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Currency Monitor 2012-05-09

May 9, 2012
  • Greece regains centre stage as it fails to form a government, threatening new elections
  • France's Hollande continues to push for growth, without saying how he will finance it
  • Germany stands firm on the "fiscal compact," suggesting growing friction within Europe
  • EUR and growth currencies under pressure as the Dollar attracts safe-haven flow into Treasuries
  • Commodities drop as Saudi official says Oil prices still "a bit high" after a 6% drop in Brent Crude
  • Gold breaks support as growth prospects dim and Fed appears reluctant to consider further stimulus
  • AUD weakens on biggest trade deficit in five years and as budget spending cuts suggest lower rates
  • NZD declines as RBNZ's Bollard says lower commodity prices usually accompanied by a weaker currency