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Widened In Early TradeTitle:
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 ...
Title:
Oil slips and posts third weekly loss
Oil prices fell on Friday in tug-of-war trading, posting a 2012 low and a third straight weekly loss as debt problems in Greece and Spain kept concerns about the euro zone economy in focus.
Crude futures felt pressure from news that European officials were working on contingency plans in case Greece exits the euro zone and from a ratings downgrade of 16 Spanish banks by Moody's Investors Service.
Helping push oil lower early was data showing Chinese home prices in April fell for a second month in a row from year-ago levels.
"The problems in Europe, highlighted by the political instability in Greece, remain as the primary factor for today's slide in oil prices," said Kyle Cooper, managing partner at IAF Advisors in Houston.
"There is also a factual realization that the Chinese economy ...
Title:
Dollar Approaching 2012 Highs
Dollar Approaching 2012 Highs
USD continues to trade mostly firmer against the major currencies as risk sentiment remains negative. European equities are trading in the red after the ECB paused lending to some Greek banks until they recapitalize and US stock futures are marginally lower at time of writing. The dollar index is nearing the highs of the year around 81.78 which occurred in mid-Jan and we would expect to see this level act as near term resistance as dollar longs may look to take profit. FOMC minutes released yesterday indicated that members expect the recovery to "gradually gain strength" however if it falters, easing may be needed. The UST yield curve is relatively flat today with 10-year yields currently unchanged. Weekly jobless claims were stable at 370k which was the same ...
Title:
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 ...
Title:
Dukascopy Afternoon Forex Overview : 05/15/2012
Dukascopy Fundamental Analysis
EUR
Investors battered European stocks, dumped the bonds of Spain and Italy, and bid the euro down against the dollar Monday after the collapse of weekend coalition talks in Greece edged that country closer to an exit from the euro zone.
USD
Retail sales in the U.S. rose in April at the slowest pace of the year, showing unseasonably mild weather and pre-Easter shopping may have pulled consumers to stores the prior month.
GBP
Governor Mervyn King looks set to leave the door open to more support for the struggling economy when he presents the Bank of England's new economic outlook on Wednesday, which is likely to show a tricky mix of lower growth and higher inflation ahead.
CHF
Swiss stocks lost ground on Monday on concern Greece will exit the Eurozone.
...
Title:
Speculation On Grexit Continues To Hammer The Euro
Sunrise Market Commentary
- Fixed Income: Global core bonds profit from euro debt crisis
- Concerns about Greece and Spain underpinned the ongoing rally of global core bonds. The German 10-year yield fell below 1.50%. Intra-EMU yield spreads versus Germany widened substantially. Today, the eco calendar is enticing. If no euro debt crisis news acts as a circuit breaker, the eco data may for once drive the price action.
- Currencies: Speculation on Grexit continues to hammer the euro.
- At the start of the new trading week, the Greek crisis remained the key factor for currency trading. With no visibility on the outcome of the EMU crisis, the easiest way for the euro is south. EUR/USD set a new correction low. EUR/GBP dropped below the 0.8000. This morning, strong German ...
Title:
Asia ends a week of critical data that signals possible move on policies
Last week saw the release of important Asian data that should be taken in consideration, especially amid the global tension over Europe’s sovereign debt crisis that hindered many economies. Australia, China and Japan released critical data that might be influential on policy decisions in the coming period.
The first two days of the week were focused on the Australian economy the start was with business conditions and confidence that slowed in April, as well as retail sales that rebounded and recorded a rise in March easing some of the tension. Seasonally adjusted sales increased 0.9% from previous of 0.2%. At the same time the retail sales excluding inflation recorded 1.8% rise from previous of 0.4% in first quarter.
Moreover, Australia recorded a widened trade balance in March, the ...
Title:
Oil dips as China data outweighs upbeat U.S. consumers
Oil fell on Friday and posted a second straight weekly loss as pressure from weak industrial growth in China countered news that U.S. consumer confidence hit a four-year high.
Brent crude's 6.2 percent slide in the past two weeks was the biggest two-week percentage loss since December 16. U.S. crude fell 8.4 percent the past two weeks, its largest since September 30.
Crude prices felt early pressure from data showing China's industrial production in April grew at its slowest pace in nearly three years.
The report followed disappointing trade numbers released on Thursday, indicating China's economy is showing vulnerability to a global slowdown.
Oil pared losses later on news that U.S. consumer sentiment rose early this month to its highest in more than four years, according to the ...
Title:
EUR/GBP Testing 80.00 Barrier, As BoE Stops Printing Press
Sunrise Market Commentary
- Fixed Income: Largely uneventful session for core bonds
- Core bonds had an insignificant, technical and sentiment-driven session that left bond yields slightly higher in the close. Overnight, negative headline news on JP Morgan and Greece triggered a moderately strong opening of the Bund. Europe will be in the focus today with the publication of the Spanish banking plan and the EU spring forecasts.
- Currencies: EUR/GBP testing 80.00 barrier, as BoE stops printing press
- On Thursday, sentiment on risk turned slightly less negative, even without progress in the Greek debt/election crisis. Nevertheless, the decline in EUR/USD slowed. EUR/GBP reached a minor low just below 0.8000 as the BoE halted its program of asset purchases. For now, we see no ...
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