Analytics, News, and Forecasts for CFD Markets: currency news — 10-02-2012.

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10.02.2012

19:40

American focus: euro fell

The euro fell from a two-month high against the dollar as European finance ministers withheld an aid package necessary to prevent the Greek economy from collapsing. The shared European currency slid from the highest since December against the yen after the leader of one of the Greek government’s supporting parties said he couldn’t back an austerity accord needed to secure the bailout. Greek Finance Minister Evangelos Venizelos said his euro- area counterparts refused to approve a 130 billion-euro ($171 billion) aid package because the government fell short of austerity demands. George Karatzaferis, the leader of Greece’s Laos party, said he couldn’t support an accord on cuts in its present form.

The Swiss franc rose in a while in January, consumer price inflation registered a fourth consecutive decline, which became at the same time the highest since October 2009, as the high rate of the franc caused the fall in the value of goods imported into the country. The cost of imported consumer goods to Switzerland fell by 1.8% m / m and 3.2% y / y. Meanwhile, prices for products made in Switzerland rose by 0.1% in month and year on year. Record growth of the national currency has forced the SNB set last September, the binding rate for the euro / franc at around 1.20, and recently acting Central Bank Jordan reaffirmed the willingness of monetary authorities to defend it at any price level, as well as "additional measures, if required by the economic outlook and the threat of deflation."

19:15

European stocks close:

European stocks fell for the fourth time in five days as a leader in Greece’s coalition government said he won’t support more spending cuts demanded by the region’s finance ministers.

George Karatzaferis, the leader of the Laos party, today said he couldn’t support the accord worked out for a new financing agreement in its present form.

Euro-area finance ministers yesterday refused to approve a second aid package because of a lack of assurances by Greek party leaders that they will stick to their commitments after elections due as soon as April. The ministers asked Greece to turn its budget cuts into law and identify 325 million euros ($429 million) in spending reductions.

National benchmark indexes declined in 16 of the 18 western-European (SXXP) markets today. The U.K.’s FTSE 100 Index slipped 0.7 percent. France’s CAC 40 Index dropped 1.5 percent, while Germany’s DAX Index lost 1.4 percent.

National Bank of Greece, the country’s largest lender, fell 9.5 percent to 2.68 euros. Alpha Bank SA, the second-biggest, plummeted 9.4 percent to 1.45 euros. EFG Eurobank Ergasias SA dropped 9.3 percent to 88 euro cents.

Saab declined 8.6 percent to 136.40 kronor, its biggest drop since August. The Swedish company reported a fourth-quarter net income of 413 million kronor ($62 million) against analysts’ projection for 474 million kronor.

Commerzbank AG, Germany’s second-biggest lender, lost 5.2 percent to 2.06 euros.

Alcatel-Lucent, France’s largest telecommunications-gear supplier, jumped 12 percent to 1.68 euros after it said it expects to increase adjusted operating margins in 2012.

Total SA dropped 1.4 percent to 40.58 euros. The company plans to cut net investments to $20 billion in 2012, compared with $22 billion last year. Adjusted net income in the fourth quarter was 2.73 billion euros, in line with the average analyst estimate of 2.72 billion euros.

19:04

U.S.: Federal budget , January -27.4 (forecast -65.2)

18:11

U.S. stocks fell

U.S. stocks fell, snapping a five- week-rally for the Standard & Poor’s 500 Index, amid concern plans to help Greece avoid default were unraveling and as confidence among American consumers dropped more than forecast.

Global equities tumbled after George Karatzaferis, who heads one of the three parties supporting interim Prime Minister Lucas Papademos, said he wouldn’t support austerity measures worked out for a rescue. He spoke hours after German Finance Minister Wolfgang Schaeuble told lawmakers in Berlin that Greece was missing deficit targets.

Stocks extended losses as the Thomson Reuters/University of Michigan preliminary index of consumer sentiment dropped to 72.5 from 75 in January.

Dow 12,781.14 -109.32 -0.85%, Nasdaq 2,909.85 -17.38 -0.59%, S&P 500 1,342.69 -9.26 -0.68%

Citigroup sank 1.9 percent to $33.01. Bank of America (ВАС) lost 1 percent to $8.10.

Concern that Europe’s debt crisis may curb global economic growth also drove energy and raw material producers lower. Copper shipments to China fell for the first time in eight months in January, while inventories monitored by the Shanghai Futures Exchange advanced to a record after rising for a ninth straight week.

Freeport-McMoRan, the world’s largest publicly traded copper producer, sank 2.6 percent to $45.21. Alcoa (АА) erased 2.4 percent to $10.38. Halliburton fell 1 percent to $36.42.

Apollo Global Management LLC dropped 2.2 percent to $15.01. The private equity firm that went public last year said fourth- quarter profit fell 66 percent as market swings hurt its private equity holdings.

LinkedIn Corp. surged 15 percent to $87.48. The biggest professional-networking website reported quarterly sales that more than doubled and forecast higher 2012 revenue, buoyed by advertising and subscriptions.

17:50

FED’s Bernanke: “Housing is an impediment to economic growth and is curbing spending; housing overhang hurts communities”

Tight mortgage credit also is hurting the Fed's efforts to cut long rates.
Fed has a "keen interest" in housing, demand's constrained by high unemployment and lack of credit esp to first-time buyers.

17:36

Oil fell

Oil dropped from a three-week high as euro-area finance ministers refused to approve a rescue package for Greece, boosting concern that the European debt crisis will reduce fuel demand.

Futures fell as much as 2.5 percent after Luxembourg Prime Minister Jean-Claude Juncker, chairman of the group of euro-area finance chiefs, said yesterday that Greece won’t get financial aid until it implements an austerity plan. The International Energy Agency cut its 2012 global oil demand forecast for a sixth month, citing a “darkening” economic outlook.

Crude for March delivery decreased to $97.32 a barrel on the New York Mercantile Exchange. The contract rose for a third day yesterday, climbing 1.1 percent to $99.84, the highest close since Jan. 19. Prices are up 0.7 percent this week and 14 percent in the past year.

Brent oil for March settlement fell $1.19, or 1 percent, to $117.40 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract’s premium to New York- traded West Texas Intermediate crude was at $18.86 from $18.75 at yesterday’s settlement.

16:38

Gold is cheaper against the threat of default in Greece

Gold fell after the euro-zone finance ministers have demanded further action from Greece, before giving her a new financial aid. Thus, the risk of default remains chaotic and reduces appetite for risk.

The political leaders of Athens reached the long-awaited agreement on austerity measures needed to obtain a new emergency loans from international organizations, and the deal with private creditors on debt swap is almost complete. However, the chairman of the Eurogroup Jean-Claude Juncker said that Greece must find a way to cut costs by another 325 billion euros, as the approaching election, to provide political guarantees that this plan will be implemented.

Anxiety associated with debt-ridden countries in the eurozone and the threat of a recession, does not allow investors to buy gold safely.

The cost of the February gold futures on the COMEX today fell to 1706.4 dollars per ounce.