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As The Main UpsideTitle:
Strengthened dollar
Today a mix of sentiments were spread throughout the day on a local and global scale as we watched Facebook Inc. retreating and investors speculating that China and Europe will stimulate growth, yet optimism was the major sentiment felt on the U.S soil mainly after that the superpower`s existing home sales jumped by 3.4 percent in April; a clear sign of recent stability within the housing market.
Accordingly we watch the dollar strengthen on this unexpected cheerful data to therefore see the Dollar index which measures the performance of the U.S. dollar against a basket of currencies including the Euro, the Pound, and the Yen, rose to currently trade at 81.27 recording its highest level at 81.38 and its lowest at 80.92
As a result the euro fell against the dollar and remains on plunging ...
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OECD lift U.S. growth outlook and bolster dollar gains
Major currencies are once again trending lower against greenback today after the Organization for Economic Cooperation and Development (OECD) downgraded its growth outlook for the euro area opposed to improvement in the United States.
The U.S. economy is expected to strengthen this year and the OECD expects growth of 2.4% and 2.6% this year and next, lifting higher its November forecasts of 2.0% and 2.5% respectively. For the euro area the organization expects 0.1% contraction this year and 0.9% growth in 2013 which is worse than the previous expectations for 0.2% and 1.4% growth respectively.
The OECD also downgraded its China growth forecasts to 8.2% and 9.3% this year and next from 8.5% and 9.5% leaving the U.S. economy till now the only with the positive expectations prevailing, ...
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Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
Maintains near-term positive tone off last Friday’s low at 1.2641, as yesterday’s dip was contained above important 1.2700 level. Fresh gains above 1.2800 and previous high at 1.2811, see potential for further retracement and test of strong resistance zone at 1.2900/15, with break above initial dynamic barrier of 55 day EMA at 1.2830 required. However, overall bearish tone still keeps the downside vulnerable. Immediate supports lie at 1.2780, overnight’s low and 1.2770, trendline support, while loss of 1.2724, yesterday’s low, would weaken the near-term structure.
Res: 1.2780, 1.2800, 1.2811, 1.2868
Sup: 1.2781, 1.2750, 1.2724, 1.2700
GBP/USD
The near-term price action moves in a sideways mode, trading within narrow 1.5780/1.5840 range, with no much prospect seen for stronger ...
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Gold drops from $1600 levels amid possible frictions between European leaders
Precious-Gold dropped after approaching $1600 levels amid possible conflict between European leaders over measures to tackle the debt crisis.
Yesterday, German Chancellor Angela Merkel said she will not be shy to reject Hollande`s idea of introducing Eurobonds at the informal EU summit taking place in Brussels tomorrow.
With possible frictions between European leaders crisis may intensify more which will probably make investors refrain from buying commodities and risky assets.
The shiny metal advanced yesterday after Chinese Premier Wen Jiabao said he will give utmost determination to boost growth, while German and French Finance Ministers said they agreed "to do everything to keep Greece in the euro club."
Gold is currently trading around $1582.06 an ounce after recording a high of $ ...
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Brent steady near $109 ahead of EU summit, Iran talks
(Reuters) - Brent crude held steady near $109 on Tuesday, awaiting the results of two meetings to tackle Europe's debt crisis and Iran's nuclear programme, which could determine the future of global oil demand and supply.
EU leaders may introduce new measures to tackle the euro zone's worsening debt crisis during Wednesday's informal meeting to seek solutions to the Greek political crisis mired in conflict over debt and austerity policies.
Major powers will also meet Iran on Wednesday to discuss its nuclear programme, but tensions with the West remain high as the U.S. Senate unanimously approved a package of new economic sanctions on Iran's oil sector on Monday.
Brent crude edged up 7 cents to $108.88 a barrel by 0448 GMT, but is still about $20 down from March's high. U.S. crude for ...
Title:
Greek Chaos Continues But Solution Ultimately Found
- While waiting for the Greek election on 17 June we are likely to see continued high uncertainty and continued high stress in the markets. Things are likely to get worse before they get better.
- Amid this uncertainty, Greek citizens are likely to withdraw more money from their banks and this could escalate into a real bank run.
- A major game of chicken has started between the EU on the one hand and Greek politicians on the other.
- The EU is likely to stand firm on its demands for Greece to deliver austerity and give only a few concessions. The rethoric from the left coalition party Syriza is likely to continue to be fiercely against the EU as it is aiming to become the biggest party and get 50 bonus mandates for this.
- We look at three different post-election scenarios. ...
Title:
Is Facebook Weighing on the Euro or is the Euro Weighing on Facebook?
It has been a lacklustre day post the G8 meeting at the weekend (yawn), the drop in Mark Zuckerberg's net worth seems to be more of a talking point than the continuing Eurozone crisis. But, the Eurozone banking index gives it all away. Bankia, Santander and the usual Spanish suspects all turned lower as we headed into London's lunchtime, which dragged the overall European banking sector down to its lowest level since November 2011. Within a matter of hours EURUSD followed suit and is making fresh lows of the day at 1.2730 (at the time of writing).
Official EU disappointment
Although a temporary bottom may be in place at 1.2624 in EURUSD, the G8 summit highlighted a couple of things that remain negative for the single currency: 1, how divided the Eurozone (and the world) is about how to ...
Title:
Crude rebounds slightly on Goldman Sachs, China`s stimulus signs
Crude oil climbs up today after many sessions of declining as the EU oil embargo for Iranian oil is on the verge, but the G8 leaders agreed together to pump the emergency oil reserves and there will be extra supply if sanctions on Iran lead to a surge in prices.
Crude oil opened today’s session at $91.34 and reached so far a high of $92.17 and a low of $90.17, where it is currently trading around $91.95 a barrel.
In fact, crude found a slight support from the summit’s outcome which raised the pressure on European leaders to act more seriously and effectively to fight the crisis and try to keep Greece in the bloc if it meets all the commitments.
The main support which been behind this upside momentum for crude is China, as it could take new steps to stimulate growth. The Chinese ...
Title:
Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
Extends the near-term recovery above initial barriers at 1.2750 zone, after temporary footstep was found at 1.2640, last Friday. Bounce from here briefly broke above 1.2800 barrier, also Fib 23.6%, where descending trendline, connecting 1.3282/1.3177 tops, limited gains at 1.2811, with corrective easing on overbought hourly studies under way. Dips need to be contained at 1.2760/40 zone, to maintain positive near-term tone for possible fresh attack at upper barriers. Lift above 1.2800, to face significant resistances at 1.2886, Fib 38.2% and 1.2900 zone, clearance of which to confirm near-term base and open way for stronger retracement of 1.3282/1.2641 downleg, with 1.2950/80 seen next. On the downside, loss f 1.2740 and psychological support at 1.2700, would turn focus lowercase ...
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