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Japanese economic recovery starts its rebounding curve as industrial sector restored operations
Still, the Japanese economy gives positives signs, while the industrial sector rebounded for the second month in a row as manufacturers restored their production cycle after the massive quake that hit the nation during the first quarter of this year.
Japan's economy confirmed its ability to exit from its hurdle phase after the March quake, which caused more companies to shut their plants and suspend the production cycle. Japan has more of resources that work to support the economic recovery to rebound again before the year's ending.
Today, the Japanese economy issued its industrial production preliminary reading (MoM), where the index advanced by 5.7% during the month of May, compared with the pervious incline of 1.6% in April, while analyst's forecasts referred to 5.5%.
Moreover, ...
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Loonie Gets Help from Stocks & Commodities
The Canadian dollar advanced for the second day before the start of the current trading session as the rally of the global stocks and commodities bolstered growth-related currencies.
Currently markets are driven by hopes for positive outcome of the austerity vote tomorrow. August future for delivery of crude oil, the major export of Canada, gained as much as 2.8 percent to $93.14 per barrel in New York. The Standard & Poor’s 500 Index advanced 1.3 percent, posting the second day of gains. The Thomson Reuters/Jefferies CRB Index of raw materials jumped 1.7 percent, showing its first advance in five days.
The rally tempered the loonie’s losses versus the US dollar and currently the Canadian currency is heading to the 1.3 percent monthly drop. The Canadian dollar touched the lowest level in ...
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Franc Posts New Record vs. Dollar on Private Consumption
The Swiss franc jumped today, reaching new all-time record against the US dollar, as the Swiss consumer demand improved last month. The optimism for Greece allowed the euro to outperform the Swiss currency, though.
The UBS consumption indicator advanced by 0.34 points to 1.91 in May, the highest level since August 2010. The main contributor to the increase was the new car registrations. The retail sales were also responsible for the rise of the consumer demand. The report said that “consumption is supported by low interest rates, consistently high immigration and falling unemployment”.
Daragh Maher, the deputy head of global foreign exchange strategy at Credit Agricole CIB, commented on the reaction of the franc to the report:
It seems that the Swiss economy continued to do well. ...
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Gold edges up on Greece vote hopes, Asian buying
(Reuters) - Gold edged higher on Wednesday, as investors are optimistic that Greece's parliament will approve an austerity plan later in the day, likely to help underpin sentiment in bullion and other commodities.
Light physical buying in Asia also helped support prices, although the limited volume was seen as insufficient to push gold out of its trading range, dealers said.
Greece remains in focus, as its parliament is scheduled to vote on an austerity package demanded by international lenders as part of a massive bailout later on Wednesday.
"There are still reasons to buy gold, but just not any new reason for now," said Yingxi Yu, an analyst at Barclays Capital.
"Market participants are generally positive on gold, but it is a question whether now is the right time to enter the market ...
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Euro steady, follow-up buying limited before Greek votes
(Reuters) - The euro struggled to extend gains in Asia on Wednesday as investors hesitated to buy it further on the Greek parliament's expected acceptance of an austerity package, while the market was wary about the long-term outlook for the euro zone's debt problems.
Sentiment toward the euro was lifted by comments by European Central Bank President Jean-Claude Trichet, which markets interpreted as signaling a July interest rate hike, also helping shore up the common currency.
Still, investors were careful about taking additional buying positions as the euro shied away from $1.4400 hit the previous day, a level near its 55-day moving average of around
$1.4401.
"We're trying to figure out what to do next. The themes now are votes in Greece and a rate hike in Europe, but from the way it ...
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Oil steady on Greece bailout hopes and tighter supply
(Reuters) - Brent crude steadied on Wednesday, near $109 a barrel, on growing optimism that the debt crisis in Greece will be resolved, avoiding a contagion in Europe.
U.S. crude held near $93 after industry data showed tighter supply at the world's largest oil consumer.
ICE Brent crude for August rose 23 cents to $109.01 a barrel by 12:37 a.m. EDT. U.S. August crude was down 2 cents to $92.87 a barrel. Both contracts rose more than 2 percent on Tuesday.
"Any positive compromise within Europe, with Greece willing to make some sacrifices, will cause the euro and oil to rally," said Jeremy Friesen, a commodity strategist at Societe Generale.
Growing market confidence that the Greek parliament will approve the austerity programme, and that a French plan to rollover Greek sovereign bonds ...
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Emerging Markets on the Rise as the Developed World Falters
Look out Greece! Here comes the IMF!
Newly appointed chief of the International Monetary Fund, Christine Lagarde, today urged Greece’s political parties to unite behind the proposed, so-called “austerity” measures currently under debate in the nation’s parliament in order to right the struggling nation’s financial trajectory.
“If there is one message I have to send tonight,” said Lagarde in an interview on French television channel TF1 minutes after her formal appointment, “it is to say the Greek opposition must join a national ‘entente’ with the party that is in power.”
The chief’s comments come just days after an assortment of financial ministers and policy wonks convened in Brussels to discuss a second bailout for Europe’s problem child #1. Careful to play both sides of the coin, ...
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Technical analysis of the EUR/JPY pair on June 29th, 2011
Commentary of the EUR/JPY pair :
The pair EUR/JPY made a pullback on its bearish slant as support before starting a bullish rallye.
The pair just validated the breakout of 116, offering a new buy signal.
All indicators are bullish.
We maintain to trade only long positions as far as 115.50 is support.
The breakout of 117 will give a new buy signal and open the way towards 118.
However, if 115.50 is broken, we will wait the breakout of 115 to trade short positions.
See the previous analysis of the EUR/JPY pair of June 28th, 2011
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SunBirdFX Daily Market Analysis : 29/06/2011
www.sunbirdfx.com
GBP/USD
The pound is facing difficulties rising up, on the background of disappointing data that was published earlier this week. The GBP broke the support at 1.6050 few days ago, and retested that level yesterday. This supporting area has become a resisting area, in addition to the 200 SMA's resistance.
Yesterday's candlestick ended-up as a doji with shadows that extended from its bottom, which indicated for support around these levels. A break-up of the 200 SMA might give back the strength to the pound, but a break-down of the doji's low will signal that the sellers have the upper hand.
EUR/CHF
This cross has been moving in a channel for several months and we analyze it every time the price gets close to one of the boundaries. It almost touched on Monday the lower ...
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