| May 17 2012, 12:08:01 GMT | Sydney: | 22:08 | Tokyo: | 21:08 | Barcelona: | 14:08 | London: | 13:08 | New York: | 08:08 | San Francisco: | 05:08 |
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| Market Brief |
EURUSD pared earlier gains after S&P said that the debt rollover plan for Greece could put it in a selective default. The currency earlier advanced to highs of 1.4577 on speculation that the ECB will increase rates this week to 1.5%, before declining to lows of 1.4511 on Greek concerns, EURJPY declined to 80.69, AUDUSD declined to lows of 1.0713 after retail sales declined 0.6% unexpectedly and building approvals declined 7.9% and on bets RBA won’t raise interest rates this year, GBPUSD moved lower to 1.6057, USDJPY traded in range of 80.69 – 80.91, Gold moved lower to $1485.70, Silver down to $33.80 and Oil traded at lows of $94.89. EU finance ministers on July 2 authorized an 8.7 billion-euro ($12.6 billion) loan payout to Greece by mid-July after the nation’s parliament passed austerity measures and gather next week to discuss a long-term lifeline for Greece. The ECB on July 7 will increase its benchmark rate to 1.5% from 1.25%, with further rate hikes this year not fully priced in, if this occurs, the euro may push higher following the rate hike according to market analysts. With US markets closed today on account of Independency Day holiday, markets today would see release of Investor confidence from EU, EU producer prices while this week’s focus would be on Non-farm payroll data from the US, ECB rate decision and talks on second round of bailout for Greece. |
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