| Market Analysis Forex - 13 12 2011 |
 Bundesbank President Weidmann dampened speculation the ECB will provide additional measures to stem the debt crisis when he said that while last week's new accord represents "progress," the onus is on governments rather than the ECB to resolve the crisis. EUR/USD hit a session low of $1.3261 after triggering stops below Friday's trough of $1.3280. It is now about 6.0% below its October peak and 11% off its 2011 May high of just under $1.5000.Japanese stocks finished higher as exporters gained when USD/JPY weakened and after US consumer confidence rose to a 6-month high, which boosts earnings prospects of export companies. China's Shanghai Stock Index tumbled to a 2-1/2 year low on weak exports and after the government pledged to keep property curbs next year. Nov China exports climbed +13.8% y/y, stronger-than-expectations of +10.9% y/y, but still the sloooooowest pace of growth in nearly 2 years. Standard & Poor's put more pressure on the Eurozone with its chief economist saying time was ‘running out’ for the currency bloc to resolve shock to get it moving. US bank shares could fall during the regular session as investors assess the possibility of tighter credit in Europe. Bank of America shares lost 1.4% to $5.64 in premarket trading. Resource-related stocks will also be in focus after WTI oil futures fell 1.1% on deepening concern over the prospects for the Eurozone. The euro fell on Monday erasing gains made following the EU summit on Friday. Twenty-six of the 27 European Union leaders agreed to pursue stricter budget rules for the euro zone and also to have the euro zone states and others provide up to 200 billion euros in bilateral loans to the IMF to help solve the European debt crisis. Even if Europe took a step further to end the crisis, the euro fell as Moody's announced that the EU Summit offers few new measures to solve the debt crisis, adding that Europe is still prone to further shocks. |
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