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  1. #321
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    Market Review – Fundamental Perspective - May. 27th , 2015

    The dollar was on a bullish footing, hoisted higher as U.S. debt yields rose on the strong economic indicators. The USD received a further boost as the euro slid not only on persisting Greek woes but signs that the Spanish public was also tiring of austerity. With Athens already facing the possibility of missing its June 5 debt repayment deadline to the International Monetary Fund, the mood in Europe became even more edgy as voters in Spain punished the ruling Popular Party in local elections after years of austerity policies. The euro was steady at $1.0879, staying close to a one-month low of $1.0864 struck overnight. The dollar was little changed at 123.05 yen after surging to an eight-year peak of 123.33. Traders said stop-loss buying was triggered after the dollar cracked key resistance around 122.04, a high set back in March. The USD also rose against the euro, which slid to its lowest since April 28 at $1.0864. The common currency last stood at $1.0872. All that helped the dollar index rally 1.3 percent, its biggest one- day gain in nearly two years. Commodity currencies also lost ground against the resurgent dollar, with the Australian dollar falling to a one-month low of $0.7727. Its New Zealand peer skidded to its lowest in over two months at $0.7222. The Canadian dollar dipped to its weakest level against the USD in six weeks on Tuesday. Commodities felt the impact of a stronger dollar, with crude oil prices tumbling nearly 3 percent overnight. U.S. crude managed to edge up 0.5 percent to $58.35 a barrel on bargain hunting after the slide while Brent gained 0.4 percent to $63.97 a barrel.



  2. #322
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    Market Review – Fundamental Perspective - May. 29th , 2015

    The dollar climbed to a 12-1/2-year high against the yen on Thursday before pulling back as investors bet that U.S. interest rates will rise later this year while Japan's monetary policy remains ultra-loose. The latest data on U.S. jobless claims and pending home sales supported expectations that the Federal Reserve is moving toward raising rates by year-end. The USD was last up 0.2 percent at 123.915 yen after touching 124.46 yen on the EBS trading system earlier. Year to date, the dollar has gained 3.8 percent against the yen. In contrast, the USD weakened against the euro even in the absence of a deal between Greece and its lenders, although hopes persisted that the cash-strapped nation will soon secure more money to avert a default. The euro was up 0.4 percent at $1.09485, erasing earlier losses tied to encouraging U.S. jobless claims and pending home sales data. The dollar index fell 0.5 percent after rising 1.4 percent in the previous two sessions. The biggest mover on other major currencies was the AUD, which shed 1 percent against the USD. Commodity currencies came under pressure across the board, with the Aussie hitting a six-week low of $0.7618 and New Zealand's dollar shedding over 1 percent to trade at $0.7130 , its weakest in over four years. Front-month Brent rose 1.4 percent to $62.91 a barrel and U.S. crude futures rose 0.8 percent to $57.97. Gold was little changed near $1,188 an ounce, spot silver dipped less than 0.1 percent on the day and copper rose 0.2 percent.



  3. #323
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    Market Review – Fundamental Perspective - June 2nd , 2015

    The dollar advanced against major currencies after stronger-than-expected data on US manufacturing activity and construction spending, while mounting worries of a Greek default contributed to the euro's weakness. The U.S. currency climbed vs most G-10 currencies amid heavy week of U.S. data which culminates with Non-Farm Payrolls (est. 225K vs prev. 223K). Fed’s member Williams said that U.S. economy is basically in good place and long-term rates are expected to rise and be normal in next few years. The euro dropped, for the first time in 4 days as Greece and its creditors remain at an impasse. EURUSD -0.78% at 1.0901, with the pair lingered near intra-day low. Periphery bond yields jump, led by Italy, on Greece anxiety. The Norwegian krone weakened among major peers after manufacturing PMI misses estimations. The New Zealand dollar hit its lowest level in almost five years as traders favoured the greenback amid expectations that the Reserve Bank will cut interest rates next week while the US Federal Reserve moves towards rate hikes. The kiwi touched 70.65 US cents yesterday, its lowest level since August 2010. The New Zealand dollar was little changed at 93.11 Australian cents from 93.13 cents on Friday, ahead of Tuesday's Reserve Bank of Australia meeting, where no policy change is anticipated. Gold was little changed on Monday, giving up gains as the dollar rallied after the precious metal was initially buoyed by an unexpected stall in US consumer spending and comments on interest rates from a Federal Reserve's official. It posted a second consecutive weekly fall last week, hitting a three-week low of $US1,180.50 on Thursday. The yen trades at 124.79 per dollar after touching 124.92 yesterday, its lowest level since Dec. 2002.



  4. #324
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    Market Review – Fundamental Perspective - June 4th , 2015

    The U.S. dollar traded mixed against other currencies on Wednesday despite a better-than-expected economic data of the country. U.S. international trade deficit in goods and services decreased from $50.6 billion in March to $40.9 billion in April, well above market expectations, as exports increased and imports decreased, said the Department of Commerce on Wednesday. Meanwhile, the private sector employment in May increased 201,000 jobs from April, the most in four months and slightly above estimates, according to the May ADP Report. The ADP figure is seen as a pre-indicator for the highly-focused nonfarm-payrolls report due Friday. In late New York trading, the euro rallied 1% to 1.1250 U.S. dollars from 1.1165 dollars of the previous session, amid reports that Greece’s creditors are finalizing the country’s proposal today. Greek central-bank Governor Stournaras said he sees compromise on Greece as not far away; Tsipras said decision lies with political leadership of Europe. Cable rose to session high after U.K. May construction PMI beat est. and U.K. April mortgage approvals rose to highest levels since Feb. 2014. The Australian dollar went down to 0.7770 U.S. dollar from 0.7775 dollar. The U.S. dollar bought 124.35 Japanese yen, higher than 124.06 yen of the previous session. The U.S. dollar moved up to 0.9357 Swiss franc from 0.9323 Swiss franc and moved up to 1.2460 Canadian dollars from 1.2405 Canadian dollars. The New Zealand dollar is sinking faster than any other major currency as pressure mounts on Reserve Bank Governor Graeme Wheeler to cut interest rates for the first time since 2011 next week. New Zealand’s economic outlook has soured as milk prices plunged to an almost six-year low while inflation all but vanished.



  5. #325
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    Market Review – Fundamental Perspective - June 5th , 2015

    The dollar firmed against the euro and the yen on Thursday, as better-than-expected data on U.S. claims for unemployment insurance fueled investor expectations for a robust May jobs report on Friday. The dollar also gained as traders took profit from the euro's recent rally. The dollar climbed 0.3% against the common European currency, with one euro buying $1.1242 in late-afternoon trade, on track to end a sharp two-day decline. The dollar lost 3.1% over the two previous sessions, as an improving picture of the Eurozone economy and outlook for inflation led to a substantial selloff in German government bonds that extended to U.S. Treasury´s and prompted a reversal in bets against the euro. The dollar rose 0.1% against the yen to Y124.36, climbing for a second consecutive session and nearing its highest level against the Japanese currency since December 2002. On Friday morning, the Labor Department will release its jobs numbers for May. Economists forecast the U.S. last month to have created 225,000, the unemployment rate to steady at 5.4% and for hourly wages to rise 0.2%. The New Zealand dollar slipped to 71.14 US cents at 8am in Wellington, from 71.30 cents at 5pm on Thursday. In the commodities market, Brent fell 2.8 percent to $62.03 a barrel in London, its lowest settlement since April 15. It traded at a premium of $4.03 to West Texas Intermediate crude, which sank 2.8 percent to $58 per barrel. Speculation OPEC will refrain from cutting its production target at a meeting in Vienna Friday fueled oil’s losses. Gold and silver futures dropped for a second day. U.S. stocks fell to the lowest level in a month as the International Monetary Fund cut its growth forecast for the American economy before Friday’s jobs report.



  6. #326
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    Market Review – Fundamental Perspective - June 8th , 2015

    he Turkish lira hit a record low in weekend-thinned trade on Sunday, after the governing AK Party failed to win an outright majority in a parliamentary election, unsettling investors with the prospect of a minority or coalition government. Investors had been hoping the AKP would squeak out enough votes to remain in power as a single party and avoid the uncertainty and gridlock of coalition politics. But with more than 96 percent of ballots counted, the AKP had taken 40.9 percent of the vote, according to broadcaster CNN Turk, a result likely to leave it struggling to form a stable government for the first time since it came to power more than a decade ago. Already one of the worst performing emerging market currencies this year, the lira initially weakened as far as 2.799 to the dollar in thin trade after the results, an almost 5 percent slide.
    By 20:40 GMT, it was at 2.759 to the dollar, still considerably weaker than Friday's close of 2.6615. Gold hit an 11-week low on Friday, heading for a third straight weekly slide, as the dollar rallied after better-than-expected U.S. employment data bolstered prospects for an interest rate increase this year. Non-farm payrolls increased 280,000 last month, the largest gain since December, above the 225,000 that economists polled by Reuters had expected. Spot gold fell as much as 1.2 percent to its lowest since March 19 at $1,162.35 an ounce and was down 0.5 percent at $1,170.66. The dollar rose 1.5 percent versus a basket of currencies after the data, seen as a key barometer of the U.S. economy. A stronger greenback makes dollar-denominated gold more expensive for holders of other currencies, while higher interest rates would hit demand for the non-interest-paying metal.



  7. #327
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    Market Review – Fundamental Perspective - June 10th , 2015

    U.S. job openings surged to a record high in April and small business confidence perked up in May, suggesting the economy was regaining speed after stumbling at the start of the year. The economy's stronger tone was reinforced by other data on Tuesday showing a solid rise in wholesale inventories in April, in part as oil prices stabilized. Job openings, a measure of labor demand, rose 5.2 percent to a seasonally adjusted 5.4 million in April, the highest level since the series began in December 2000, the Labor Department said in its monthly Job Openings and Labor Turnover Survey (JOLTS).Hiring slipped to 5.0 million from 5.1 million in March. Economists say the lag in hiring suggests that employers cannot find qualified workers for the open positions.The number of unemployed job seekers per open job, a measure of labor market slack, fell to 1.6 in April, the lowest since 2007 and down from 1.7 in March. The Dow Jones industrial average fell 2.51 points, or 0.01 percent, to 17,764.04, the S&P 500 gained 0.87 points, or 0.04 percent, to 2,080.15 and the Nasdaq Composite dropped 7.76 points, or 0.15 percent, to 5,013.87. Greek Prime Minister Alexis Tsipras asked his party to rally behind the government on Tuesday as time was running out to unlock funding from lenders and avert a debt default. With the Brussels negotiations entering a decisive phase, European officials expressed frustration with Greek tactics and warned Athens of the risks it is running.



  8. #328
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    Market Review – Fundamental Perspective - June 12th , 2015

    The dollar rebounded from three weak days, gaining as much as 1.1 percent against the yen after posting its biggest single-day drop in six months against the Japanese currency Wednesday. The dollar last traded at 123.39 yen, up 0.74 percent on the day, and was up 0.53 percent against the euro at $1.1264. U.S. retail sales increased 1.2 percent in May, more than expected, as households boosted purchases of automobiles and a range of other goods even as they paid a bit more for gasoline. Solid retail sales data followed robust May job growth numbers and stabilizing manufacturing activity, suggesting the economy is gaining momentum after a slow start in the second quarter. The market stayed cautious over Greece. The International Monetary Fund said its delegation had halted negotiations in Brussels and flown home because of differences with Athens. "There are major differences between us in most key areas," IMF spokesman Gerry Rice said in Washington. "There has been no progress in narrowing these differences recently and thus we are well away from an agreement." The Dow Jones industrial average rose 55.36 points, or 0.31 percent, to 18,055.76. The S&P 500 gained 5.3 points, or 0.25 percent, to 2,110.5 and the Nasdaq Composite added 7.15 points, or 0.14 percent, to 5,083.84. Oil prices declined further due to the stronger dollar and a gloomy economic forecast by the World Bank, while a bullish International Energy Agency (IEA) report on global demand failed to dispel concerns over a supply glut. Brent crude oil for July fell 59 cents to settle at $65.11 a barrel. U.S. crude settled down 66 cents at $60.77 a barrel.



  9. #329
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    Market Review – Fundamental Perspective - June 16th , 2015

    Talks between Greece and its European creditors over the 1.6 billion euros payment due at the end of the month broke down again, and European leaders may put an ultimatum to the Mediterranean nation before, according to media reports. European Central Bank president Mario Draghi was among the leaders stepping up rhetoric, saying yesterday that a "strong and comprehensive" agreement is needed very soon, tempered by comments that a Greek default would be uncharted territory and European leaders need to be realistic. So far the Greek government has held firm, with Prime Minister Tspiras noting they will wait patiently until 'the institutions adhere to realism”. European politics continues to degrade as a Greek impasse looks increasingly likely however EUR strengthened as markets ignore Greece. The euro was bolstered by a strong EU trade surplus, and US data disappointed investors, weighing on the dollar. It is important to remember that the dollar has risen 18 percent against a basket of international currencies in the last year. That makes American goods more expensive overseas and makes imports cheaper, hurting sales. This puts more of the pressure on consumerspending to increase economic growth. Meanwhile, the persistent uncertainty over Greece matter also supported gold prices. Spot gold was up 0.5 per cent at $1,186.60 an ounce. The spot market turned positive after attracting technical buying around $1,180, a long-term support level. The New Zealand dollar fell against the euro to 61.97 euro cents at 8.30 am from 62.12 cents on Monday. It was little changed at 69.92 US cents from 69.97 cents. The Canadian dollar had a rough start to the week as the currency depreciated against the USD at the Asian open around 1.2310 and kept falling as manufacturing sales disappointed.



  10. #330
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    Market Review – Fundamental Perspective - June 17th , 2015

    The euro fell on Tuesday as everyday it appeared more likely that debt-stricken Greece would default or have to leave the single currency, while the U.S. dollar rose at the start of a two-day meeting by the Federal Reserve. Prime Minister Alexis Tsipras lashed out at Greece's creditors on Tuesday, accusing them of trying to "humiliate" Greeks, and he defied a drum beat of warnings that Europe is preparing for his country to leave the euro. The address was seen as a sign that Tsipras was unlikely to accept austerity cuts needed to unlock frozen aid and avoid a debt default within two weeks. The market is still anxious about Greece and would like the situation to be dealt with one way or another. As everyone knows, uncertainty is something that the market detests, and this matter remains uncertainty for already so long. The euro fell 0.35 percent to $1.1243 while the U.S. dollar index, which measures the greenback against a basket of currencies, rose 0.2 percent. The yen was flat against the dollar. U.S. investors were also looking for clues regarding the timing of a rate hike after a two-day Federal Reserve meeting. The central bank is unlikely to raise rates in this meeting but traders will watch for any hints from Fed Chair Janet Yellen at a news conference after the meeting on Wednesday. The Fed has said it remains data-dependent and will raise rates only when it sees an improvement in the economy. Second-quarter data pointed to a recovery after a halt in growth earlier in the year. In the commodity market, U.S. crude futures rose 0.8 percent to $60.01 per barrel, lifted as a tropical storm moved ashore in the oil-producing state of Texas. Gold prices fell 0.4 percent.



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