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British Pound ContinuedTitle:
SunBirdFX Daily Market Analysis : 05/21/2012
www.sunbirdfx.com
The bearish momentum in Wall Street continued last week as indices shed 4%-5% during the week. The sharp declines were expected from the technical analysis point of view, since the main indices broke significant support in their daily charts, which we have analyzed and marked as key levels. The S&P 500 broke the support at 1350 points and reached the target we set at 1300 points, mainly because of the collapse of the financial sector. The volumes are increasing, which means that the sellers are gaining power, in spite improving economic data and the optimism that spread with Facebook trading on Friday. The three main indices are close to the annual opening levels as NASDAQ's next support is at 2400 points.
EUR/USD
We have been mentioning the support at 1.30 as a ...
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Dukascopy Afternoon Forex Overview : 05/18/2012
Dukascopy Fundamental Analysis
EUR
Moody's reduced credit rating of 16 Span's banks, citing a rise in bad debts in the country's financial sector and overall deterioration of the economic environment. The decision came after shares of Bankia lost another 14%. The largest banks such as Banco Santander and BBVA were downgraded while ten out of 17 banks were put on negative watch, implying that further credit rating cuts are possible.
USD
As the U.S. dollar gets stronger, investors are concerned that aggravating debt crisis in Europe will reduce demand for oil. Therefore, oil shows decline for a third week. Crude oil lost 25 cents yesterday and reached the 6-month low of $92.56. Brent oil for July delivery slid 0.5 percent to finish at $106.99.
GBP
Following a downgrade of 16 Spanish banks, ...
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Negativity persists but shows some signs of consolidation
What’s new:
Asia: US equities closed negatively but Asia eking some gains this morning
Forex: GBP still in the negative after yesterday’s dovish inflation report
Japan: Better than expected GDP growth for Q1
United States: Number of policy makers still ready to take action if growth falters
Rates in Asia and Indices:
Low High Change
EUR/USD 1.2712 1.2749 0.06 %
USD/CHF 0.9421 0.9449 0.06 %
GBP/USD 1.5889 1.5933 -0.08 %
USD/JPY 80.25 80.4 -0.01 %
EUR/CHF 1.2010 1.20125 -0.00 %
EUR/JPY 102.09 102.39 -0.06 %
Dow Jones 12597.34 12722.63 -0.26 %
Nasdaq 2558.69 2597.16 -0.74 %
S&P 500 1324.79 1341.78 -0.44 %
Nikkei 225 8765.71 ...
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Pound`s focus on United Kingdom Labor Sector, Inflation Report
The focus shifts from Greece and the political tension to the United Kingdom today, where the royal economy will provide markets will data regarding the performance of the labor sector amid the current economic situation and the spending cuts adopted by the British government, which attempts to trim the huge deficit the nation handles.
The performance of the labor sector is not expected to improve in April, where the claimant count rate, which measures the number of people claiming unemployment benefits in the royal economy, could have expanded in the month to 5.0% from the previous of 4.9%, as additional five thousand Britons could have applied for benefits in the related month.
Other bearish signs will be provided by the ILO unemployment report, where the joblessness in the United ...
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U.K. trade deficit narrows in March
U.K. visible trade deficit narrowed to 8546 million pounds in March compared with the prior deficit of 8772 million pounds which was revised to 8590 million pounds deficit, while analysts expected the deficit to narrow to 8400 million pounds.
Trade balance non EU also showed narrowed deficit to 4109 million pounds from the revised 4871 million pounds which was 5017 million pounds, where economists predicted the deficit to decline to 4700 million pounds.
Total trade shortfall retreated to 2379 million pounds from February`s deficit of 3396 million pounds after it was revised to 2948 million pounds deficit, which is better than forecasts of 2900 million pounds deficit.
Exports advanced 5.8%, led by cars, chemicals and capital goods, while imports surged 4.2%. Yet, overseas sales to the EU ...
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EUR/USD Hits 4-Month Low
The euro continued to tumble throughout yesterday's trading session as investors grew more concerned regarding the impact of a possible new Greek election next month. The EUR/USD fell close to 70 pips during European trading, reaching as low as 1.2829. Today, traders will want to pay attention to several potentially significant market events. At 9:00 GMT, the German ZEW Economic Sentiment figure may be able to help the euro recover some of its recent losses if it comes in above analyst forecasts. In addition, the US Core CPI, Core Retail Sales and Retail Sales figures, all scheduled for 12:30 GMT, could lead to market volatility for USD pairs. Should any of the news come in above expectations, the greenback could move up against the JPY.
Economic News
USD - US Retail Sales Data Set to ...
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Euro continues on the offer on Greece and Spain
Forex Morning Briefing : Euro continues on the offer on Greece and Spain
What’s new:
US: Mixed to higher session on first monthly budget surplus since 2008. Weak JPM earnings kept gains limited.
Europe: Green equities across the board with Spain leading the pack on back of government support. EUR continue on the offer to new 3-month lows.
Asia: Falling equity markets on weak corporate earnings and Chinese inflation in line with expectations.
Rates in Asia and Indices:
EUR/USD 1.2905 1.2944 -0.11 %
USD/CHF 0.928 0.9307 -0.12 %
GBP/USD 1.6099 1.6154 -0.21 %
USD/JPY 79.73 79.98 0.18 %
EUR/CHF 1.20099 1.20131 -0.00 %
EUR/JPY 102.97 103.49 ...
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Majors maintain the pullback against the greenback
Jobless claims came below market expectations at 367,000; 5,000 below consensus and 1,000 below last reading. Meanwhile, the trade deficit continued to widen printing $51.8 billion in March from $46.0 billion February.
Markets maintained the volatile stance, however with a slight upside bias today. The EUR/USD is pushing towards the key previous low and resistance level around 1.2975-1.3000 area, where the resistance is expected to show robustness in the near term, and further downside attempts towards the recent low at 1.2909 seem likely within the upcoming sessions, although a break above 1.3000 could extend the bullish correction towards 1.3075.
The GBP/USD rallied after the BOE decision, officials decided not to give the economy another dose of cash injection despite the ailing ...
Title:
Risk-Aversion Sends the Euro and Sterling South
With the start of the second session this week, tension remains evident in the market as the Greek talks continues for the second day, where so far Greek political leaders are unable to form a government, following the failure of Antonis Samaras, the thing that raised fears regarding the Greek future and existence in the Monetary Union as well, sending high yielding currencies led by the euro and sterling pound south.
The sentiment continues to be negative in the market as Greeks are split over the bailout deal with the European Union and the existence in the euro-area, where major parties in Greece lost significant support as those parties signed the bailout deal with the European Union, which in result mean more austerity and cuts for the Greek nation.
Amid the current political ...
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