Search

Client support: Phone: (+357) 22314160

FX & CFD trading involves significant risk

News

Show news:
  • All news
  • Currencies
  • Stocks
  • Commodities



16.12.2010 11:15

EU focus: Dollar firm but lacks punch, euro drifts at lows

The euro steadied on Thursday ahead of an EU summit but looked vulnerable to further falls, while the dollar held near the top of recent ranges against several major currencies but lacked energy to vault them.
Trading conditions have become choppy as the year-end approaches, making it hard to take directional bets, although a surge in U.S. yields has boosted the dollar across the board, and took it to a three-month high of Y84.51 on Wednesday.
Treasury prices edged up on Thursday and the dollar paused, helping the euro hold just above the bottom of a range it has kept since the start of the month, ahead of an EU summit set to discuss the euro zone debt crisis.
"The move above Y84.41 yen should be a bullish sign for the dollar/yen but it does depend on U.S. yields," said Masafumi Yamamoto, chief FX strategist at Barclays. "The euro area still faces peripheral problems ... If contagion spreads to Portugal, then who's next?"
The euro's decline has been compounded by more upbeat U.S. economic data, which helped drive benchmark 10-year Treasury yields to seven-month highs at 3.565% and powered the dollar higher.
EU leaders meet in Brussels on Thursday and Friday for their end-of-year summit, with efforts to overcome the region's year-long debt crisis at the heart of their agenda.
Leaders will try to agree the next step in dealing with the debt crisis and how to stop it spreading. They will discuss changing the EU's treaty to create a permanent crisis-resolution mechanism from 2013 and might look at enlarging the existing crisis fund.
"We expect plenty of contradictory headlines. Hence, the euro is now vulnerable to a renewed move lower, with a break below initial support at $1.3170 likely to trigger a decline to recent lows in the $1.2970 area," BNP Paribas analysts wrote in a client note. "With continued pressure on peripheral spreads, today's Spanish bond auction will be important for sentiment."
Spain, which rating agency Moody's warned on Wednesday could be downgraded, is scheduled to sell up to 3 billion euros of 2020 and 2025 bonds on Thursday.
"If we see a strong reading on U.S. initial jobless claims today, we could see a fresh rally in the dollar," said a trader at a U.S. bank.
Data last week showed the four-week average of jobless claims fell to a four-year low of 427,500, raising hopes that a stagnant U.S. job market may finally be starting to gain strength.

16.12.2010 10:33

USD/JPY under pressure

Market Focus

  • Donald John Trump will be the 45th president of the United States
  • Britain can't get full single market access with free movement concessions - Merkel
  • China: Trade Balance, bln, October 49.6 (forecast 51.7)
  • New Zealand CPI, 3Q: 0.2% q/q (forecast 0%), 0.2% y/y (forecast 0.1%)
January 2017
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008
  • 2007
  • 2006
  • 2005
  • 2004
  • 2003
  • 2002
Mon
Tue
Wed
Thu
Fri
Sat
Sun
23
24
25
26
27
28
29
30
31

Quotes

All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.

To maximize our visitors browsing experience TeleTrade uses cookies in our web services. By continuing to browse this site you agree to our use of cookies. If you disagree, you may change your browser settings at any time. Read more

  • © 2011-2017 TeleTrade-DJ International Consulting Ltd

    TeleTrade-DJ International Consulting Ltd is registered as a Cyprus Investment Firm (CIF) under registration number HE272810 and licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11.

    The company operates in accordance with Markets in Financial Instruments Directive (MiFID).

  • The information on this website is for informational purposes only. All the services and information provided have been obtained from sources deemed to be reliable. TeleTrade-DJ International Consulting Ltd ("TeleTrade") and/or any third-party information providers provide the services and information without warranty of any kind. By using this information and services you agree that under no circumstances shall TeleTrade have any liability to any person or entity for any loss or damage in whole or part caused by reliance on such information and services.

  • TeleTrade cooperates with SafeCharge Limited, which is an electronic money institution authorized and regulated by the Central Bank of Cyprus and is a principal member of MasterCard Europe and Visa Europe. We also cooperate with Moneybookers and Neteller, which offer electronic e-wallet services authorized and regulated by the Financial Conduct Authority.

    Please read our full Terms of Use.

  • To maximize our visitors browsing experience TeleTrade uses cookies in our web services. By continuing to browse this site you agree to our use of cookies. If you disagree, you may change your browser settings at any time. Read more

    TeleTrade-DJ International Consulting Ltd currently does not provide its services to residents or nationals of the USA, and also doesn't provide retail Forex and CFD accounts to residents or nationals of Belgium.

Служба технической поддержки:
8-800-200-31-00, support@teletrade-dj.com

  • Онлайн-консультация
  • Заказать звонок
  • Написать письмо
Connect with Us
Share on
social networks
Online
consultant
Request a callback
Top Page