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Windsor Brokers - Short Term Technical Analysis for Majors (14:30 GMT)
EUR/USD
Remains under pressure, as recovery attempt from today’s low at 1.3332, was capped at 1.3426, initial resistance zone. Fresh weakness is testing previous support at 1.3360, with 1.3332/29, day’s low / main short-term bull trendline in focus, as the hourly structure is losing momentum. The near-term price action is limited within the asymmetric triangle, with the upper boundary at 1.3430, limiting the upside for now.
Res: 1.3384, 1.3400, 1.3420, 1.3487
Sup: 1.3360, 1.3330, 1.3300, 1.3273
GBP/USD
The near-term bias remains skewed to the downside while broken bull trendline off 1.5422 low caps corrective attempts. Hourly studies are below their midlines, suggesting further extension of the short-term reversal from 1.5777, 30 Nov high. Initial support zone at 1.5600/1.5575, ...
Title:
Dukascopy Morning Forex Overview : 06/12/2011
Fundamental Analysis
EUR
"Things cannot continue as they have done up until today"
- Nicolas Sarkozy, French President
German Chancellor Angela Merkel and French President Nicolas Sarkozy said Monday they are planning changes to the European Union treaty to ensure tighter fiscal policy among member countries and win back investor confidence.
USD
"The economy continues to muddle along at a moderate pace"
- Richard DeKaser, deputy chief economist at Parthenon Group Inc.
U. S. service sector expanded in November at the slowest pace in almost two years. The Institute for Supply Management’s non-manufacturing index slid to 52 from 52.9 in October, said the company on Monday. Reading above 50.0 indicates industry expansion.
GBP
"The weak growth in services means the economy is likely to ...
Title:
Water – Still Blue Gold
I was in Bangkok while the floods were raging. I also visited Cambodia. The floods were in the news there as well. Though it did not affect Phnom Penh, where I was, the remote villages were dealing with a lot of water.
That’s the curious thing about water. There always seems to be either too much of it or not enough. What follows is another look at my favorite commodity and the opportunities of investing in it.
At breakfast at the Raffles in Phnom Penh, I read a story about how Levi Strauss is trying to minimize its water use. A pair of blue jeans will consume over 900 gallons of water in its lifetime. That includes everything from the water to irrigate the cotton crop to multiple washings of the jeans.
The pressure is mounting on Levi, and other companies, to reduce their water ...
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Markets remain nervous
FUNDAMENTAL OUTLOOK at 0800 GMT (EDT +0400)
USD
The news for the Eurozone simply refuses to improve as Belgium was downgraded late on Friday and over the weekend, Italian newspaper La Stampa reported that the IMF is preparing a EUR600 bn loan for Italy in case the situation worsens. Early on Monday the IMF denied that any discussion was underway withItalyon any form of financing, and the numbers involved lack credibility as the IMF’s totally lending capabilities are far short of that sum.
Nevertheless, the news underscores the amount of nervousness in the market, especially with another major week of bond supply up ahead. Italy alone will the tap the market for up to EUR8 bn on Tuesday and with the 2-year yield already trading past 8%, clearly the costs of borrowing are reaching ...
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USD Continues to be Favored
As investors reduce their exposure to higher yielding currencies the USD has become the overwhelming favorite.
Economic News
USD - US Sovereign Credit Rating Affirmed by Moody's and S&P
After the US congressional super committee failed to come to an agreement both Moody's and S&P left the US sovereign credit rating unchanged while Fitch will release its decision later in the month. Expectations are for Fitch to put the US on review for a potential downgrade. In the wake of the failure of the congressional super committee to agree to a deficit reduction plan there will be 1.2 trn combined mandatory budget cuts from the military and an expiration of tax savings and unemployment benefits.
Despite the failure of the US government to agree to any program that would put the US on a path of ...
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Euro resilient; China PMI in focus
(Reuters) - The euro held up remarkably well early in Asia on Wednesday as investors took comfort in news the International Monetary Fund had beefed up its lending instruments to help shield some smaller countries from the euro zone debt crisis.
The common currency stood at $1.3514, having come close to retesting Tuesday's session peak of $1.3568 after the IMF said it was establishing a flexible liquidity line.
The euro has been trading on either side of $1.3500 for days now, underpinned by talk of repatriation flows from European banks and a reluctance by speculators to put on more negative positions in an already short market.
But market sentiment remained brittle as highlighted by robust demand for safe-haven Treasuries, which has supported the U.S. dollar. The dollar index .DXY at ...
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Risk sell off continued yesterday
FUNDAMENTAL OUTLOOK at 0800 GMT (EDT +0400)
USD
Investors continued to offload risk trades following yesterday’s sharp declines in Europe. More attention was given to developments in the US as the chairs of the Congressional Super-Committee confirmed that no deal would be possible on fiscal consolidation. Ratings agencies so far have noted that there would be no impact on the US‘ standing, as political paralysis appears to have been widely expected. Indeed, this was one of the key reasons behind Standard & Poor’s downgrade of the US this summer and so far their fears have been justified.
Our analysts expect the headlines to pass without major incident and the focus will revert to the situation in Europe. Although there are no major summits due, work is already underway for the heads of ...
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USD is Bid to Begin this Week's FX Trading
The USD is up prior to the North American trading session despite a failure of the US super committee to come to an agreement. Pressure remains in the euro zone as Moody's said France's credit rating could be downgraded. With the recent USD strength some of the major currencies are now standing at significant technical levels.
It is expected today that the US super committee will fail in its mission to agree on budget cuts and potential tax increases. The failure does not come as a surprise to most market participants given the inability of Congress to work together on almost anything these days. However, it does add an additional level of uncertainty in the already shaky financial markets. Despite the negative news the USD is bid to begin this week's FX trading as market players focus ...
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Brent above $107, Mideast tension heightens supply
(Reuters) - Brent crude futures held above $107 a barrel on Monday on fears that tensions over Iran's nuclear program, and clashes in Egypt and Syria, may disrupt Middle Eastern output as demand for fuel rises ahead of the Northern Hemisphere winter.
The uncertainty has made investors refrain from selling oil contracts even as the euro zone debt crisis threatens to slow economic growth as well as fuel consumption.
Brent crude traded 16 cents lower at $107.40 a barrel by 0617 GMT. Futures had fallen in the previous three sessions, paring this year's gains to 14 percent. U.S. oil was down 57 cents to $97.10. Prices have increased 4.8 percent this month after an 18 percent jump in October.
In comments broadcast on Sunday, the energy minister of OPEC president Iran told Al Jazeera ...
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