Wednesday, December 26, 2012

Gold Declines on U.S. Economic Recovery, Budget-Deal Optimism


Gold dropped for the first time in four days as optimism that the U.S. economy is recovering and lawmakers will reach a budget deal damped demand for the metal as a protection of wealth. Platinum and palladium advanced.
Spot gold fell as much as 0.4 percent to $1,651.62 an ounce and was at $1,655.73 at 3:25 p.m. in Singapore. It lost 2.3 percent last week, the most since the period to June 22, after data showed that consumer spending, durable-goods orders and industrial output increased in November. A separate report showed the largest economy grew at a 3.1 percent annual rate last quarter, exceeding all projections in a Bloomberg survey.
 Gold Declines on U.S. Economic Recovery, Budget-Deal Optimism
An Argor Heraeus SA-branded one kilogram gold bar is seen in this arranged photograph at Gold Investments Ltd. bullion dealers in London, U.K.. Photographer: Chris Ratcliffe/Bloomberg
The U.S. may be a “bright spot” for the global economy in 2013, according to Huang Guobo, who oversees management of the $3.3 trillion foreign-exchange reserves in China, the largest foreign lender to the U.S. government. President Barack Obama and House Speaker John Boehner have not yet been able to reach a deal to avert more than $600 billion in automatic spending cuts and tax increases from Jan. 1, known as the fiscal cliff.
“The U.S. economy has been recovering and the market is optimistic on resolution of the fiscal cliff,” Janet Kong, an analyst at China International Capital Corp., the nation’s largest investment bank, wrote in a note.
Gold for February delivery slipped 0.1 percent to $1,658.30 an ounce on the Comex in New York. Holdings in gold-backed ETPs reached a record 2,632.516 metric tons on Dec. 20, and have expanded 12 percent this year, data compiled by Bloomberg show.
Spot gold is 5.9 percent higher this year, set for a 12th annual gain, as investors sought the metal to hedge against weakening currencies and the threat of inflation after central banks around the world boosted stimulus to prop up economies.
Spot platinum rose as much as 0.9 percent to $1,549 an ounce, before trading at $1,548.50. The best performing precious metal in 2012 has risen 11 percent. Palladium rose 0.2 percent to $687.25 an ounce, 4.9 percent higher this year. Cash silver fell 0.1 percent to $29.925 an ounce, up 7.5 percent this year.

Source: Bloomberg


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  • Monday, December 24, 2012

    Morgan Stanley Triple-Top Buy Setup?


    Shares of Morgan Stanley are approaching what may be a relatively rare but important chart point -- a triple-top buy pattern.
    Security:   MS
    Position:   N/A

    After enduring a sharp 10-week long decline in the spring of 2012 -- one that saw Morgan Stanley (MS) shares shed more than 42% of their value -- this key financial sector stock managed to put in a strong, well-spaced double-bottom pattern (between June 4 and July 23, 2012), attracting the interest of value-conscious smart money interests as it did so.

    Now, five months later, MS is up by more than 50% and is rapidly closing in on what could be an explosive triple-top buy signal, one that could lead to even more gains in the stock as 2012 fades out and 2013 arrives. Here's a closer look now (see Figure 1).

    FIGURE 1: MS, DAILY. Triple-top buy patterns are infrequent, but they can sometimes lead to powerful continuation moves. Note how bullish that Morgan Stanley's long-term money flow trend is on this daily chart.

    Chart pattern trading can be a valuable technical analysis timing tool, particularly when an attractive pattern -- such as the beautiful triple-top buy signal you see above -- is put into a big picture context that includes at least several of the following confirming market dynamics:

    1. The four- and 13-week relative strength of the stock versus the .SPX, .NDX, and/or .RUT. See Figure 2.
    2. The long-term money flow trend of the stock -- using an 89- to 110-day Chaikin money flow histogram.
    3. The six- to 12-month earnings growth projections for the stock. Check for recent upward/downward revisions in earnings growth rates.
    4. The price cycles for the stock; the more that agree with the projected breakout of the chart pattern, the more reliable the breakout is likely to be.

    There are other tools that can be used, of course, but using these four is a great place to start, especially when dealing with a very large pattern that may offer a substantial profit opportunity. In the case of MS, the stock scores very favorably in each of those four categories, and the next big event to watch for is a break above 18.57, which is the October 18, 2012 high of the second of the three tops shown on the chart.

    We've all heard the phrase "third time's a charm," and in this instance, it's going to be positive fundamentals and technicals (rather than sheer luck) that will power MS higher in the days ahead, playing MS here on the long side, possibly weeks ahead.

    FIGURE 2: SPX. Many financial sector stocks in the Standard & Poor's 100 are outperforming the .SPX over the past 13 weeks, including Morgan Stanley.
    Playing MS here on the long side isn't too complicated, but you definitely need to decide what your trading objectives are, since there is a high probability of a pullback to retest the 18.50 to 19.00 area (depending on how powerful the break higher might be), traders using 30- to 60-minute charts might find any number of good entry points after a pullback and may be able to ride them higher for one to three days.

    Intraday scalpers might simply go for a 25- to 50-cent gain on a break above 18.57, being careful to use a very close stop if they do. Finally, traders could simply buy a January '13 MS $17.50 covered call -- selling for about 17.27 as this is written -- intending to hold the position through option expiration on January 19, 2013.

    Using the 21-day exponential moving average (EMA) (blue line on Figure 1) can help give you an objective trailing stop for the entire position; if you see MS make a daily close below it, you simply liquidate both sides (remember, you're long 100 shares of stock and short one call option when you put on a covered call) of the position. Risking 2% or less of your account equity can also help limit the damage to your portfolio on trades that simply don't work out, as risk control is a critical component in the long-term success of any kind of trading endeavor. Trade wisely until we meet here again.

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  • U.S. Stock Futures Drop as Yen Slips Amid Budget Deadlock


    U.S. stock futures declined and oil headed toward the lowest close in a week amid speculation American lawmakers will miss a year-end budget deadline. The yen slid as Japan’s incoming pro-stimulus prime minister said he may change rules governing the central bank.
    Futures for Standard & Poor’s 500 Index dropped 0.5 percent as of 8:17 a.m. in London. The Stoxx Europe 600 Index slipped less than 0.1 percent even as BP Plc climbed after winning judicial approval on claims settlement for the 2010 Gulf of Mexico oil spill. Markets in most European nations are closed today for Christmas eve. The yen fell 0.2 percent against the dollar, extending the longest streak of weekly declines in nine months. Brent oil in London dropped 0.3 percent to $108.62 a barrel. Spot gold climbed 0.4 percent.
     U.S. Stock-Index Futures Drop as Yen Slips Amid Budget Deadlock
    The yen weakened against the dollar. Photographer: Kiyoshi Ota/Bloomberg
     U.S. Stock Futures Decline Amid Budget Deadlock as Yen Weakens
    The Japanese national flag flies atop the Bank of Japan headquarters in Tokyo, Japan. Photographer: Akio Kon/Bloomberg
    Time is running out for U.S. lawmakers and President Barack Obama to agree on a budget deal by year end to avoid triggering more than $600 billion in tax increases and spending cuts, Senator Joseph Lieberman said. Shinzo Abe said he will consider changing laws governing the Bank of Japan if it fails to revise its inflation target up to 2 percent next month.
    “Most people had made the assumption that the fiscal-cliff discussions would have been successful,” said Robert Rennie, chief currency strategist at Westpac Banking Corp. in Sydney. U.S. House Speaker John “Boehner’s failure to get enough votes for the ‘Plan B’ in the House certainly was a shock to the financial markets. If that story continues, it will continue to hit risk markets and support demand for the U.S. dollar.”
    Volume on Australia’s stock market, which shut at 2:10 p.m. local time, was more than 60 percent below the 30-day average for the time of day. Hong Kong traded for half a day, while Japan was closed.

    Gold Producers

    The MSCI Asia Pacific excluding Japan Index gained 0.1 percent with about eight shares rising for every seven that fell. Hong Kong’s Hang Seng Index gained 0.2 percent and Australia’s S&P/ASX 200 Index closed 0.3 percent higher. South Korea’s Kospi Index was up 0.1 percent, while the Shanghai Composite Index advanced 0.3 percent.
    Supplies of cash in China are the most plentiful in three years in the run-up to public holidays, after policy makers told the central bank to ensure companies have enough funds to support economic growth, according to the seven-day repurchase rate from the National Interbank Funding Center.
    Gold producers advanced in Asia as the U.S. budget impasse boosted demand for the metal as an investment haven. Alacer Gold Corp. (AQG) surged 6.7 percent in Sydney and Newcrest Mining Ltd. climbed 1 percent. Zijin Mining Group Co. (2899), China’s No. 1 gold producer by market value, rose 2.4 percent in Hong Kong.

    Budget Stalemate

    The S&P 500 Index had its worst decline in more than a month on Dec. 21 after Boehner failed to garner support from his caucus for “Plan B,” which would have extended tax cuts on incomes below $1 million.
    “For the first time I feel it’s more likely that we will go off the cliff,” Lieberman, a retiring Connecticut independent, said on CNN’s “State of the Union” program of the so-called fiscal cliff. Lawmakers plan to return to Washington Dec. 27 to continue negotiating.
    The yen dropped against 15 of 16 major peers and was down to 84.37 per dollar. The currency fell for a sixth week against the greenback last week after the nation’s central bank said it would review its inflation target after a pro-stimulus government was elected.
    Abe, who is poised to become prime minister after his Liberal Democratic Party’s coalition secured a majority in elections on Dec. 16, has called on the BOJ to pursue “unlimited easing” to help end deflation and revive growth.
    Japan’s currency has tumbled 12 percent this year, the worst performer among the 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes.

    Gold’s Reversal

    Gold advanced after its worst week in six months, erasing an earlier decline. Bullion for immediate delivery rose to $1,663.42 an ounce after dropping as much as 0.3 percent today.
    “The market’s wondering which way it’s going to go,” said David Lennox, a resource analyst at Fat Prophets in Sydney. “As 2012 draws to a close and 2013 comes into play, the price may drift back up as it looks like it’s not going to happen,” he said, referring to an agreement by U.S. lawmakers on the budget.
    Copper climbed for a second day after U.S. data showed demand from the second-largest user may improve, gaining 0.2 percent in London. Reports from the U.S. Commerce Department last week showed household purchases climbed last month as orders for long-lasting items increased more than forecast.


    Source: Bloomberg


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  • Sunday, December 23, 2012

    Egypt Shares Drop as Economy Concern Outweighs Vote


    Egyptian stocks fell for the first time in four days as concern that the government will fail to revive economic growth overshadowed initial results showing a draft constitution won approval.
    Palm Hills Developments SAE, a developer of luxury real estate, tumbled 3.6 percent. Commercial International Bank Egypt SAE (COMI) dropped 2 percent.
    The EGX 30 Index (EGX30) declined 1.2 percent to 5,378.21 at 1:39 p.m. in Cairo, the biggest retreat since Dec. 10. The benchmark gauge has still advanced 48 percent this year, the sharpest rally since 2007. Elsewhere in the Middle East, the Bloomberg GCC 200 Index of the biggest companies in the six-nation Gulf Cooperation Council, slipped 0.2 percent today.
    “In theory, the constitution’s approval means we’re on the road to stability,” said Ashraf Akhnoukh, Cairo-based manager for Middle East and North Africa markets at Commercial International Brokerage Co. “But in reality, the economy remains a huge challenge and it’s a big question whether this government will be able to stimulate recovery.”
    Islamists who support President Mohamed Mursi said 64 percent of voters backed the charter. Still, unrest in the month leading up to the vote had forced the government to delay a $4.8 billion International Monetary Fund loan seen crucial to revive the economy, which U.K.-based consulting firm Maplecroft says won’t grow enough over the next three years to prevent unemployment from rising.
    The volume of shares changing hands in Egyptian stocks was 50 percent more than the average of the last 10 days, according to data compiled by Bloomberg.

    Plunging Reserves

    Growth may average 3 percent over the next three years, according to Maplecroft. The pound, subject to managed float, is trading at the lowest level since 2004 as the country struggles to stem the decline in foreign-currency reserves, which have plunged 58 percent since last year’s uprising.
    Palm Hills declined 6 percent, the biggest intraday drop since Dec. 6, to 2.37 pounds. Commercial International Bank fell 2.5 percent to 34.50 pounds.
    Dubai’s DFM General Index (DFMGI) gained 0.4 percent to 1,606.92 at the close in the emirate, the highest since Dec. 10.
    Air Arabia (AIRARABI) rose 2.7 percent to 80.2 fils, the highest since March 2011. The company was the second-most traded stock in the index. Air Arabia’s 2012 profit may jump 44 percent to 387 million dirhams ($105 million), according to the average estimate of eight analysts on Bloomberg.

    Payout Expectation

    “Investors are positioning themselves in anticipation of the dividends for 2012,” said Samer Darwiche, Dubai-based analyst at Gulfmena Investments Ltd.
    The Sharjah-based airline last paid a cash dividend of 0.06 dirham a share for 2011, when profit dropped 12 percent, data compiled by Bloomberg show.
    Abu Dhabi’s ADX General Index rose 0.5 percent, Oman’s MSM30 Index gained 0.3 percent and Bahrain’s measure added 0.7 percent. Kuwait’s index fell 0.3 percent, Qatar’s QE Index retreated 0.2 percent and Saudi Arabia’s Tadawul All Share Index dropped 0.2 percent at 2:39 p.m. in Riyadh.
    Israel’s TA-25 Index declined 0.5 percent. The country’s benchmark bonds rose, pushing the yield to the lowest level in almost a week, on speculation the central bank may lower borrowing costs as early as tomorrow.


    Source: Bloomberg

    Thursday, December 20, 2012

    European Stocks Fluctuate Near 19-Month High

     European stocks fluctuated near a 19-month high as investors awaited developments in U.S. negotiations to avoid so-called fiscal cliff. U.S. index futures and Asian shares were little changed.
    Ericsson AB lost 2.6 percent after taking an 8 billion kronor ($1.2 billion) charge related to its wireless-chip venture with STMicroelectronics NV. (STM) UBS AG, Switzerland’s biggest bank, dropped 1 percent as it faces scrutiny in Hong Kong for possible misconduct linked to the city’s rates. SBM Offshore NV (SBMO) soared 13 percent after seeking to settle a dispute with Talisman Energy Inc.
    The Stoxx Europe 600 Index (SXXP) retreated less than 0.1 percent to 281.62 at 10:10 a.m. in London, having swung between gains and losses at least six times. The benchmark measure is heading for a seventh straight month of gains and has rallied 15 percent this year as the European Central Bank announced an unlimited bond-buying program and the Federal Reserve began a third round of asset purchases.
    “Investors won’t be taking any big positions from now until year end,” said Matthieu Giuliani, a fund manager at Banque Palatine SA in Paris, which oversees $5.3 billion. “As for the fiscal cliff, it’s in the best interest of both parties to find a solution. It’s normal that the opposition asserts its power to prolong things, but in the end they will reach an agreement.”
    Standard & Poor’s 500 Index futures fell 0.1 percent today, while the MSCI Asia Pacific Index (MXAP) rose less than 0.1 percent as the Bank of Japan expanded its asset-purchase program.

    Budget Talks

    Officials from President Barack Obama’s administration told leaders of U.S. business and financial-services groups that negotiations with House Speaker John Boehner, a Republican, have deteriorated in the last 24 hours, according to a person familiar with the meeting.
    The officials told the group of eight industry representatives at the White House that Republican plans to move forward with Boehner’s alternative proposal on taxes and spending risks pushing the government past the deadline, said the person, who asked for anonymity to discuss the private talks. If lawmakers don’t reach an agreement by the end of the year, a package of more than $600 billion of automatic tax increases and spending cuts, will come into force in January.
    Data on U.S. gross domestic product, home sales and leading indicators are among economic reports expected today.
    Ericsson fell 2.6 percent to 64.60 kronor as the world’s largest maker of mobile-phone networks took the charge for writing down the value of ST-Ericsson. The company said it won’t buy a full majority of the unit after Geneva-based STMicroelectronics said it will exit the venture.
    STMicroelectronics lost 1.2 percent to 5.31 euros in Milan.

    UBS Probe

    UBS (UBSN) slipped 1 percent to 15.05 Swiss francs. The Hong Kong Monetary Authority has started an investigation to see if there was wrongdoing by the bank in its submission of data for setting the Hong Kong Interbank Offered Rate, according to a statement from the de-facto central bank.
    SBM Offshore climbed 13 percent to 10.43 euros as the world’s largest maker of floating oil and gas output platforms sought to settle a dispute with Talisman and wrote off the value of a related operation. The company will sell a 9.95 percent stake to HAL Investments BV for $193 million to restore its balance sheet and meet banking covenants.
    Cap Gemini SA (CAP), a French computer-services company, slid 3.6 percent to 33.24 euros. Accenture Plc, the world’s second- largest technology-consulting company, reported a decline in first-quarter sales of its advice.

    Areva Declines

    Areva SA (AREVA) lost 3.9 percent to 12.90 euros. The maker of nuclear reactors, offshore wind turbines and biomass plants cut its earnings forecast for 2013, citing financing delays at unspecified renewable energy projects carried out by clients.
    Rheinmetall AG (RHM), the maker of KS Kolbenschmidt engine pistons, dropped 2.8 percent to 36.43 euros as Citigroup Inc. downgraded the stock to sell from neutral.
    Immofinanz AG (IIA) tumbled 4 percent to 3.28 euros, for the biggest drop in the Stoxx 600. The Austrian real estate company said first-half net income declined to 103.3 million euros from 265.1 million euros a year ago.


    Source: Bloomberg

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  • Wednesday, December 19, 2012

    Gold Gains as Consumers Buy After Drop to 3-Month Low, ETPs Rise


    Gold gained in London as a drop to the lowest level in more than three months and a weaker dollar spurred buying while holdings in exchange-traded funds rose to a record.
    Physical demand from top buyer India has been “above average” this week, volumes in China are also strong, and buying out of Europe is “notable,” UBS AG said in a report today. The U.S. Dollar Index (DXY), a gauge against six counterparts, fell as much as 0.3 percent to the lowest level since Oct. 18., amid speculation U.S. lawmakers will reach an agreement on the budget, reducing demand for safer assets. Gold typically trades counter to the U.S. currency.
    “Indian and Chinese buying was active on the lows overnight,” said Andrey Kryuchenkov, an analyst at VTB Capital in London. “After such heavy losses, activity remains subdued with some small-scale opportunistic buying on the lows. Weaker dollar is also somewhat helping bullion.”
    Gold for immediate delivery gained 0.3 percent to $1,675.81 an ounce by 10:09 a.m. in London. The price fell to $1,661.10 yesterday, the lowest since Aug. 31. Bullion for February delivery increased 0.4 percent to $1,676.70 on the Comex in New York.
    “Near-term gold sentiment is under pressure, but further out the view remains positive and in that sense current weakness ought to be considered a good buying opportunity,” Edel Tully, a London-based analyst at UBS, said in a report today. Commodity index re-balancing next month may boost gold demand by about 300,000 ounces, she wrote.

    Bank Actions

    Spot gold is up 7.2 percent this year, heading for a 12th annual gain, after central banks from the U.S. to China and Europe took action to prop up economies. Holdings in gold-backed exchange-traded products increased to a record 2,631.43 metric tons yesterday, data tracked by Bloomberg show. They’ve expanded 12 percent this year.
    In the U.S., House Speaker John Boehner offered a backup plan that would raise tax rates for Americans making more than $1 million a year, as he seeks compromise between fellow Republicans and the Obama administration. Standard & Poor’s raised Greece’s rating after a debt buyback.
    Silver for immediate delivery rose 0.2 percent to $31.70 an ounce, up 14 percent for the year. Spot platinum advanced 0.3 percent to $1,598.50 an ounce, advancing 14 percent in 2012. Palladium gained 0.2 percent to $689.50 an ounce.


    Source: Bloomberg


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  • Yen Falls to August 2011 Low Versus Euro on Stimulus Bets


    The yen fell to its lowest level against the euro since August last year on prospects the Bank of Japan (8301) will expand stimulus at a two-day policy meeting that ends tomorrow, its first since the nation’s general election.
    Japan’s currency traded near the weakest level since April 2011 versus the dollar after data today showed the country’s trade deficit widened in November. The 17-nation euro extended gains against the dollar to an eighth day and touched a seven- month high amid optimism U.S. lawmakers will reach agreement on the budget and before data forecast to show improvement in German business confidence.
    “Yen-selling is likely to remain intact,” said Koji Iwata, vice president of foreign-exchange trading in New York at Mizuho Corporate Bank Ltd., a unit of Japan’s third-biggest financial group by market value. “The BOJ will probably disappoint the market if it doesn’t boost asset purchases.”
    The yen touched 111.78 per euro, the weakest since Aug. 30, 2011, before trading at 111.69 as of 6:30 a.m. in London, 0.3 percent below yesterday’s close. Japan’s currency lost 0.2 percent to 84.35 per dollar, after touching 84.48 on Dec. 17, the lowest since April 12 last year. The euro advanced 0.1 percent to $1.3243 after earlier reaching $1.3256, the most since May 1.
    Seventeen of 21 analysts surveyed by Bloomberg News expect the BOJ to ease monetary policy at its policy meeting. Incoming Prime Minister Shinzo Abe, whose Liberal Democratic Party swept to victory in elections for the lower house of Japan’s Parliament on Dec. 16, said yesterday that he requested BOJ Governor Masaaki Shirakawa agree to an accord containing a 2 percent inflation target.
    Abe has called for unlimited easing by the BOJ to defeat deflation and revive growth.

    Trade Deficit

    Japan’s exports fell 4.1 percent last month from a year earlier, leaving a trade deficit of 953.4 billion yen ($11.3 billion), the Finance Ministry said today in Tokyo.
    Commonwealth Bank of Australia (CBA) lowered its forecasts for the yen today, citing a falling surplus in Japan’s current account, the broadest measure of trade.
    The Japanese currency will drop to 98 yen per dollar in December next year, Commonwealth Bank strategists Joseph Capurso and Richard Grace wrote in an e-mailed report. That compares with an earlier projection for it to trade at 83. The yen will decline to 129.36 per euro by the end of 2013 compared with an earlier projection of 110.39, according to the bank, which is Australia’s largest by market value.

    Yen Forecasts

    A sharp contraction in the current account surplus is a major reason the yen will “weaken substantially further in 2013,” the strategists wrote. The surplus “will remain small, or possibly return to deficit, because Japan’s household savings is likely to keep falling and government budget deficits are likely to remain large.”
    The yen has lost 13 percent this year, the worst performer among the 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes. The dollar has weakened 3.3 percent and the euro has dropped 1 percent.
    Japan’s benchmark Nikkei 225 Stock Average climbed as much as 2.4 percent today, rising above 10,000 for the first time since April, as a weaker yen brightened overseas earnings prospects. The MSCI Asia Pacific Index of shares advanced 1.2 percent.
    The Dollar Index, which IntercontinentalExchange Inc. uses to track the greenback against currencies of six U.S. trading partners, touched a two-month low amid speculation a compromise will be reached in U.S. budget negotiations, sapping demand for safer assets. Political leaders in Washington are debating how to avoid the so-called fiscal cliff, more than $600 billion in automatic tax increases and spending cuts that will take effect in January unless Congress acts.

    ‘Plan B’

    House Speaker John Boehner is trying to sell a tax increase for top earners to fellow Republicans. The speaker said yesterday the House will vote this week on a budget “plan B” that would raise tax rates on income of more than $1 million a year, while he continues to negotiate with President Barack Obama. Obama’s administration and other Democrats immediately rejected the proposal as inadequate.
    The Dollar Index declined as much as 0.2 percent to 79.221, the least since Oct. 18.
    Europe’s shared currency advanced for an eighth day against the dollar, the longest series of gains since the eight trading sessions ended April 28, 2011.

    Ifo Survey

    In Germany, the Munich-based Ifo institute is predicted to say its business climate index rose to 102 this month from 101.4 in November, according to economists surveyed by Bloomberg. An Ifo measure of executives’ expectations may increase to 96.4 from 95.2, while a gauge of the current situation probably slid to 108 from 108.1, surveys showed ahead of the data today.
    Standard & Poor’s yesterday lifted Greece’s credit rating to B- from selective default, citing the completion of the nation’s distressed debt buyback and the determination of euro- zone member states to preserve its membership in the bloc.
    The next key test for euro sentiment will come from the Ifo survey, Ray Attrill, the Sydney-based global co-head of currency strategy at National Australia Bank Ltd., wrote in a note to clients today. “Any improvement on the November readings should keep the rally intact.”
    The New Zealand dollar fell against all of its 16 major counterparts after Auckland-based Fonterra Cooperative Group Ltd., the world’s largest dairy exporter, said whole-milk prices fell for a fourth-straight auction.
    New Zealand’s currency, known as the kiwi, dropped 0.2 percent to 83.95 U.S. cents. It fell 0.1 percent to 70.79 yen.

    Source: Bloomberg


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