Monthly Archives: May 2012
Gold Analysis
Spot gold prices have edged their way higher Monday extending the gains seen at the end of last week. Spot gold has currently held at $1591.40, just below Friday NY close of $1592.99 with prices so far hitting a session high of around $1599.30, tracking a steadier euro that has so far rallied during Asian […]
UBS Morning Adviser Europe
G8 Opportunity Squandered The G8 communiqué affirmed an “interest in Greece remaining in the Eurozone while respecting its commitments” but there was no sign of compromise on either side of the austerity-growth debate – all sides merely restated their existing positions and US President Obama summed up the mood admitting there is still “more work […]
Technical Analysis
EUR/USD could temporarily give back some recent losses… EUR/USD Correcting the stretch… EUR/GBP Contesting the 21day EMA… USD/CAD Near-term momentum loss… EUR/SEK Still looks like a bullish triangle… USD/SEK Taking care of the stretch… EUR/NOK Should contest 7.68 this week… NOK/SEK Checking support at 1.1930.
EUR/USD Analysis
Closed in NY Friday at $1.2782, off late extended recovery highs of $1.2795. The corrective pullback continued into early Asia, the rate pressed to a session low of $1.2749 before meeting US name demand.
Crude Oil Analysis
July Nymex WTI crude is trading in positive territory Monday, tracking some modest gains in Asian stocks and an improving euro in FX markets. July WTI futures had initially slipped to a low of around $91.14 after early trading in Asia saw some risk assets continue to extend to the downside.
G8 delivers words (and not much else) but EUR remains resilient
The anticipation ahead of the weekend G8 meeting failed to morph into something considerable by the start of trading this week, yet the EUR seems surprisingly resilient in Asia. Markets were anticipating some urgency into this weekend’s G8 meeting but the final statement left many issues hanging.
UBS Morning Adviser Asia
G8 Procrastinates Again In the absence of any fresh guidance out of the G8 Summit in Camp David, the euro has managed to stabilise in generally quiet, albeit nervous, trading. Canada’s CPI was the only data release of note on Friday, with the higher than expected April inflation prints (2.0% y/y headline, 2.1% core) serving […]
UBS Morning Adviser America
Stabilisation in Europe After a further escalation in risk aversion in Asia, markets stabilized in Europe though there were limited fundamental drivers behind the moves. A flurry of headlines hit the newswires from a German Finance Ministry spokeswoman who said that Germany has a responsibility to be prepared for any eventuality in the Eurozone, that […]
JPY Analysis
Opened in early Europe at Y79.25 and Y100.39, Opened in Asia at Y79.35 and lifted to Y79.45 on demand from Japanese importers ahead of the Tokyo fix. Comments from FinMin Azumi that speculators overreacted yesterday and that the BOJ will closely monitor rates, supported markets.
EUR Analysis
Opened early Europe at $1.2665, EUR/USD closed in NY at $1.2697, after recovering off session lows of $1.2688. Rate came under early sell pressure into Asia, French name hit a thin market that took rate to initial lows of $1.26661.
Behavioral Finance: Daily Forex Outlook: A lost decade?
EUR USD (1.2680) The Greek electorate’s desire to remain in the eurozone is now being reflected in the latest polls of voting intention. Parties supporting the international bailout would be able to form a coalition government according to the latest survey, but the market did not see this as positive.
Technical Analysis
Not much is better than when we left desks Wednesday… Dollar strength remains on the fore, but now likely with EURUSD in a grind lower than in a freefall… EURGBP could even give back some more losses near-term…