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While The Us DollarTitle:
U.S. Stocks Slip On Spain Debt Worries
U.S. Stocks plummeted mostly at the close on Friday, as concerns grew that Spain`s regional governments are having trouble with their finances, overshadowing a reprots that showed confidence of American consumers rallied to highest levels since 2007.
The Dow Jones Industrial Average index shed 74.92 points or 0.60 percent to close at 12454.83 levels, the index reached the highest point at 12533.12 and the lowest point at 12421.53, By closing 7 shares inclined while 22 shares declined and 1 share remained unchanged.
The Standard & Poor’s 500 Index lost 2.86 points or 0.22 percent to close at 1317.82 levels, the index reached the highest point at 1324.20 and the lowest point at 1314.23, By closing 246 shares inclined while 249 shares declined and 5 shares remained unchanged.
The NASDAQ ...
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European Market Update : 25/05/2012
Germany said to be working on growth plan for euro zone
Economic Data
(EU) ECB: €3.8B borrowed in overnight loan facility vs. €3.8B prior; €760.9B parked in deposit facility v €765.9B prior
(RU) Russia Narrow Money Supply w/e May 21st (RUB): 7.00T v 6.93T prior
(SG) Singapore Apr Industrial Production M/M: -3.5% v +06%e; Y/Y: -0.3% v +4.1% prior
(DE) Germany Jun GfK Consumer Confidence: 5.7 v 5.6e
(FR) France May Consumer Confidence: 90 v 88e
(ES) Spain Apr Producer Prices M/M: -0.8% v 0.0%e; Y/Y: 3.1% v 2.7%e
(AT) Austria Mar Industrial Production M/M: +1.6% v -1.4% prior; Y/Y: +0.8% v -0.9% prior
(CH) Swiss Q1 Non-Farm payrolls: 4.049M v 4.044M prior
(DE) Germany May CPI Saxony M/M: -0.2%% v +0.1% prior; Y/Y: 1.9% v 2.0% prior
(IT) Italy Mar Retail Sales M/M: -0.2% V -0.2%e; Y/ ...
Title:
Another Day, Another New Correction Low For EUR/USD
Sunrise Market Commentary
- Fixed Income: Hunt for yield
- Following horrible French and German PMI readings, core bonds set new highs. The German 10-yr yield set an all time low at 1.35% and this initiated for the first time a “hunt for yield” trade into Belgian, Austrian and French bonds. The trade was most visible at the longer end of the curve, resulting in a bull flattening.
- Currencies: Another day, another new correction low for EUR/USD
- On Thursday, the decline of EUR/USD was extended. However, given the flood of negative news, the damage could have been worse. EUR/GBP struggles to hold above the 0.8000 barrier. Today, the calendar is thin. However, one can expect investors to stay cautious going into a long weekend. This is no help for the euro
The Sunrise ...
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EU worries keep euro near 2-year lows, shares edge up
(Reuters) - The euro wallowed near two-year lows early on Friday while European shares edged up, as uncertainty over the fate of Greece coupled with this week's disappointing euro-zone and Chinese economic data curbed any appetite for riskier assets.
The euro was down 0.1 percent at $$1.2540, but has lost 1.78 percent this week after on Thursday touching its lowest level since July 2010, at $1.2515. The U.S. dollar index .DXY measured against key currencies benefited from safe-haven demand to touch a fresh 20-month peak of 82.411.
"Markets have priced in a very negative scenario for Greece as well as deteriorating growth prospects in the euro zone, but with them very much focused on the tail risk of Greece leaving the euro bloc, the euro remains highly vulnerable," said Masafumi Yamamoto, ...
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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
" ...
Title:
German Data Leads to Additional Euro Losses
Disappointing German data sent the euro to fresh lows against the USD during European trading yesterday. In a sign that even the euro-zone's biggest economy was not immune from the region's debt crisis, the German Flash Manufacturing PMI and Ifo Business Climate both came in significantly below expectations. As a result, the EUR/USD dropped as low as 1.2515, close to a two-year low. As we close out the week, traders will want to continue monitoring any developments out of the euro-zone. Any new negative developments could send the common currency below $1.2500 before markets close for the week.
Economic News
USD - Safe-Haven USD Sees Additional Gains
The US dollar was able to extend its gains against the euro yesterday, following the release of several disappointing economic indicators ...
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Gold inches up, yet heading for a weekly decline
Gold inched up on Friday’s early trading yet remains under pressure amid worries from the euro area on speculations the European debt crisis is materializing on possible Greek exit from the euro area and macroeconomic degradation.
On Wednesday, the informal EU summit showed disagreement over introducing Eurobonds as German Chancellor Angela Merkel said after the EU summit that her country support her opposition to jointly issued common European bonds.
However, after the end of the EU-27 summit yesterday Italian Prime Minister Mario Monti said he persuade Germany to accept launching common bonds, stating that “Europe can have euro bonds soon.”
He also announced that Greece will probably remain in the euro bloc even as “anything can happen.”
On the other hand, reports released ...
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European equities fluctuate with the start of the session European equities are mixed
European equities fluctuate with the start of the sessionEuropean equities are mixed on fear that Greece might be leaving the euro area despite the fact that the decision makers from the euro area con
European equities are mixed on fear that Greece might be leaving the euro area despite the fact that the decision makers from the euro area confirmed that they will not let Greece leave. Markets will be fluctuating between slight gains and losses ahead of the opening today.
The market mainly started to fluctuate after the Italian Prime Minister Mario Monti said yesterday night that most of the European leaders support the issuing of the European bonds.
But things stay uncertain especially after the china`s remarks witnessed in yesterday`s trading showed a possible failure of the largest ...
Title:
Euro Corrects Some of the Losses as This Week Comes to an End
Another week has almost ended, while all the focus remains on Greece as markets still attempt to weigh the alternatives for Greece and whether the nation might exit the one-currency bloc or not, where uncertainty dominates investors and markets, the thing the weighed sharply on the common currency, which almost shed 2% this week.
The sentiment remains negative, while fears and concerns are mounting, where a poll in Greece showed yesterday that the anti-austerity Syriza Party is leading now as more and more Greeks are joining the anti-austerity campaign.
The Public Issue/Saki TV poll showed that the leftist party gained 30% of the vote, beating that conservative New Democracy Party with 4 points, noting that this party mainly backs the second bailout deal. In the third place the Socialist ...
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