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YenTitle:
Euro knocked by Greece worries, more losses likely
The euro fell to a four-month low against the dollar on Wednesday and risked more losses on the prospect of prolonged political instability in Greece that could result in the country exiting the euro.
With Greece announcing fresh elections next month and investors concerned about the knock-on effects of a Greek euro exit for economies like Spain and Italy, investors fled the euro and sought the perceived safety of the dollar and the yen.
The dollar rose to its highest in four months against a basket of currencies, while the euro also hit a three-month low versus the yen.
The euro dropped to $1.2681 against the dollar on EBS trading platform, which left it on track to test the January low of $1.2624, below which would mark the euro's lowest level since August 2010.
However, it recovered ...
Title:
Greek political turmoil heightens euro exit fears
Fears of a Greek exit from the euro zone worsening the debt crisis facing other European nations gripped financial markets on Wednesday, sending shares and other riskier assets lower as investors shifted funds into safe havens like the U.S. dollar.
The euro touched a fresh four-month low of $1.2883, Spanish and Italian bond yields rose, while the FTSE Eurofirst .FTEU3 index of top European shares hit its lowest level for the year at 983.95 points, down over 1 percent.
The probability of Greece leaving the 17-member currency bloc increased markedly after political leaders in Athens failed to form a government on Tuesday, forcing another round of elections. Opinion polls show this is likely to be won by leftist parties opposed to the country's bailout deal. (nL5E8GG0S1).
In response, ...
Title:
Greece worries send euro to 4-month low vs. dollar
The euro fell to a four-month low against the dollar on Wednesday and was poised for more losses after Greece announced it would hold new elections, boosting the risk the country could exit the euro.
The prospect of prolonged political instability and worries about the knock-on effects of a Greek euro exit for struggling economies like Spain and Italy caused investors to flee the euro and seek the safety of the dollar and the yen.
The euro also hit a three-month low against the yen, while the dollar rose to its highest in four months against a basket of currencies.
"The uncertainty around the political situation in Greece continues to undermine risk appetite, which is affecting a range of currencies," said Paul Robson, currency strategist at RBS.
"There is uncertainty around the ...
Title:
SunBirdFX Daily Market Analysis : 05/16/2012
www.sunbirdfx.com
Another day of uncertainty went through Wall Street, as the investors were disappointed by the core retail sales, but encouraged by the Empire State Manufacturing Index. Today they will focus on the FOMC meeting minutes and building permits, as bad news might cause sharper declines. We keep seeing bullish reversals during the trading session, which means that there are buyers who want to take advantage of the recent declines, which might cause a bullish reversal eventually. However, it seems that a break-down of the current week's low will make everybody believe that a downtrend movement has begun.
USD/JPY
The USD reached the support at 79.50 against the JPY, which was a former break-up area. The Yen has failed to break-down this support for several days and ...
Title:
Euro crippled by Greek political turmoil
What’s new:
Forex: Euro, risk currencies tumble on worries over Greece
Global Markets: Stock markets plummet on political turmoil in Greece
Greece: Greece set for new elections as President fails to forge coalition
Japan: BOJ may lower interest paid at cash held with central bank; USD/JPY
United States: CPI as expected at 2.3% y/y, FOMC minutes due today
United Kingdom: BoE Quarterly inflation report scheduled for 11:30 CET
Forex rates in Asia and Indices:
Low High Change
EUR/USD 1.2683 1.2738 -0.26 %
USD/CHF 0.943 0.9471 -0.26 %
GBP/USD 1.5949 1.5999 -0.19 %
USD/JPY 80.16 80.45 -0.28 %
EUR/CHF 1.2010 1.20127 0.00 %
EUR/JPY 101.91 102.38 -0.00 %
Dow Jones ...
Title:
Greek Political Impasse Leads to Euro Losses
The euro started off yesterday's trading session on a positive note following a better than expected German Prelim GDP figure which caused the EUR/USD to advance to 1.2868. That being said, the common currency came under pressure later in the day following another failed attempt by Greek politicians to form a new government, virtually guaranteeing new elections will take place next month. As a result, the euro fell as low as $1.2769 during the afternoon sessoin. Turning to today, traders will want to pay attention to the US FOMC Meeting Minutes, set to be released at 18:00 GMT. Any signs that the Federal Reserve is preparing for another round of quantitative easing could result in the greenback turning bearish.
Economic News
USD - US Manufacturing Data Sends USD/JPY Over 80.00
The ...
Title:
Asian stocks dropped as risk appetite vanished amid worries over Greece
After the talks to form a new Greek government failed yesterday, Asian investors lost their appetite risk, especially amid downbeat economic data from Japan and Australia which weighed down on sentiment even more, dragging the MSCI Asia Pacific Index down 2.5%.
The Greek President Karolos Papoulias failed yesterday to form a ruling coalition. This means the country will hold new elections in June. This time the far-left anti-bailout party Syriza is expected to win, which may push the country to exit the euro zone.
Also weighing down on sentiment was the unexpected drop in Japan’s machine orders by 2.8% in March compared with a year earlier, and a report showing that new lending by China’s biggest-four state-owned banks was flat in the first two weeks of May.
Meanwhile, the Australian ...
Title:
Majors keeps declining on Confidence absence
High risk and instability in financial markets negatively affected on major currencies and led them to fell to leave the chance for American dollar to gain profits against other currencies, where the Greek worries keep worsen which increase expectations about Greek that will exit euro zone, which made the Euro traded near the lowest in four months.
EUR/USD pair slumped with the beginning of today’s Asian session to record low of 1.2697 after opening at 1.2734 and high of 1.2734.Euro recorded the lowest in almost three months against yen at 102.08.
USD/JPY pair inclined today after releasing Japan’s machinery orders that fell in March, which negatively on Japanese yen against dollar, while yen did not affected against other high revenues currencies according to the weak demand on them.
...
Title:
Greek worries push euro to four-month low; more losses eyed
The euro hit another four-month low against the dollar on Wednesday and was likely to extend hefty losses sustained so far this month after Greece said it would hold new elections, boosting the risk Athens could exit the euro.
The prospect of prolonged political instability in the debt-ridden country, compounded by skittish sovereign bond markets sent Asian bourses sharply lower, with analysts saying the euro and other risk-sensitive currencies would remain under severe pressure.
A Greek departure from the euro zone would also have a potentially huge knock-on effect on struggling economies such as Italy and Spain, whose bond yields climbed above the crucial 6 percent mark the day before.
"An entry to the euro zone was supposed to be irrevocable. They tore down the bridge so people ...
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