Just sharing a quick snapshot of what FXCM are seeing over at their desk as of 10th February 2012, 3:00am (Singapore Time).
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Friday, February 10, 2012
Euro Apppreciates as Greek Leaders Reach Deal
The euro reached a two-month high against the dollar and the yen after Greek political leaders said they had reached an agreement on austerity measures needed to obtain a bailout.
The 17-nation currency strengthened against all but one of its most-traded counterparts after European Central Bank President Mario Draghi said it would lower the collateral requirements to access the next three-year loan auction later this month. The yen sank against higher-yielding counterparts as implied volatility for Group of Seven currencies fell to an 11- month low.
“The euro’s up on a combination of Greece and what the ECB has done in terms of reducing the collateral requirements and boosting expectations for the LTRO, which is supportive of risk appetite,” Mark McCormick, a New York-based currency strategist at Brown Brothers Harriman & Co., said referring to the ECB’s long-term refinancing operation. “The market has been very short euros and most of these shorts are getting squeezed out.” A short is a bet an asset will fall.
The euro gained 0.3 percent to $1.3293 at 11:29 a.m. in New York after rising to $1.3322, the strongest since Dec. 12. The common currency gained 0.9 percent to 103.06 yen after reaching 103.13 yen, the highest since Dec. 12. The yen dropped 0.7 percent to 77.55 per dollar.
The 17-nation currency strengthened against all but one of its most-traded counterparts after European Central Bank President Mario Draghi said it would lower the collateral requirements to access the next three-year loan auction later this month. The yen sank against higher-yielding counterparts as implied volatility for Group of Seven currencies fell to an 11- month low.
“The euro’s up on a combination of Greece and what the ECB has done in terms of reducing the collateral requirements and boosting expectations for the LTRO, which is supportive of risk appetite,” Mark McCormick, a New York-based currency strategist at Brown Brothers Harriman & Co., said referring to the ECB’s long-term refinancing operation. “The market has been very short euros and most of these shorts are getting squeezed out.” A short is a bet an asset will fall.
The euro gained 0.3 percent to $1.3293 at 11:29 a.m. in New York after rising to $1.3322, the strongest since Dec. 12. The common currency gained 0.9 percent to 103.06 yen after reaching 103.13 yen, the highest since Dec. 12. The yen dropped 0.7 percent to 77.55 per dollar.
Global Economic Calendar (10-February-2012)
Global Economic Calendar for 10th February 2012
**Time is with respect to Singapore Time (GMT+8:00)
**Time is with respect to Singapore Time (GMT+8:00)
Thursday, February 09, 2012
Snapshot (FXCM Desk) - (9th Feb, 2:30am)
Just sharing a quick snapshot of what FXCM are seeing over at their desk as of 9th February 2012, 2:30am (Singapore Time).
Euro Fluctuates Amid Greek Sovereign-Debt Negotiations
The euro fluctuated against the dollar amid speculation Greek Prime Minister Lucas Papademos and coalition party leaders will fail to agree on terms required for a bailout.
The Dollar Index rose from its weakest level in two months on demand for a refuge as Greek political leaders were locked in discussions with Papademos. The yen fell against the majority of its major peers as Japan’s current-account surplus slid to a 15- year low in 2011. Brazil’s real rallied even as the central bank bought dollars in the forwards market.
“Greece, its leaders and its people are not going to agree to anything unless there is a silver lining and a return to growth,” said Michael Woolfolk, senior currency strategist in New York at Bank of New York Mellon Corp. “It’s not credible to think they’ll agree to measures that have recession as far as the eye can see.”
Europe’s shared currency was little changed at $1.3567 at 1:09 p.m. New York time after reaching $1.3289, the most since Dec. 12. The euro was 0.4 percent stronger at 102.19 yen after earlier touching 102.45, the strongest level since Dec. 21. The yen weakened 0.3 percent to 77.01 per dollar.
Greece’s Papademos negotiated with political leaders in Athens after delaying the gathering for a second time in as many days. Yesterday he met officials from the European Commission, the European Central Bank and the International Monetary Fund to put the final touches on terms required for a 130 billion-euro ($172 billion) bailout.
Euro-area finance ministers are due to gather tomorrow in an emergency meeting in Brussels as the Greek government pushes to complete talks.
The Dollar Index rose from its weakest level in two months on demand for a refuge as Greek political leaders were locked in discussions with Papademos. The yen fell against the majority of its major peers as Japan’s current-account surplus slid to a 15- year low in 2011. Brazil’s real rallied even as the central bank bought dollars in the forwards market.
“Greece, its leaders and its people are not going to agree to anything unless there is a silver lining and a return to growth,” said Michael Woolfolk, senior currency strategist in New York at Bank of New York Mellon Corp. “It’s not credible to think they’ll agree to measures that have recession as far as the eye can see.”
Europe’s shared currency was little changed at $1.3567 at 1:09 p.m. New York time after reaching $1.3289, the most since Dec. 12. The euro was 0.4 percent stronger at 102.19 yen after earlier touching 102.45, the strongest level since Dec. 21. The yen weakened 0.3 percent to 77.01 per dollar.
Greece’s Papademos negotiated with political leaders in Athens after delaying the gathering for a second time in as many days. Yesterday he met officials from the European Commission, the European Central Bank and the International Monetary Fund to put the final touches on terms required for a 130 billion-euro ($172 billion) bailout.
Euro-area finance ministers are due to gather tomorrow in an emergency meeting in Brussels as the Greek government pushes to complete talks.
Global Economic Calendar (09-February-2012)
Global Economic Calendar for 9th February 2012
**Time is with respect to Singapore Time (GMT+8:00)
**Time is with respect to Singapore Time (GMT+8:00)
Wednesday, February 08, 2012
Snapshot (FXCM Desk) - (8th Feb, 3:30am)
Just sharing a quick snapshot of what FXCM are seeing over at their desk as of 8th February 2012, 3:30am (Singapore Time).
Euro Advances to Eight-Week High Against Dollar on Greek Debt Speculation
The euro rose to the highest in eight weeks against the dollar as Greek officials and creditors worked on the final draft of an agreement on budget and structural measures needed to free up a second aid package.
The Dollar Index fell to its lowest since December as stocks and commodities erased earlier losses. The 17-nation currency rallied against all of its major counterparts after an official, who declined to be named, said the budget document would be discussed by political party leaders tonight. Australia’s dollar surged after the central bank unexpectedly kept interest rates unchanged.
“Euro-dollar has driven up through $1.32 and is taking other currencies with it because people feel this thing just may be resolved,” said Martin Briggs, senior risk consultant for AFEX Markets Plc in London. “There’s been a lot of nervousness about Greek debt talks, and the market seems to have become more sanguine at this time. In the end, the euro politicians will strong-arm the Greeks into the austerity measures.”
The euro rose 1 percent to $1.3257 at 12:48 p.m. New York time after touching $1.3270, the highest level since Dec. 12. The yen fell 0.4 percent to 76.88 per dollar after dropping to 76.97, the weakest since Jan. 25. The shared currency gained 1.3 percent to 101.84 yen.
Greek Prime Minister Lucas Papademos planned to convene the nation’s political leaders to seek consensus on the cuts required for a bailout. He is meeting today with Charles Dallara, managing director of the International Institute of Finance, the body in charge of negotiating for private-sector involvement in Greek debt reduction, an unnamed spokeswoman at the premier’s office said. Papademos will meet with political leaders at 9 p.m. in Athens.
The Dollar Index fell to its lowest since December as stocks and commodities erased earlier losses. The 17-nation currency rallied against all of its major counterparts after an official, who declined to be named, said the budget document would be discussed by political party leaders tonight. Australia’s dollar surged after the central bank unexpectedly kept interest rates unchanged.
“Euro-dollar has driven up through $1.32 and is taking other currencies with it because people feel this thing just may be resolved,” said Martin Briggs, senior risk consultant for AFEX Markets Plc in London. “There’s been a lot of nervousness about Greek debt talks, and the market seems to have become more sanguine at this time. In the end, the euro politicians will strong-arm the Greeks into the austerity measures.”
The euro rose 1 percent to $1.3257 at 12:48 p.m. New York time after touching $1.3270, the highest level since Dec. 12. The yen fell 0.4 percent to 76.88 per dollar after dropping to 76.97, the weakest since Jan. 25. The shared currency gained 1.3 percent to 101.84 yen.
Greek Prime Minister Lucas Papademos planned to convene the nation’s political leaders to seek consensus on the cuts required for a bailout. He is meeting today with Charles Dallara, managing director of the International Institute of Finance, the body in charge of negotiating for private-sector involvement in Greek debt reduction, an unnamed spokeswoman at the premier’s office said. Papademos will meet with political leaders at 9 p.m. in Athens.
Global Economic Calendar (08-February-2012)
Global Economic Calendar for 8th February 2012
**Time is with respect to Singapore Time (GMT+8:00)
**Time is with respect to Singapore Time (GMT+8:00)
Tuesday, February 07, 2012
Snapshot (FXCM Desk) - (7th Feb, 3:40am)
Just sharing a quick snapshot of what FXCM are seeing over at their desk as of 7th February 2012, 3:40am (Singapore Time).
Euro Drops Against Dollar, Yen on Concern Greek Bailout Agreement Elusive
The euro slid the most in a week against the dollar and yen on concern Greece’s political leaders will fail to reach an agreement allowing the nation to receive a second bailout from international creditors.
The 17-nation currency fell as Fitch Ratings said a Greek disorderly default “cannot be wholly discounted.” The dollar rallied against all its major counterparts amid increasing expectations the U.S. central bank will avoid further easing of monetary policy. Australia’s currency retreated for the first time in five days after the nation’s retail sales declined.
“The dollar has outperformed the likes of Aussie and kiwi, and the euro is lower, so the market is cognoscente a problem exists in Greece,” said Shahab Jalinoos, a senior currency strategist for UBS in Stamford Connecticut. “But it’s not a whitewash of pro-risk currencies, so the market is still quite sanguine about the situation, for now
The euro fell as much as 1 percent to $1.3028, the steepest intraday decline since Jan. 30, and traded 0.6 percent weaker at $1.3076 at 11:04 a.m. New York time. It dropped 0.6 percent to 100.18 yen. The dollar was little changed at 76.60 yen.
The yen rose against most of its major peers even after Bank of Japan Governor Masaaki Shirakawa said the nation’s economic condition is ‘‘severe” because of deflation and the strong currency. The central bank is implementing monetary easing measures and will take appropriate steps as needed, he said in parliament in Tokyo today.
The 17-nation currency fell as Fitch Ratings said a Greek disorderly default “cannot be wholly discounted.” The dollar rallied against all its major counterparts amid increasing expectations the U.S. central bank will avoid further easing of monetary policy. Australia’s currency retreated for the first time in five days after the nation’s retail sales declined.
“The dollar has outperformed the likes of Aussie and kiwi, and the euro is lower, so the market is cognoscente a problem exists in Greece,” said Shahab Jalinoos, a senior currency strategist for UBS in Stamford Connecticut. “But it’s not a whitewash of pro-risk currencies, so the market is still quite sanguine about the situation, for now
The euro fell as much as 1 percent to $1.3028, the steepest intraday decline since Jan. 30, and traded 0.6 percent weaker at $1.3076 at 11:04 a.m. New York time. It dropped 0.6 percent to 100.18 yen. The dollar was little changed at 76.60 yen.
The yen rose against most of its major peers even after Bank of Japan Governor Masaaki Shirakawa said the nation’s economic condition is ‘‘severe” because of deflation and the strong currency. The central bank is implementing monetary easing measures and will take appropriate steps as needed, he said in parliament in Tokyo today.
Global Economic Calendar (07-02-2012)
Global Economic Calendar for 7th February 2012
**Time is with respect to Singapore Time (GMT+8:00)
**Time is with respect to Singapore Time (GMT+8:00)
Friday, February 03, 2012
Snapshot (FXCM Desk) - (3rd Feb, 3:30am)
Just sharing a quick snapshot of what FXCM are seeing over at their desk as of 3rd February 2012, 3:30am (Singapore Time).
Euro Drops on Greek Debt-Talk Concern Before Release of U.S. Jobs Data
The euro fell against the majority of its most-traded counterparts as Greece struggles to reach an agreement with its bondholders on cutting the nation’s debt burden.
The 17-nation currency fell the most against its higher- yielding counterparts, as South Korea’s won and the Brazilian real rallied. The yen rose to almost a postwar high against the dollar, prompting speculation Japan will intervene. The dollar rose before a report tomorrow that may show employers boosted payrolls in January and the jobless rate held at an almost three-year low.
“It’s pretty well capped for the time being because we had several days in a row where the euro failed to advance above $1.32,” said Carl Forcheski, a director on the corporate currency sales desk at Societe Generale SA in New York. “The market before payrolls data just doesn’t seem to have the momentum to break out in either direction. It wants to see what tomorrow’s data will be.”
The euro fell 0.1 percent to $1.3153 at 1:50 p.m. in New York after rising to $1.3197 earlier. The shared currency weakened 0.2 percent to 100.13 yen. The Japanese currency strengthened 0.1 percent to 76.13 yen per dollar and reached 76.05, approaching the postwar record of 75.35 set on Oct. 31.
Support for the euro comes in at its 10- and 50-day moving averages, at $1.3095 and $1.3059 respectively, Forcheski said. The currency rose to as high as $1.3234 this week on Jan. 30.
The 17-nation currency fell the most against its higher- yielding counterparts, as South Korea’s won and the Brazilian real rallied. The yen rose to almost a postwar high against the dollar, prompting speculation Japan will intervene. The dollar rose before a report tomorrow that may show employers boosted payrolls in January and the jobless rate held at an almost three-year low.
“It’s pretty well capped for the time being because we had several days in a row where the euro failed to advance above $1.32,” said Carl Forcheski, a director on the corporate currency sales desk at Societe Generale SA in New York. “The market before payrolls data just doesn’t seem to have the momentum to break out in either direction. It wants to see what tomorrow’s data will be.”
The euro fell 0.1 percent to $1.3153 at 1:50 p.m. in New York after rising to $1.3197 earlier. The shared currency weakened 0.2 percent to 100.13 yen. The Japanese currency strengthened 0.1 percent to 76.13 yen per dollar and reached 76.05, approaching the postwar record of 75.35 set on Oct. 31.
Support for the euro comes in at its 10- and 50-day moving averages, at $1.3095 and $1.3059 respectively, Forcheski said. The currency rose to as high as $1.3234 this week on Jan. 30.
Global Economic Calendar (03-February-2012)
Global Economic Calendar for 3rd February 2012
**Time is with respect to Singapore Time (GMT+8:00)
**Time is with respect to Singapore Time (GMT+8:00)
Thursday, February 02, 2012
Euro Rises Versus U.S. Dollar as Manufacturing Data Outpace Estimates
The euro rose against the dollar for the first time in three days as a purchasing managers’ index of manufacturing output in the region beat analysts’ estimates, adding to signs Europe’s economy is stabilizing.
The greenback fell versus 13 of its 16 most-traded peers after manufacturing in China and the U.S. also rose, damping demand for safer assets. The yen earlier appreciated against its U.S. counterpart, trading within one yen of a record high and adding to speculation Japan’s central bank may sell the currency to stem its appreciation.
“The main factor boosting the risk sentiment today is from the PMI reports globally,” said Vassili Serebriakov, a currency strategist at Wells Fargo & Co. in New York. “Markets are pricing in a more constructive outlook for global growth in 2012, so that’s the main factor behind dollar weakness and stronger risk appetite.”
The 17-nation currency climbed 0.6 percent to $1.3164 at 1:52 p.m. New York time. The euro rose 0.7 percent to 100.44 yen, and the dollar was little changed at 76.30 yen, after reaching 76.03 yen, the least since Oct. 31, when it touched a post-World War II record of 75.35.
The Standard & Poor’s 500 Index advanced 1.2 percent and the MSCI World Index of equities rose 1.4 percent.
South Africa’s rand rose the most against the dollar among the major currencies, adding 1.7 percent to 7.6750.
The euro reversed an earlier decline after Markit Economics said its manufacturing gauge based on a survey of purchasing managers in the euro region rose to 48.8 in January from 46.9 in December. That compares to a median estimate of 48.7 in a Bloomberg survey of economists. In Germany, the output gauge reached the highest in six months.
The greenback fell versus 13 of its 16 most-traded peers after manufacturing in China and the U.S. also rose, damping demand for safer assets. The yen earlier appreciated against its U.S. counterpart, trading within one yen of a record high and adding to speculation Japan’s central bank may sell the currency to stem its appreciation.
“The main factor boosting the risk sentiment today is from the PMI reports globally,” said Vassili Serebriakov, a currency strategist at Wells Fargo & Co. in New York. “Markets are pricing in a more constructive outlook for global growth in 2012, so that’s the main factor behind dollar weakness and stronger risk appetite.”
The 17-nation currency climbed 0.6 percent to $1.3164 at 1:52 p.m. New York time. The euro rose 0.7 percent to 100.44 yen, and the dollar was little changed at 76.30 yen, after reaching 76.03 yen, the least since Oct. 31, when it touched a post-World War II record of 75.35.
The Standard & Poor’s 500 Index advanced 1.2 percent and the MSCI World Index of equities rose 1.4 percent.
South Africa’s rand rose the most against the dollar among the major currencies, adding 1.7 percent to 7.6750.
The euro reversed an earlier decline after Markit Economics said its manufacturing gauge based on a survey of purchasing managers in the euro region rose to 48.8 in January from 46.9 in December. That compares to a median estimate of 48.7 in a Bloomberg survey of economists. In Germany, the output gauge reached the highest in six months.
Global Economic Calendar (02-February-2012)
Global Economic Calendar for 2nd February 2012
**Time is with respect to Singapore Time (GMT+8:00)
**Time is with respect to Singapore Time (GMT+8:00)
Wednesday, February 01, 2012
Euro Declines to Lowest in Almost a Week Versus Dollar on Greek Concern
Canada’s dollar fell from a three-month high against its U.S. counterpart after the nation’s economy unexpectedly contracted in the fourth quarter. The dollar and yen pared earlier losses as stocks fell after consumer confidence and business activity in the U.S. was weaker than forecast in January. The euro weakened against the majority of its most- traded peers as Standard & Poor’s increased the number of Portuguese banks on “creditwatch negative.”
“There is still no news on the Greek private-sector involvement, and it will now drag out until Feb. 13, so that has weighed on sentiment,” said Mary Nicola, a New York-based currency strategist at BNP Paribas SA. A formal offer for a debt swap must be made by Feb. 13, Greek Finance Minister Evangelos Venizelos told reporters in Athens today.
The euro was down 0.5 percent to $1.3079 at 2:21 p.m. New York time, after touching $1.3042, the lowest level since Jan. 25. The dollar fell 0.1 percent to 76.26 yen after falling to 76.16 yen, the weakest level since Oct. 31. The European shared currency fell 0.6 percent to 1.00261 yen.
New Zealand’s dollar and South African rand rallied as investors sought higher-yielding assets.
Global Economic Calendar (01-February-2012)
Global Economic Calendar for 1st February 2012
**Time is with respect to Singapore Time (GMT+8:00)
**Time is with respect to Singapore Time (GMT+8:00)
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