Search

Client support: Phone: (+357) 22314160

FX & CFD trading involves significant risk

News

Show news:


21.05.2012 07:50

Forex: Week’s review

 

On Monday the euro dropped to its lowest level in almost four months against the dollar as a leadership vacuum in Greece prompted European officials to weigh prospects for the currency union’s first Alexis Tsipras, who heads Greece’s anti-bailout Syriza party, wouldn’t attend a meeting called by President Karolos Papoulias today, the Athens-based party said in a statement. Syriza rejected a unity government last week following inconclusive elections on May 6. Greece may face another vote unless leaders can agree on a new coalition.

On Tuesday the euro fell to the lowest in almost four months versus the dollar as talks to form a Greek government failed, fueling concern the nation may leave the shared currency and boosting investor demand for safety. Greek President Karolos Papoulias’ meeting in Athens with political leaders failed to produce a government after an inconclusive May 6 vote. He called for a meeting  to form a caretaker government to lead the country until the vote. A second election threatened to extend the country’s political gridlock and reignited speculation Greece will renege on its pledges to cut spending, required by the terms of its 240 billion euros ($306 billion) in bailouts. It added to bets Europe’s sovereign-debt crisis will worsen.

On Wednesday the euro fell to a four-month low against the dollar after the European Central Bank said it will temporarily stop lending to some Greek banks and as the nation’s leaders prepare for a second election.

The euro dropped for a fourth day versus the greenback as the ECB said it will push the responsibility for lending onto Greece’s central bank until the banks have sufficiently boosted their capital.

The pound fell the most in a month against the dollar as the Bank of England said U.K. growth will stay “subdued” in the near term.

On Thursday the yen extended its gain against the dollar after data showed U.S. jobless claims for unemployment benefits were unchanged last week and another report showed Philadelphia- area manufacturing decreased in May. The euro fell to a four-month low as Spain’s borrowing costs rose at an auction, stoking concern that the region’s financial contagion is spreading from Greece. Europe’s shared currency declined against most of its major counterparts as the European Central Bank said it will temporarily stop lending to some Greek banks.

On Friday the euro touched a four-month low against the dollar as German Finance Minister Wolfgang Schaeuble said financial-market turmoil may last another two years, adding to concern Europe’s crisis is worsening. The 17-nation currency reversed its losses as a technical indicator signaled its recent decline came too fast. The euro was headed for a fourth weekly decline versus the yen before a meeting of Group of Eight nations’ leaders beginning. German Chancellor Angela Merkel and fellow European leaders will face pressure from their G-8 counterparts to do more to quell the turmoil after speculation Greece will exit the euro wiped almost $4 trillion from global stock markets this month. Fitch lowered Greece’s ranking to CCC from B-, saying the strong showing of “anti-austerity” parties in elections on May 6 and subsequent failure to form a government underscored the lack of public and political support for the country’s bailout from the European Union and International Monetary Fund.

Moody’s yesterday lowered the credit ratings of Spain’s biggest banks including Banco Santander SA (SAN) and Banco Bilbao Vizcaya Argentaria SA, citing economic weakness and the government’s mounting budget strain.

Market Focus

  • Donald J. Trump was inaugurated as the 45th president of the United States
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
March 2017
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008
  • 2007
  • 2006
  • 2005
  • 2004
  • 2003
  • 2002

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.

Connect with Us
Share on
social networks
Online
consultant
Request a callback
Top Page