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Overview The Euro RoseTitle:
Dukascopy Afternnon Forex Overview : 28/03/2012
Dukascopy Fundamental Analysis
EUR
Magyar Nemzeti Bank may keep its benchmark interest rate unchanged at 7% for a third straight month, analysts said on Tuesday. The central bank is likely to stick to highest interest rate in European Union due to a delay in receiving IMF loan. The Forint strengthened 0.3% versus Euro to HUF 290.
USD
US February core durable goods orders reading was in line with the forecast at 1.6%, after a sharp fall of 3.0% in January. Durable goods orders rose by 2.2% last month, underperforming versus the forecast of 3.0%.
GBP
British FTSE 100 declined on Wednesday as data showed the revised British GDP in the 4th quarter declined 0.3% compared to previous estimate of 0.2%. Banks and miners drove the index lower with Barclays PLC and Lloyds Banking Group PLC each ...
Title:
Dukascopy Morning Forex Overview : 28/03/2012
Dukascopy Technical Analysis
EUR/USD
"The euro area’s debt crisis is “almost over"
- Italian Prime Minister Mario Moni (based on Bloomberg)
The pair is attempting to advance further and it is likely to test the 7-month high at 1.3457.
EUR/JPY
"The yen move is driven by supply and demand before the final exchange-rate fixing of the fiscal year. I think we’ll start to see some rise in demand to buy JPY"
- Mizuho Corporate Bank Ltd. (based on Bloomberg)
EUR/JPY is holding bullish impetus while recovering from the 20-day average at 108.97.
GBP/USD
"Tesing that level is very much on the cards, but having said that, front-end sterling rates are pushing lower this morning and this could be having a bearing on the currency"
- Lloyds TSB (based on Reuters)
GBP/USD has successfully tested the ...
Title:
Dukascopy Afternnon Forex Overview : 27/03/2012
Dukascopy Fundamental Analysis
EUR
BMW AG, German car maker will recall 120,246 cars in China due to the difficulties with the automobile's batteries, nation's quality control agency reported on Tuesday. The recollection of the Coupe, BMW 6 Series Convertible, BMW 6 Series and BMW 5 Series, vehicles produced between year 2003 and 2010 will begin in May 10. An installation problem of the batteries can create safety risks, quality control agency claimed.
USD
US businesses project slower pace of revenue growth in China in 2012 amid rising operation costs and worries over global stagnation, according to survey of American Chamber of Commerce. About 43% of the firms surveyed expect increase in sales to approach 11% this year as compared to a 15% increase in 2011. The major contributors to ...
Title:
Dukascopy Morning Forex Overview : 27/03/2012
Dukascopy Technical Analysis
EUR/USD
"If buying of Treasurys gains steam and bond yields fall in the wake of Monday's Bernanke's comments, the dollar could face more pressure against currencies such as the euro"
- Societe Generale (based on CNBC)
Even though the pair is trading slightly above the 1.3291/1.3325 area, it is expected to move southwards in the nearest future as the EU debt risks have not been swept away completely.
EUR/JPY
"The Fed’s stance to support the economic recovery through policy easing and adding liquidity to the market is helping boost sentiment"
- Shinkin Asset Management Co. (based on Bloomberg)
EUR/JPY rallied above the 110 level and eased the risks of bearish reversal.
GBP/USD
"This is more of a dollar move than a sterling move. It feels like the market was ...
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Dukascopy Morning Forex Overview : 26/03/2012
Dukascopy Technical Analysis
EUR/USD
"Whereas in the past the dollar would tend to fall as risk appetite was rising, the dollar is now benefiting from pro-risk developments, as U.S. economic data has generally bested expectations recently"
- Bank of the West (based on CNBC)
Even though EUR/USD continues to hover just below 1.3291/1.3325, it is expected to move southwards in the nearest future. The initial support is at 1.3140, followed by 1.3130 (55 day sma) and 1.3004.
EUR/JPY
"It's possible to see euro pick up slightly as people work out the implications of the bailout package and better economic statistics Sentiment toward Europe is slowly improving"
- St. George Bank Ltd. (based on Bloomberg)
EUR/JPY is currently in a phase of a bearish correction, which may last until 105.65 is ...
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Dukascopy Afternnon Forex Overview : 23/03/2012
Fundamental Analysis
EUR
The factory executive rose to 96 in March from 93 in February, after the French Ministry of Finance rose its 2012 economic growth forecast to 0.7% yesterday. Experts believe tha raise will significantly help the current president Sarcozy in his election battle.
USD
Nike has announced higher profits in the last quarter due to strong demand that offset increasing production costs. Profit of the sportswear producer in the last quarter that ended in February soared by 7% year-to-year, attaining 560 million US Dollars on the 15% increase in total revenues. The economic climate stays highly uncertain but we are optimistic about the company perspectives, said Mark Parker, the President of Nike.
GBP
The nationwide consumer sentiment index declined unexpectedly in ...
Title:
Dukascopy Morning Forex Overview : 23/03/2012
Fundamental Analysis
EUR
"Figures clearly show that the recession in the euro zone is far from over"
- Peter Vanden Houte, an economist at ING Group
Euro area services and manufacturing output fell by more than expected this month, a sign the economy has slipped into recession.
USD
"Decline in unemployment claims is another indication that the labor market is healing. That's good news for the March payroll report"
- Gus Faucher, a senior economist at PNC Financial Services
The number of Americans claiming for unemployment benefits fell to 348 thousand in the week ended March 17 from the week before, said the Department of Labor on Thursday.
GBP
"The data puts a real dent in hopes that the consumer may be perking up appreciably"
- Howard Archer, an economist at IHS Global Insight
U.K. ...
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Dukascopy Afternnon Forex Overview : 22/03/2012
Fundamental Analysis
EUR
Euro Area region faced a faster contraction in private sector activity in March, highlighting worries the area may fall back into downturn. Composite PMI dropped from 49.3 in previous month to 48.7 in March reaching three month record low. Economists questioned by Marketwatch predicted the composite PMI to climb to 49.6. Service PMI fell from 48.8 to 48.7 and manufacturing index edged down from 49.0 to 47.7.
USD
After a slight decline to 353K two weeks ago, US unemployment claims kept sliding to a four-year-low at 348K last week. Economists say that this reading points to a robust recovery of the US labor market and the economy in general.
GBP
UK retail sales declined more than analysts predicted in previous month as households curbed spending. Retail sales ...
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Dukascopy Morning Forex Overview : 22/03/2012
Fundamental Analysis
EUR
The borrowing costs on German bunds climbed to three month record high after Greek PM Lucas Papademos got parliamentary support for a EUR 130 billion rescue package, curbing demand for safe securities. The yields on 10-year German notes added two basis points, reaching 2.06% on Wednesday. Germany's bills marked the sixth decline in seven days.
USD
The government of the US allowed 10 EU countries and Japan to be excluded from the Iranian oil sanctions as these countries managed to cut Iranian oil imports essentially. The sanctions are aimed at punishing countries that go on purchasing large amounts of Iranian oil. The biggest oil importers as South Korea, China and India were not exempted from the sanctions.
GBP
British budget gap nearly doubled in February on ...
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