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YouTradeFX Daily Market Analysis : 29/07/2011
www.youtradefx.com
EUR/USD
The levels of stress and anxiety in the markets is at a peak just a few days before the final date (this coming Tuesday) when the Republicans and Democrats have to reach a compromise and an agreement regarding the raising of the United States debt ceiling. Chances seem to be leaning in favour of a compromise and agreement, but, as this whole issue is so fragile, then it would be wise to also prepare for the worst case scenario should the parties fail to reach an agreement by the final date in just a few days.
As a result, it is possible to buy the euro – United States dollar pair at its present price at around 1.4300 with a medium to long term view. This is based on the finding of a positive solution by the United States Congress to the debt ceiling issue. ...
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The House postponed its vote
FUNDAMENTAL OUTLOOK at 0800 GMT (EDT +0400)
USD
The House postponed its vote on the Boehner plan, first until Thursday night, and then indefinitely. USDJPY fell quite significantly on the headline. During the Asia session, EURUSD traded 1.4281-1.4364 and USDJPY traded 77.46-77.87. House Republicans are now due to meet at 1500GMT on Friday to discuss a way forward, which suggests that no House vote is likely before then. The vote itself is likely to be symbolic as Democrats in the Senate have vowed to kill the measure. House Majority Leader Cantor has already said that the Senate plans on being in session during the weekend.
On the data front, US jobless claims were better than expected at 398k, while Pending Home Sales came in better at 2.4%m/m (cons. -2.0%). Although the economic ...
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SunBirdFX Daily Market Analysis : 29/07/2011
www.sunbirdfx.com
Another negative day ended yesterday in Wall Street, in spite of good macro data. The S&P 500 is supported by the strong level of 1300 points, and a break-down there can take the large blend down to 1250 points. However, watch out from tempting short positions on the US indices- a sudden political agreement will push the markets up and cause a sharp 'short-squeeze'. The American GDP data will be in the center of the business today.
GBP/USD
Wall Street's declines supported the USD, though the pound showed an impressive strength against the USD. The trade-idea in this pair, which were published by Sunbird's Chief analyst in the past two weeks, gained over 300 pips (break- ups at 1.62 & 1.63.3). The pound retested its recent breaking area, and seemed to reach a level of a ...
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Moody's places Spain on review for possible downgrade
Moody's places Spain on review for possible downgrade
What’s new:
Antipodeans: AUD and NZD ease off ahead of weekend uncertainty
FOREX: Swissie back in favour as markets get nervous
Metals: Gold still elevated but rising USD restrains further moves higher for the time being
Euro Zone: Moody’s warns it would be placing Spain for possible downgrade
Germany: reports stronger retail sales
Rates in Asia and Indices:
EURUSD: 1.4363- 1.4265.
USDCHF: 0.8031 – 0.7997.
GBPUSD: 1.6378 - 1.6315.
EURJPY: 111.56 – 110.59.
USDJPY: 77.86 – 77.45.
DowJones: 12’240.11 -0.51%
NASDAQ: 2'766.25 +0.05%
S & P 500: 1'300.67 -0.32%
Nikkei: 9’833.03 -0.69%
Shanghai: 2’703.61 -0.19%
Gold: $ 1,613.50
Crude Oil: $ 97.01
Comments:
The antipodean currencies, namely AUD and NZD continued to back off the ...
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Dukascopy Morning Forex Overview: 07/29/2011
Previous session overview
Major currency pairs are little changed Friday, while investors puzzle out whether to risk any major plays before the weekend, when U.S. politicians are likely to hash out a debt agreement.
The dollar fell in Asia Friday after the U.S. House cancelled a vote on Speaker John Boehner's debt ceiling plan, adding to speculation the risk of a sovereign downgrade is rising even if a last-minute deal is reached by a Tuesday deadline to avoid default.
The greenback dropped to a fresh more than four-month low against the yen at JPY77.48 after House Majority Whip Kevin McCarthy said the House would not vote as scheduled Thursday evening in D.C., as House Republicans were unable to gain enough support within their ranks to secure passage of the bill.
At 0350 GMT, the ...
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Strong Data Supports Short-Term Risk Taking in Forex Market
A short series of data released yesterday painted a relatively stronger picture for the US economy's growth. Weekly unemployment claims saw a better than forecast rise, hitting 398,000 for the past week. A home sales report also showed a solid uptick, significantly beating expectations. So far the news has helped drive the USD lower as traders seek out small amounts of risk ahead of the week's conclusion.
Economic News
USD - US Dollar under Pressure from Solid Jobs Data
The US dollar was seen trading mildly lower yesterday as traders began to reevaluate the recent jump in USD values. The EUR/USD was seen meeting resistance near 1.4500 yesterday and plummeted towards 1.4430 in late trading. The greenback saw similar movements against most other currency pairs as well.
A short series of ...
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Markets jittered extending on debt woes, as the House delays the vote and Spain put under review
Confidence remains fragile in markets with the extensive and exhausting toll of the debt crisis on investors. The Congressional leaders have yet to reach an agreement with the approaching August second deadline while European leaders seemingly did not convince the majority of the new measures worthiness to stem the contagion risk.
It is clearly evident that the debt crisis that started in the euro area and transformed into another in the United States is the focus and the main downside pressure on the market, which is by itself also adding uncertainty and negative expectations to the outlook for global growth.
The pessimism is the dominant sentiment and the shaky sentiment is seen in choppy trading with the market turning lower with the start of the last trading day, and we can clearly ...
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The world's third largest economy may lose its momentum
Japan's industrial production sector has surged less than market's expectations in June, meaning that the economy is still suffering from the devastating March quake, which hurt exports, the main pillar for the economic growth in Japan.
The Japanese economy issued its industrial production preliminary reading (MoM), where the index declined to 3.9% during June, compared with the pervious expansion of 6.2%, while analyst's forecasts referred to 4.5%.
Further, Japan's industrial production preliminary reading (YoY) for the year ended June slid to -1.6%, compared with the prior -5.5%, while the expectations were -1.2%.
The economic recovery in Japan is under pressure phase as the global demand for Japanese products slowed as the yen's appreciation, that reached to the highest level in ...
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Buyers exit market before House debt plan vote
Stocks faded in the afternoon on Thursday to end mostly lower, with investors skeptical a key vote by Congress would lead to a deal to avoid a U.S. default.
The S&P 500 fell for a fourth straight day as buyers kept to the sidelines while lawmakers tried to hash out an agreement on the deficit.
A vote on a Republican-led bill to raise the debt limit was expected in the U.S. House of Representatives after the close of trading on Thursday. The Democrat-controlled Senate is crafting a competing bill, and Democratic leaders have said the House bill, if passed, will be defeated in the Senate.
"During the course of the day, it became clear that even if (Republican House Speaker John) Boehner does get the vote, when it's turned over to the Senate, the Senate is going to reject it. That seems to ...
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