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Eur/usdTitle:
Majors climb to session highs against greenback
With the lack of market thrillers, risky assets rebound on a normal pullback after the recent savage selloff looking with an eye of hope towards the world’s leaders meeting (G8) today.
Markets woke up on sharp selloff with the start of the trading session, where majors printed new lows against the greenback before rebounding. The EUR/USD reached 1.2640 just above 2012 low at 1.2621, currently baring earlier losses trading around 1.2713. Stochastic has provided an early sign of recovery in the form of a bullish divergence and currently regaining the bullish momentum. However the upside remains limited as markets jitters are far from over. Thus 1.2660 should form an intraday ceiling today, as trading ranges will get thinner approaching the weekend.
The British pounds rebounded sharply ...
Title:
US Dollar Lower as Risk Appetite Makes an Appearance
US dollar is lower today as risk appetite makes an appearance in the markets. As commodity prices rise, and equities see a bit of a reprieve from recent troubles, the greenback is pulling back. Concerns about Europe remain, but they are being trumped by other news — especially the imminent Facebook IPO.
In less than hour, the Facebook IPO will be launched, and that is the focus today. Equities are expected to be in favor today, and commodities are doing reasonably well. Also weighing on the US dollar is some speculation that the Federal Reserve will introduce more economic stimulus. With disappointing factory data, and with a jobs market (unemployment claims remained flat this week) that continues to show little improvement, concerns about the US economy remain. Quantitative easing is ...
Title:
Markets Correct Some of the Weekly Losses Ahead of the G8 Summit
As the end of this week approaches, markets started to correct some of the losses incurred through the week. Investors started to close their bearish positions ahead of the coming week, before the G8 summit, which is taking place in the U.S, the thing that supported the euro to rebound over daily basis, cutting most of the losses.
Today, pessimism dominated the euro with the start of the session, where negativity was driven by the Greek downgrade, as Fitch Ratings cut the credit ranking of Greece by one notch to CCC from B- on concerns the nation might exit the euro as more and more Greeks are joining anti-austerity parties.
Moreover, Moody`s downgraded sixteen Spanish banks due to the current turmoil in the debt market in addition to the technical recession and rising unemployment, ...
Title:
Dukascopy Morning Forex Overview : 05/18/2012
Fundamental Analysis
EUR
"Spain, once again, is where the confidence game is played"
- Sebastian Paris Horvitz, strategist at HSBC Private Bank Suisse
Spain sold the maximum targeted amount of debt, 2.5 billion euros, during yesterday’s auction with spiking borrowing costs. The interest rate of three-year bonds rose to 4.373% from April’s figure of 2.89% while interest rate of five-year bonds surged to 5.106% from 3.374 in March.
USD
"What we’re seeing in foreign-exchange markets is strong demand for the U.S. dollar"
- Steven Saywell, head of foreign-exchange strategy for Europe at BNP Paribas SA
Latest US initial unemployment claim data was released yesterday – 370 000 Americans demanded their jobless benefits last week versus a 368 000 consensus forecast. The Labor Department revised ...
Title:
YouTradeFX Weekly Market Analysis : 05/18/2012
Fundamental News
Today’s highlights:
· German PPI (MoM) (GER, 07:00 GMT)
· Italian Industrial Sales (MoM) (ITA, 09:00 GMT)
· Spanish Trade Balance (SPAIN, 11:30 GMT)
· Core CPI (MoM) (CAD, 13:30 GMT)
· ECRI Weekly Annualized (WoW) ( U.S, 15:30 GMT)
The Philly Fed Index tumbled to a negative 5.8 in May from a positive 8.5 in April and Conference Board's leading economic index edged down by 0.1 percent in April following a 0.3 percent increase in March, according to an official report released yesterday. While, the Labor Department figures said that the unemployment claims was at a seasonally adjusted level of 370,000 for the week, unchanged from the previous week's revised figure.
Greece’s credit rating was downgraded one level by Fitch ...
Title:
EUR/USD closes in on key support at 1.2625
MORNING BRIEFING: EUR/USD closes in on key support at 1.2625
What’s new:
Asia: Risk aversion continues overnight in Asia on back of global concerns. EUR/JPY approaching 100 and MSCI Asia Pacific has erased its 2012 gains.
United States: Philly Fed showed a massive negative surprise, increasing speculation for QE. USD continues to be bid. EUR/USD closing in on key support. S&P 500 in 4-month lows.
Europe: Indices all in negative as EU debt crisis and Spanish rates escalates. Greece downgraded by Fitch and Moody’s downgraded 16 Spanish banks.
Comments:
The Euro continued on the offer for the ninth day in a row against the USD as the worries of a Greek exit from the Euro zone is increasing. Since the beginning of May, the EUR/USD has fallen more than 4% and should the trend continue, we ...
Title:
Forex Technical Analysis : 05/18/2012
- Forex Technical Analysis : 05/18/2012 -
(Timeframes: 30 minutes)
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Title:
EUR Avoids New 4-Month Low
While the euro remained bearish against its main currency rivals throughout yesterday's trading session, it avoided falling to a new four-month low against the US dollar. The marketplace was unusually calm, as a bank holiday in Europe resulted in limited movements among the most traded currency pairs. As we close out the week, traders will want to note that another slow news day may result in low liquidity in the marketplace. Typically, low liquidity situations can result in exaggerated movements among currency pairs and commodities for seemingly no reason. Any mention of additional euro-zone worries may result in a significant drop for the euro.
Economic News
USD - Manufacturing Data Causes USD to Tumble
The US dollar tumbled vs. the Japanese yen during the afternoon session yesterday, ...
Title:
Technical analysis of the EUR/USD pair on May 18th, 2012
Commentary of the EUR/USD pair :
The pair EUR/USD has continued its bearish rally and the breakout of 1.27 gave us a new sell signal.
The pair is still moving along the lower band of its short term bearish channel (black lines).
The opening bearish gap is still not filled in.
All indicators are bearish.
We continue to advise short positons as far as 1.28 is resistance.
The breakout of 1.26 and 1.25 will both give a new sell signal.
In case of return above 1.28, we will wait the breakout of 1.29 to advise long positions.
See the previous analysis of the EUR/USD pair of May 17th, 2012
EUR/USD Analysis
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