Traders Scramble To Gain

(Reuters) - Gold inched up on Monday to extend last week's rise, tracking a steady euro after world leaders pledged to combat financial turmoil, although worries about Greece and the euro zone debt crisis continued to feed caution in the financial markets. A pledge by the world's leaders to keep Greece in the euro zone offered some relief to the euro, which rose to its highest level in nearly a week against the dollar, while the greenback slipped against a basket of currencies .DXY, lending support to dollar-priced commodities. But investors remained skittish as the summit for G8 leaders offered no specific prescription for debt-crippled Greece which is headed for fresh elections next month. "We suspect that any early gains will eventually be rolled back, as the markets refocus their ...

Stocks fell on Monday as investors dealt with the one-two punch of worsening political upheaval in the euro zone and the possibility that China's economy may be softening more than previously thought. The S&P 500 finished lower for the fourth day of five to close at its lowest level since February, adding fuel to worries of a coming market correction. Economically sensitive shares, including banks and energy companies, paced the decline. Exxon Mobil Corp (XOM.N) lost 1.2 percent to $82.12. The NYSEArca oil index .XOI fell 1.8 percent. State television in Greece reported the president of the fiscally beleaguered country will continue talks on forming a coalition government, although Socialist leader Evangelos Venizelos said on Monday he was not optimistic that a government could be ...

Fundamental Analysis EUR "Equity markets are driven by two things: fundamentals and sentiment." - Lorne Baring, managing director at B Capital SA European stocks climbed on Friday after a report showed U.S. consumer confidence increased to the highest level in four years in May. USD "Confidence has been boosted by lower gasoline prices." - Paul Dales, a senior economist at Capital Economics Ltd. U.S. consumer confidence rose by more than expected in May as consumers became more optimistic on the outlook of the country's economy. GBP "The April producer price data … do little overall to reduce the uncertainty as to whether or not the Bank of England will eventually do more Quantitative Easing." - Howard Archer, an economist at HIS Global Insight U.K. producer prices rose by more than ...

(Reuters) - Copper futures rose on Thursday, bouncing off the previous session's three-week lows as some Chinese investors took advantage of the dip in prices to cover short positions and restock. While China's import and export growth came in surprisingly weak, raising doubts about growth prospects for the world's second-biggest economy, other data due this week may ease fears as they will likely show the economy has bottomed out as inflation slows and output picks up. Meanwhile, trouble in the euro zone is expected to keep gains capped. Spain's efforts to clean up indebted lender Bankia by taking a stake in it only underlined fresh fears over the country's debts. Greece's failure to form a coalition government also stirred fears of it backing away from austerity measures. Three-month ...

(Reuters) - The euro fell close to a recent three-month low versus the dollar on Wednesday and the safe haven yen rose broadly amid worries over the impact on the euro zone stemming from political turmoil in Greece and the fragility of Spain's banking sector. The euro remained under widespread pressure after the leader of Greece's Left Coalition party said on Tuesday that the country's commitment to a European Union/International Monetary Fund rescue deal had become null and void. Greece's two main pro-bailout parties failed to win a majority in weekend elections, leaving questions over the country's ability to avert bankruptcy and stay in the euro. Added to instability in Greece, French President-elect Francois Hollande has advocated an approach to tackling the debt crisis centered ...

(Reuters) - The euro fell close to a recent three-month low on Wednesday and was set for further falls on worries that Greek political uncertainty and a French leadership change may undermine the euro zone's austerity measures. The euro remained under pressure after the leader of Greece's Left Coalition party said on Tuesday that the country's commitment to a European Union/International Monetary Fund rescue deal had become null and void. Greece's two main pro-bailout parties failed to win a majority in weekend elections, leaving questions over the country's ability to avert bankruptcy and stay in the euro. Added to instability in Greece, French President-elect Francois Hollande has advocated an approach to tackling the debt crisis centered more on growth, which may create tensions with ...

(Reuters) - The euro fell close to a recent three-month low on Wednesday, on worries that political uncertainty in Greece and a French leadership change may undermine austerity plans key to tackling the euro zone's debt crisis. The euro remained under pressure after the leader of Greece's Left Coalition party said on Tuesday that the country's commitment to a European Union/International Monetary Fund rescue deal had become null and void. Greece's two main pro-bailout parties failed to win a majority in weekend elections, leaving questions over the country's ability to avert bankruptcy and stay in the euro. "One issue is whether this will cause investors to shun risk globally, or be viewed as the euro's problem alone and just lead to weakness in the euro," said Koji Fukaya, director of ...

(Reuters) - The euro is poised to post its worst week in nearly four months on Friday, languishing a little above a three-week low against the dollar as worries about rising Spanish debt yields show no signs of abating ahead of key U.S. jobs data. Economists expect the payrolls report due at 8:30 A.M. EST, to show the U.S. economy added 203,000 jobs in March. That would mark a fourth straight month of solid job creation and the longest streak of monthly employment gains of more than 200,000 since 1999. A solid U.S. jobs reading would likely bolster yields on short-term U.S. Treasuries, boosting the greenback and weighing further on the euro, which was at $1.3073, struggling to pull away from a three-week low of $1.3035 hit the day before. The single currency, however, managed to ...

Aussie is finding support in forex trading today as Forex traders scramble to make up for the fact that they had priced in a 0.25% cut to the interest rate. Instead of cutting, though, the Reserve Bank of Australia kept rates steady at 4.25%. The central bank considers the economic progress Down Under to be sufficient to allow for yields to remain higher. Aussie’s support is mostly against the US dollar, though, and even then the currency pair is mostly rangebound. Aussie is also slightly higher against the euro and the UK pound. European currencies are managing to hold their own right to a certain extent on the hopes that Greece will agree to austerity measures needed to get the bailout deal done. While there are some snags, and Greek policymakers led by PM Lucas Papademos are scrambling ...