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Weaken Stock MarketsTitle:
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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SunBirdFX Daily Market Analysis : 05/25/2012
www.sunbirdfx.com
The US indices closed yesterday on mixed territory, as NASDAQ appears to be the weakest index among the three majors. Nevertheless, the daily charts of the indices show that we might see a bullish correction, as Wednesday low were higher than the previous low, which indicates for a strong supports. The real test for the stock markets is whether they will be able to break-through the weekly high or not, and we will find it out today.
USD/CAD
Yesterday we mentioned that many pairs were oversold or overbought and that the correction was getting close in most of them. The USD completed over 220 pips since it broke-up the 200 SMA two weeks ago and reached the resistance at 1.03. Those who implemented the trade-idea that we brought before the break-up can now take profits ...
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Some frayed nerves as USDA grains data goes 'live'
(Reuters) - CBOT grain traders got their first taste on Thursday of trading without a two-hour cushion between the release of price-sensitive U.S. government data and markets being open, as the new 21-hour trading cycle exposed some frayed nerves.
The U.S. Department of Agriculture issued its weekly export sales report at 7:30 a.m. Central (1230 GMT) when the Chicago Board of Trade grain markets were open for business. The CBOT began a 21-hour trading cycle on Monday.
Rival Intercontinental Exchange (ICE.N) was also open, but its volume was far smaller than that of the world's largest grain exchange, owned by the CME Group (CME.O).
The data moved the corn futures market, with benchmark July slipping slightly lower in a knee-jerk reaction before rebounding after traders dug deeper into ...
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EUR/USD Cedes The 1.2624 Support
Sunrise Market Commentary
- Fixed Income: Risk off pushes German bond yields to new lows
- Risk off sentiment pushed core bonds higher and non-core bond yield spreads re-widened substantially. The Summit didn't bring new information, but another hole found in Spain's regions' budgets might get attention today.
- Currencies EUR/USD cedes the 1.2624 support
- On Wednesday, the EMU debt crisis was again omnipresent. Markets feared that the EU leaders wouldn't be able to take decisive action to address the debt crisis. Extreme risk aversion pushed EUR/USD to a new low for 2012. The losses of EUR/GBP were more contained, as poor UK retail sales and rather soft BoE minutes kept the door open for more policy stimulation.
The Sunrise Headlines
- In the final hour of trading, US ...
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SunBirdFX Daily Market Analysis : 05/24/2012
www.sunbirdfx.com
Another day of battle between the sellers and the buyers in Wall Street has passed by, as the sellers are still on the upper hand. In fact, the continuation of the bearish momentum was expected after the indices made bearish reversal patterns on Tuesday. The new home sales data came out better than expected but this did not help the stock to rise, as today's main data is the continuing jobless claims.
The declines of the stocks caused sharp weakening of most of the major currencies, except the USD. Therefore, we see many oversold/overbought pairs and we see less accurate patterns in the daily chart. What you should do in these kinds of situations is to wait for corrections or trade in the intraday charts and look for quick trades, although it can be more dangerous.
EUR/ ...
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Greek Debt Crisis: Answers to Frequently Asked Questions
Highlights
- An acceleration in deposit withdrawals, combined with the prospect of an anti-austerity party winning the next election, has brought to the fore concerns about a potential Greek exit from the euro zone.
- Our base case assumption is that under the most likely scenario, the Greek election will lead to a government that sticks to an EU/IMF program, even if the terms are renegotiated.
- However, we do believe that Greece needs a further restructuring of its debt and we do think the country will ultimately exit the euro - we're just not convinced that Europe is ready for this to happen at the moment.
- If an accident does occur and Greece does leave the euro in the near term, it would have global financial ramifications that could range from severe to catastrophic. ...
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Will Greece Leave or Not?
We have heard conflicting information about Greece over the last 24 hours: first we heard that Greece was making plans to leave the Eurozone from former Prime Minister Papademos, which was denied. Then this morning reports from a German newspaper suggested that the ECB had set up a task force (tucked away in a bunker) working on the potential fallout from a Greek exit. It's likely that we will get these conflicting headlines between now and the end of the EU summit, which starts this evening at 1800 BST.
The markets' seemed to like the idea of an Avengers - style ECB working to combat the negative effects if Athens goes to the wall, and the euro bounced from its lowest level since 2010 earlier. But the real test will be the outcome of today's summit. So what should we expect and, ...
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SunBirdFX Daily Market Analysis : 05/23/2012
www.sunbirdfx.com
Dramatic finishing in the US stock markets yesterday caused mixed closing by the main indices. The trading was on the green side most of the day but massive selling during the last half hour erased most of the bullish movement, but strong 10 minutes before the closing bell prevented sharper declines. The indices are now facing important test and if they slide under yesterday's low, the sharp declines from last week might return. On the other hand, if they cross above yesterday's high, it will be a strong bullish signal for the markets. On the fundamental aspect, the existing home sales data came out as analysts expected and today the investors will focus on the new home sales data.
EUR/GBP
All of the major pairs resumed weakening against the USD yesterday due to the ...
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Cautious markets retreat before EU summit
(Reuters) - Riskier assets retreated broadly on Wednesday as hopes for fresh measures to tackle the euro zone debt crisis faded and caution set in ahead of a meeting of European leaders, with sentiment hurt by renewed fears Greece would leave the euro bloc.
European shares also looked likely to slump, with financial spreadbetters predicting major European markets .FTSE .FCHI .GDAXI would open as much as 1.5 percent lower. U.S. stock futures were down 0.5 percent. .EU .L .N
Shares, commodities, commodity-linked currencies and the euro all slid, while safe-haven demand lifted the dollar index .DXY measured against major currencies up to 81.830, its highest since September 2010.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slumped 2.0 percent. It had risen 1.1 ...
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