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WORLD FOREX: Euro Shakes Off Gloomy News Ahead Of Fed Decision - NASDAQ
--Euro positive despite gloomy German ZEW numbers and "prohibitively" expensive Spanish T-bill auction
--UK inflation eases, boosting stimulus hopes
--Hungarian forint strengthens on IMF news
By Eva Szalay
The euro crept higher after a bruising start to the week as traders braced for the slim chance of further monetary easing from the U.S. Federal Reserve on Wednesday, with the currency stable despite a raft of negative news, including an expensive Spanish T-bill auction and a disappointing German business sentiment reading.
Some traders also pointed to unsubstantiated chatter of the European Central Bank buying under-fire Spanish government bonds as a contributing factor to the common currency's rise to $1.2620 against the dollar.
The gains came after a session of erratic moves and disheartening headlines that showed German economic expectations souring at the fastest rate for more than a decade. The widely-watched German ZEW economic expectations index fell to - 16.9 in June from May's unrevised 10.8.
"This was the fastest decline in sentiment since the height of the Russian/Long-Term Capital Management crisis in October 1998," Simon Derrick, a currency strategist at the Bank of New York Mellon, wrote in a note to clients.
The currency had earlier dropped to near the day's low of $1.2568 after the German constitutional court ruled that the German government hadn't informed parliament sufficiently about the configuration of the European Stability Mechanism. Traders sold the currency aggressively fearing the decision would throw more hurdles in the way of policymakers struggling to solve the region's debt crisis. But the currency staged a quick bounce as the realisation grew that the decision is just a reiteration of an earlier ruling.
Meanwhile, Spain auctioned 3.039 billion euros ($3.89 billion) of 12-month and 18-month papers, with what Marc Ostwald, an interest rate strategist at Monument Securities, described as "prohibitively" high costs. Yields on the 12- month offering almost doubled to 5.074% from 2.985% at the previous sale in May. The average yield on the 18-month bills came in at 5.107%, up from 3.302%.
The sharp rise in yields came after news that the second part of a forthcoming audit of Spanish banks would be delayed until September. The banking audit will be closely watched for determining how much help the country's banking sector could potentially need.
"Spain needs not only an ESM package to recapitalize its banks, it also needs an outright bailout package," Mr. Ostwald said.
However, some market-watchers said that large euro losses are unlikely for now, as the Fed announces its monetary policy stance Wednesday, with a small chance of further easing.
"Investors are likely to think twice about adding to (negative) positions in the euro before a potential Fed easing announcement," analysts at Danske Bank said in a note to clients.
The pound saw hefty declines after inflation undershot expectations and slowed to its lowest level in more than two years, boosting expectations that the central bank would engage in more monetary easing. The consumer price index rose 2.8% on the year in May against consensus views of a 3% rise. Sterling hit the day's low at $1.5616.
The Hungarian forint showed strong gains against the euro after news that Hungary is ready to move on to official talks with the International Monetary Fund and the European Commission.
At 1054 GMT the euro was trading at $1.2613 compared with $1.2577, according to EBS via CQG. The currency was at Y99.51 from Y99.47.
Sterling traded at $1.5666 compared with $1.5664.
The dollar was at Y78.81 from Y79.12 and at CHF0.9523 from CHF0.9551,
The ICE Dollar Index, which tracks the U.S. dollar against a basket of currencies, was at about 81.788 from 81.959.
A summary of key levels for chart-watching technical strategists is below:
Forex spot: EUR/USD USD/JPY GBP/USD USD/CHF Spot 1016 GMT 1.2625 78.94 1.5664 0.9513 3 Day Trend Bearish Bearish Bullish Range Weekly Trend Range Range Range Bullish 200 day ma 1.3183 79.62 1.5823 0.9199 3rd Resistance 1.2748 79.51 1.5785 0.9650 2nd Resistance 1.2702 79.31 1.5742 0.9595 1st Resistance 1.2669 79.14 1.5695 0.9565 Pivot* 1.2615 79.03 1.5681 0.9513 1st Support 1.2568 78.78 1.5615 0.9503 2nd Support 1.2557 78.61 1.5599 0.9475 3rd Support 1.2518 78.18 1.5511 0.9420 Forex spot: AUD/USD Spot 1016 GMT 1.0152 3 Day Trend Bullish Weekly Trend Bullish 200 day ma 1.0247 3rd Resistance 1.0274 2nd Resistance 1.0247 1st Resistance 1.0225 Pivot* 1.0107 1st Support 1.0104 2nd Support 1.0057 3rd Support 1.0011
Write to Eva Szalay at eva.szalay@dowjones.com
(END) Dow Jones Newswires 06-19-120745ET Copyright (c) 2012 Dow Jones & Company, Inc.
Forex: USD/CAD practically unchanged, trading at 1.0240 - NASDAQ
FXstreet.com (Barcelona) - In the absence of any negative news this morning, riskier assets were traded with more confidence, the loonie being no exception. Since it's thrashing in European session yesterday afternoon, the pair has recovered nicely and is trading at opening levels, setting in the 1.0240 region presently. With a shortage of any figures or data trickling out of Canada today, investors may instead focus on the housing and building reports out of the USA at 12:30 GMT today. In more immediate relevance towards the pair, the price of crude has settled at USD $83.02, down another -0.30% after yesterdays collapse in price.
The cross is now declining by the slimmest of margins at a rate of -0.01 % and, according to the ICN.com analysts, will be safeguarded by supports at 1.0200, 1.0150, and ultimately 1.0100. On the other hand, the currency pair will encounter resistance at 1.0250, then 1.0290, and finally 1.0310
FOREX-Euro lifted by hopes of Fed action, outlook shaky - Reuters
* Euro recovers vs dollar as Fed meeting eyed
* Australian dollar rises to 6-week high vs dollar
* Euro zone data, news add to bearish picture
By Nia Williams
LONDON, June 19 (Reuters) - The euro climbed against the dollar on Tuesday, shrugging off a weak German economic sentiment survey as speculation the U.S. Federal Reserve may ease monetary policy lent support to perceived riskier currencies.
Gains looked vulnerable to the stream of negative news coming out of the euro zone, as wary investors awaited the result of Greek coalition negotiations that may lead to the country's bailout terms being renegotiated.
But in the near-term the euro could hold steady on expectations the Fed will extend its long-term bond-buying through Operation Twist by a few months from the current deadline of June after a series of disappointing U.S. data, analysts said.
The euro was last up 0.3 percent on the day at $1.2622, with support seen around $1.2536, the trendline drawn below daily lows from June 1, and the 21-day moving average at $1.2530.
"It's quite possible the euro will stay reasonably well supported and if the Fed do something we could see a temporary spike higher. Operation Twist is close to market consensus but may give the euro a bit of a short-lived boost," said Paul Robinson, head of European FX research at Barclays.
Strategists said the euro would struggle to rally beyond the one-month high of $1.2748 posted on Monday after a win for pro-bailout parties in the Greek election, given the dire economic outlook and worries about the Spanish banking system.
News that a second, more detailed audit of Spanish banks would be delayed until September fuelled bearishness towards the euro zone's fourth-largest economy, whose 10-year borrowing costs have ballooned above 7 percent.
Spain's Treasury sold 12- and 18-month debt on Tuesday at higher yields of over 5 percent and will sell between 1 billion and 2 billion euros of bonds on Thursday.
Investors were also unnerved after a German court said the government had not consulted parliament sufficiently about the configuration of Europe's permanent bailout scheme.
"The market has taken this negatively," said Gavin Friend, currency strategist at National Australia Bank, referring to the comments from the German court.
"We would like more details but the market wants to shoot first and ask questions later. This could curtail the ESM's powers and comes during nervous times when the impasse between the German view and that of the peripherals and the world is growing."
The euro fell briefly after the German ZEW survey, which showed economic sentiment posted its biggest monthly drop since 1998 in June in a sign that even the bloc's strongest economy was not immune from the crisis.
FED EASING EYED
The Fed's rate-setting committee starts its meeting on Tuesday and a few market players have speculated it could opt for a third round of quantitative easing as Europe's troubles pose a risk to growth in the world's largest economy.
Another round of monetary stimulus would weigh on the U.S. dollar and boost growth-linked currencies like the Australian dollar, traders said.
The dollar index which measures the greenback against a basket of major currencies was down 0.2 percent at 81.763, having struck a one-month low of 81.266 on Monday.
The dollar edged lower against the yen, easing 0.3 percent to 78.88 yen and a drop below 78.61 yen will take it to its lowest in two weeks.
The dollar's move lower came as interest rate differentials moved against it on expectations of more Fed easing. Those expectations saw the growth-related Australian dollar jump to a six-week high of $1.0147.
Against the backdrop of slowing growth the world's major economies, or G-20, were set to urge Europe to take "all necessary policy measures" to resolve its woes and U.S. President Barack Obama requested a meeting with its leaders.
Forex Flash: ZEW economic sentiment pressures ECB – TD Securities - FXStreet.com
Children's breakfast club director, 31, stole £6,000 from parents so she could spend the money on wine and meals out - Daily Mail
- Mother-of-four Michela Golden escapes jail after admitting theft
- Kids@Play - which ran before and after school clubs - was forced to shut after the thefts
- Golden, 31, was given a company bank card after she offered to take control of the company's finances
- An audit revealed she had stolen 6,000 over a year and she was arrested
By Rob Cooper
|
Thief: Mother-of-four Michela Golden, 31, admitted taking 6,000 from the childcare company and escaped jail
A director of a children's breakfast club stole 6,000 and spent the money on wine and paying for meals out for herself, a court heard.
Mother-of-four Michela Golden, 31, took the funds from a not-for-profit childcare company to buy alcohol, clothes, fuel and pay for food.
The cash, which was stolen over the course of a year, had been given by parents to pay for children's clubs in Rossendale, Lancashire.
When questioned, Golden denied she had taken the money and instead said the founder of Kids@Play Child Care must be responsible, Burnley Crown Court heard.
The company, which ran before and after school sessions, was forced to close after the thefts which happened and eight members of staff lost their jobs.
Golden, who admitted two counts of theft, escaped jail and was given a 10 month suspended sentence when she appeared before the court.
Kids@Play was set-up in 2008 to provide childcare outside school hours and had initially received funding grants from bodies such as Sure Start.
Nicholas Courtney, prosecuting, said the thefts started in July 2009 and went on for a year.
Golden took control of the company's finances at her own suggestion after they opened a second site in Newchurch, near Rossendale in September 2009.
She was issued with a company bank card so she could make purchases on their behalf.
But Lindsey Foster, the company's founder, noticed a series of unusual transactions when she looked at the bank statements in April 2010.
She also noticed that some of the money parents had given never turned up in their account.
A full audit was carried out before Golden was arrested and suspended.
When police searched her home in June last year they found paperwork which said the mother had several thousands of pounds in debts and her mortgage and council tax was in arrears.
Mr Courtney said that Golden, from Bacup, Lancashire, blamed the company's founder for the missing money.
Child care: Kids@Play ran before and after school classes for children in Rossendale, Lancashire
He said: 'She suggested Lindsey Foster may be responsible for missing funds, saying she seemed to be living an extravagant lifestyle at the time.
'Lindsey Foster was very upset by that suggestion, which it seems was made not just to the police in interview, but to various other people.'
In mitigation Bob Elias, defending, said the defendant's marriage had failed.
He said: 'She has issues both as to her younger years and marriage and possibly alcohol, which would benefit from engaging with a trained individual.'
Sentencing, Judge Jonathan Gibson said: 'This was, of course, mean offending. I accept it was to fund household expenditure, at least to a significant extent and it’s right to say there was evidence, when police came to investigate you, of a significant quantity of debt.
'I also accept you had difficulties with an abusive relationship. It’s particularly troubling a great deal of the money appears to have been spent on alcohol.'
The judge gave her a suspended sentence and ordered her to carry out 150 hours unpaid work. She was also given a 12 month supervision order.
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