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Weak Demand OutlookTitle:
Dukascopy Afternoon Forex Overview : 25/05/2012
Fundamental Analysis
EUR
Trading in the shares of Bankia has been suspended in Madrid. Market regulator announced that this was done due to circumstances which might influence normal trading. Bankia is said to be forced to ask EUR 15b government bailout. Fourth largest Spanish bank was formed in 2010 after uniting seven troubled regional banks and currently holds EUR 32b worth of troubled assets.
USD
Natural gas futures declined during late US trade on Thursday after IEA reported that US inventories increased by 101 billion cubic feet on an annual basis last week, being higher than five-year average change of 97 billion cubic feet. Natural gas futures for June delivery traded at 2.707 US Dollars per million Btu on the New York Mercantile Exchange, tumbling by 3.20%.
GBP
David Cameron ...
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Analysis: Deeper metals price falls needed to spark closures
(Reuters) - A rout in commodity markets has pushed prices of aluminum, zinc and nickel down to levels where many high-cost producers are starting to suffer, although the pain threshold may have to increase before widespread closures help balance markets.
High cash premiums in aluminum and zinc along with recent weakening in commodity currencies are providing a cushion to some producers, who otherwise might be forced to halt loss-making output in markets burdened with surpluses.
"It becomes a question of how long you can hold your breath under water, if you can hold breath just a moment longer, then it may be your rival who makes the cuts," said Nick Moore, head of commodity research at RBS in London.
"If they don't cut, then prices will be the grim reaper. They will go down to a level ...
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Brent steady at $106 as economy worry lingers
(Reuters) - Brent crude futures held steady at $106 a barrel on Friday, but was on track for a fourth weekly loss and the longest losing streak since early 2010, as investors were jittery over signs of slowing global economic growth blunting oil demand.
Asian shares and the euro took a hit on Friday on a grim global economic outlook after weak data from the United States, China and Europe, and on the uncertain fate of Greece.
But losses were limited by fears of a supply disruption from the Middle East, as talks on Iran's nuclear program reached a stalemate, with Western countries insisting Iran must cease uranium enrichment before sanctions against it can be eased.
Brent crude inched up 2 cents to $106.57 a barrel by 0629 GMT after touching a session high of $106.98. U.S. crude dropped ...
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Dukascopy Morning Forex Overview : 25/05/2012
Fundamental Analysis
EUR
"The euro zone is being buffeted by major headwinds."
- Howard Archer, chief European economist at IHS Global Insight
European manufacturing and services industries contracted in May. A composite index based on a survey of purchasing managers in manufacturing and services sectors declined to 45.9 from 46.7 in April, said the Markit Economics on Thursday.
USD
"It looks more and more like businesses are hesitating to invest in the face of worsening uncertainties in the and global economy."
- Pierre Ellis, a senior economist at Decision Economics
The number of Americans claiming for unemployment benefits declined slightly by 2,000 to a seasonally adjusted 370,000 in the week ended May 19 from the week before, said the Department of Labor on Thursday.
GBP
" ...
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YouTradeFX Daily Market Analysis : 25/05/2012
Fundamental News
Today’s highlights
- GfK German Consumer Climate (GER, 07:00 GMT)
- French Consumer Confidence (FRA, 07:45 GMT)
- Spanish PPI (YoY) (SPAIN, 08:00 GMT)
- Employment Level (SUI, 08:15 GMT)
- Michigan Consumer Sentiment (U.S., 14:55 GMT)
According to the Labor Department, new unemployment claims in the U.S came in at a seasonally adjusted level of 370,000, a slight decline from the previous week's revised level of 372,000. While, U.S durable goods orders edged up by 0.2 percent in April after tumbling by 3.7 percent in March, the Commerce Department said in a report on Thursday.
According to Bloomberg, China’s biggest banks may fall short of loan targets for the first time in at least seven years as an economic slowdown crimps demand for credit, three ...
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Asian stocks drop on worries over China’s growth and the deepening debt crisis in Europe
The MSCI Asia Pacific Index dropped 0.7% at 12:47 in Tokyo as Asian stocks are heading towards the fourth week of losses on worries China’s economy is slowing and business conditions are deteriorating while Europe’s debt crisis is deepening.
The MSCI Asia Pacific Index fell 1.2% this week, heading for its longest weekly losing streak since November, mainly on fears from the impact of Greece`s possible exit from the eurozone and China’s slowing economy since it threatens Asian trade.
One day after China reported lackluster data from the manufacturing sector, three bank officials with knowledge of the matter said that China’s largest banks may miss their lending targets for the first time in seven years.
As Europe’s debt crisis curbs exports, manufacturing shrinks and demand on new homes ...
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Brent slips towards $106 as economy worry lingers
(Reuters) - Brent crude futures slipped towards $106 a barrel on Friday, on track for a fourth weekly loss and the longest losing streak since early 2010, as investors remained jittery on signs of slowing global economic growth blunting oil demand.
Asian shares and the euro took a hit on Friday on a grim global economic outlook after weak data from the United States, China and Europe and on the uncertain fate of Greece.
But losses were limited by fears of a supply disruption from the Middle East, as talks on Iran's nuclear program reached a stalemate, with Western countries insisting Iran must cease uranium enrichment before sanctions against it can be eased.
Brent crude was down 32 cents to $106.23 a barrel by 0503 GMT after touching a session high of $106.98. U.S. crude dropped 17 ...
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Dukascopy Afternoon Forex Overview : 24/05/2012
Fundamental Analysis
EUR
European stocks returned to growth, despite services and manufacturing purchasing managers indices across Europe and German business confidence shrank more than expected. The Stoxx Europe 600 Index added 1.0 percent to 241.81. Cable & Wireless Communications Plc soared 19 percent. Sonova Holding AG gained 2.5 percent. Bayer AG declined 1.1 percent. U.S. futures and Asian stock little changed. S&P 500 futures gained 0.3 percent, MSCI Asia Pacific index added 0.1 percent.
USD
The US Dollar followed bullish trend on Thursday as Germany disapproves issuance of Eurobonds that may help to ease Greek debt burden. Traders are also cautions ahead of Euro Zone's manufacturing data release due later today. The US Dollar index, which tracks the greenback's performance ...
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Oil climbs above $106 as Iran talks stall
(Reuters) - Brent crude oil rose above $106 a barrel on Thursday as reports of a hiccup in talks with Iran over its nuclear program balanced weak economic data from China and Europe.
Iran accused world powers on Thursday of creating "a difficult atmosphere" that hindered negotiations on its atomic energy program, signaling a snag in diplomacy to defuse fears of an Iranian attempt to develop nuclear bombs.
Brent futures rose 90 cents to trade at $106.46 by 1336 GMT after earlier touching a high of $106.90 before weak Chinese and European economic data sparked a bout of selling.
U.S. crude for July rose $1.44 to a high of $91.34 after settling at $89.90 a barrel on Wednesday, its lowest close for front-month U.S. crude since October 21.
Investors are worried that failure to agree a deal ...
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