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KeyTitle:
BOC Rate Statement Invigorates Loonie
The Canadian dollar jumped today after Canada’s central bank held interest rates and signaled that it can resume its rates increases soon as economy improves.
The Bank of Canada maintained its key Overnight Rate at 1 percent and wrote in the statement:
To the extent that the expansion continues and the current material excess supply in the economy is gradually absorbed, some of the considerable monetary policy stimulus currently in place will be withdrawn. Such reduction would need to be carefully considered.
Tomorrow the bank will release the Monetary Policy report, followed by the press conference.
The advance of crude oil and the gains of stocks busted the Canadian currency further. August futures for delivery of crude oil rose 2.2 percent to $98.07 per barrel on NYMEX. The MSCI ...
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Short Term Technical Analysis for Majors (13:30 GMT)
EUR/USD
Maintains near-term positive tone off yesterday’s higher platform at 1.4015, as the latest upleg from higher low at 1.4067 regained 1.4200 handle. While 1.4129, 20 day MA, holds dips, scope exists for fresh push higher and attack at key near-term resistance at 1.4281, 14 July high, break of which would open way for further extension of recovery phase from 1.3836, 12 July low. Reversal under 1.4281, however, would risk lower top and continuation of the broader bear-trend from 1.4938, 04 May peak, with initial focus at 1.4000 zone.
Res: 1.4200, 1.4216, 1.4247, 1.4281
Sup: 1.4135, 1.4100, 1.4067, 1.4013
http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusd_20110719133858.gif
GBP/USD
Remains in a recovery mode after yesterday’s sharp decline found ...
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Euro advances after Spanish and Greek bond selling
The European common currency advanced against its major counterparts after a bond selling by Spain and Greece.
The Spanish government sold 4.45 billion euros of 12-month bills and 18-month notes where the selling came just lower than the maximum target yet the average yield was higher than the prior auction.
On the other hand, Greece raised 1.62 billion euros from selling 13-week bills with interest rate below the last auction.
Now, there are some hopes that European leaders can reach a plan to pass the second bailout for Greece to avoid default. European leaders will meet on July 21 for the second time this month to discuss the Greek rescue fund after debates regarding private-sector participation in the Greek debt.
The euro is currently trading at 1.4175 against the greenback where ...
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Forex - Nervous Trading Ahead of Thursdays EU Summit
Forex News and Events:
A slightly more slightly optimistic tone, after yesterday when the European bank stress tests were deemed flawed (not even mentioning a sovereign default) and triggered a risk off environment. However, is a growing sense of trepidation around Thursday`s EU summit which has manifested itself in choppy, quick to find safe-havens trading. Traders are nervously watching the aggressive sell-off in Spanish and Italian sovereign yields. There is a feeling that the event horizon for these larger European economies is not too far off (especially with Italy having to go to the capital markets heavily in the remainder of the year). However, in anticipation of positive events potentially emerging from the Summit, short-term traders have been unwinding short EURUSD positions. ...
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Gold traded up to a new record high and RBA signalizes a Shift
FUNDAMENTAL OUTLOOK at 0800 GMT (EDT +0400)
USD
The market remains in a state of suspended animation given the relative lack of news, the dearth of economic data releases, and the uncertainty around what may emerge from Thursday’s EU summit. Nevertheless there is a palpable sense of foreboding as Spanish and Italian yields continue to climb. The euro staged a modest recovery during the US session, but this is unlikely to last. After all, the upswing only got underway when European sovereign bond markets closed for the evening, which put a temporary stop to the flow of euro negative headlines on the plight of Eurozone sovereign bond markets. In Asia, the minutes of the RBA’s July 5 policy meeting show that the bank has shifted decisively to a neutral policy stance. EURUSD traded in a ...
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Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
Near-term slide from 1.4281, 14 July high, found temporary support just above strong support zone at 1.4000. Subsequent bounce regained 1.4100 handle, extending to 1.4135, where gains were capped by 20 day MA. Broader outlook remains bearish, with the latest weakness under 1.4100, increasing risk of fresh attempt at 1.4000, below which to focus 1.3950 and 1.3836 on a break. On the upside, regain of 1.4135 to focus 1.4200, however, main near-term barrier at 1.4281 needs to be cleared to confirm higher low at 1.4013 and resume short-term uptrend from 1.3836, 12 July low.
Res: 1.4121, 1.4135, 1.4188, 1.4198
Sup: 1.4067, 1.4013, 1.4006, 1.4000
GBP/USD
Recovers yesterday’s sharp decline that found temporary support at 1.6000 zone, just below Fib 50% of 1.5779/1.6192 ascend. ...
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ZEW Confidence a Signal of What Comes Next?
News of debt contagion spreading across the euro zone has several economists worried that a toppling of consumer confidence may be up next, followed by additional ratings downgrades that lead into an ever deepening spiral of debt and default. With today's ZEW reports on economic sentiment expected at 10:00 GMT, forex traders may catch a glimpse into the early evolution of the investment landscape as it turns towards another crisis.
Economic News
USD - USD Rising as Safe-Havens Soar
The US dollar (USD) was seen increasing yesterday as traders began to seek shelter following speculation that growth forecasts across Europe will become further depressed as traders flee risk. The value of safe-haven assets like the greenback and Swiss franc (CHF) have been buoyed by a shift away from higher ...
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Technical analysis of the EUR/CHF pair on July 19th, 2011
Commentary of the EUR/CHF pair:
The pair EUR/CHF failed to pursuit its bearish rallye after the bearish gap at the opening of the market.
The pair found support on 1.14 and is currently 1.16.
Indicators are mitigated.
We maintain to trade the pair according to the key level at 1.16:
- Long above this level. The breakout of 1.17 and 1.18 will both give a new buy signal
- Short below this level. The breakout of 1.15 and 1.14 will both give a new sell signal.
See the previous analysis of the EUR/CHF pair of July 18th, 2011
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Aussies Goes Down as Europe Hurts Risk Appetite
The Australian dollar weakened today as concerns about the European debt crisis curbed attractiveness of riskier assets and drove investors to seek safety.
Higher-yielding currencies suffered today as traders wait for the summit of the European Union leaders on July 21, but don’t put much hope on it. The MSCI Asia Pacific Index of shares fell 0.5 percent, dropping for the third day.
The economic situation in Australia itself isn’t great either, causing economists to speculate about decrease of interest rates by the nation’s central bank. Credit Suisse Group AG indexes showed today that investors bet Reserve Bank of Australia would decrease its key interest rate by 53 basis points over next year, while a cut by 14 basis points was expected a week ago. The minutes of the bank’s meeting ...
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