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The Weekly Bottom Line : 05/03/2011
The Weekly Bottom Line
HIGHLIGHTS OF THE WEEK
United States
* This week, European Central Bank President Trichet shocked financial markets by announcing an imminent interest rate rise
* On the contrary, Fed Chairman Bernanke reaffirmed that, despite rising food and energy prices, significant slack in the labor market will prevent the former from translating into higher core inflation
* Therefore, there is still some time before we could see the end of U.S. monetary accommodation in the horizon.
Canada
* Canadian Real GDP soars by 3.3% on an annualized basis in the final quarter of 2010.
* Despite an elevated Canadian dollar, the output gain was led by a surge in net exports. However, continued strength in consumer spending was also a major factor.
* The Bank ...
Title:
U.S. dollar seen lower next week after jobs data
(Reuters) - The U.S. dollar is likely to fall in the week ahead as investors continue to bet that interest rates in the euro zone will rise ahead of those in the world's largest economy.
U.S. February jobs data came in a touch better than expected on Friday but disappointed investors who had hoped for an even stronger report.
Investors see strong U.S. jobs growth as necessary for the Federal Reserve to end its second round of quantitative easing and instead tighten monetary policy by raising rates.
The U.S. situation is in sharp contrast with that of the euro zone, where the zone's common currency is likely to remain supported after European Central Bank President Jean-Claude Trichet strongly hinted at an interest rate rise in April, bolstering the view the ECB will tighten monetary ...
Title:
The Week Ahead: U.S. dollar seen lower next week after jobs data
(Reuters) - The U.S. dollar is likely to fall in the week ahead as investors continue to bet that interest rates in the euro zone will rise ahead of those in the world's largest economy.
U.S. February jobs data came in a touch better than expected on Friday but disappointed investors who had hoped for an even stronger report.
Investors see strong U.S. jobs growth as necessary for the Federal Reserve to end its second round of quantitative easing and instead tighten monetary policy by raising rates.
The U.S. situation is in sharp contrast with that of the euro zone, where the zone's common currency is likely to remain supported after European Central Bank President Jean-Claude Trichet strongly hinted at an interest rate rise in April, bolstering the view the ECB will tighten monetary ...
Title:
Windsor Brokers - Short Term Technical Analysis for Majors (14:30 GMT)
EUR/USD
Maintains positive tone after spike to 1.40 level was followed by sharp reversal to 1.3940. Retest of 1.40 and extension towards 1.4083/1.41 zone on a break remains favored, while 1.3940/24 offers immediate support, while 1.3860, former high, underpins the advance.
Res: 1.4000, 1.4050, 1.4083, 1.4100
Sup: 1.3940, 1.3924, 1.3890, 1.3845
http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusd_20110304144304.gif
GBP/USD
Extends corrective pullback from fresh high at 1.6342 to 1.6234, just ahead of key near-term handle at 1.6215, after losing an initial support at 1.6252. Holding above 1.6215 is needed to keep immediate bulls in play, with break through 1.63 zone to expose 1.6342. Loss of 1.6315, however, would signal further retracement of 1.6030/1. ...
Title:
Forex - ECB Signals Green Light For Rate Hike
Forex News and Events:
The headline event of the past 24 hours has undoubtedly been the ECB rate meeting. As expected, the governing council left rates unchanged at 1.00%, but the real fireworks came 45 minutes later in the subsequent press conference. Governor Trichet began by highlighting that risks to the inflation outlook had moved to the upside and that incoming data showed positive underlying growth momentum – accordingly, official forecasts for EU inflation and growth were revised upward, but all of this had been largely predicted by the market in advance. The real surprise was Trichet’s statement that “strong vigilance” was warranted going forwards – a phrase that strikes a very significant chord with observers familiar with the “traffic light” system that the ECB used during the ...
Title:
Technical analysis of the XAU/USD (Gold) pair on March 4th, 2011
Commentary of the XAU/USD (Gold) pair:
After a new highest towards 1440, the pair XAU/USD made a correction towards 1410. All indicators are now bearish. We maintain to trade only long positions as far as 1410 is support. A return above 1420 will comfort our bullish feeling and the breakout of 1440 will give a new buy signal for new historical highs.
See the previous analysis of the XAU/USD pair of March 3rd, 2011
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Technical analysis of the AUD/USD parity on March 4th, 2011
Commentary of the AUD/USD parity:
The pair AUD/USD continues to move between 1.01 and 1.02. Indicators stay globaly bullish. We maintain to trade only long positions as far as the price is above 1.01. The breakout of 1.02 will give a new buy signal towards news highs. However, if 1.01 is broken, we will be neutral between this level and 1.0050. We will then wait an exit of this range to take position.
See the previous analysis of the AUD/USD parity of March 3rd, 2011
Title:
Technical analysis of the EUR/CHF pair on March 4th, 2011
Commentary of the EUR/CHF pair:
The pair EUR/CHF validated yesterday a return above 1.29, offering us a buy signal. The pair is currently testing the next resistance at 1.30. All indicators are now bullish. We maintain to trade only long positions as far as 1.29 is support. The breakout of 1.30 will give a new buy signal for a pursuit of the movement towards 1.31.
See the previous analysis of the EUR/CHF pair of March 3rd, 2011
Title:
Technical analysis of the EUR/GBP pair on March 4th, 2011
Commentary of the EUR/GBP pair:
The pair EUR/GBP validated yesterday a return above 0.85 and broke the resistance at 0.8550, offering a new buy signal. All indicators are now bullish. We maintain to trade only long positions as far as 0.8525 is support. The breakout of 0.86 will give a new buy signal. The next resistance is at 0.8650.
See the previous analysis of the EUR/GBP pair of March 3rd, 2011
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