Forex News: Euro Fails to Hold 1.31 As Spanish Bond Auction Misses Target

Despite the failure to reach a final agreement on a joint banking supervisor in yesterday’s meeting of European finance ministers, the Euro still climbed higher in yesterday’s session and rose above 1.3100 in the first part of today’s trading. Risk sentiment seems to be higher as the move was mimicked by other risk-correlated currencies, and European equities opened higher in today’s trading. Part of the optimism may come from Asian markets, where the Shanghai Composite index climbed nearly 3% in today’s trading, following an announcement that economic policies will be kept stable in China.

There were only a few economic releases in today’s European session. The 10th straight decline in Euro-zone composite output was not as bad as initially estimated, and the rise in UK services activity disappointed expectations.

The bigger decline came when sales of Spanish 3, 7, and 10-year bonds disappointed a maximum target of 4.5 billion Euros by only raising 4.25 billion in the auction. Then, Euro-zone retail sales were reported to have declined 1.2% in October, the disappointing number kept EURUSD below 1.3100.

The Euro is currently trading at about 1.3085 against the US Dollar in forex markets. Resistance could be provided by a 2-month high at 1.3139, and support could be provided at 1.3026, by the 76.4% retracement of the drop from October’s high to November’s low.

Tomorrow could see a lot of movement in Euro trading. The ECB will announce the interest rate at 12:45 GMT, expectations are for the rate to be left at 0.75%. Also, an updated estimate of the Euro-zone GDP for Q3 will be released, the previous estimate saw a 0.1% decline.

EURUSD Daily: December 5, 2012

Euro_Fails_to_Hold_1.31_As_Spanish_Bond_Auction_Misses_Target_body_eurusd_daily_chart.png, Forex News: Euro Fails to Hold 1.31 As Spanish Bond Auction Misses Target

--- Written by Benjamin Spier, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • China economy seen growing 6.6 percent in fourth quarter - government think tank Reuters - 9 minutes ago

    China's economy is expected to grow at an annual 6.6 percent in the fourth quarter and post overall growth of 6.7 percent for the full year, the China Academy of Social Sciences (CASS) said. The predictions by CASS, a top think-tank that advises … More »

  • Cisco plans $4 billion worth of expansion in Mexico - government
    Cisco plans $4 billion worth of expansion in Mexico - government Reuters - 15 minutes ago

    U.S. networking equipment maker Cisco Systems Inc (CSCO.O) plans more than $4 billion worth of expansion in Mexico between 2016 and 2018, the Mexican government said on Tuesday. Cisco's Chief Executive Officer Chuck Robbins made the announcement … More »

  • Need to address non-tariff barriers within Asean Business Times - 24 minutes ago

    ADDRESSING non-tariff barriers (NTB) in Asean still has a long way to go, and member countries must first work on key people-centric focus groups in order to start progressing, said Asean Business Advisory Council Malaysia chairman Tan Sri Dr Mohd … More »

  • Satellite Pipeline inks technical deal with AWS Schäfer Business Times - 24 minutes ago

    BERLIN: Satellite Pipeline Sdn Bhd has tied up with German pipe machine leader AWS Schäfer Technologie GmbH to start a steel and pipe heat induction bending workshop in Pahang. The long-term technical joint-venture agreement marks the first of … More »

  • Citizens, govt and businesses play role in city's transformation Business Times - 25 minutes ago

    MAKING a city a liveable space involves the citizens, the government and businesses and requires small and multiple meaningful projects for the transformation, said Think City Sdn Bhd executive director Hamdan Abdul Majeed.   “Cities can … More »

  • 'No changes to GST in near term' Business Times - 25 minutes ago

    THERE will be no changes to the Goods and Services Tax (GST) in the near term as the government aims to embed the tax system into entire consumer spending system, said Finance Minister II Datuk Johari Abdul Ghani. “GST and the subsidy … More »

  • German firm eyes Silterra Business Times - 25 minutes ago

    BERLIN: German wafer fab giant X-Fab Silicon Foundaries is looking at Khazanah Nasional Bhd’s wafer fab company Silterra Malaysia Sdn Bhd in Kulim as a possible acquisition target. “We are looking at acquisitions around the world and Silterra is … More »

  • Malaysia on track to be high-income economy Business Times - 26 minutes ago

    Tabung Haji deputy chief executive officer Datuk Badlisyah Abdul Ghani said Malaysia made the wise decision early to reduce its dependency on the oil and gas sector, a strategy that many Organisation of Islamic Cooperation (OIC) countries — who are … More »

  • Toshiba revises up first-half forecast on solid memory chip sales
    Toshiba revises up first-half forecast on solid memory chip sales Reuters - 26 minutes ago

    TOKYO (Reuters) - Japan's Toshiba Corp said on Wednesday it is expecting to report a bigger first-half profit than previously forecast as prices for memory chips have climbed on an increase in demand for ... … More »

  • Canada approves US$27 bn LNG project, eyes Asia Business Times - 30 minutes ago

    MONTREAL: Canada approved Tuesday a Can$36 billion (US$27 billion USD) project by Malaysia’s Petronas to build a liquid natural gas pipeline along its Pacific Northwest coast, a massive project targeting Asian markets. The liquefied natural gas … More »

  • Dutch-led team to release initial MH17 criminal probe
    Dutch-led team to release initial MH17 criminal probe AFP News - 31 minutes ago

    A Dutch-led international team of criminal investigators on Wednesday will release initial findings into the downing of Malaysia Airlines flight MH17 amid growing frustration among relatives over the probe's pace. The preliminary findings are … More »

  • Wells Fargo CEO forfeits millions as board orders review
    Wells Fargo CEO forfeits millions as board orders review Reuters - 32 minutes ago

    Carrie Tolstedt, the former head of the retail division at the centre of a burgeoning sales scandal, has left the company ahead of her planned Dec. 31 retirement date, will get no severance and has forfeited unvested equity awards worth about $19 … More »

  • Asia stocks edge down on Europe bank woes, lower oil
    Asia stocks edge down on Europe bank woes, lower oil Reuters - 37 minutes ago

    Asian stocks were mostly lower on Wednesday, with European banking sector concerns and lower crude oil prices dulling investors' appetite for riskier assets. Equities in Asia had gained the previous day on a perceived win by Democrat Hillary … More »

  • Tokyo shares drop by break on dividend payments AFP - 37 minutes ago

    Tokyo shares eased off the previous day's rally Wednesday morning as more than half the firms on the Topix index traded without the right to a September dividend payment. The Nikkei 225 index fell 1.54 ... … More »

  • Oil prices climb after industry data shows U.S. stocks draw
    Oil prices climb after industry data shows U.S. stocks draw Reuters - 43 minutes ago

    Oil prices rose early on Wednesday, after sharp losses in the previous session, as industry data showed a surprise draw in U.S. crude stocks, although worries over a lack of agreement among producers to curb output kept a lid on gains. Crude … More »

  • Asia stocks inch up after Wall Street's gains, oil prices slide
    Asia stocks inch up after Wall Street's gains, oil prices slide Reuters - 43 minutes ago

    Asian stocks edged up early on Wednesday following an overnight rise for U.S. stocks, while reduced hopes that a meeting of major producers would reduce a oversupply weighed heavily on crude oil prices. MSCI's broadest index of Asia-Pacific shares … More »

  • Canadian government approves Petronas LNG project Business Times - 45 minutes ago

    RICHMOND: The Canadian government on Tuesday approved a proposed Petronas-led liquefied natural gas plant in northern British Columbia, ending a three-year wait for a decision and drawing condemnation from environmentalists. Prime Minister Justin … More »

  • Postal Bank Makes Tepid Debut Amid Report Soros Fund Invested Bloomberg - 45 minutes ago

    (Bloomberg) -- Postal Savings Bank of China Co. made a tepid share market debut in Hong Kong as a Chinese business magazine reported that a fund connected with billionaire George Soros was among investors. … More »

  • ECB's Lane says up to supervisors to mitigate risks of low rates
    ECB's Lane says up to supervisors to mitigate risks of low rates Reuters - 1 hour 11 minutes ago

    Ultra-low European Central Bank interest rates could lead to excessive risk-taking but it is up to supervisors to mitigate these risks as ECB policy is clearly doing the job intended, Governing Council member Philip Lane said on Tuesday. Lane, the … More »

  • China's PSBC begins trading in Hong Kong
    China's PSBC begins trading in Hong Kong AFP News - 1 hour 18 minutes ago

    PSBC raised $7.4 billion with the listing, which is the biggest since Chinese internet giant Alibaba floated in New York in 2014, raising $25 billion. Bank chairman Li Guohua described the launch as an "important milestone" for the company. … More »

  • Japan PM Abe says to work with BOJ to defeat deflation Reuters - 1 hour 24 minutes ago

    TOKYO (Reuters) - Japanese Prime Minister Shinzo Abe said on Wednesday that the government would continue to work closely with the Bank of Japan, using all policy tools, to defeat deflation and boost growth. ... … More »

  • Condos in a Garden City
    Condos in a Garden City The Edge Property - 1 hour 26 minutes ago

    Singapore’s Garden City journey began in 1963, when then Prime Minister Lee Kuan Yew launched the campaign. The most recent transaction was in September where an 829 sq ft two-bedroom unit fetched $1,060,000 or $1,279 psf. … More »

  • Meituan-Dianping moves to second-half era with payment startup acquisition
    Meituan-Dianping moves to second-half era with payment startup acquisition e27 - 1 hour 32 minutes ago

    Meituan-Dianping is now able to run financial services ranging from mobile payment, bankcard payment to prepaid cards Meituan-Dianping, China’s largest group deals site, confirmed Monday that it has fully acquired Qiandai, a third-party payment … More »

  • Top Analyst Sees No Easy Win for Yuan Bears as Calm Endures (1) Bloomberg - 1 hour 35 minutes ago

    The exchange rate has barely budged against the dollar this quarter after slumping in the previous three months by the most since the nation unified official and market rates at the start of 1994. Some strategists have revised down their bearish … More »

  • Renault, Suzuki Said to on Proton’s Shortlist for Stake Sale (1) Bloomberg - 1 hour 39 minutes ago

    The carmaker has also chosen proposals from companies including Renault SA and Peugeot parent PSA Group, said two of the people, who asked not to be identified as discussions are private. A stake of as much as 51 percent will be sold in Proton, … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.142+0.001+0.71%
    N21.SI
    0.143+0.001+0.70%
    5DM.SI
    0.320.00+1.59%
    5OT.SI
    0.21+0.02+11.11%
    I07.SI
    0.60+0.01+1.69%
    42R.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.24+0.03+14.29%
    BQN.SI
    0.21+0.02+11.11%
    I07.SI
    0.495+0.045+10.00%
    T55.SI
    0.199+0.009+4.74%
    S9B.SI
    0.295+0.010+3.51%
    P9J.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.225-0.035-13.46%
    40D.SI
    0.285-0.025-8.06%
    AYV.SI
    0.38-0.02-5.00%
    AWE.SI
    0.98-0.04-3.92%
    BCY.SI
    0.305-0.010-3.17%
    BDX.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3593-0.0002-0.02%
    USDSGD=X
    1.5237-0.0012-0.08%
    EURSGD=X
    1.7673-0.0029-0.16%
    GBPSGD=X
    73.9650+0.109+0.15%
    SGDJPY=X
    5.7033+0.001+0.02%
    SGDHKD=X
    3.0436+0.0046+0.15%
    SGDMYR=X
    9,511.0781-17.375-0.18%
    SGDIDR=X
    4.9066+0.0011+0.02%
    SGDCNY=X
    1.0430+0.0008+0.08%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,328.50-1.90-0.14%
    GCZ16.CMX
    19.13-0.04-0.18%
    SIZ16.CMX
    92.98-1.47-1.55%
    ^XAU
    2.170.00+0.16%
    HGZ16.CMX
    43.85+0.41+0.94%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.11-0.02
    ^FVX
    1.56-0.03
    ^TNX
    2.28-0.05
    ^TYX