Daily Market Review by FXCC June 12 2012
Daily Market Review by FXCC June 12 2012
Risk Aversion returns as Spanish elation subsides
US stock advanced, following the biggest weekly rally in the Standard & Poor's 500 Index this year, as investors speculated that the bailout of Spain's banks will help ease the euro area's debt crisis.European stocks surged to a four- week high after Spain sought as much as €100bn to save its banking system and Chinese export data topped forecasts. The €100bn rescue for Spain's banks moved Italy to the frontline of Europe's debt crisis as an initial rally in the country's bonds fizzled on concern it may be the next to succumb. Investors holding bonds issued by Spain and its banks will probably rank behind official creditors in the queue for payment after the nation asked for a bailout of as much as €100 bn.
Asian equities extended the global rally after Chinese data showed exports grew last month at more than double the pace economists estimated. Overseas shipments climbed 15.3% from a year earlier, the customs bureau said yesterday, exceeding all 29 estimates. Japanese stocks rose, with the benchmark Nikkei 225 Stock Average (NKY) capping the biggest gain since April, on speculation a bailout for Spanish banks will ease Europe's debt crisis and after China's trade grew more than expected.
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UPCOMING EVENTS :
2012-06-12 08:30 GMT | UK - Industrial Production
2012-06-12 08:30 GMT | UK - Manufacturing Production
2012-06-12 12:30 GMT | US - Import & Export Price Index
2012-06-12 18:00 GMT | US - Monthly Budget Statement
FOREX NEWS :
2012-06-12 04:04 GMT | GBP/USD consolidates below 1.5500
2012-06-12 03:39 GMT | USD/JPY spikes to new daily highs
2012-06-12 03:39 GMT | EUR/AUD glued around the 1.2600 line
2012-06-12 01:39 GMT | Australia: Business Confidence declines sharply in May
EURUSD : 1.24927 / 1.24933
DAILY WEEKLY MONTHLY
https://support.fxcc.com/email/techn...012/EURUSD.gif
1.2811 | 1.2730 | 1.2613
1.2415 | 1.2334 | 1.2217
SUMMARY : Neutral
TREND : Sideway
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
Technical's are mixed, MACD in buy territory, but most others in sell; a close above the 21‐day MA at 1.2584 would be bullish. However EUR risk is increasingly binary. Supports are seen at the 10-DMA line at 1.2488 and then at 1.2435. On the other hand, resistance levels are seen at 1.2554, 1.2690 and then at 1.2820.
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GBPUSD : 1.54905 / 1.54915
DAILY WEEKLY MONTHLY
https://support.fxcc.com/email/techn...012/GBPUSD.gif
1.5685 | 1.5634 | 1.5563
1.5441 | 1.5390 | 1.5319
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
Technical's remain mixed but biased to downside, today’s rally faded quickly and failed to break above last week’s high of 1.5601. Support lies at the recent low of 1.5269, a retest is likely. Supports are seen at the 10-DMA line at 1.5467 and then at 1.5375. On the other hand, resistance levels are seen at 1.5538 and then at 1.5601.
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USDJPY : 79.491 / 79.495
DAILY WEEKLY MONTHLY
https://support.fxcc.com/email/techn...012/USDJPY.gif
80.240 | 79.962 | 79.715
79.190 | 78.910 | 78.665
SUMMARY : Neutral
TREND : Sideway
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Overbought
MARKET ANALYSIS - Intraday Analysis
JPY is currently trading at 79.29 levels. After falling against US dollar for last four sessions, Yen is again strengthening against its peers, as the market is expecting Italy to be the next country on the forefront of the debt crisis after Spain. This boosted the demand for the safe haven currency. Overall technical's are reading bearish ‐ the 50‐day has crossed below the 100‐day (80.20 and 80.21, respectively) generating a medium term sell signal; while most other indicators are in sell territory
Source: FX Central Clearing Ltd, (http://www.fxcc.com)
