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Found Resistance On The LowerTitle:
Asia Session: Is There Going To Be Another Rate Cut By The RBA In June?
As expected the RBA cut its growth and inflation forecasts for 2012 and 2013 in its quarterly statement on monetary policy, noting that earlier predictions were overly optimistic. Yet, the report was not as dovish as the market was expecting, thus the aussie jumped almost 30 pips immediately following its release.
Domestically, the report towed a familiar line in terms of a two speed economy with the mining sector on one side and the rest of the economy on the other. The bank noted that the assumed high level of AUD and a weak short-term outlook for building construction are expected to weigh on non-mining sectors of the economy. Australia's labour market is a prime example of this, with softness in most parts of the economy being somewhat offset by increases in employment in the mining ...
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Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
Failure to reclaim key barrier at 1.3300 has resulted in steep decline that so far retraced over 50% of 1.2993/1.3282 upleg. Temporary support was found at 1.3120, 90 day MA, with subsequent recovery attempt so far unable to clear the initial barrier at 1.3160, increasing risk of test of strong support zone at 1.3100, 23 Apr low / Fib 61.8% and possible extension lower, as near-term studies remain negative. Break below 1.3100 to open 1.3060 and 1.3032 static supports. On the upside, yesterday’s intraday high and recovery top, offers initial resistance, while 1.3200 zone, 01 May low / 20/55 day EMA crossover, is expected to cap.
Res: 1.3157, 1.3166, 1.3200, 1.3232
Sup: 1.3121, 1.3100, 1.3068, 1.3056
GBP/USD
Remains under pressure, after losing initial support at 1.6200, with ...
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Dukascopy Morning Forex Overview : 03/05/2012
Fundamental Analysis
EUR
"The grim unemployment figures for March will likely encourage talk about a long overdue ‘growth pact’ for the euro zone"
- Martin van Vliet, an economist at ING Group
Euro area unemployment rose to the highest level since 1997 in March and manufacturing contracted in April, adding to signs the economy is still far from out of the woods.
USD
"Employment growth is slowing"
- David Sloan, an economist at 4Cast Inc.
The number of Americans, who have found a job in the private sector fell to 119,000 in April from a revised 201,000 in March, the ADP Employer Services said on Wednesday.
GBP
" points to clear, decent construction expansion in April"
- Howard Archer, chief UK economist at IHS Global Insight
U.K. construction sector expanded slower in April, compared ...
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Oil turns higher on strong U.S. factory growth
(Reuters) - Oil prices turned higher on Tuesday after data showing the U.S. manufacturing sector expanded in April at its fastest pace in 10 months eased concerns about slowing economic growth.
The supportive U.S. factory data from the Institute of Supply Management (ISM) helped U.S. crude end at its highest settlement in five weeks and lifted equities on Wall Street, sending the S&P 500 index up 1 percent and the Dow to its highest level since December 2007. .N
Technical buying kicked in after U.S. crude moved above the 50-day moving average at $105.21 a barrel. Crude had hit formidable resistance at that level in recent sessions.
"The ISM data pushed crude up and strong equities are helping, and when crude moved above the 50-day moving average that triggered some technical buying," ...
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Dukascopy Afternoon Forex Overview : 01/05/2012
Fundamental Analysis
EUR
Anti-austerity protestors are likely to hold massive demonstrations in May Day. Demonstrations in Athens that involve private and public sector strikes have already disrupted the public transport. However, the traditional violence is not expected as Greeks are likely to show their protest against austerity measures on Sunday when the general elections are due.
USD
Crude and Brent oil dropped as lifted US energy inventories outweighed supply concerns caused by export disruptions in Yemen, Sudan and North Sea.
GBP
Manufacturing sector in the UK performed worse than initially expected in April, reported research group Markit. UK's manufacturing PMI declined to 50.5 last month on a seasonally adjusted basis as compared to a March reading of 52.1. Experts ...
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UK Economic Woes Continue To Mount
After plunging back into recession in the first quarter of 2012, UK data at the start of the second quarter hasn't been particularly encouraging. Today the manufacturing PMI survey for April was weaker than expected at 50.5 down from a revised 51.9 in March, which was the lowest level since December. The biggest decline was in the export sector, as the UK's largest trading partner, the Eurozone, suffers from its own economic and sovereign woes. However, what was worrying is that new orders to Asia and the US also fell sharply, which is concerning as they may not be able to balance out the weak growth coming from Europe.
Could the BOE expand QE?
This report is the first of three April PMI surveys released over the coming days and the results for the construction and services sectors will ...
Title:
EUR/USD Ignored The S&P Downgrade Of Spain
Sunrise Market Commentary : 30/04/2012
- Fixed Income: new highs for Bund Future (141.38) and US Note Future (132-17)
- Core bonds set new contract highs on Friday after the Spanish rating downgrade. However, sentiment changed in the European session and led to return action. Today, trading will be thin ahead of tomorrow's Labour Day Holiday in most of Europe. Main items this week will be the ECB meeting (Thursday) and the US payrolls (Friday).
- Currencies: EUR/USD ignored the S&P downgrade of Spain.
- On Friday morning, the focus on the European markets was on the S&P downgrade of Spain. However, the reaction developed in a very orderly way. EUR/USD reversed the early losses and the dollar lost further ground after the weaker than expected US GDP. USD/JPY is testing the key ...
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Dukascopy Morning Forex Overview : 30/04/2012
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 ...
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Dukascopy Afternoon Forex Overview : 27/04/2012
Fundamental Analysis
EUR
Spain's credit rating was lowered by Standard & Poor's for a second time in 2012 on enduring worries the nation will have to apply additional fiscal backing to lenders as the economy shrinks. S&P cut its long term grade for Spain from A to BBB+ adding a negative outlook. Country's short term rating was lowered from A-1 to A-2, S&P agency reported on Thursday.
USD
Crude oil price declined from almost 4-week high in New York trade after S&P ratings agency cut Spain's sovereign credit rating, boosting concerns that further recession in Europe may halt demand for crude. Oil to be delivered in June lost USD 0.61, reaching USD 103.94 a barrel. June Brent oil gave up USD 0.49 and traded at USD 119.43 a barrel.
GBP
Today the Great Britain Pound extended its gains ...
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