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RecoveryTitle:
Oil down, pares early losses
Oil prices recovered from early lows on Wednesday, as positive U.S. industrial output data and a weekly government report on U.S. inventories showing a much smaller build than reported by the industry, lifted gloom about global demand.
U.S. oil prices briefly swung into positive territory, recovering from losses of more than $2 a barrel early on Wednesday, after weekly data from the U.S. Energy Information Administration (EIA) showed inventories rose broadly in line with forecasts.
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A mild relief on Merkel, upbeat U.S. data
After the deep selloff markets recover some of earlier losses triggered by fears of “Grexit”, after politicians failed to find a common ground and name a new coalition government. Meanwhile Angela Merkel in an interview with CNBC reiterated following many European politicians “I want Greece to stay in the Euro” giving markets a minor relief, and a reason to rebound in a normal pullback after being oversold.
The EUR/USD decently off lows, the pair has traded the lowest since January today at 1.2680, and currently trading around 1.2750. Meanwhile, U.S. housing sector continues to show recovery, as building permits fell to 715,000 last month, however March permits were revised upward to 769,000. Housing starts rose to 717,000 units, while March reading of 654,000 was revised to 699,000. On ...
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Euro higher, investors debate outlook for Greece
The euro recovered from a four-month low against the dollar on Wednesday on expectations that Germany and France will act together to keep Greece in the euro zone, though the single currency remained pressured with investors not convinced Greece won't chart its own course.
Germany's Chancellor Angela Merkel and the new French President Francois Hollande had their first official meeting on Tuesday and stressed that they both wanted Greece to remain in the euro zone.
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U.S. stocks rise on data, euro turns on Greek hope
The euro pared losses and bond prices slid on Wednesday after comments by German Chancellor Angela Merkel bolstered hopes that Greece would remain in the euro zone, while U.S. stocks rose on encouraging U.S. economic data.
U.S. industrial production posted its fastest growth in over a year in April and a rebound in groundbreaking for new U.S. homes last month suggested a recovery in U.S. housing was gaining some traction, bolstering U.S. investor sentiment that has been heavily hit by news about Greece.
Industrial output grew 1.1 percent, the most since December 2010 and nearly twice the pace expected by analysts polled by Reuters. Housing starts increased 2.6 percent to a seasonally adjusted annual rate of 717,000 units, while March's starts were revised upward.
"Nice to see some ...
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Central Banks' to the Rescue?
Central Banks' to the Rescue?
The Bank of England stole the headlines this morning as it delivered its second Inflation Report of the year. Its message was fairly grim: the UK won't regain its 2007 level of output until 2018. The biggest threat to the UK economy right now according to the bank is the impasse in the Eurozone (something the BOE can't control).
The BOE: "blame the Royal Family and the Eurozone"
However, the one thing it can control is QE and interest rates, and it kept the door to more QE firmly open today. It noted that Q1 GDP figures could be revised higher, however a number of "one off" factors like the Queen's Jubilee bank holiday this year could knock 0.5% from GDP. This "holiday" could have a more damaging economic effect than the Royal Wedding, according to the Bank. ...
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Housing starts rebound in April, permits fall
Housing starts rose more than expected in April, according to a government report on Wednesday that offered signs of a nascent housing recovery, even though permits for future building fell after touching a 3-1/2 year high the prior month.
The Commerce Department said housing starts increased 2.6 percent to a seasonally adjusted annual rate of 717,000 units. March's starts were revised up to a 699,000-unit pace from a previously reported 654,000 unit rate.
Economists polled by Reuters had forecast housing starts rising to 680,000-unit rate. Compared to April last year, residential construction was up 29.9 percent.
The housing market is showing some signs of life after collapsing six years ago, but remains hobbled by a glut of unsold homes.
However, rising demand for rentals, which has ...
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BoE upwardly revises inflation outlook, growth prospects remains uncertain
In the BoE`s quarterly inflation report, the bank referred that the outlook is still clouded by high uncertainty due to the weak demand and tight credit conditions and escalating risks from the euro area debt crisis which remains to be the greatest threat to the U.S. recovery.
The report referred that demand waned from different regions, especially the euro area which is still suffering the blues of the debt crisis which forced the U.K. to expand its exports in non-EU regions.
The British economy is experiencing a technical recession after recording 0.2% contraction in the first quarter, driven down by construction, following the 0.3% contraction recorded in the last quarter of 2011 and may face the threat of facing more deepening recession as the recent data shows further ...
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Bank of England Quarterly Inflation Report downgrades growth slightly
Mervyn King, the Bank of England`s Governor, represented the quarterly inflation report on behalf of the Monetary Policy Committee, explaining the Bank`s new projections for inflation and growth. The Bank of England sees inflation slowing below 2% in two years, while continued risk of disorderly euro-area outcome forces downside pressures on growth.
The BoE Mervin King while presenting the inflation report said that inflation will remain above the target in the coming year as well, while growth is seen now weaker, compared with the previous projections in February.
However, recovery will gradually return on track, but at the moment higher energy prices and credit conditions hampered the pace of recovery significantly. The royal economy will also continue to face strong headwinds ...
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Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
The single currency spirals lower after yesterday’s break below 1.2800 handle and longer-term bull trendline at 1.2770 and today’s loss of the last obstacle at 1.2700, towards 1.2622, January’s yearly low. Negative sentiment keeps the pair under heavy pressure and despite short-term studies being at their extreme levels, the price action continues to increase the pace of descending. Break below 1.2622 to open 1.2586 Aug 2010 low next, with 1.2000/zone expected to come in short-term focus. Initial resistance lies at 1.2720, with more significant barriers at 1.2800/15 and 1.2868.
Res: 1.2700, 1.2720, 1.2800, 1.2815
Sup: 1.2622, 1.2586, 1.2550, 1.2500
GBP/USD
The pair accelerated losses after losing key supports at 1.6050 and 1.6000, with break below 55 day MA at 1.5959, looking ...
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