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Gave Us A SellTitle:
Euro sinks to record low vs Swiss franc as debt concerns spread
(Reuters) - The euro was beaten down further in Asia on Tuesday, plunging to a record low versus the Swiss franc and sinking to a four-month trough against the dollar on growing concerns that the euro zone's sovereign debt crisis was spreading.
The single currency fell as low as $1.3932 -- its lowest since March 17 -- after a slew of stop-loss orders were triggered below $1.3980. The euro fell broadly, dropping to an all-time low of 1.1660 Swiss franc.
The euro was on the defensive as an emergency meeting by European financial officials failed to offer fresh measures to tackle the region's debt problems, dealers said.
Market participants were especially concerned about the debt of countries such as Spain and Italy, which came under strong selling pressure the day before.
"The market ...
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Euro, stocks tumble as Eurozone debt crisis deepens
(Reuters) - The euro declined to a four-month low on Tuesday after new IMF Managing Director Christine Lagarde said the fund was not yet ready to discuss terms of a second Greek bailout, while equity markets tumbled on concerns more countries will be engulfed by the euro zone's debt problems.
European stock index futures pointed to a sharp decline in equities, extending the previous session's steep sell-off. By 0605 GMT, futures for Euro STOXX 50, for DAX and for France's CAC were 1.1 to 1.3 percent lower.
Growing worries about Europe stoked investors' flight from riskier assets into bonds, extending a rally in U.S. Treasuries and sending Japanese government bond prices to a two-week high.
In a bid to keep Italy and Spain from the same fate as Greece, Portugal and Ireland, euro zone ...
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Technical analysis of the GBP/JPY pair on July 12th, 2011
Commentary of the GBP/JPY pair :
The pair GBP/JPY started yesterday a strong bearsih rallye and the breakout of 128.50, 128 and 127.50 all gave us a new sell signal.
Currently, the pair is testing the support at 127.
We maintain to trade only short positions as far as 128 is resistance.
The breakout of 127 will give a new sell signal and open the way towards 126.
However, if 128 is broken, we will be neutral.
See the previous analysis of the GBP/JPY pair of July 11th, 2011
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Technical analysis of the GBP/USD pair on July 12th, 2011
Commentary of the GBP/USD pair :
The pair GBP/USD continues its bearish movement and the breakout of 1.5941 and 1.59 both gave us a new sell signal.
We maintain to trade only short positions as far as 1.60 is resistance.
The breakout of 1.58 will give a new sell signal and open the way towards 1.5750.
However, if 1.58 is broken, we will be neutral.
See the previous analysis of the GBP/USD pair of July 11th, 2011
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Technical analysis of the USD/JPY pair on July 12th, 2011
Commentary of the USD/JPY pair :
The pair USD/JPY continued its bearish rallye and the breakout of 80.50 and 80.20 both gave us a new sell signal.
We maintain to trade only short positions as far as 80.50 is resistance.
The breakout of 79.70 will give a new sell signal and open the way towards 79.
However, if 80.50 is broken, we will be neutral.
See the previous analysis of the USD/JPY pair of July 11th,, 2011
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Technical analysis of the EUR/GBP pair on July 11th, 2011
Commentary of the EUR/GBP pair:
The pair EUR/GBP validated the breakout of its bullish slant on Friday.
The breakout of 0.8950 gave us a sell signal and the price just validated the breakout of the next support at 0.89 for a new sell signal.
All indicators are bearish.
We maintain to trade only short positions as far as 0.8950 is resistance.
The breakout of 0.8850 will give a new sell signal and open the way towards 0.88.
In case of return above 0.8950, we will wait the breakout of 0.90 to advise long positions.
See the previous analysis of the EUR/GBP pair of July 8th, 2011
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Technical analysis of the USD/CHF pair on July 11th, 2011
Commentary of the USD/CHF pair :
A very strong bearish movement occured on the pair USD/CHF and the breakout of the support at 0.84 gave us a new sell signal.
We maintain to trade only short positions as far as 0.8438 is resistance.
The breakout of 0.8330 will give a new sell signal and open the way towards 0.83.
However, if 0.8438 is broken, we will be neutral.
See the previous analysis of the USD/CHF pair of July 8th, 2011
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Forex - Waiting on US Payrolls
Forex News and Events:
As is normal on the morning of NFP Friday, trading was subdued during the Asian session. Stronger Asian regional indices gave the markets a slightly bullish tone with the Hang Seng up 0.94%. After yesterday’s choppy trading, EURUSD has been ranging between 1.4320 and 1.4370 however, there is mounting pressure on the downside. The ECB raised rates 25 bps to 1.5% and the BoE held rates and did not modify the asset purchasing program. By now, the ECB rate decision and accompanying press conference has been analyzed to death and there’s is not more to discuss. Trichet bravely held on to his hawkish tone (in spite of softening in European economic data and debt troubles) and stated that he was monitoring inflation risk “very carefully”. In addition, he reiterated the ...
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Forex Traders Anticipating Bullish NFP Report?
An uptick in US private sector employment yesterday, reported by ADP, added to the risk-taking sentiment by most investors which came as a result of a rate hike in Europe. Should today's Non-Farm Payroll (NFP) data continue this trend of optimism, we may see the greenback taking severe losses against its rivals as traders seek out higher yields.
Economic News
USD - USD in Decline as Employment Data Sparks Risk Taking
With the European Central Bank (ECB) hiking interest rates, and private sector employment rising in the US, the value of the USD appears to be taking a dive as riskier currencies like the EUR jumped in yesterday's afternoon and evening sessions. The US dollar was seen decreasing yesterday as traders began to seek riskier assets following statements by the ECB's Trichet ...
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