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When Dollars HitTitle:
Oil hits 2012 low under $107 on euro zone turmoil
Oil prices slipped below $107 a barrel on Friday and hit a 2012 low as investors fought shy of riskier, growth-oriented assets on fears that Greece would leave the euro, and after a downgrade of 16 Spanish banks by Moody's added to the contagion gloom.
Brent crude was down 51 cents to $106.98 a barrel by 1122 GMT after earlier slipping to its lowest level for the year at $106.40. U.S. crude was up 16 cents to $92.72.
"The driving factor is still what is going on in Europe with the downgrades of the Spanish banks and very negative sentiment towards risk investments," said Eugen Weinberg, an analyst at Commerzbank in Frankfurt. "It's not surprising to see further falls in Brent today."
The euro fell to fresh four-month lows as the dollar strengthened .DXY, putting commodities priced in ...
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Dukascopy Morning Forex Overview : 05/17/2012
Fundamental Analysis
EUR
"We expect euro-region inflation to normalize in 2013"
- Michael Schubert, an economist at Commerzbank AG
Inflation in the seventeen nation bloc eased to 2.6 per cent in March from 2.7 per cent the previous month, said the European Union’s statistics office in Luxembourg on Wednesday.
USD
"Uncertainty about Greece and the effects a potential exit out of the euro would have on Europe, the global economy and the financial system in general is driving investors out of stocks into safe havens"
- Markus Huber, head of German sales trading at ETX Capital
The Standard & Poor's 500 lost 0.44%, or 5.86 points, to 1,324.80. The Dow Jones Industrial Average declined by 0.26%, or 33.45 points, to 12,598.55.
GBP
Unemployment figures are a "welcome step in the right ...
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Global shares recover a bit, though fear on Greece remains
Asian shares on Thursday recovered a bit of the ground lost in the previous day's sell-off, but investors found no reason to bet on risk amid deepening turmoil in Greece and fears of contagion to other stressed euro zone economies.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.5 percent on short covering, after sliding more than 3 percent - its biggest one-day drop in six months - on Wednesday.
The index hit a new 4-month low on Wednesday, and has shed 9.6 percent since May 2.
Gold and the euro recovered from Wednesday's lows as a recovery in shares helped improve sentiment slightly.
Bucking the general trend of recovery in Asia-Pacific, Australian shares .AXJO bucked the general recovery, falling 0.6 percent to a four-month low, with banks easing on ...
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Euro hits 3-1/2-month low, Aussie eyes parity
(Reuters) - The euro fell to a 3-1/2-month low while growth-linked currencies like the Australian dollar tumbled on Friday as news of JPMorgan's trading losses from a failed hedging strategy and soft Chinese economic data spooked investors.
These concerns lifted the safe-haven U.S. dollar with the euro vulnerable to more losses as political deadlock keeps Greece without a government.
That has left investors fretting over the risk of the nation exiting the euro zone and fanned worries that the region's debt crisis may worsen. Traders said a reported euro option barrier at $1.2900 was the near term focus.
The euro fell at one point to $1.2905 on trading platform EBS, its lowest level since late January, with stop-loss selling adding to its drop. It last stood at $1.2915, down 0.2 percent ...
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Analysis: World's platinum lies on African political faultlines
(Reuters) - Platinum markets have avoided an eruption that would have shaken them to the core with mine nationalization effectively killed as policy in South Africa, which sits on about 80 percent of the global supply of the precious metal.
But they should brace for aftershocks.
The world's richest platinum veins lie along the political faultlines of South Africa and Zimbabwe, where income disparities, labor strife and political populism are fueling intense brands of resource nationalism.
"All platinum supply, bar bits and pieces, come from southern Africa. In almost any other mining sector you would be able to do cross-geography comparisons about political risks, security of tenure and labor relations," said Nic Borain, an independent political analyst based in Cape Town ahead of the ...
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Euro clouded by Greece and Spain worry
(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 ...
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Gold eases ahead of euro zone rate decision
(Reuters) - Gold eased on Thursday, under pressure from a decline in the euro ahead of a rate decision from the European Central Bank, while concern about Spain's ability to finance itself simmered after yields shot up at a debt auction.
The ECB meets in Barcelona to discuss monetary policy and is expected to resist pressure to do more to fight the debt crisis by maintaining its bond-buying program to help Spain, which has fallen into recession.
Spain attracted solid demand for its three- and five-year bonds at auction, but saw its borrowing costs jump, reflecting investors' concern about Madrid's ability to finance itself and avoid a more protracted economic slowdown.
Gold has fallen by about 1 percent so far this week, having dropped for three out of the last five weeks, prompting ...
Title:
Dukascopy Morning Forex Overview : 01/05/2012
Fundamental Analysis
EUR
"We fear things are likely to get worse before they get better"
- Martin van Vliet, a senior euro-region economist at ING Bank
Spain sank into recession in the first quarter of 2012. The economy contracted 0.3 per cent, after shrinking by the same amount in the previous quarter, Madrid-based National Statistics Institute data showed on Monday.
USD
"What was encouraging was that the income numbers improved. Our expectation is that job growth does increase gradually"
- Peter Newland, an economist at Barclays Capital Inc.
U.S. consumer spending was boosted by higher than expected incomes, said the Bureau of Economic Analysis on Monday. Household purchases increased 0.3 per cent. Incomes gained 0.4 per cent, the most in three months.
GBP
"This is year three of a ...
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Oil pares losses after data
(Reuters) - Oil pared lossed on Friday to trade at around $119.90 a barrel after disappointing U.S. data revived hopes of further liquidity injections from the Federal Reserve to boost the flagging economic recovery.
Brent crude, widely used as a global oil benchmark, was down just 5 cents to $119.87 a barrel by 1341 GMT. U.S. crude oil was off 7 cents to $104.48 a barrel.
Oil was sold off earlier in the session after S&P downgraded Spain's credit rating but pared losses when U.S. first quarter GDP figures missed the consensus forecast. The data hit the dollar, and a weaker U.S. currency is supportive of commodities priced in dollars as it makes them cheaper for holders of other currencies.
Some traders also took the view that the below-expectations GDP figure would open the door to a ...
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