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Forex - Euro lower ahead of Greek bailout vote |
Jul 14 2015 |
The euro slid lower on Tuesday as investors waited to see if the Greek parliament would support harsh austerity measures demanded by the country’s creditors in exchange for a deal to avoid financial collapse.EUR/USD touched one-week lows of 1.0967 and was last at 1.0981.
Four pieces of legislation must be passed by the end of the day on Wednesday, including pension and sales taxreforms.The prospects of a potential third bailout for Greece eased concerns over a possible exit from the euro area and prompted investors to refocus on economic weakness in the single currency bloc, also pressuring the euro lower.
EUR/JPY hit lows of 135.29 and was last at 135.60.Elsewhere, the dollar was steady against the yen, with USD/JPY at 123.45, not far from overnight highs of 123.72.The dollar was boosted as improving U.S. economic data bolstered expectations for a rate hike later this year.
Investors were looking ahead to her testimony on the semiannual monetary policy report later in the week for any further indications on the timing of an initial rate hike.The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.23% to 97.16.
courtesy:investing.com
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Gold turns lower after Greece reaches bailout deal |
Jul 13 2015 |
Gold prices reversed gains on Monday, after European leaders reached a deal over a third bailout for Greece, easing fears over a Greek exit from the euro zone.
Gold futures for August delivery on the Comex division of the New York Mercantile Exchange dipped $3.70, or 0.32%, to trade at $1,154.20 a troy ounce during European morning hours.
Futures were likely to find support at $1,145.90, the low from July 8, and resistance at $1,174.40, the high from July 6.Also on the Comex, silver futures for September delivery slumped 8.3 cents, or 0.54%, to trade at $15.39 a troy ounce.
Market sentiment recovered as marathon overnight negotiations on a bailout deal for Greece on Sunday hammered out an agreement to prevent a financial collapse and an exit from the single currency union.
The details of the agreement were to be announced a press conference later in the day.Greece accepted a series of draconian measures demanded by its creditors in exchange for a third bailout deal.
The Greek parliament must approve a package of reforms on Monday and then pass several pieces of legislation by Wednesday, including on pensions reform and a new sales tax regime, before the euro zone will agree to negotiate a new three-year rescue package.
The euro jumped on the news, hitting highs of 1.1197, before turning modestly lower, while the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last at 96.15, up 0.15% for the day.
Elsewhere in metals trading, copper for September delivery slipped 0.8 cents, or 0.3%, to trade at $2.530 a pound during morning hours in London.
Prices of the red metal slumped to a six-year low of $2.381 on July 8.Official trade data released Monday showed that China’s copper arrivals in June fell 2.8% from a month earlier to 350,000 metric tons, the lowest level in four months.
The country’s trade surplus narrowed to $46.5 billion last month from $59.5 billion in May, compared to estimates for a surplus of $55.7 billion.Chinese exports rose 2.8% from a year earlier, beating forecasts for a decline of 0.2%, while imports fell 6.1%, better than expectations for a drop of 15.0%.
A slowdown in domestic demand indicated a recovery in the broader economy remains fragile and may need further government stimulus.China is scheduled to release data on second-quarter gross domestic product on Wednesday.The report is expected to show the world\'s second largest economy grew 6.9%, slowing from 7.0% in the preceding quarter.
Beijing has set a growth target of \"around 7.0%\" in 2015 after the economy grew 7.4% in 2014, the slowest pace in 24 years.The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
courtesy:investing.com
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Forex - GBP/USD edges higher after U.K. data but gains capped |
Jul 3 2015 |
The pound edged higher against the U.S. dollar on Friday, after data showed that U.K. service sector expanded at a faster rate than expected this month, although gains were capped by ongoing concerns over the Greek debt crisis.
Trading volumes were expected to remain thin with U.S. markets closed for a national holiday.GBP/USD hit 1.5639 during European morning trade, the session high; the pair subsequently consolidated at 1.5623, adding 0.10%.Cable was likely to find support at 1.5559, Thursday's low and resistance at 1.5736, the high of July 1.
Greek voters are due to decide on Sunday whether to accept terms proposed by the institutions overseeing the country’s now-expired bailout, the European Central Bank, the International Monetary Fund and the European Commission, or reject them.
Greece became the first developed country to default on the IMF after its second bailout program expired late Tuesday.Meanwhile, sentiment on the dollar remained vulnerable after a string of disappointing U.S. data on Thursday fuelled uncertainty over the timing of a rate hike.
The U.S. Commerce Department reported on Thursday that factory orders fell 1.0% in May, compared to expectations for a 0.5% decline.Separately, the Labor Department reported that the economy added 223,000 jobs in June, compared to expectations for jobs growth of 230,000.
Data also showed that the number of individuals filing for initial jobless benefits in the week ending June 27 increased by 10,000 to 281,000, compared to expectations for a 1,000 fall.Sterling was lower against the euro, with EUR/GBP edging up 0.14% to 0.7111.Also Friday, Markit said that Germany's services PMI ticked down to 53.8 this month from 54.2 in May, confounding expectations for an unchanged reading.France's services PMI remained unchanged at 54.1 this month, in line with expectations.
courtesy:investing.com
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Dollar little changed against rivals with U.S. data on tap |
Jul 2 2015 |
The dollar was little changed against a basket of other major currencies on Thursday, as concerns over Greece's debt woes persisted and as investors eyed a string of U.S. economic reports to be released later in the day.EUR/USD edged up 0.22% to 1.1077.
Wednesday Greece became the first developed country to default on the International Monetary Fund after its second bailout program expired late Tuesday. The IMF confirmed that the Greek government failed to make a scheduled €1.6 billion loan repayment.
Earlier Thursday, data showed that the number of unemployed people in Spain dropped by 94,700 last month, compared to expectations for a decline of 124,000. In May, the number of unemployed people fell by 118,000.The pound was steady, with GBP/USD at two-and-a-half week lows of 1.5617.
Markets shrugged off a report on Thursday by research group Markit showing that the U.K. construction purchasing managers' index rose to a four-month high of 58.1 this month from 55.9, beating expectations for a reading of 56.5.Elsewhere, the dollar was higher against the yen and the Swiss franc, with USD/JPY up 0.26% to 123.48 and with USD/CHF adding 0.11% to 0.9495.
The Australian and New Zealand dollars were weaker, with AUD/USD down 0.52% at 0.7604 and with NZD/USD retreating 0.76% to fresh five-year lows of 0.6684.The Australian Bureau of Statistics earlier reported that the country's trade deficit narrowed to A$2.75 billion in May from A$4.14 billion in April, whose figure was revised from a previously estimated deficit of A$3.89 billion.
Analysts had expected the trade deficit to narrow to A$2.20 billion in May.Meanwhile, USD/CAD edged up 0.16% to trade at 1.2609.The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 96.41, not far from Monday's two-and-a-half week highs of 96.69.
Later in the day, the U.S. was to release the closely watched nonfarm payrolls report, as well as data on wage growth one day early, ahead of the Independence Day holiday. U.S. data on initial jobless claims and factory orders were also due for release.
courtesy:investing.com
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Gold prices see-saw in Asia as investors look ahead to Greece |
Jul 1 2015 |
Gold prices fell see-sawed in Asia on Wednesday as investors eyed a manufacturing survey from China and awaited events in Greece for more direction.The final reading of the Markit manufacturing China PMI came in at 49.4, compared to the flash of 49.6 and May's final 49.2.
This was predominantly driven by the sharpest rate of job shedding across the sector since early 2009 while output also fell slightly on the month. On the upside there were some signs of improvement in the shape of renewed increases in total new orders and new export business - suggesting that client demand both at home and abroad is reviving.
However, it is likely that more stimulus measures will be required to ensure that the sector can regain growth momentum and to encourage job creation.Also in China, the June semi-official CFLP manufacturing and services PMI came in at 50.2, just a tad below the 50.3 expected and unchanged from the previous month.
I confirm that the SDR 1.2 billion repayment (about €1.5 billion) due by Greece to the IMF today has not been received. We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared.
I can also confirm that the IMF received a request today from the Greek authorities for an extension of Greece's repayment obligation that fell due today, which will go to the IMF's Executive Board in due course.On the Comex division of the New York Mercantile Exchange, gold for August delivery was quoted at $1,174.20 a troy ounce.
Silver for September delivery was quoted at $15.672 a troy ounce.Copper for September delivery was quoted at $2.619 a pound.Overnight, gold futures fell mildly extending losses from the previous session amid a stronger dollar, as emergency talks in the Greek Debt Crisis dragged into the final hours before a second bailout from international creditors expired on Tuesday evening.
courtesy:investing.com
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Forex - Euro lower ahead of Greek bailout vote |
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Gold turns lower after Greece reaches bailout deal |
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Recent Comments |
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Richard said,
Great report from Reymount..Congrats... |
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