Warns On Us Credit

Dukascopy Fundamental Analysis EUR Magyar Nemzeti Bank may keep its benchmark interest rate unchanged at 7% for a third straight month, analysts said on Tuesday. The central bank is likely to stick to highest interest rate in European Union due to a delay in receiving IMF loan. The Forint strengthened 0.3% versus Euro to HUF 290. USD US February core durable goods orders reading was in line with the forecast at 1.6%, after a sharp fall of 3.0% in January. Durable goods orders rose by 2.2% last month, underperforming versus the forecast of 3.0%. GBP British FTSE 100 declined on Wednesday as data showed the revised British GDP in the 4th quarter declined 0.3% compared to previous estimate of 0.2%. Banks and miners drove the index lower with Barclays PLC and Lloyds Banking Group PLC each ...

What’s new: Forex: Euro headed for weekly decline against majors; Aussie struggles on Chinese data Forex: Dollar close to record low versus yen Global Markets: Markets muted ahead of US jobs data Japan: Finance minister Azumi warns on ‘one-sided’ moves in USD/JPY, traders wary of possible intervention Euro zone: Spain and France attract solid demand at bond auctions China: Non-manufacturing PMI declines sharply in January, hurts riskier currencies United States: US jobs report scheduled for 14:30 CET Forex rates in Asia and Indices: EUR/USD: 1.3156 - 1.3314 USD/CHF: 0.9189 – 0.9163 GBP/USD: 1.5841 - 1.5786 USD/JPY: 76.26 – 76.14 EUR/CHF: 1.2060 – 1.2047 EUR/JPY: 100.25 – 99.93 DowJones: 12'705.41 -0.09% NASDAQ: 2'859.68 +0.40% S & P 500: 1'325.54 +0.11% Nikkei: 8’831.93 -0.51% Shanghai: ...

European shares advanced for a fourth straight session on Thursday as strong auctions of euro zone debt and encouraging results from top U.S. banks triggered a high-volume rally led by battered financial stocks. Euro zone banks .SX7E, which had fallen 38 percent last year on fears over their holdings of sovereign debt, rallied 7.4 percent after healthy demand for French and Spanish bonds, a sign of confidence in regional governments' ability to refinance their debt. Also supporting the sector were fourth-quarter earnings from U.S. lenders Morgan Stanley (MS.N), which beat market expectations, and Bank of America (BAC.N), which turned to a net profit from a loss the year before. German lender Commerzbank (CBKG.DE) jumped 14.8 percent after unveiling steps to plump up its capital cushion ...

Fundamental Analysis EUR "Euro-zone inflation has now passed its peak and is likely to fall further in the coming months" - Nick Kounis, head of macro research at ABN Amro Inflation in the euro zone declined for the first time since summer 2011, giving the European Central Bank room for more action. The inflation rate fell to 2.8 per cent in December from 3 per cent in November, said the European Statistical Office on Wednesday. USD "The last few weeks of December helped to lift the full- month performance above our earlier expectation" - Michael Niemira, chief economist at the ICSC Retail sales at shops open more than a year may have increased 4.5 per cent in December, more than expected, as Americans pursued holiday discounts, said the International Council of Shopping Centers in a ...

Dukascopy Fundamental Analysis EUR Greece's creditors are struggling against IMF pressure to accept greater losses on government bonds, said three persons familiar with matter. Lenders require government to issue new bonds worth €70 bn ($91 bn) with a coupon at around 5%. However, IMF is forcing creditors to take smaller coupon to cut Greek GDP ratio to 120% by 2020. Without write-downs Greece's debt burden will be nearly twice the amount of nation's GDP next year, said IMF spokesperson. USD Jobless claims unexpectedly declined previous week reaching the lowest level since April 2008 indicating that US labour market is recovering. Unemployment claims dropped by 4000 to 364 000 last week, reported Labor Department. Economists questioned by Bloomberg predicted an increase to about 380 000. ...

Morning Briefing : Fitch warns the United States on debt levels What's new: United States: Fitch warns the United States re: debt levels ECB: LTRO tender meets strong demand FOREX: LTRO results initially positive but not very long lasting Forex rates in Asia and Indices: EURUSD: 1.3078- 1.3033. USDCHF: 0.9367 – 0.9339. GBPUSD: 1.5699- 1.5655. EURJPY: 102.10 – 101.73. USDJPY: 78.13 – 78.02 DowJones: 12’107.74 +0.03% NASDAQ: 2’577.97 -0.99% S & P 500: 1’243.72 +0.19% Nikkei: 8’395.16 -0.77% Shanghai: 2’186.30 -0.22% Gold: $ 1'613.90 Crude Oil: $ 99.07 Comments: Fitch rating agency warned the United States yesterday that the debt levels where putting the country’s AAA rating at risk. Fitch also added that it was unlikely to take action prior to 2013. Yesterday the ECB’s LTRO ...

FUNDAMENTAL OUTLOOK at 0800 GMT (EDT +0400) USD The euro managed to recover further overnight as markets prepare for the opening of the EU Summit tomorrow. More details on what will be proposed surfaced yesterday and the new focus appears to be on the financial firepower of the Eurozone’s current rescue mechanisms, in addition to the pursuit of changes in the Eurozone’s treaties and institutional framework. Combining ESM and EFSF is being planned, though given the same level of guarantees, investors may question the efficacy of these proposals. US Treasury Secretary Geithner was in Europe rallying the Eurozone authorities and pledged to support the German-French scheme for greater fiscal integration. However, he dismissed suggestions that the Fed could also play a role in crisis ...

Fundamental Analysis EUR "Things cannot continue as they have done up until today" - Nicolas Sarkozy, French President German Chancellor Angela Merkel and French President Nicolas Sarkozy said Monday they are planning changes to the European Union treaty to ensure tighter fiscal policy among member countries and win back investor confidence. USD "The economy continues to muddle along at a moderate pace" - Richard DeKaser, deputy chief economist at Parthenon Group Inc. U. S. service sector expanded in November at the slowest pace in almost two years. The Institute for Supply Management’s non-manufacturing index slid to 52 from 52.9 in October, said the company on Monday. Reading above 50.0 indicates industry expansion. GBP "The weak growth in services means the economy is likely to ...

Morning Briefing : Standard an Poor's piles pressure on Euro Zone What's new: Forex: Euro tumbles after S&P warning Global Markets: Asian shares dip following a downgrade warning by S&P Euro zone: Standard & Poor’s warns of unprecedented mass downgrade of euro area countries Australia: RBA cuts rates by 25 bps Euro zone: Merkel, Sarkozy agree on ‘master plan’ to save euro zone Forex rates in Asia and Indices: EUR/USD: 1.3404 - 1.3336 USD/CHF: 0.9269 – 0.9201 GBP/USD: 1.5653 - 1.5595 USD/JPY: 77.86 – 77.68 EUR/CHF: 1.2366 – 1.2330 EUR/JPY: 104.30 – 103.64 DowJones: 12'097.83 +0.65% NASDAQ: 2'655.76 +1.10% S & P 500: 1'257.08 +1.03% Nikkei: 8’575.16 -1.39% Shanghai: 2’325.91 -0.31% Gold: $ 1'717.50 Crude Oil: $ 100.46 Comments: The euro plunged yesterday, following a warning by Standard & ...