Daily Market Review by FXCC June 14 2012
Daily Market Review by FXCC June 14 2012
Greek Elections coming soon, Spain downgraded three notches
A day after global rating agency S&P cautioned India could lose its investment-grade credit rating due to political inaction. Data yesterday showed industrial expansion in April had barely managed to be in the positive zone, growing just 0.1% in the first month of the financial year, despite a not-so-high base of 5.3% growth in April 2011. In March, industrial output had contracted 3.15% US stocks dropped, indicating the Standard & Poor’s 500 Index already pared Tuesday’s rally, as investors await a got bearish on report that showed retail sales declined last month. The S&P 500 has dropped 6.7% from this year’s high on April 2 as Greece’s political parties failed to form a government, increasing the likelihood the nation won’t meet its debt obligations and forcing it to leave the Euro area.
Spain and Italy appealed to European policy makers to step up their response to the financial crisis after a €100bn (USD125bn) lifeline for Spanish banks failed to calm markets. European stocks declined as borrowing costs increased at debt auctions by Germany and Italy and as investors awaited a report on American retail sales. Merkel is stepping up her calls for closer “fiscal union” in Europe to tackle the debt crisis at its roots. Greek elections in four days threaten to herald the first expulsion of a country from the 17-nation currency union. China’s stocks rose, driving the benchmark index to its biggest gain in a month, on speculation the government will ease monetary policy and increase spending for infrastructure to stem the slowdown in the economy.
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UPCOMING EVENTS :
2012-06-14 08:00 GMT | EMU - ECB Monthly Report
2012-06-14 09:00 GMT | EMU - Consumer Price Index
2012-06-14 13:00 GMT | US - Consumer Price Index
2012-06-14 20:00 GMT | UK - BoE's Governor King Speech
FOREX NEWS :
2012-06-14 04:39 GMT | Japan Apr Capacity Utilization down (1.9)% from March
2012-06-14 04:32 GMT | Japan Apr Industrial Production (MoM) declines to -0.2% vs 1.3%
2012-06-14 04:10 GMT | GBP/USD bid above 1.5500
2012-06-14 03:14 GMT | Yen, the only true safe haven currency - HSBC
EURUSD : 1.25733 / 1.25739
DAILY WEEKLY MONTHLY
https://support.fxcc.com/email/techn...012/EURUSD.gif
1.2753 | 1.2682 | 1.2627
1.2501 | 1.2430 | 1.2375
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
Technical's remain mixed with a limited range and lack of agreement among technical indicators suggests no trend in the near term. Trend supports are seen at 1.2443/35 and then at 1.2410. On the other hand, resistance levels are seen at 1.2553, which is the 21-DMA line and then at the key 1.2600 level.
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GBPUSD : 1.55159 / 1.55168
DAILY WEEKLY MONTHLY
https://support.fxcc.com/email/techn...012/GBPUSD.gif
1.5679 | 1.5639 | 1.5583
1.5487 | 1.5447 | 1.5391
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bearish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
Technical's are bullish and has reached the 23.6% Fibonacci retracement level (1.5576) of the May decline In terms of technical levels, Trend supports are seen at the 10-DMA line at 1.5460 and then at 1.5454. On the other hand, resistance levels are seen at 1.5590, 1.5601 and then at 1.5637.
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USDJPY : 79.433 / 79.436
DAILY WEEKLY MONTHLY
https://support.fxcc.com/email/techn...012/USDJPY.gif
80.168 | 79.960 | 79.707
79.245 | 79.038 | 78.785
SUMMARY : Neutral
TREND : Sideway
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Oversold
MARKET ANALYSIS - Intraday Analysis
Technical's continue to be mixed with movement bound between 79.00 an 80.00 illustrates lack of a defined trend. Trend supports are seen at 79.17 and then at 79.00. On the other hand, resistance levels are seen at 79.22 and then at the key 80.00 level.
Source: FX Central Clearing Ltd, (http://www.fxcc.com)
