Uncertainty Lingers In The Markets
Easy Forex | May 14, 2012 03:04AM ET
The euro (EUR) commenced the week with noticeable selling pressure following the weekend, where Greek politicians failed to form a government and uncertainty heightened. The nation’s President – mostly a ceremonial position – Papoulias, is now holding a series of talks among party leaders, aiming to form a unity government. Market analysts do not expect any breakthrough whatsoever and this will lead Greece to new election in a month’s time. The Swiss Producer Import Price figures will be released at 07:15 GMT, as the euro against the Swiss franc (CHF) remains in a narrow band just above the 1.20 floor. The Swiss National Bank (SNB) Chairman is due to speak at 15:45 GMT and investors are expected to closely monitor his remarks.
The US dollar (USD) appears strong as markets open following the weekend break, with no economic data release expected today. The Australian dollar (AUD) remains in a strong downtrend but a catalyst is needed to record fresh lows against the greenback. China cut its reserve requirement ratio (RRR) for the 3rd time in 6 months showing clear intention by the government to avoid a slowdown. The cut, effective from May 18, is expected to influence the already strong trading ties between Australia and China
Oil opened at 94.89 dollars a barrel from 95.50. Gold (XAU) opened at 1579.08 US dollars an ounce from 1579.05. Against the euro, gold rose to 1222.66 from 1232.24 an ounce. Silver (XAG) opened at 28.8915 dollars an ounce from 28.8921.
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