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Trend Of Encouraging NewsTitle:
Investors await EU summit
MORNING BRIEFING: Investors await EU summit
What’s new:
Asia: US equities swing into positive Asia in green territory as well
United States: CFNAI swings back into positive territory
Forex: GBP/USD trending higher ahead of CPI data
Rates in Asia and Indices:
EUR/USD 1.2783 1.282 -0.18 %
USD/CHF 0.9371 0.9397 -0.18 %
GBP/USD 1.5811 1.5837 -0.00 %
USD/JPY 79.27 79.5 -0.18 %
EUR/CHF 1.2009 1.20136 0.00 %
EUR/JPY 101.44 101.77 0 %
Dow Jones 12367.72 12508.11 1.09 %
Nasdaq 2478.36 2547.69 2.69 %
S&P 500 1295.73 1316.39 1.60 %
Nikkei 225 8690.47 8740.48 1.10 %
Shanghai 2354.867 2373.823 1.05 %
Gold spot 1586.21 1594.65 -0.33 %
...
Title:
Euro Sell-Off Accelerates As Greece Will Hold Now Elections
Sunrise Market Commentary
- Fixed Income: Fresh elections in Greece further support core bonds
- German bund came off the contract highs at the start of the session on better German Q1 GDP data. The move didn't last long however and the announcement of fresh Greek elections marked an intraday U-turn. This morning, the German Bund future and US Note future once again reach new contract highs.
- Currencies: euro sell-off accelerates as Greece will hold now elections.
- On Tuesday morning it looked temporary that the euro might enjoy some breathing space as the German Q1 growth was much stronger than expected. However, the rebound had no momentum at all. The euro was again hammered as talks on the formation of the Greek government collapsed. Is the euro heading for a free fall? ...
Title:
The Bank of England's Next Move
The Week Ahead
■The Bank of England's next move
■Is this the beginning of the end for the Eurozone?
■Fed officials reluctant to signal more easing
■Broader risk environment outweighs Japanese rhetoric
The Bank of England's next move
The BOE kept rates on hold when it concluded its May meeting last week; it also allowed the asset purchase program to come to an end. Since the UK slipped back into recession in Q1 2012 and the growth figures at the start of the second quarter have continued to look weak, the decision to hold interest rates was mostly down to the sticky outlook for inflation. The attention now turns to Wednesday's Inflation Report.
The focus will be on the Bank's growth and inflation forecasts. The growth forecasts are likely to be revised lower. Even ...
Title:
EUR/GBP Testing 80.00 Barrier, As BoE Stops Printing Press
Sunrise Market Commentary
- Fixed Income: Largely uneventful session for core bonds
- Core bonds had an insignificant, technical and sentiment-driven session that left bond yields slightly higher in the close. Overnight, negative headline news on JP Morgan and Greece triggered a moderately strong opening of the Bund. Europe will be in the focus today with the publication of the Spanish banking plan and the EU spring forecasts.
- Currencies: EUR/GBP testing 80.00 barrier, as BoE stops printing press
- On Thursday, sentiment on risk turned slightly less negative, even without progress in the Greek debt/election crisis. Nevertheless, the decline in EUR/USD slowed. EUR/GBP reached a minor low just below 0.8000 as the BoE halted its program of asset purchases. For now, we see no ...
Title:
European Market Update : 10/05/2012
Markets eye whether BOE extends its Asset Purchase Program later today; Greece continues to struggle to form new gov't
Economic Data
(RU) Russia Central Bank (CBR) left Refinancing Rate unchanged at 8.00%, as expected
(ID) Indonesia Central Bank left Reference Rate unchanged at 5.75%, as expected
(FI) Finland Mar Industrial Production M/M: -1.5% v -0.2%e; Y/Y: -5.7% v -2.2%e
(FR) Bank of France Apr Business Sentiment: 95 v 95e
(FR) France Mar Industrial Production M/M: -0.9% v -0.6%e; Y/Y: -0.9% v -1.3%e
(FR) France Mar Manufacturing Production M/M:+1.4% v -0.2%e; Y/Y: -0.3% v -2.8%e
(FR) France Mar Central Govt. Balance: -€29.4B v -€24.2B prior
(ES) Spain Mar House transactions Y/Y: -22.7% v -31.8% prior
(CZ) Czech Apr CPI M/M: 0.0% v 0.1%e; Y/Y: 3.5% v 3.6%e
(CZ) Czech Mar ...
Title:
EUR/USD Testing Key Support
Sunrise Market Commentary
- Fixed Income: new contract highs
- London-traders returned and the market seemed to react with a lag to this weekend's election results. In a risk off session, both the German Bund Future and the US Note Future set new contract highs, respectively at 142.62 and 133-04.
- Currencies EUR/USD testing key support
- On Tuesday, sentiment on the euro remained fragile even as there was little news from the political scene in France or Greece. EUR/USD is again testing the key 1.2974/55 support area. A break below this level would be highly significant from a technical point of view.
The Sunrise Headlines
- US Equities dropped sharply lower yesterday, but reversed most of their losses in the final hours of trading. The S&P ended the session 0.43% lower. ...
Title:
Euro Testing Key Support Levels
Sunrise Market Commentary
- Fixed Income Weak US payrolls push core bonds higher again
- On Friday, it was weaker US payrolls that helped core bonds eke out more gains, but non-core bonds held up quite well. Spreads even narrowed in the intra-EMU bond markets. We fear that this won't be the case today, as French and Greek election results inject uncertainty into markets.
- Currencies: Euro testing key support levels
- On Friday, trading in the major euro cross rate was rather calm, but the pressure remained to the downside. The US payrolls were unable to change this pattern. This morning, EUR/USD is testing the key 1.2974 support while EUR/GBP is trading south of the 0.8068 level. A sustained break below these levels would raise a red alert for the single currency.
The ...
Title:
On to Barcelona
Forex News and Events:
Expectations are increasing for today’s ECB rate announcement and press conference. It's generally consensus that no major decision on interest rates or change in operations will come out of the ECB's meeting in Barcelona. There is a growing anticipation that Draghi will sound significantly more dovish considering the recent deterioration in Eurozone economic data. Also it has not been disregarded that President Draghi endorsed the theme of encouraging growth within the context of a broader fiscal compact. The market is also buzzing over the change in the meeting's location to in Barcelona this suggested that the ECB want to illustrate the gravity of the facing the EU periphery. FX risk appetite stabilized in the Asian session but only after a very hard day for USD ...
Title:
Euro Slightly Higher As Tensions Ease
Sunrise Market Commentary
- Fixed Income: Core bonds hit by profit taking, non-core bonds gain
- Risk aversion ebbed away following Monday's rout, leading to some modest profit taking in core bonds. Non-core bonds did well and yield spreads versus Germany narrowed. Spain and the Netherlands outperformed yesterday. Investors will stay largely sideways today, ahead of this evening's FOMC statement and press conference of Mr. Bernanke.
- Currencies: Euro slightly higher as tensions ease
- On Tuesday, most markets saw a setback on Monday's sharp sell-off in risky assets. In this move, EUR/USD returned to the 1.32 area, but a technically significant break didn't occur. EUR/GBP came near the 0.8143 August 2010 low. Today, the focus of currency trading will be on the Fed.
The ...
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