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ChannelTitle:
Forex - USD Gains and Precious Metals Drop
Forex News and Events:
Traders walking into the Europe session were hit with the news that Osama bin Laden was killed in Pakistan. The knee jerk analysis was that the event would be broadly positive for risk correlated trades. So far, stocks are in the green in Asia and Europe (S&P futures up 0.5%) which supports this theory. However, we suspect if any USD premium was accumulated by the pro-US news will quickly be faded and the long effect of the actions is examined.
EURUSD lingered midrange between 1.4760 and 1.4865 while USDJPY has come off the low to retest Friday’s 81.71 high. Overall, with much of S. East Asia celebrating Labor Day and UK on bank holiday, trading has kept FX trading directionless and subdued. Perhaps the larger driver was the volatile open in precisions metals.
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Gold recovers from bin Laden news; silver tumbles
(Reuters) - Silver prices tumbled on Monday, making their biggest loss since late 2008, while gold trimmed losses triggered by news that al-Qaeda leader Osama bin Laden was killed in a U.S.-led operation in Pakistan.
Silver, hit by a recovery in the dollar, increased futures trading margins and a technical overhang after a 170 percent rally over the last 12 months, fell as much as 10 percent to $43.04 an ounce, its lowest in nearly two weeks, before recovering to $44.92.
COMEX silver futures tumbled 13 percent to $42.20 earlier in holiday-thinned trade, and trimmed losses to $44.96.
"Silver is an accident waiting to happen, and it seems like it has incurred 'bumper' damage today," said Citigroup analyst David Thurtell.
Gold initially fell more than $5, as bin Laden's death was seen to ...
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Analysis: EU sharpens knives for zero-sum budget battle
(Reuters) - The knives are out for the European Union's budget even before the bloc's executive presents its proposals in June for the next long-term financial plan, with anti-European populism on the rise in many countries.
The European Commission's request for a 4.9 percent increase in EU spending to 132.7 billon euros ($195 billion) in 2012 triggered a predictable chorus of outrage from west European countries that are net contributors to the budget and are struggling to cut their national deficits.
"The idea of a 5 percent increase at a time when member states are having to make reductions in difficult public spending programs at home is completely unacceptable and we'll make sure it doesn't happen," British Prime Minister David Cameron told parliament in London.
European Budget ...
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Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
Reversed under 1.4800 after posting fresh annual high at 1.4880, to break below channel support, drawn off 1.4156, 18 Apr low, and reach 1.4761 low so far. Further reversal is seen towards 1.4732/1.4685 Fibonacci levels, where a higher low is anticipated to maintain short-term bulls in play. Loss of 1.4630 higher platform, however, would turn tone negative for potential revisit of 1.45 zone. On the upside, regain of 1.4880 would open 1.4900, ahead of psychological 1.5000 level.
Res: 1.4830, 1.4862, 1.4880, 1.4900
Sup: 1.4761, 1.4732, 1.4685, 1.4630
http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusd_20110502071406.gif
GBP/USD
Continues to trade sideways after posting fresh high at 1.6745 and subsequent pullback so far been contained at 1.6620 ...
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Technical analysis of the EUR/GBP pair on May 2nd, 2011
Commentary of the EUR/GBP pair:
The pair EUR/GBP continues to move on the lower band of its bullish channel as resistance. Indicators are mitigated.
We maintain to trade only long positions as far as 0.8850 is support. The breakout of 0.8950 will give a new buy signal and open the way towards 0.90. However, if 0.8850 is broken, we will wait the breakout of 0.88 to trade short positions.
See the previous analysis of the EUR/GBP pair of April 29th, 2011
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Technical analysis of the EUR/USD pair on May 2nd, 2011
Commentary of the EUR/USD pair :
The pair EUR/USD made a double top on 1.4880 as resistance. The pair is now testing again 1.48 as support and is still moving into its bullish channel. 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 April 29th, 2011
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Technical analysis of the GBP/USD pair on May 2nd, 2011
Commentary of the GBP/USD pair :
1.6722 gave resistance on the pair GBP/USD twice and the pair also tested the upper band of its bullish channel. We maintain to trade only long positions as far as 1.66 is support. The breakout of 1.6722 will give a new buy signal and open the way towards 1.68. However, if 1.66 is broken, we will be neutral.
See the previous analysis of the GBP/USD pair of April 29th, 2011
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Technical analysis of the USD/CHF pair on May 2nd, 2011
Commentary of the USD/CHF pair :
The pair USD/CHF continued its bearish movement and the breakout of 0.87 gave us a new sell signal. Currently ,the pair is testing a pullback on this level. The next support is at 0.86. We maintain to trade only short positions as far as the pair is moving into its bearish channel. The breakout of 0.86 will give a new sell signal and open the way towards 0.85.
See the previous analysis of the USD/CHF pair of April 29th, 2011
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Forex - CHF Surges on SNB Hawkish Comments
Forex News and Events:
With Japan and the UK on holiday today – low liquidity and general Friday apathy should keep FX trading constrained and range bound. EURUSD is trading safely between 1.4825 and 1.4850 while USDJPY consolidated between 81.55 and 81.65.
It seems today will be about watching the Royal wedding (whether you want to or not) with some brief trading around the European & US economic releases. Price action between those points will be subdued.
Yesterday, the US GDP Q1 number registered a soft 1.8% with a 2.0% expected and 3.1% prior print. The figure suggests that hold on a one-directional US recovery might be slipping. Interestingly, we stated yesterday that Bernanke’s reserved comments regarding growth should have signaled to participants further downside risks. ...
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