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YouTradeFX Daily Market Analysis : 24/05/2012
Fundamental News
Today’s highlights:
- German GDP (QoQ) (GER, 07:00 GMT)
- French Manufacturing PMI (FRA, 07:00 GMT)
- German Manufacturing PMI (GER, 08:00 GMT)
- German Ifo Business Climate Index (GER, 09:00 GMT)
- GDP (QoQ) + Business Investment (QoQ) + BBA Mortgage Approvals (GB, 09:30 GMT)
- Initial Jobless Claims + Core Durable Goods Orders (MoM) (U.S, 13:30 GMT)
- ECB President Draghi Speaks (EUR, 14:00 GMT)
- Treasury Secretary Geithner Speaks (U.S., 19:00 GMT)
Demand for new U.S. homes rose more than forecast in April, indicating residential real estate may contribute to economic growth for the first time in seven years. Purchases rose to a 343,000 annual rate, up 3.3 percent from a revised 332,000 in March, the Commerce Department reported today in ...
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Euro falls to almost two-year low on Greek fears
(Reuters) - The euro slumped to its weakest level against the dollar in nearly two years on Wednesday on doubts a meeting of European leaders would calm fears of a disorderly Greek exit from the euro zone.
Investors piled money into safe-haven instruments, driving the U.S. dollar index to its strongest since September 2010. The yen, which also tends to perform well during times of stress, hit its highest level since February against the euro.
Euro zone officials have told members of the currency area to prepare contingency plans in case Greece quits the bloc, an eventuality which Germany's central bank said would be testing but "manageable," three officials told Reuters.
An informal summit of European Union leaders on Wednesday is expected to discuss growth-boosting measures and the ...
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Dukascopy Morning Forex Overview : 23/05/2012
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 ...
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Waiting for the EU Summit
Trading in the London Session was choppy with the market unwilling to take any clear direction as we lead up to tomorrow's informal EU summit. The market toyed with the idea of Eurobonds (they like that idea and risk assets may rally tomorrow on any signs they are on the horizon.) Then they focused on the prospect of a showdown between Germany and France, Europe's de facto leaders, which caused a mild sell off. Right now the chances of the latter happening are more likely especially since Merkel is unlikely to be re-elected next year if she agrees to Eurobonds (read Germany guaranteeing the bulk of Europe's debt), which would never fly with German voters.
Although the EU President said that everything is on the table for discussion tomorrow, he also said that no concrete measures will be ...
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Global stocks rebound from year's lows, euro dips
(Reuters) - Global stocks rebounded from their lows for the year on Monday as world leaders emphasized their support for economic growth in the euro zone, but the euro dipped on persistent concerns that Greece could leave the bloc.
Many investors and analysts see the pause in selling of stocks and other risky assets as temporary, given the uncertainties ahead for Greece, which holds national elections on June 17.
On Saturday, leaders of the Group of Eight nations stressed that their "imperative is to promote growth and jobs" for the euro zone and expressed support for Greece to stay in the euro.
Despite calls from the United States for immediate moves to boost growth, no sign emerged that Germany would soften its stance on austerity as the cure for Europe's debt problems.
"More ...
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Global stocks rise from year's lows, euro dips
(Reuters) - Global stocks rose on Monday from their lows for the year as world leaders voiced support for economic growth in the euro zone and China, but the euro dipped on persistent concerns that Greece could leave the bloc.
Many investors and analysts reckon the pause in selling stocks and other risky assets as temporary, given the uncertainties ahead for Greece, which holds national elections on June 17.
On Saturday, leaders of the Group of Eight nations stressed that their "imperative is to promote growth and jobs" for the euro zone and expressed support for Greece to stay in the euro.
But despite calls from the United States for immediate moves to boost growth, no sign emerged that Germany would soften its stance on austerity as the cure for Europe's debt problems.
"More ...
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Europe Steps Closer to the Cliff Edge
The Week Ahead
Highlights
Europe steps closer to the cliff edge
Can the USD extend its rally?
Bank of Japan may extend maturity of its bond buys
Pricing in more QE from the Bank of England
Europe steps closer to the cliff edge
It was a pivotal week for the Eurozone after Greece announced that it was heading back to the polls after the top three parities failed to form a coalition government. So now Greece is leaderless, there is a caretaker government in place but it won't be able to enforce the austerity required to get the next tranche of bailout funds necessary for Greece to avoid running out of money in July. So as time runs out for Greece the European authorities have been clear: the upcoming election is a referendum on euro-membership. Either vote for pro bailout ...
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Technical analysis of the EUR/JPY pair on May 18th, 2012
Commentary of the EUR/JPY pair :
A bearish rally occured on the pair EUR/JPY who broke the supports are 102 and 101, giving both a new sell signal.
The pair is now moving below the lower band of its bearish channel (purple lines).
All indicators are bearish.
We continue to advise short positions as far as 102 is resistance.
The breakout of 100 will give a new sell signal and open the way towards 99.
In case of return above 102, we will wait the breakout of 103 to advise long positions.
See the previous analysis of the EUR/JPY pair of May 17th, 2012
EUR/JPY Analysis
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Technical analysis of the GBP/JPY pair on May 18th, 2012
Commentary of the GBP/JPY pair :
A bearish rallye occured on the pair GBP/JPY who broke the supports at 127.70/126.70/126, giving all a new sell signal.
Currently, the pair is testing the next support at 125.
The pair is moving below the lower band of its falling wedge (purple lines)/
All indicators are bearish.
We continue to advise short positions as far as 126.70 is resistance.
The breakout of 125 will give a new sell signal and open the way towards 124.
In case of return above 126.70, we will be neutral between this level and 127.67.
The breakout of 127.67 will give a new buy signal.
See the previous analysis of the GBP/JPY pair of May 17th, 2012
GBP/JPY Analysis
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