OctaFX_Farid Posted March 16, 2013 Author Share Posted March 16, 2013 Forex: EUR/USD closes week with gains & turned positive on monthly chart; Are buyers waking up? FXstreet.com (San Francisco) - Not so fast! After falling to 2013 lows at 1.2910 on Thursday, the EUR/USD has been trading on recovery mode to reconquer the 1.3000 position and advanced to test the 1.3100. Finally, the EUR/USD closed the week at 1.3070, around 70 pips or 0.75% above the Monday opening price. It was the first positive week after three negative weeks, and the EUR/USD has turned positive on the monthly chart after the February collapse. "The euro has remained above the $1.30 level for the first time since March 5 and only the second time this month," points BBH analyst Marc Chandler. "The next corrective target is in the $1.3100-30 area." “The bias here has switched to bullish with the recent break above 1.2990 resistance and my outlook is positive, for a rise through 1.3070, en route to 1.3160 zone”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial support at 1.2980-90 break-out level. It would be premature to tell that this last price action represents in fact a change in the wider frame, which remains bearish so far. Still there is a long way up to change the current stance in the euro, and of course it must be accompanied by a parallel improvement in the economic fundamentals and a more solid and foreseeable political scenario, in Italy for starters. Nomura Strategist Saeed Amen thinks that the EUR/USD is holding the bearish outlook in a purely technical picture. Looking at his daily chart, he writes, “RSI has reached levels where, in recent weeks, spot has peaked. Also 20D SMA looks like an important resistance on the topside, which has barely been tested. With bandwidth falling, spot is likely to range. Hence, a retracement lower within the range seems most likely. Our target is 1.2900 (above 200D SMA).” However, the BTMU states that the EUR/USD keeps neutral bias in the middle term and they see the spot moving between 1.2800 and 1.3150. “Coming so soon after the semi-annual testimony to Congress, we probably won’t have any dramatic change in stance from Bernanke, but nonetheless, it will be a valuable opportunity for the Fed to emphasize that despite some stronger than expected data, the need for monetary stimulus will be continue for some time yet." According to the FXstreet.com EUR/USD Forecast Poll, the sentiment for the euro is stabilizing in the 1.30 range, with the 1.3079 as 1-week target, 1.3053 as 1-month and 1.3020 as 3-month forecast. In this line, the FXstreet,com contributors positions have majority of buy orders as the Current Trading Positions table showed on Friday In any event, and although the US job market has picked up, Danske Bank expects "Ben Bernanke to argue that full−on recovery is still some way off – as is any tightening of monetary policy." As Katarzyna Komorowska from FXstreet comments, "February Nonfarm Payrolls figures surprised to the upside and the unemployment rate fell to 7.7%, it's lowest post-crisis level, but still far from the 6.5% objective established by the FOMC, which would allow it to exit the QE program." Therefore, Komorowska concluded, "at the March meeting status quo should be maintained." The week Ahead Moving forward to Monday, a second-tier docket in the euro area would be a priori insufficient to trigger a significant move in the cross, as Italy and the EMU would publish their trade balance figures. Across the pond, the only release will be NAHB Housing Market index. The rest of the week, the FOMC meeting, the BOE minutes and UK budget, the beginning of a new BOJ regime and euro area flash PMIs will catch the market's attention. Major events: - Bank of England Minutes - Fed Interest Rate Decision - Eurozone Manufacturing PMI - China HSBC Manufacturing PMI - US Manufacturing PMI OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Mar 16, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted March 18, 2013 Author Share Posted March 18, 2013 Forex Flash: The curious case of taxation in Cyprus – Deutsche Bank FXstreet.com (Barcelona) - Although EU leaders have made it clear that the shock resolution in Cyprus is a one-off it has surely changed the landscape in Europe and now provides a template that will be at least on the table, even as a bargaining chip only, in the years ahead. According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, “The real damage here is going back on the Government's pledge to honor all deposits up to Euro 100k - one that now exists EU wide. It's clear that the Cypriot Government was given the alternative of a chaotic default where arguably much more would have been lost for many.” However, could the authorities not have taxed the uninsured depositors more than the 9.9% and kept those with under 100k whole as opposed to a 6.75% levy? Earlier reports have suggested that this is one area that might be up for internal negotiations within Cyprus before the banks re-open tomorrow after today's holiday. Indeed, The FT is reporting that deposits over 100k could see an increased rate of 12.5% while smaller deposits would be levied at 3.5% in an effort by President Anastasiades to scrape together a parliamentary majority to approve the bailout. Martin Schulz, head of the European parliament, while agreeing that savers should bear some of the bailout costs, called for changes to exempt those with savings under €25,000. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Mar 18, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted March 19, 2013 Author Share Posted March 19, 2013 Forex: EUR/USD at lows after Cyprus PM resignation FXstreet.com (Barcelona) - After briefly passing by the European session low at 1.2917 and extending the daily low to 1.2912, the market seems to be having the downside fairly limited as it shot up back to 1.2930. Despite trading lower on the day, the market remains pretty sidelined as it looks for more triggers via headlines coming from Cyprus. The latest report says the Cypriot Prime Minister has submitted his resignation, but significant move is being seen at the moment US Building Permits rose from 0.904M to 0.946M in February, beating consensus of 0.925M. January data was revised lower, from 0.925M. US Housing Starts also improved more than expected, from 0.910M (revised from 0.89M) to 0.917M. Market consensus was at 0.915M. The ZEW survey for March shows a better image in Germany, better than expected. However, it is also showing a concerning drop in the Eurozone, with economic sentiment falling from 42.4 to 33.4 (consensus of 43.7). Economic sentiment in Germany rose from 48.2 to 48.5, beating 48.0 consensus. Current situation rose from 5.2 to 13.6, beating 6.0 consensus. EMU construction output fell from -4.6% to -7.3% in January, with a monthly contraction of -1.4%. Hourly indicators are negatively aligned, with 55 day EMA capping, with 4h studies holding firm bearish tone. Immediate support lies at 1.2900, ahead of strong 1.2875/65, below which to resume slide to-wards 1.2825/00”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to 1.3000 as first re-sistance ahead 1.3106/33, to shift near-term focus higher and confirm base. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Mar 19, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted March 19, 2013 Author Share Posted March 19, 2013 Forex: US/German 2 yr int rate differentials continue to indicate USD strength FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that the US-German 2-year interest rate differential continues to move in a dollar-supportive direction. They see that at 23bp today, it is the largest US premium since the start of the year. Further, the gap created by yesterday´s sharply lower opening in the Euro is found between yesterday's high at 1.2970 and Friday´s low at 1.3000. They feel that this area is important technically and even more so given that it is on the weekly charts. They write, “In contrast, we note the US-Japanese 10-year spread, at 133 bp is near its 10-day low. This would seem to have a more negative dollar factor than is reflected in prices. The dollar filled its gap and more against the yen. It surpassed retracement levels seen from the March 12 high near JPY96.70. We now peg support for the greenback near JPY95.00.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Mar 19, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted March 20, 2013 Author Share Posted March 20, 2013 US: EIA Crude Oil Stocks drop -1.314M in Mar-15 week FXstreet.com (Barcelona) - In the week ending at March 15, crude oil stocks in the US dropped by -1.314M following a 2.624M rise in the prior month, according to EIA. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Mar 20, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted March 20, 2013 Author Share Posted March 20, 2013 Forex Flash: EUR perspective remains bearish – Scotiabank FXstreet.com (Barcelona) - The bloc currency is extending its correction lower from intraday highs in the vicinity of 1.2980 on Wednesday, as markets are now focusing on the FOMC gathering due later. There are no real triggers for the price action as rumours were ruling the markets as of late. “The focus remains on Cyprus, the precedent its bailout potentially sets and the impact of weak political system in times of crisis. The parliamentary vote for the bank levy bail‐in failed to produce even one favourable vote, complicating the outlook for Cyprus even as markets are relieved that guaranteed depositors remain protected”, pointed Camilla Sutton, Strategist at Scotiabank. “Banks were expected to open tomorrow, but without a negotiated bailout in place, this is likely to be pushed out further. We remain bearish on EUR”, added Sutton. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Mar 20, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted March 20, 2013 Author Share Posted March 20, 2013 Fed likely to soldier forth with monetary easing despite reinvigorated Cypriot risk FXstreet.com (Barcelona) - The Federal Reserve looks primed to continue its USD $85B monthly bond-buying stimulus program, despite the generally improving U.S. economic data as of late. More interestingly for investors is the newest specter of risk, i.e. the bourgeoning situation in Cyprus, in which the euro zone crisis reminds officials of a volatile global environment. Indeed, as it wraps up a two-day meeting on Wednesday, the U.S. central bank's policy-setting Federal Open Market Committee will continue debating the potential costs and ramifications of quantitative easing, including the acute possibility its easy money policies will actually inflate and propagate asset market bubbles – he S&P and Dow are already at record highs. However, Fed Chairman Ben Bernanke has reiterated he still firmly believes the benefits are palpable, and the risks worth taking. "The only change in the Fed statement we expect is a nod to the economy being better than what the FOMC saw six weeks ago," noted Steve Blitz, chief economist at ITG. "This nod should only sharpen divisions within the FOMC about whether it's time to give a hint of the potential of a promise for the Fed to begin tailing off asset purchases sometime sooner rather than later," he said. The Fed will release its policy statement, along with a new set of economic projections, at 18:00 GMT and Bernanke will get a chance to answer reporters' questions at a quarterly news briefing a half hour later. In particular, one key indicator that bolstered confidence in the U.S. recovery was a February employment report showing a lower jobless rate, down -0.2% at 7.7%, and the creation of 236,000 net new jobs. If that pace of job growth can be sustained for a few months, the Fed might be able to claim substantial progress has been made toward an improved employment outlook - its own stated prerequisite for the cessation of bond buys. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Mar 20, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted March 21, 2013 Author Share Posted March 21, 2013 Forex: EUR/USD down on European PMI data, held by 1.2980 FXstreet.com (Barcelona) - The EUR/USD has been falling across the chart since the release of disappointing France Markit PMI figures, with manufacturing PMI at 43.9 vs 44.3 consensus and services PMI at 41.9 vs 44.0 consensus. German data extended the sentiment as manufacturing dropped from 50.3 to 48.9 (consensus of 50.5) and services fell from 54.7 to 51.6 (consensus of 55.0). The EUR/USD has now been holding around 1.2985/90 (-0.35% on the day), with a touch of 1.2980 on the release of the EMU print: Composite PMI down from 47.9 to 46.5 (consensus of 48.2). UBS analysts are bearish: “Any upside will be limited as bear trend persists. Resistance at 1.2996 ahead of 1.3107 - which should hold”, wrote analyst Gareth Berry, pointing to support at 1.2844 ahead of 1.2662. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Mar 21, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted March 21, 2013 Author Share Posted March 21, 2013 CORRECTION: New BoJ head hopes to reach 2% inflation target in two years FXstreet.com (Barcelona) - Haruhiko Kuroda held his first press conference as BoJ Governor in Tokyo today, during which he elaborated on the central bank’s prospective monetary policy framework. The new BoJ chief assured that he would do his utmost to fight deflation and bring Japan’s CPI to the 2% target in two years time. “Bold easing is needed in both quality and quantity,” he insisted. He also said that the BoJ’s governing board would consider early open ended asset purchases. Haruhiko Kuroda suggested that the yen was still in a corrective phase from an excessive post-crisis appreciation and assured that the BoJ’s monetary policy would not target FX rates, leaving them to the markets as agreed at the G20 meeting in February. The BoJ governor declined to comment on whether an emergency meeting of the governing board would be held. The USD/JPY hit 95.67 on Kuroda’s speech. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Mar 21, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted March 21, 2013 Author Share Posted March 21, 2013 Forex Flash: Equities remain positive during active periods – Goldman Sachs FXstreet.com (Barcelona) - In thinking about how best to position for macro trends, we have placed a lot of weight on gauging the state of the macro cycle and trying to understand how different states translate into different asset market outcomes. According to the Economics Research Team at Goldman Sachs, “We focus in particular on the parts of the month when ‘key data’ are released, that is, on ‘active’ periods rather than ‘lull’ periods when there is no meaningful mass of new economic information.” Moreover, “We find that in favorable economic contexts equity returns are positive in active periods (negative in lulls). In negative contexts, returns are negative in active periods (positive in lulls). Bonds and FX markets also show meaningful differences between active and lull returns.” the team adds. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Mar 21, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted March 22, 2013 Author Share Posted March 22, 2013 Forex: EUR/USD falls below 1.29, Cyprus fails to get Russian aid FXstreet.com (Barcelona) - The Euro has fallen from its daily high at 1.2934 to find a new session low in Asia at 1.288, following the news that Cyprus failed to get the financial support from Russia, Cyprus finance minister Mr. Sarris said. According to Fan Yang, technical analyst at FXTimes, and contributor at FXstreet.com: "At this point, a break above 1.2995-1.30 would form a inverse head and shoulders pattern in the 1H time-frame, and neutralize th bearish outlook in the near-term. A hold below 1.29 would maintain the bearish outlook." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Mar 22, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted March 22, 2013 Author Share Posted March 22, 2013 Cyprus deposit levy back on the table FXstreet.com (Barcelona) - The latest news on the Cyprus bailout negotiations suggest that the proposition to tax bank deposits is back on the table. According to Bloomberg the Eurogroup is considering creating a ‘bad’ bank and a ‘good’ bank to which the deposits from the country’s two largest lenders, Laiki and Bank of Cyprus, would be assigned. The ‘good’ bank would take in insured deposits below 100.000 euros, which would not be taxed. Uninsured deposits exceeding this amount would go to the ‘bad’ bank and remain frozen until assets were sold. These deposits could sustain losses of up to 40%. Despite the Cyprus tension, financial markets continued trading rather steady on Friday. TD Securities Rates, FX and Commodities Research team comment: “Equities have been modestly under pressure and peripheral Eurozone spreads are generally neutral. In FX land, looming Cyprus event risk is even less apparent, and the majors are mostly in consolidation mode reflecting the minimal developments overnight. “ OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Mar 22, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted March 22, 2013 Author Share Posted March 22, 2013 Forex Flash: Cyprus stays in key focus - BBH FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that the real focus remains in Europe and after several days of meeting with Russian officials, Cypriots have come back empty handed. Additionally, they add that the Germans have made it clear that the Cypriot proposal for a solidarity fund that raids pensions is not acceptable. They write, “That’s after they had backed the Cypriot President's proposal last weekend to tax small depositors. The negotiating style, if one wants to call it that, is not helpful. Not attending meetings and more broadly, not talking to the Troika, has irked Cypriot neighbors.” The team believe that the restructuring of the country's' two largest banks appears to be a step in the right direction, but it does not sufficiently address the problem itself. They add, “The meaning and significance of the S&P downgrade of Cyprus' credit to CCC from CCC+ with a negative outlook escapes us.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Mar 22, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted March 23, 2013 Author Share Posted March 23, 2013 Update: Cyprus approves all 9 bills on bank resolution as 1st step for EU bailout FXstreet.com (San Francisco) - The Cypriot parliament has approved all 9 bills on the bank resolution required to allow the European Union's bailout. Among others, Cyprus passed solidarity, wealth fund and capital control. In this line, Cyprus adopts the law that will allow their to split banks in good or bad banks in failing lenders. The capital control new law will provide government with powers to impose control on banks, create solidarity fund to pool state assets. The parliament will meet on Saturday to vote the deposit-tax levy measure. Meanwhile, Cypriot president Nicos Anastasiades, and party leaders, will go to Brussels on Saturday with a credible solution. The plan B must be ready for Sunday afternoon to the new eurogroup finance ministers. According to sources, Cyprus is working to avoid being the “Argentina of the Mediterranean” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Mar 2, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted March 25, 2013 Author Share Posted March 25, 2013 Forex: NZD/USD testing resistance a 0.8355/60 FXstreet.com (Barcelona) - The NZD/USD rocketed higher Monday, as risk appetite permeated across the markets during European trading. After peaking briefly at the 0.8372 region (session high), the pair has eased slightly back to resistance at the 0.8355 level in these moments. At this point, the cross is recording an advance of +0.21% above its opening. “Although the NZD/USD is biased to the downside, trading is stable above the downtrend's key resistance – the upper line was breached earlier, therefore, the possibility of the return of the uptrend is quite favorable and as such, stability above the 0.8200 barrier is a positive indication, probably causing a bullish rebound.” notes the ICN.com analyst team. After barreling through resistance at 0.8310, the ICN.com analysts, additional corrective structures lie ahead 0.8355 onto the 0.8400 barrier. Conversely, supports for the NZD/USD will initiate at 0.8200 onto 0.8155 and finally 0.8135. Later tonight at 21:45 GMT, investors will learn of several trade figures for the New Zealand economy, including import, export and trade balance statistics. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Mar 25, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted March 25, 2013 Author Share Posted March 25, 2013 OctaFX.com- Visa/Mastercard deposits introduced at OctaFX! Dear clients! In an effort to make your trading as easy and convenient as possible OctaFX introduces the most popular account deposit/withdrawal option, that is, deposit via Visa/Mastercard. The whole deposit process takes seconds now! OctaFX is proud to announce another convenient deposit option for our clients! Start your successful trading with OctaFX today Open account today and enter the world of requote-free trading and the fastest execution! Join OctaFX today! Please stay tuned for the news and updates from OctaFX! Wishing you luck and profitable trading, yours truly, OctaFX! Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted May 9, 2013 Author Share Posted May 9, 2013 Forex: EUR/JPY eyes 132.00 on weaker yen FXstreet.com (Barcelona) - The Japanese yen now intensifies its depreciation across the board, pushing the cross to the proximities of 132.00, levels last seen in January 2010. In the same tone, the yen is falling below the 100.00 mark against the greenback, lifting the cross to 4-year highs. At the moment the cross is advancing 0.99% at 131.52 with the next resistance at 132.05 (50% of 2008-2012 drop) followed by 132.40 (high Jan. 15 2010) and finally 133.62 (high Jan.14). On the downside, a dip beyond 130.25 (high May 9) would aim for 129.64 (low May 9) and then 129.29 (hourly low May 8). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page May 09, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted May 9, 2013 Author Share Posted May 9, 2013 Forex: EUR/USD extends losses on USD strength FXstreet.com (Córdoba) - The EUR/USD continues to be dragged lower by an impressively strong USD, with the shared currency having recently printed a 2-week low. EUR/USD slid below the 200 SMA in 4 hour charts and hit a low of 1.3010 before bouncing slightly. The pair is currently trading around 1.3020, posts a 1.0% loss on the day. Below 1.3000, next support level could be faced at 1.2975 (200-hour SMA). The 1.3110/15 zone should hold bounces for now, followed by 1.3175 (daily high). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page May 09, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted May 9, 2013 Author Share Posted May 9, 2013 Forex: EUR/USD finds support at 1.3005 FXstreet.com (San Francisco) - After collapsing around 100 pips from 1.3110 in the latest hour, the EUR/USD has found support at the 1.3005 level, 1-week low. The pair is currently trading at 1.3030, 0.90% down on the day. The pair's decline was "triggered by a strong upward momentum in greenback, as USD/JPY broke above 100.00," points Valeria Bednarik, FXstreet.com analyst. "Regardless the wild moves across the board, the EUR/USD manages to hold above the base of this past months range, respecting the 1.30/1.32 levels." Support levels are at 1.3010 1.2970 1.2925. Resistances are at 1.3050 1.3080 1.3115 OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page May 09, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted May 13, 2013 Author Share Posted May 13, 2013 Forex: USD/CAD bounces off 1.0090 FXstreet.com (Barcelona) - The Canadian dollar is now trading in a softer tone against the greenback on Monday, giving away earlier gains on stronger-than-expected US retail sales. “USD/CAD’s short-term rally has stalled in the mid-1.01 zone. Short-term trends appear a little softer, in fact. We think the cap on the USD in the mid 1.01 area may mean some modest corrective moves are in store for the USD in the early part of this week—perhaps back to the 1.0050/60 area”, assessed G.Moore and S.Osborne, FX Strategists at TD Securities. USD/CAD is now losing 0.04% at 1.1010 with the next support at 1.0077 (MA10d) followed by 1.0064 (low May 10) and finally 1.0014 (low May 9). On the flip side a break above 1.0152 (high May 10) would bring 1.0155 (50% of 1.0295-1.0014) and then 1.0156 (MA21d). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page May 13, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted May 13, 2013 Author Share Posted May 13, 2013 Forex Flash: Short-term risk of USD/JPY spike - UBS FXstreet.com (Córdoba) - USD/JPY rose above 100 last week for the first time since April 2009. "Given the decisive break above the psychological 100 level, we see upside risk of USDJPY testing higher levels in the short term", says the UBS analyst team. "However, we still don't see any fundamentals change to support a clear move higher and therefore would like to stick to our current medium term forecast range of 95-100 at this moment". "A higher USDJPY range of 100-110 would require fundamental changes such as further easing by the BoJ, aggressive purchasing of foreign securities by Japan's investors for the portfolio rebalancing, or the Fed explicitly signalling to slow its pace of QE program", UBS adds. "At this stage, we do not expect any of these to occur in the coming months". OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page May 13, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted May 13, 2013 Author Share Posted May 13, 2013 Forex: EUR/USD glued to 1.2970/75 FXstreet.com (Barcelona) - After quite a volatile session, the single currency seems to have stabilized in the area of 1.2970/75 at the end of the trading session on Monday against the backdrop of an increasing demand for the safe haven USD. Interesting docket in the euro area on Tuesday, as German, Italian and Spanish consumer prices will be released ahead of 6-m and 12-m auction of Letras in Spain. EMU industrial production will precede the more relevant ZEW Survey in Germany. Across the Atlantic, import and export prices will be in the limelight. As of writing, the cross is up 0.02% at 1.2974 with the next resistance at 1.3051 (high May 10) followed by 1.3075 (MA21d) and then 1.3100 (MA10d). On the flip side, a drop beyond 1.2932 (61.8% of 1.2740-1.3243) would expose 1.2916 (daily cloud base) and finally 1.2850 (76.4% of Apr. range). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page May 13, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted May 14, 2013 Author Share Posted May 14, 2013 US markets advance on better US growth prospects, dollar rallies FXstreet.com (Barcelona) - Shares in the US markets are extending recent gains, bolstered by the improving confidence amongst investors in the US economic growth. The greenback, gauged by the US Dollar Index, is resuming its upside, trading in session highs in the proximities of 83.60. DowJones is advancing 0.60% followed by the Nasdaq and the S&P500, up 0.68% and 0.86%, respectively. Bourses in Euroland shrugged off the poor results from the German ZEW Survey and edged higher on Tuesday, with indices closing in fresh record highs after a negative start. The FTSE100 was the best performer, advancing 0.82%, followed by the DAX, 0.72% and the CAC40, 0.53%. After hitting intraday highs above 1.3020 overnight, the single currency initiated a correction lower to the current multi-week lows around 1.2930/35, as risk-off trade continues to weight on sentiment. In the commodities realm, both the barrel of WTI and the ounce troy of gold are trading in the negative ground, losing 0.29% at $94.89 and 0.69% at $1,424. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page May 14, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted May 14, 2013 Author Share Posted May 14, 2013 Fitch upgrades Greece to B- with outlook stable FXstreet.com (San Francisco) - Fitch Ratings upgraded Greece sovereign debt from CCC to B- on the back of progress in cutting budget deficit. The country's status is still junk but the outlook is stable according to a Fitch press release. "The Greek economy is rebalancing," states DFitch. "Clear progress has been made towards eliminating twin fiscal and current account deficits and 'internal devaluation' has at last begun to take hold." "The Economic Adjustment Programme (EAP) is on track amid a semblance of political and social stability." The agency adds that "the current account deficit has also shrunk from 10% of GDP in 2011 to 3% in 2012. The revised EU-IMF programme gives Greece two additional years (2015-16) to attain a primary surplus of 4.5% of GDP. This relaxation is reflected in Fitch's expectation of a milder economic contraction of around 4.3% in 2013 (-6.4% in 2012) and a weak recovery in 2014." Fitch says that the outlook stable reflects that the "upside and downside risks to the rating are more broadly balanced than in the recent past." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page May 14, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted May 15, 2013 Author Share Posted May 15, 2013 Forex: EUR/HUF in 3-month lows below 292.00 FXstreet.com (Barcelona) - The Hungarian forint is markedly appreciating against the single currency on Wednesday, after the GDP figures for the first quarter surpassed expectations. In fact, economic activity in Hungary expanded 0.7% inter-quarter vs. the median at 0.2%. Over the last twelve months, the economy contracted 0.9% vs. forecasts at -1.2% and previous print at -2.7%. The renewed strength in the HUF dragged the cross to sub 292.00 levels from the area around 294.60 soon after the release, posting multi-month lows at the same time. At the moment, the cross is losing 0.97% at 291.76 with the next support at 290.25 (low Feb.20) ahead of the psychological mark at 290.00 and then 289.60 (MA200d). On the upside, a break above 295.85 (high May 14) would then target 296.60 (MA100d) en route to 298.20 (high May 7). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page May 15, 2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
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