On Monday, the Greenback was traded higher versus other major currencies, as concerns over Spanish debt situation overshadowed good news from Greece. In the U.S. morning trading session, EUR/USD went down by 0.53%, hitting 1.2572; Cable fall 0.35%, reaching 1.5660; the Yen grew up 0.25% and USD/JPY was traded at 78.89.
On Monday, futures for natural gas found support during U.S. morning trading hours, amid warm weather forecasts in the key regions of the U.S. On the NYMEX, July delivery futures for natural gas were traded at USD2.517 a MMBtu, rallying 2% during the morning trade. It earlier peaked at USD2.534 a MMBtu, rising by 2.7%.
On Monday, the Euro continued its fall versus the U.S. Dollar and reached a new session low, as Spain witnessed record high borrowing costs and Greek concerns over the ability to create a coalition also weighed. The EUR/USD pair hit the bottom at 1.2850, a 3-day low, and later consolidated at 1.2610, witnessing a 0.30% drop during the U.S. morning trading session.
On Monday, the Greenback continued to gain versus the Canadian dollar, after the optimism about Greek elections started to fizzle and Spain witnessed the highest borrowing costs since it adopted the Euro. USD/CAD peaked at 1.0279 in the early U.S. trading session, and later consolidated at 1.0264, which was a 0.49% gain for that session.
On Monday, the Euro pulled away from a week high versus the Japanese Yen, as investors were focused on Spanish financial woes and worries about the formation of the Greek government. EUR/JPY retreated from 100.85, which was a one-week high, and consolidated at 99.60, gaining 0.08% in the European afternoon trading session.
On Monday, copper futures went off the highs, after optimism about Greek elections started to fade, and Spain witnessed an increase in borrowing costs. On the NYMEX, July delivery futures were traded at USD3.397 per pound, gaining 0.4% during European morning trading session. However, it earlier peaked at USD3.475 per pound during that trade.
Agricultural commodities balanced between gains and losses on Friday amid broadly lower greenback and better weather conditions in the EU.Wheat dropped as demand for US crops deteriorated. Harvest conditions in France improved after recent rains while Iraq bought about 250,000 MT of wheat primarily from Russia, Australia and Canada.Corn posted the largest weekly fall on speculation that strong demand for
Energy commodities except for natural gas moved higher on Friday as investors anticipated elections in Greece. Moreover, results from the recent OPEC meeting continued to affect traders' mood.Crude oil was marginally higher amid hopes for the third round of quantitative easing in the US. OPEC's decision to keep output level unchanged for the second half of 2012 also supported the
Industry metals apart from aluminum rose despite weak industry data from the US. US factory production shank last month and consumer confidence data missed expectations.Aluminum was the only loser as global economic instability and weak demand continued to force aluminum producers to reduce output capacity.Copper rose despite more negative outlook on the metal's prices as money managers increased bearish cooper
Precious metals were mixed on Friday ahead of Greek elections. The commodity group was also exposed to broadly weaker US Dollar and stronger global equities.Gold was the top-gainer as negative US industry data raised hopes for the next round of quantitative easing in the country. Silver followed gold's suit, rising by 0.17% on speculation that the Fed and ECB will
On Monday, crude was advancing in the European morning trading session, but it went off the highs, since investors remained cautious about the ability of winning party to form a coalition and increasing borrowing costs for Spain and Italy. On the NYMEX, July delivery futures for crude were traded at USD84.41 per barrel, which was a loss of 0.4% during the morning session.
Statistics Canada reported on Monday that the amount of acquisitions made by foreign investors in Canada increased to CAD10.16 billion on a seasonally adjusted basis, exceeding expectations of a significantly lower CAD5.0 billion increase. The figure for March was revised up to CAD2.40 billion of net investment from initially reported CAD2.08 billion.
German DAX index fell back from sharp gains on morning as the investors turned their attention from Greek election to surging borrowing costs in Spain which hit 7.13% on Monday, an Eurozone all time record high. Meanwhile Euro fell again back to USD 1.26. Car makers still supported the index on the upside. BMW AG and Daimler AG each surged
UK FTSE 100 accelerated in the Monday morning session boosted by initial Greek election results. However, index retreated during session the victory of pro-austerity forces failed to provide sustainable rally in the European markets. Banks posted losses after Spanish yields surpassed 7% level. Lloyds Banking Group fell 2.8% and Royal Bank of Scotland Group tumbled 4%. Rolls-Royce Holdings climbed 1.5%
Spanish 10 year yield has reached 7.13% - the euro era record. Spanish sovereign debt securities are the worst performing amongst 26 markets after June 9, when Spain asked for around EUR 100b loan for a banking sector bailout. Such loan would increase Spains debt to around 90% of it's GDP. Specialists state that after such developments Spain most likely will be the
Gold futures dropped in Asian trade on Monday after Greek elections that resulted in pro-bailout party victory, meaning that Greece is likely to keep the Euro. COMEX gold August contract traded at 1,627.65 US Dollars per troy ounce on the New York Mercantile Exchange, falling by 0.03%. Meanwhile, COMEX silver for delivery in July traded at 28.745 US Dollars per
The average home price in the UK advanced by 1% in June on a monthly basis, attaining 246,235 British Pounds. However, prices remained below their peak in 2007. Meanwhile, about 30,000 new sellers appeared in the market three weeks before the Diamond Jubilee. Experts consider that turmoil in the Eurozone is likely to impact home prices further in the next
The Westpac McDermott Miller Consumer Confidence Index lost 2.5 points, approaching 99.9 in June as compared to May's figure of 102.4. People are more worried about global economic instability as households' expectations worsened for both personal financial state and broader economic situation. However, consumers feel better than in February, said Dominick Stephens, Westpac Chief Economist.
Japan's Nikkei Stock Average jumped on Monday lifted by positive outcome in Sunday's Greek parliamentary elections which indicate pro-austerity parties are likely to form the new government. Mover Yen depreciated as Euro advanced sending export shares higher. Nikkei 225 index surged 1.77% or 151.70 points and settled at 8,721.02. Sharp rallied 5.6% after Reuters reported Hon Hai Precision Industry considers
Hong Kong's stocks edged higher on Monday as preliminary results of the Greece's parliamentary elections suggested pro-austerity forces will be able to form a coalition and receive next bailout package from EU. Hang Seng index soared 0.97% or 187.24 points and finished at 19,421.18. Financial shares cheered the results. China Life Insurance rallied 2.1% and heavyweight HSBC Holdings appreciated 1.3%.
Crude oil prices increased in Asian session on Monday as pro-bailout party won elections in Greece, implying that the country is likely to stay within the Eurozone. Light, sweet crude oil futures for delivery in July traded at 85.80 US Dollars per barrel on the New York Mercantile Exchange, rising by 77 cents from the previous session's low.
Dow Jones Industrial Average rallied on Friday on as investors continued to prize global central banks' pledge to support slowing economy. Blue chip index advanced 0.91% or 115.26 points and closed at 12,767.17. Microsoft rose added 2.3%, after reports that the firm is in talks to acquire Yammer, a developer of social networks within enterprises. Bank of America posted a
S&P 500 index posted a strong gains on Friday as investors bet on a positive outcome in Greek elections and awaited further actions regarding stimulus from global central banks. S&P 500 index added 1.03% or 13.74 points and finished at 1,342.84, the highest value since May 11. Energy shares climbed most. Wpx Energy soared 5.9% and Chesapeake Energy rallied 4.4%.
The board of the Reserve Bank of India decided to keep its key interest rate unchanged as the record high inflation rate across emerging nations reduces the room for the central bank to support slowing economy. The central bank maintained the interest rate at 8.0% instead of predicted cut by 0.25 percentage point.