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European Woes Continue to Weigh on the Markets

European Woes Continue to Weigh on the Markets

2010-05-26 12:37:00
Michael Wright, Currency Analyst
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fxheadlines05.26


Fundamental Headlines


• Europe Lenders: Coalition of Unwilling  – Wall Street Journal
• Fed Could Reduce Rate on Dollar – Euro Swaps  – Wall Street Journal
• Asian Investors Get Cold Feet on Euro Bonds  - Financial Times
• World’s Cheapest Greek Stocks Failing to Find Bottom as Default Risk Grows - Bloomberg
• North Korea Expels Eight South Koreans, Threatens to Shut Last Border Post - Bloomberg


EUR/USD – The euro has extended its two day decline against the U.S. dollar as European debt concern linger, and the pair now looks to continue its southern journey to test pivot support at 1.2224, with a break below exposing 1.2102 as our speculative sentiment index signals for further losses in the pair. Taking a look at the economic docket overnight, German GfK Consumer Confidence slid to 3.5 in May from a downward revision of 3.7 the previous month, while economists were expecting the reading to come in at 3.6. The pull back in the reading comes to no surprise as fear of Greek debt contagion paired with concerns that Europe’s financial institutions may incur additionally losses continues to drag the sixteen member euro area. Across the news wire, Italian Prime Minister Berlusconi’s government approved 24 billion euros of budget cuts, while French consumer spending pushed lower last month. Nonetheless, the greenback may continue to appreciate against the euro in the medium term as fundamental data continue support that the U.S. recovery is stable.To discuss this and other topics, please visit the EUR/USD forum.


GBP/USD – Across the British wires, the Organization for Economic Cooperation and Development stated that the Bank of England should start raising their key overnight lending rate, in addition to scaling back its asset purchases no later than the end of this year as inflation continues to push higher, threatening policy makers credibility. Meanwhile, the economic docket showed that BBA Loans for House Purchases in April rose to 35,729 from 34,044 the month prior, which was shy of economists’ expectations of 37,000. Looking ahead, fiscal policy is likely to drag economic activity in Britain this year, while the central bank may continue to hold its dovish partiality as policy makers essentially kept their growth outlook and risk assessment unchanged. Moreover, interest rates may remain near zero as the BOE welcomed the incoming governments’ public spending cuts which will give the central bank the cover it needs to keep rates low.   To discuss this and other topics, please visit the GBP/USD forum.



Written by Michael Wright, Currency Analyst
To Receive Future Articles by Email, please contact me at instructor@dailyfx.com
Michael Wright is the author of FX Headlines, Fundamentals vs. Technical’s, Weekly Spotlight, and
Forex Trading Weekly Forecast

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