Gold may gain, biggest rise in two weeks
Gold is likely to rise , on concerns on the EU debt situation , as a safe haven investment , Silver fell while Gold remained unchanged at $1,584.60 in Asian hours , it had gained 0.8% yesterday , Gold however has declined approximately 5% since March as cash was the preffered mode . The dollar Index up 4.3% fell0.2% in Asian hours . German Chancellor Angela Merkel resisted the concept of euro-area debt sharing to resolve the crisis ahead of a two-day summit of leaders from June . Cyprus became the fifth euro member to seek assistance as Spain yesterday formally requested a fund infusion for its banks , Moody downgraded 28 Spanish banks.
Euro approaches 2-Week Low Yen declines - Japanese Tax Vote
The euro traded 0.4 percent from a two-week low against the dollar amid concern that a European Union summit this week won't lead to decisive measures to end the currency bloc's debt concerns . The 17-nation euro held onto a drop from yesterday versus the pound before Spain and Italy sell debt today amid concern contagion from Greece will push up borrowing costs. Moody's Investors Service downgraded 28 Spanish banks yesterday,
Cyprus Requests EU Aid While Seeking Funds From Russia or China
Cyprus sought a funds from the euro, becoming the fifth of the euro's 17 member states to request funds The goal is to contain the risks to the Cypriot economy, notably those arising from the negative spillover effects through its financial sector, due to its large exposure to the Greek economy, the Cypriot government said in the statment yesterday
EU suggests National Budgets as a New Proposals
EU would have the right to revise the budgets of euro-area countries that contravene fiscal rules under proposals set to be considered at this week's summit in Brussels, The proposals are part of a plan for a closer fiscal union in the euro region inclusive of banking and and political union.
Asian Currencies rise on US housing data
Asian currencies rose after housing data in the U.S. beat analysts' forecasts, brightening the outlook for the region's exports. The JPMorgan Asia Dollar Index, which tracks the region's 10 most-traded currencies, rose from a three-week low after purchases of new homes in the U.S. increased last month to the highest level since the begining of the year
Mitsubishi's $5.4 Billion Copper Bet Sparks Codelco Fight
Mitsubishi Corp., the Japanese trader that trumped Codelco to buy a stake in Anglo American Plc.'s Sur copper unit, expects it to generate as much as $500 million a year, becoming the company's second-biggest earner. The $5.4 billion record purchase for Mitsubishi was will make it the world's fifth-biggest copper producer
Oil Trades Below $80 for a Fourth Day on European Debt Crisis
Oil traded below $80 a barrel for a fourth day in New York on concerns that the meeting of European leaders this week will not be effective in proping the economy and drive down fuel demand . Futures were falt after declining 0.7 percent yesterday.
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.Read the Terms of Service