the Fed's Beige Book
We reached the middle of the week dear reader, as the economy shall witness the release a new round of economic fundamentals covering several sectors, starting with the orders of durable goods besides the Federal Reserve’s Beige Book
The U.S Commerce Department will release the durable goods orders for the month of June, Where orders of long-lasting manufactured goods is projected to advance by 0.3 percent in June from May’s increase of 1.9 percent, while durables excluding transportation are projected to climb by 0.5 percent slightly short from 0.6 percent rise reported in May.
We can see the U.S economy is running ahead a lot of obstacles following the major slowdown witnessed over the last period, while the outlook of economic activity remains quite blurred since that the foreign ...
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