Monthly Archives: May 2012
GBP/USD Analysis
Closed in NY at $1.5766 off late session lows at $1.5743 after rate tracked EUR/USD negative reaction to ex-Greek PM comments that preparations were being considered for a Greek exit from EMU.
Gold Analysis
Spot gold prices are trading lower Wednesday, extending some sharp losses posted during yesterday’s session. Prices opened around unchanged levels in Asia but have since fallen to new session lows of around $1556, moving in tandem with a risk-off theme across Asian markets.
Technical Analysis
The euro & aussie are back on a losing streak… EUR/USD Could also re-check 1.2870\90… EUR/GBP “Bearish Engulfing Candle”… AUD/USD Could not escape gravity… EUR/SEK Not a triangle, possibly a flag… EUR/NOK Still messy… EUR/PLN Buying is back on the fore.
EUR/USD Analysis
Closed in NY at $1.2685 after rate was pressured to late lows of $1.2658 as market reacted to ex-Greek PM Papademos that Greek EMU exit plans were being considered. Rate held above $1.2680 into early Asian trading before dropping to $1.2648 on reaction to reported comments from CIC Chairman Jin Liqun that Eurozone leaders should […]
UBS Morning Adviser Europe
Papademos Spooks Euro A bout of euro selling took place overnight after a newswire headline sensationally claimed that “preparations for a Greece euro exit are being considered” – even citing former Greek Prime Minister Papademos as the source.
Crude Oil Analysis
July Nymex WTI crude oil prices are trading lower Wednesday, extending losses seen from the previous session. Oil remains pressured by risk aversion surrounding the eurozone, with yesterday’s lower growth forecasts from OECD adding to an already fragile environment in the oil market.
Asia today: No change from the BOJ sees JPY moderately higher
The Bank of Japan decided to keep interest rates unchanged and left the asset purchase fund unchanged at ¥40 tln and its credit lending programme at ¥30 tln. The Bank commented that caution was needed due to the uncertainty in global financial/capital markets and the European debt problem but the US economy’s moderate recovery and […]
UBS Morning Adviser Asia
Lower Expectations The euro remains heavy, receiving little encouragement from the barrage of official jawboning ahead of the ‘informal’ EU Summit. Any hopes for positive surprises on such critical issues as common-issuance eurobonds, deposit guarantees and bank recapitalisation options were dampened by the uncompromising stance of German officials.
GBP Analysis
Opened early Europe at $1.5810, stg0.8086, GBP closed in NY at $1.5826 after a late session recovery saw rate track EUR/USD stronger IMM close inspired rally which took it to late highs of $1.5841. This lagging of EUR/USD rise saw EUR/GBP extend its recent recovery to stg0.8098 but was seen meeting strong hedge fund offers […]
EUR Analysis
Opened early Europe at $1.2785, EUR/USD closed in NY at $1.2818 after rate had extended its recovery off session lows of $1.2725, with another boost at the IMM close taking the rate to late session highs of $1.2825.
JPY Analysis
Opened in early Europe around Y79.40 and Y101.51, USD/JPY was confined to a tight Y79.27-46 range through Asian dealing, with rate favouring the topside into early Europe. EUR/JPY was contained within Y101.446-101.77 with only interest of note was Japanese sales of AUD/JPY after the Tokyo fix in a generally subdued overnight session.
UBS Morning Adviser Europe
Long Wait To EU Summit Conviction was generally lacking during the Asia session with still over a day to go before the EU Summit gets underway. The rather muted EURUSD reaction yesterday to French President Hollande’s attempt to put common-issuance Eurozone bonds back on the table suggests markets are adopting a ‘seeing is believing’ stance […]