Cnbc Key Resistance

Forex News and Events: Over the past few days, the media has been relaying comments suggesting leaders are backing the stay of Greece in the EMU. For starters the G8 stressed the importance for Greece to remain in the monetary union regardless of the discord over how to best tackle the crisis. During an interview with CNBC on Tuesday, former Greek PM insisted that an exit would yield “catastrophic” consequences for the country itself and “far reaching” implications for the EU. During yesterday’s European session however, EU officials stated they have agreed over a teleconference call with Eurogroup Work Group (EWG) that each nation in the EMU must prepare an individual contingency plan in case of an exit. The EUR sank against the USD to its lowest level since July 2010 at 1.2544, down 5. ...

Fundamental Analysis EUR "The rally is mostly technically driven after we became quite oversold last week." - Raimund Saxinger, a fund manager at Trust Investment GmbH European stocks rose by the most in a month on Tuesday. The Stoxx Europe 600 Index gained 1.91 per cent to 244.76. Germany’s DAX Index edged higher 1.65 per cent and France’s CAC 40 Index added 1.88 per cent. The U.K.’s FTSE 100 Index rose 1.86 per cent to 5,403.28 USD "People are becoming more confident about job prospects and about taking on mortgages." - Millan Mulraine, a senior U.S. strategist at TD Securities Inc. U.S. existing home sales rose in April to an annual rate of 4.62 million from 4.47 million in March, said the National Association of Realtors. GBP "These figures give the Monetary Policy Committee ...

Fundamental Analysis EUR "Inevitably there is going to be an element of bargain hunting as investors look to top up their holdings on the basis of slightly lower prices" - Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers European stocks edged higher on Monday on China’s pledge to boost growth. USD "Equity prices have gotten oversold" - Mark Luschini, chief investment strategist for Janney Montgomery Scott LLC U.S. equity market edged higher on Monday on China stimulus hopes and after German and French officials said they would cooperate to keep Greece in the monetary union. GBP "Obviously, as the euro depreciates, the U.K. gets slightly more expensive" - Miles Shipside, Rightmove commercial director U.K. national house prices stagnated in March, announced the ...

Fundamental Analysis EUR "Fears of a Greek exit from the euro zone and the negative consequences from that are prevailing" - Ben Kwong, KGI Asia European stocks edged lower after Fitch downgraded Greece’s credit rating to ‘CCC’, implying that the country is vulnerable and highly dependent on favourable economic conditions to fulfill its financial obligations. USD "If there were scope to do another twist of some type it would be prudent to consider it, especially in the scenario where things are worse and the Fed feels like it needs to move" - Nathan Sheets, Citigroup Inc. Fed policymakers might potentially launch another round of Operation Twist rather than a direct asset purchases in case of increased risks or further weakening of the US economy. GBP "We must work together to give ...

After the deep selloff markets recover some of earlier losses triggered by fears of “Grexit”, after politicians failed to find a common ground and name a new coalition government. Meanwhile Angela Merkel in an interview with CNBC reiterated following many European politicians “I want Greece to stay in the Euro” giving markets a minor relief, and a reason to rebound in a normal pullback after being oversold. The EUR/USD decently off lows, the pair has traded the lowest since January today at 1.2680, and currently trading around 1.2750. Meanwhile, U.S. housing sector continues to show recovery, as building permits fell to 715,000 last month, however March permits were revised upward to 769,000. Housing starts rose to 717,000 units, while March reading of 654,000 was revised to 699,000. On ...

Fundamental Analysis EUR "The U.S. labor-market report will further erode investor confidence" - Markus Allenspach, head of bond research at Julius Baer Group Ltd. European stocks extended weekly losses, after a report showed U.S. companies added fewer jobs than expected in April. The Stoxx Europe 600 Index erased 1.76 per cent to 253.00. Germany’s DAX Index tumbled 1.99 per cent and France’s CAC 40 Index contracted 1.90 per cent. The U.K.’s FTSE 100 Index lost 1.93 per cent to 5,655.06. USD "We’re still very much on the recovery path, but we’ve got a huge amount of ground to make up in the labor market" - Scott Brown, chief economist at Raymond James & Associates Inc. The number of Americans, who have found a job in the private sector in April, tumbled to 115,000 from 154,000 the ...

Fundamental Analysis EUR "Technically, easier monetary policy conditions should be currency negative." - Jane Foley, analyst at Rabobank The European Central Bank held key rate at 1 per cent on Thursday and told it expects a gradual economic recovery this year. USD "Labor market conditions have improved in recent months." - Federal Open Market Committee The number of Americans claiming for unemployment benefits tumbled to 365,000 in the week ended April 28 from 392,000 the week before, said the Department of Labor on Thursday. GBP "The service sector started the second quarter on a weaker note than in the first quarter, but continued to grow at a reasonable pace." - Chris Williamson, chief economist at Markit U.K. service sector growth slowed in April, Markit Economics data showed on ...

Fundamental Analysis EUR "Once we hit the 6.5 per cent mark , the alarm bells will go off loudly in Brussels and more rhetoric will be coming from the European Central Bank" - Adrian Miller, a global markets strategist at GMP The rating agency Standard & Poor’s has downgraded Spain’s credit rating by two notches to BBB-plus with a negative outlook from A, citing expectations the government finances will deteriorate. USD "While the economy continued to grow in the first quarter, the expansion remains modest in pace and subpar from a historical perspective" - Jim Baird, chief investment strategist at Plante Moran Financial Advisors The U.S. economy grew at a slower pace than forecast in the first quarter as businesses cut on investment. Gross domestic product increased at a 2.2 per cent ...

Fundamental Analysis EUR "There’s a bit of risk back on after some positive company numbers helped stocks and improved the tone of the markets" - Eric Wand, a fixed-income strategist at Lloyds Banking Group Plc Demand for Spanish and Italian debt rose, pushing Spanish and Italian bonds higher, as investors turned to higher-yielding assets after companies from Apple to Swedbank reported better than forecast earnings. USD "The committee expects economic growth to remain moderate over coming quarters and then to pick up gradually" - Federal Open Market Committee U.S. durable goods orders tumbled below forecast in March, a sign the manufacturing sector may be losing momentum. Bookings for long lasting goods dropped 4.2 percent, said the Commerce Department on Wednesday. GBP " could be ...