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MovementTitle:
Euro Continues the Upside Correctional Move
As the last session approaches the end this week, markets are still rebounding to the upside supported by investors position squaring, where due to the high level of uncertainty in the market investors tend to terminate any open trade ahead of the coming week in order to protect their wealth against any surprise that might hit markets with the opening on Monday. After heavy losses it is only normal for the correction as bears lock in their profits!
The comments from the Italian Premier added to the uncertainty in markets, where Monti called on Germany to respond to mounting pressures and approve the issuance of joint Eurobonds, a thing that was weighed positively by markets as investors believe that if European nations acted in unity, Spain and Italy might skip falling into the debt trap ...
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German Data Leads to Additional Euro Losses
Disappointing German data sent the euro to fresh lows against the USD during European trading yesterday. In a sign that even the euro-zone's biggest economy was not immune from the region's debt crisis, the German Flash Manufacturing PMI and Ifo Business Climate both came in significantly below expectations. As a result, the EUR/USD dropped as low as 1.2515, close to a two-year low. As we close out the week, traders will want to continue monitoring any developments out of the euro-zone. Any new negative developments could send the common currency below $1.2500 before markets close for the week.
Economic News
USD - Safe-Haven USD Sees Additional Gains
The US dollar was able to extend its gains against the euro yesterday, following the release of several disappointing economic indicators ...
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Asian stocks drop on worries over China’s growth and the deepening debt crisis in Europe
The MSCI Asia Pacific Index dropped 0.7% at 12:47 in Tokyo as Asian stocks are heading towards the fourth week of losses on worries China’s economy is slowing and business conditions are deteriorating while Europe’s debt crisis is deepening.
The MSCI Asia Pacific Index fell 1.2% this week, heading for its longest weekly losing streak since November, mainly on fears from the impact of Greece`s possible exit from the eurozone and China’s slowing economy since it threatens Asian trade.
One day after China reported lackluster data from the manufacturing sector, three bank officials with knowledge of the matter said that China’s largest banks may miss their lending targets for the first time in seven years.
As Europe’s debt crisis curbs exports, manufacturing shrinks and demand on new homes ...
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Gold inches up, yet heading for a weekly decline
Gold inched up on Friday’s early trading yet remains under pressure amid worries from the euro area on speculations the European debt crisis is materializing on possible Greek exit from the euro area and macroeconomic degradation.
On Wednesday, the informal EU summit showed disagreement over introducing Eurobonds as German Chancellor Angela Merkel said after the EU summit that her country support her opposition to jointly issued common European bonds.
However, after the end of the EU-27 summit yesterday Italian Prime Minister Mario Monti said he persuade Germany to accept launching common bonds, stating that “Europe can have euro bonds soon.”
He also announced that Greece will probably remain in the euro bloc even as “anything can happen.”
On the other hand, reports released ...
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Euro Corrects Some of the Losses as This Week Comes to an End
Another week has almost ended, while all the focus remains on Greece as markets still attempt to weigh the alternatives for Greece and whether the nation might exit the one-currency bloc or not, where uncertainty dominates investors and markets, the thing the weighed sharply on the common currency, which almost shed 2% this week.
The sentiment remains negative, while fears and concerns are mounting, where a poll in Greece showed yesterday that the anti-austerity Syriza Party is leading now as more and more Greeks are joining the anti-austerity campaign.
The Public Issue/Saki TV poll showed that the leftist party gained 30% of the vote, beating that conservative New Democracy Party with 4 points, noting that this party mainly backs the second bailout deal. In the third place the Socialist ...
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Technical analysis of the GBP/USD pair on May 25th, 2012
Commentary of the GBP/USD pair :
The pair GBP/USD has continued its bearish movement and is currently testing the support at 1.5650.
All indicaotrs are bearish.
We continue to advise short positions as far as 1.58 is resistance.
The breakout of 1.5650 will give a new sell signal and open the week towards 1.56.
In case of return above 1.58, we will be neutral between this level and 1.550.
The breakout of 1.5850 will give a buy signal.
See the previous analysis of the GBP/USD pair of May 24th, 2012
GBP/USD Analysis
Title:
Technical analysis of the USD/CHF pair on May 25th, 2012
Commentary of the USD/CHF pair :
The pair USD/CHF has continued yesterday its bullish movement and is currently testing the resistance at 0.9550.
All indicators are bullish.
The pair got back above its bullish slant (black line).
We continue to advise long positions as far as 0.9450 is support.
The breakout of 0.9550 will give a new buy signal and open the way towards 0.96.
In case of return below 0.9450, we will again be neutral between this level and 0.9370.
See the previous analysis of the USD/CHF pair of May 24th, 2012
USD/CHF Analysis
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Some frayed nerves as USDA grains data goes 'live'
(Reuters) - CBOT grain traders got their first taste on Thursday of trading without a two-hour cushion between the release of price-sensitive U.S. government data and markets being open, as the new 21-hour trading cycle exposed some frayed nerves.
The U.S. Department of Agriculture issued its weekly export sales report at 7:30 a.m. Central (1230 GMT) when the Chicago Board of Trade grain markets were open for business. The CBOT began a 21-hour trading cycle on Monday.
Rival Intercontinental Exchange (ICE.N) was also open, but its volume was far smaller than that of the world's largest grain exchange, owned by the CME Group (CME.O).
The data moved the corn futures market, with benchmark July slipping slightly lower in a knee-jerk reaction before rebounding after traders dug deeper into ...
Title:
USD/CHF Daily technical analysis - May 2012
The pair USD/CHF has broken the resistance at 0.9270 and has continued during May its bullish movement. The pair is currently moving towards the resistance at 0.9754 and is moving above the fibonacci retracment 50% at 0.9396.
The trend will remain bullish as far as 0.90 is support. The breakout of 0.9754 will give a new buy signal and open the way towards 0.9946 (level 61.80%). Next resistances are at 1.0250 and 1.05.
If 0.90 is broken, a return on 0.8847 (level 38.20%) is expected. The breakout of this last level will indicate a return of the bearish trend. We will then expect a test of 0.8572.
Previous USD/CHF Daily Analysis - April 2012
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