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Technical analysis of the EUR/JPY pair on May 17th, 2012
Commentary of the EUR/JPY pair :
The pair continues to move on the lower band of its bearish slant (purple line).
The pair is still testing the support at 102.
All indicators are bearish.
We continue to advise short positions as far as 103.67 is resistance.
The breakout of 102 will give a new sell signal and open the way towards 101.
In case of return above 103.67, we will wait the breakout of 104.45 to advise long positions.
See the previous analysis of the EUR/JPY pair of May 16th, 2012
EUR/JPY Analysis
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Technical analysis of the NZD/USD pair on May 17th, 2012
Commentary of the NZD/USD pair :
The pair NZD/USD continues to test the support at 0.7668.
This level match with the lower band of its bearish channel (purple lines).
The opening gap is still not filled in.
All indiactors are bullish.
We continue to advise short positions as far as 0.78 is resistance.
The breakout of 0.7668 will give a new sell signal and open the way towards 0.76.
In case of return above 0.78, we will be neutral between this level and 0.7836.
The breakout of 0.7836 will give a buy signal.
See the previous analysis of the NZD/USD pair of May 16th, 2012
NZD/USD Analysis
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Brent trades near 4-month low on Greece, possible oil release
Brent crude slipped to a near four-month low on Thursday as investors shunned riskier assets following turmoil in Greece and the euro zone, while oil supplies could rise as G8 countries may tap emergency reserves ahead of sanctions on Iran in July.
Greece faces a possible exit from the euro zone as it failed to form a government to implement austerity measures in exchange for rescue funds from the common currency region. Investors feared Greece's exit could drag down other EU economies.
Brent crude for July was down 42 cents at $109.33 by 0453 GMT, after slipping to $109.01, the lowest intraday price since January 25. U.S. crude gained for the first time in five sessions, rising 53 cents to $93.34.
"The euro zone crisis can only go one way, that is, Greece leaving the EU on a temporary ...
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A mild relief on Merkel, upbeat U.S. data
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 ...
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Central Banks' to the Rescue?
Central Banks' to the Rescue?
The Bank of England stole the headlines this morning as it delivered its second Inflation Report of the year. Its message was fairly grim: the UK won't regain its 2007 level of output until 2018. The biggest threat to the UK economy right now according to the bank is the impasse in the Eurozone (something the BOE can't control).
The BOE: "blame the Royal Family and the Eurozone"
However, the one thing it can control is QE and interest rates, and it kept the door to more QE firmly open today. It noted that Q1 GDP figures could be revised higher, however a number of "one off" factors like the Queen's Jubilee bank holiday this year could knock 0.5% from GDP. This "holiday" could have a more damaging economic effect than the Royal Wedding, according to the Bank. ...
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US Dollar Mixed as Euro Holds on to Gains
US dollar is mixed today as gains against the pound and the yen are offset to some degree by the way the euro is managing to eke out gains in spite of the turmoil over Greece. However, even with this small setback against the euro, the US dollar is still likely to remain strong overall, since safe haven currencies are likely to be in demand for some time.
For now, the US dollar is turning in a mixed performance today. Against the UK pound, greenback is higher as the Bank of England lowers its growth forecast for the year to +0.8%, revised down from +1.2%. The news has some speculating that more asset buying could ensue in an effort to stimulate the British economy, and that is weakening the pound. Against the yen, the greenback is a little higher thanks to the news that housing starts ...
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Euro knocked by Greece worries, more losses likely
The euro fell to a four-month low against the dollar on Wednesday and risked more losses on the prospect of prolonged political instability in Greece that could result in the country exiting the euro.
With Greece announcing fresh elections next month and investors concerned about the knock-on effects of a Greek euro exit for economies like Spain and Italy, investors fled the euro and sought the perceived safety of the dollar and the yen.
The dollar rose to its highest in four months against a basket of currencies, while the euro also hit a three-month low versus the yen.
The euro dropped to $1.2681 against the dollar on EBS trading platform, which left it on track to test the January low of $1.2624, below which would mark the euro's lowest level since August 2010.
However, it recovered ...
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Spotlight on the Sterling
Forex News and Events:
Yesterday’s European session was a breather for the Euro area as German GDP came in much better than expected at 0.5% q-o-q. The strength of Germany’s numbers pulled EU’s GDP higher to 0.0% against a forecast -0.2%, avoiding a technical recession after last quarter’s -0.3% GDP. Nevertheless, both German and Euro zone economic sentiments were lower, underscoring a fading institutional optimism over economic health. GDP for the biggest European economies after Germany were worrisome, with France generating no growth in the first quarter of 2012 while Italy and Spain’s economies contracted by 0.8% and 0.3% respectively over the same period. The situation in Greece is still moving towards a new round of elections with Independent Greeks party leader Kammemos announcing ...
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The dollar kicks crude to the downside
Crude continues the sharp downside wave extending the losses for another consecutive session, where it retreated yesterday after attempting to move slightly higher to reach the lowest levels this year after the failure of Greek parties to form a coalition government and new elections will take place in June.
Crude oil opened today’s session at $93.11 and declined sharply to reach so far a low of $91.79 after it recorded a high of $93.41, where it is currently trading around $92.26 a barrel.
The commodity is facing strong downside pressure after Greek parties said yesterday that they haven’t reach an agreement to form a coalition government and new elections will likely be held in June, which raised fears again over Greece’s membership in the euro bloc.
Despite the bullish effect from U. ...
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