US Initial jobless Claims Higher than Expected in the Week Ending May 12 17 May 2012 at 3:27pm
There were 370,000 seasonally adjusted initial claims for unemployment insurance in the US in the week ending May 12, unchanged from the previous week's upwardly revised level (initially reported as 367,000). The four-week moving average of initial claims, which better controls for weekly volatility, declined to 375,000 from 379,750 the
Dollar Approaching 2012 Highs 17 May 2012 at 3:19pm
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
European Nations Observe Ascension Day; So Do the USD and JPY 17 May 2012 at 2:16pm
Banks are closed for European nations observing Day of Ascension, a Catholic holiday that commemorates the rise of Jesus into heaven after being crucified. US banks however are open.
During the European session, there was certainly a continuing ascension of the safe haven currencies USD and JPY as the market
Markets Hold Ground, Awaiting Central Banks To Move 17 May 2012 at 1:07pm
Taking a general look at markets before the end of this week, we can see that the bearishness started to lose momentum as traders are speculating now what tools Central Banks might provide to revive the slowing pace of recovery, especially the European Central Bank amid the current political instability
Loonie Drops On Speculation Of Worsening Turmoil In Europe 17 May 2012 at 1:06pm
The Canadian dollar has weakened to its lowest last seen in January after the European central bank indicated that it is going to reduce its lending to some banks in Greece to reduce its risk. Investors have taken this to mean that Greece might lose its position in euro zone
Consolidation Continues Post The Spanish Bond Auction 17 May 2012 at 12:19pm
The big event of the morning was the Spanish bond auction, however it failed to generate anything more than an immediate ripple in the FX market. The auction raised just below the top of its target amount of EU2.5bn, at EU 2.49bn. Although demand was strong, Madrid had to pay
European Market Update 17 May 2012 at 11:52am
A very quiet session with most European participant observing Ascension Thursday Holiday. The highlight of the morning was the Spanish GDP figures and its 3-4 year Bond auctions which provided no surprises. The EUR/USD was little changed from its Far East opening levels of 1.2720. Concerns over Greece remain with
FX Consolidates As Headlines Slow 17 May 2012 at 9:55am
Risk appetite returned marginally in the Asian session as the fear driving Greece headlines tampered off. Given the uncertain overhang in Europe, we suspect the recent recovery in FX markets is more a function of consolidation rather than reversal in expectations.
Most Asian Stocks Rise On Japan's Growth, Yet Fears Over Europe Persist 17 May 2012 at 9:51am
Most Asian stocks advanced on Thursday dragged by the better-than-expected growth in Japan and by ECB's decision to limit its risk exposure by stopping lending to some Greek banks. The MSCI Asia Pacific Index rose 0.7% at 13:42 in Tokyo.
Morning Forex Fundamental 17 May 2012 at 9:44am
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. 'If the ECB acted, it wouldn't be because of prices but because of the economic development,' said Michael Schubert, an
Greece Fears Pressure, BoE Cuts Growth Forecast 17 May 2012 at 9:33am
The euro (EUR) recovered a little yesterday against the dollar edging higher to 1.2758 from 1.2681 as risk sentiment in the market improved slightly. Investors remain worried about Greece?s ability to avoid bankruptcy and stay in the euro ahead of Greece?s second election. Greece put a senior judge Panagiotis Pikramenos
Spanish Growth In Focus Amid The Current Economic Situation 17 May 2012 at 8:45am
The focus shifts once again from the United Kingdom and the quarterly inflation report to the highly indebted Spanish economy, where all markets will pay attention now to the final growth data for more details whether recession will be confirmed in Spain or not, while tracking the performance of the
Asian Market Update 17 May 2012 at 8:39am
Markets were less cautious today becoming accustomed to Greece's new instability, with a fresh election date and a caretaker government put in place confirmed today. Some of the positive sentiment can also be attributed to the US Fed's willingness to take further steps to stimulate the economy if needed. EUR/USD
Asia Session: Investors In Asia Receive A Welcome Respite 17 May 2012 at 8:38am
Price action today was relatively subdued when compared with the last few sessions. Whilst fears about the future of Greece and a potential breakup of the euro have far from subsided, the market has priced in a lot of this uncertainty and investors will now be carefully watching Athens in
FOMC Minutes Reveal Members See Slack but Disagree on Its Size 17 May 2012 at 7:40am
FOMC meeting participants were divided as to the impact on underlying trend of economic recovery of recent positive data. However, most remained of the view that growth will remain moderate over coming quarters before accelerating. This view continues to support the highly accommodative monetary policy stance with the threshold for
