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BullishTitle:
Portugal agrees the terms
USD
FX risk appetite declined a little further during the Asia session as silver weakened again. News that Portugal had agreed the terms of a financial aid package with the EU/IMF/ECB did little to shore up sentiment. EURUSD traded in a range of 1.4755-1.4861, and USDJPY 80.82-81.11. Asian equities are down over 1% at the time of writing while the S&P 500 closed -0.34% lower. On the data front, US factory orders were stronger than expected at +3.0% in March, and vehicle sales also surprised to the upside, coming in at 10.2 mn for domestic sales and 13.14 mn for total sales (vs. 9.9 mn and 13 mn respectively). Ahead on Wednesday, European PMI figures are due, while the US gears up for the Friday payrolls print, beginning with the ADP survey and ISM non-manufacturing report for April.
EUR
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Title:
Portugal reaches deal, Euro remains unimpressed
Morning Briefing: RBA Keeps Interest Rates on Hold
News:
Portugal: Announces a deal was reached with EU and IMF
FOREX: EUR/USD this week has so far endorsed our neutral market trend for the immediate term
Euro Zone: ECB news conference tomorrow – focus on timing of rate hikes
US Dollar: Recovers some ground as market players book some profits over their short USD positions
Commodity Bloc Currencies: Softer as risk appetite eases slightly
Rates in Asia and Indices:
EUR/USD: 1.4840 - 1.4775.
USD/CHF: 0.8648 – 0.8609.
GBP/USD: 1.6494 - 1.6453.
EUR/JPY: 120.27 – 119.49.
USD/JPY: 81.11 – 80.82
DowJones: 12’807.51
NASDAQ: 2'841.62 -0.78%
S & P 500: 1'356.62 -0.34%
Nikkei: 10’004.20 +1.57% (market holiday)
Shanghai: 2'866.42 -2.24%
Gold: $ 1'533.40
Crude Oil: $ 110.63
Comments:
Portugal’s ...
Title:
EU/IMF Bailout of Portugal Announced, EUR/USD Bearish
The euro appears to have fallen mildly against a number of its currency rivals yesterday after the European Union and International Monetary Fund (IMF) announced their expected plans for a bailout of Portugal. As a result, the EUR/USD came off its recent 17-month high of 1.4900 to trade moderately lower, near the 1.4820 mark at today's Asian market open.
Economic News
USD - Safe Havens Gain, USD Mixed, as Investors Move to Safety
The US dollar experienced mixed results yesterday as traders began to shift away from riskier assets citing expectations for al Qaeda reprisals following Osama bin Laden's death. The USD moved lower against the safe haven Swiss franc and Japanese yen on global concerns while stocks and commodities begin to trade flatter.
The USD did see some minor gains ...
Title:
Technical analysis of the EUR/GBP pair on May 4th, 2011
Commentary of the EUR/GBP pair:
The pair EUR/GBP well continued its bullish movement. THe breakout of 0.8950 gave us a new buy signal. Currently, the pair is testing the next resistance at 0.90 and the pair is now back into its bullish channel. All indicators are bullish. We maintain to trade only long positions as far as 0.8925 is support. The breakout of 0.90 will give a new buy signal and open the way towards 0.9050.
See the previous analysis of the EUR/GBP pair of May 3rd, 2011
Title:
Technical analysis of the EUR/USD pair on May 4th, 2011
Commentary of the EUR/USD pair :
The pair EUR/USD continues to move above the lower band of its bullish channel. The pair is currently moving between 1.48 and 1.49. Indicators are globaly bullish. We maintain to trade only long positions as far as 1.4750 is support. The breakout of 1.49 will give a new buy signal and open the way towards 1.50.
See the previous analysis of the EUR/USD pair of May 3rd, 2011
Title:
Technical analysis of the GBP/USD pair on May 4th, 2011
Commentary of the GBP/USD pair :
A strong bearish movement occured on the pair GBP/USD which is currently testing the lower band of its bullish channel. We are neutral on the pair between 1.6450 and 1.6530. We advise to wait an exit of this range to take position:
- Long if 1.6530 is broken. The breakout of 1.66 will give a new buy signal
- Short if 1.6450 is broken. The breakout of 1.64 will give a new sell signal.
See the previous analysis of the GBP/USD pair of May 3rd, 2011
Title:
RTFX Daily Market Comments: 05/04/2011
GBP – USD
Market should not go lower than 1.6383. After this move down it should go up to 1.6574 - 1.6610 area.
EUR – USD
Current upmove should continue up to 1.4959. Supports at 1.4823 and 1.4790. Stop Loss below 1.4757 limit.
USD – JPY
One more dip to 80.82 - 80.67 is likely followed by a grind higher to 81.11 - 81.25. After which it can resume his downtrend.
USD – CAD
Currently uptrend should end around 0.9534 - 0.9559 area. A correction down to 0.9492 - 0.9476 is expected. A rise above 0.9592 will abort the expected correction.
NZD – USD
Market should pop up towards 0.8026 or 0.8044 this bullish scenario would be damaged if 0.7979 - 0.7949 zone is broken, a severe break down could then occur.
AUD – USD
Market should not go lower than 1.0803. After this move ...
Title:
Gold steadies after bin Laden; silver stabilizes
(Reuters) - Gold steadied on Tuesday after hitting record highs above $1,570 an ounce the previous day following the death of al Qaeda leader Osama bin Laden, and silver recovered from its biggest one-day drop in 29 months.
Gold shrugged off the potentially negative impact of a slightly stronger dollar, which edged up 0.2 percent against a basket of major currencies .DXY.
But the longer-term prospect of an extended period of low U.S. interest rates kept the dollar index around three-year lows and helped gold stabilize following Monday's 1.2 percent drop.
Spot gold was virtually flat at $1,543.89 an ounce by 0955 GMT, having hit a record $1,575.79 an ounce on Monday.
COMEX gold futures were down 0.8 percent at $1,544 an ounce.
"The U.S. dollar is significant in the price development of ...
Title:
Dollar rises on aversion and majors weakness
The market is still rattled by the news of Bin Laden’s death, as the joy for the dollar starts to turn sour with fears of retaliation acts that struck the alarm in embassies and airports across the world.
Mixed data is streaming into the market with fears over the next chapter in the US war against terrorism and also woes over a shaky global recovery. The data is signaling slowing expansion across sectors and slowing recovery and that is surely not pleasant for the surge in risk appetite seen recently.
Haven demand and major currencies weakness fed into the dollar’s strength today as the dollar index trades bullishly around 73.24 recording the high of 73.29 and the low of 72.91.
The dollar was propped up by majors weakness that was attributed to their downbeat fundamentals that surely ...
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