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Analytics, News, and Forecasts for CFD Markets: currency news — 03-07-2012.
The yen weakened most of its major counterparts as investors sought higher-yielding assets amid speculation central banks will step up efforts to spur growth, reducing demand for havens.
The euro rose after the head of the IMF's Christine Lagarde called on the U.S. to an additional stimulus to prevent economic slowdown, as evidenced by the drop in ISM index in the manufacturing sector to around 49.7 in June. It should be noted that Lagarde addressed to politicians, not the Fed. In addition, she stated that the dollar is overvalued, which causes the upward movement of the EUR / USD charts. Players expect the ECB meeting to be held on July 5. The European Central Bank will cut its key interest rate to a record low. The ECB and BOE will announce policy decisions on July 5. ECB officials will lower their main interest rate by a quarter- percentage point to 0.75 percent on July 5, economists survey forecast.
The Canadian dollar advanced against most of its major counterparts as crude oil, the nation’s largest export, rose to the strongest level against the U.S. currency since May 17. It climbed as much as 0.5 percent to C$1.0121. Crude for August delivery rose to as high as $88.04 a barrel in New York, the highest since May 31.
Australia’s dollar touched a two-month high today versus the greenback as data showed the nation’s home building approvals surged in May, adding to signs that the economy is gaining momentum. It pared gains after the Reserve Bank of Australia kept interest rates unchanged and said a subdued international outlook meant the stance of monetary policy remains appropriate.
The pound weakened against a majority of its most-traded peers after an index showed U.K. construction contracted in June. The Bank of England’s Monetary Policy Committee will raise its target for bond purchases by 50 billion pounds ($79 billion) to 375 billion pounds on July 5.
IMF chief Christine Lagarde urged the U.S. to an additional stimulus to prevent economic slowdown, as evidenced by the drop in ISM index in the manufacturing sector to around 49.7 in June. It should be noted that Lagarde addressed to politicians, not the Fed. In addition, she stated that the dollar is overvalued, which causes the upward movement of the EUR / USD charts.
Data:
01:00 China Non-Manufacturing PMI June 55.2 56.7
01:30 Australia Building Permits, m/m May -8.7% +5.1% +27.3%
01:30 Australia Building Permits, y/y May -24.1% -15.2% +9.3%
01:30 Japan Labor Cash Earnings, YoY May +0.8% +0.6% -0.8%
04:30 Australia Announcement of the RBA decision on the discount rate 3.50% 3.50% 3.50%
04:30 Australia RBA Rate Statement -
08:30 United Kingdom PMI Construction June 54.4 53.1 48.2
08:30 United Kingdom Mortgage Approvals May 51.8 51.0 51.1
08:30 United Kingdom Net Lending to Individuals, bln May 1.4 1.1 0.6
09:00 Eurozone Producer Price Index, MoM May 0.0% -0.2% -0.5%
09:00 Eurozone Producer Price Index (YoY) May +2.6% +2.5% +2.3%
In early European session, the euro traded in a range, as market participants prepared for celebrating Independence Day in the USA. In connection with this sale of major currencies is sluggish. It is possible that a small move comes after the publication of data on production orders in the U.S.. According to forecasts by economists, this indicator in May, is likely to grow by 0.1% after falling 0.6% the previous month. The Australian dollar reached a two-month high after the publication of positive reports about the number of building permits. After that the pair was trading close to the values achieved. The yen fell against most currencies against the background of active trading in the stock markets in Asia and Europe and on expectations that central banks around the world will take new measures to support the economy. Investors' attention is also shifted to the central bank meeting scheduled later this week.
EUR / USD: during the European session, the pair traded in a range 1,2575-1,2613.
GBP / USD: steam rose to the level of 1.5715, but then began to decline, refreshing session low
USD / JPY: pair showed a significant increase and is now trading in the highs
At 13:00 GMT the U.S. there are data on production orders for May.
EUR/USD
Offers $1.2690/00, $1.2665/70, $1.2650, $1.2625/30
Bids $1.2560/50, $1.2540, $1.2500, $1.2480
AUD/USD
Offers $1.0400, $1.0350, $1.0320/30, $1.0300
Bids $1.0240/30, $1.0200, $1.0170/60, $1.0150, $1.0100
GBP/USD
Offers $1.5800, $1.5750, $1.5735, $1.5720
Bids $1.5660, $1.5650/40, $1.5610/00, $1.5580/70
EUR/JPY
Offers Y101.50, Y101.00, Y100.85/90
Bids Y100.35/30, Y100.00, Y99.70, Y99.50, Y99.25/20
USD/JPY
Offers Y80.25, Y80.00, Y79.90
Bids Y79.30, Y79.00
EUR/GBP
Offers stg0.8100, stg0.8080/90, stg0.8050
Bids stg0.8000, stg0.7965/60
Resistance 3: Y80.90 (50.0% FIBO Y84,20-Y77,60)
Resistance 2: Y80.55 (MA (100) for D1, May and June high)
Resistance 1: Y80.00 (June 29 high)
Current price: Y79.82
Support 1: Y79.30 (July 2 low)
Support 2: Y79.15 (June 29 low)
Support 3: Y78.80 (June 20 low)
Resistance 3: Chf0.9680 (June 4-5 and 28 high)
Resistance 2: Chf0.9595 (61.8% FIBO $ 0,9465 - $ 0,9680, June 28 low)
Resistance 1: Chf0.9570 (MA (200) and MA (100) for H1, 50% FIBO $ 0,9465 - $ 0,9680, intraday high on Jun 29)
Current price: Chf0.9549
Support 1: Chf0.9460 (June 29 low)
Support 2: Chf0.9420 (low of June)
Support 3: Chf0.9370 (May 21 low)
Resistance 3: $ 1.5780 (high of June, 50,0% FIBO $ 1,6300 - $ 1,5270)
Resistance 2: $ 1.5730 (June 21 high)
Resistance 1: $ 1.5720 (Jule 2 high)
Current Price: $ 1.5679
Support 1: $ 1.5620/30 (38,2% FIBO $ 1,5486 - $ 1,5716)
Support 2: $ 1.5575 (61.8% FIBO $ 1,5486 - $ 1,5716)
Support 3: $ 1.5480/70 (June 14-15 and 28 lows)
Resistance 3: $ 1.2820 (May 21 high)
Resistance 2: $ 1.2740 (high of June)
Resistance 1: $ 1.2690 (Jun 29 high)
Current Price: $ 1.2586
Support 1: $ 1.2550 (MA (200) and MA (100) for H1, 50,0% FIBO $ 1.2410-$ 1.2690)
Support 2: $ 1.2520 (61,8% FIBO $ 1.2410-$ 1.2690)
Support 3: $ 1.2410 (June 28 low)
USD/JPY Y79.75, Y80.00, Y81.20
EUR/USD $1.2400, $1.2415, $1.2575, $1.2585, $1.2600, $1.2645, $1.2650
GBP/USD $1.5600, $1.5700
AUD/USD $.0000, $1.0120, $1.0150, $1.0200, $1.0250
EUR/GBP stg0.8025, stg0.8040
01:00 China Non-Manufacturing PMI June 55.2 56.7
01:30 Australia Building Permits, m/m May -8.7% +5.1% +27.3%
01:30 Australia Building Permits, y/y May -24.1% -15.2% +9.3%
01:30 Japan Labor Cash Earnings, YoY May +0.8% +0.6% -0.8%
04:30 Australia Announcement of the RBA decision on the discount rate - 3.50% 3.50% 3.50%
04:30 Australia RBA Rate Statement
The yen fell against all its major peers as Asian stocks rose for a fifth day, with speculation central banks will take more action to spur growth reducing demand for haven assets.
The dollar also slid before U.S. factory and employment data that companies from Bank of New Zealand Ltd. to Bank of Tokyo-Mitsubishi UFJ Ltd. say may add to the case for stimulus from the Federal Reserve that debases the currency. U.S. factory orders probably rose 0.1 percent in May after a 0.6 percent drop the previous month, according to the median estimate of economists surveyed by Bloomberg News before the Commerce Department releases its data today.
European Central Bank officials are forecast to cut their main interest rate to a record on July 5.
Australia’s dollar reached a two- month high after data showed building approvals surged by a record in May and before the nation’s central bank releases its policy decision this afternoon. In Australia, the number of permits granted to build or renovate houses and apartments jumped a record 27.3 percent from April, when they declined a revised 7.6 percent, the Bureau of Statistics said in Sydney. The median estimate of economists in a Bloomberg survey was a 5 percent gain.
The Reserve Bank of Australia will keep its cash-rate target at 3.5 percent at a policy meeting today, according to all 28 economists in a Bloomberg News survey.
In China, the purchasing managers’ index of non- manufacturing rose to a three-month high of 56.7 in June from 55.2 in May, the National Bureau of Statistics and China Federation of Logistics and Purchasing said in Beijing today.
EUR / USD: during the Asian session the pair receded from yesterday's low.
GBP / USD: during the Asian session the pair holds in range $1.5685-$1.5710.
USD / JPY: during the Asian session the pair rose.
UK data at 0830GMT sees the Markit/CIPS Construction PMI as well as Bank of England Bankstats data with lending and money supply data. EMU data also sees PPI for May at 0900GMT, while at 1115GMT, German Chancellor Angela Merkel and Slovak Prime Minister Robert Fico give a joint press conference after their meeting in Berlin.US data starts at 1145GMT with the weekly ICSC-Goldman Store Sales data, which is followed at 1255GMT by the weekly Redbook Average. Also in the US today, domestic-made light vehicle sales are expected to rebound to 10.8 million annual rate in June after falling to 10.5 million in May.
Yesterday the dollar rose against the euro as a gauge of U.S. manufacturing unexpectedly fell, indicating a mainstay of the nation’s economic expansion may be faltering and stoking investor demand for safety. The Institute for Supply Management’s U.S. manufacturing index contracted for the first time in almost three years.
The euro reversed its biggest gain versus the yen in more than 15 months as data showed unemployment in the 17 countries sharing the currency climbed to a record in May.
The euro slid against the dollar and yen as the jobless rate in the 17-nation currency bloc rose to 11.1 percent in May from 11 percent in April, the European Union’s statistics office in Luxembourg said today. It was the highest since the data series started in 1995.
Resistance 3: Y81.45 (Apr 27 high)
Resistance 2: Y80.65 (Jun 25 high)
Resistance 1: Y80.00 (Jul 2 high)
Current price: Y79.73
Support 1: Y79.30 (Jul 2 low)
Support 2: Y79.10 (Jun 29 low)
Support 3: Y78.80 (Jun 20 low)
Resistance 3: Chf0.9680 (Jun 28 high)
Resistance 2: Chf0.9590 (Jun 28 low)
Resistance 1: Chf0.9560/70 (area of Jul 2 high and the high of European session on Jun 29)
Current price: Chf0.9537
Support 1: Chf0.9480 (Jul 2 low)
Support 2: Chf0.9460 (Jun 29 low)
Support 3: Chf0.9420/25 (area of Jun 18-20 lows)
Resistance 3: $ 1.5850 (May 22 high)
Resistance 2: $ 1.5775 (Jun 20 high)
Resistance 1: $ 1.5720/30 (area of Jun 21 high and Jul 2 high)
Current Price: $ 1.5697
Support 1: $ 1.5640 (Jul 2 high )
Support 2: $ 1.5575 (low of the European session on Jun 29)
Support 3: $ 1.5470/85 (area of Jun 14 low and Jun 28 low)
Resistance 3: $ 1.2745 (Jun 20 high)
Resistance 2: $ 1.2695 (Jun 29 high)
Resistance 1: $ 1.2665 (high of the European session on Jul 2)
Current Price: $ 1.2595
Support 1: $ 1.2550/65 (area of Jul 2 low and the low of European session on Jun 29)
Support 2: $ 1.2525 (Jun 28 high)
Support 3: $ 1.2405 (Jun 28 low)
(pare/closed(00:00 GMT +02:00)/change, %)
EUR/USD $1,2584 -0,64%
GBP/USD $1,5691 -0,08%
USD/CHF Chf0,9543 +0,61%
USD/JPY Y79,51 -0,35%
EUR/JPY Y100,60 -0,42%
GBP/JPY Y124,75 -0,42%
AUD/USD $1,0254 +0,16%
NZD/USD $0,8033 +0,27%
USD/CAD C$1,0164 0,00%
01:00 China Non-Manufacturing PMI June 55.2 56.7
01:30 Australia Building Permits, m/m May -8.7% +5.1% +27.3%
01:30 Australia Building Permits, y/y May -24.1% -15.2% +9.3%
01:30 Japan Labor Cash Earnings, YoY May +0.8% +0.6% -0.8%
04:30 Australia Announcement of the RBA decision on the discount rate - 3.50% 3.50% 3.50%
04:30 Australia RBA Rate Statement -
07:00 United Kingdom Halifax house price index June +0.5% -0.3%
07:00 United Kingdom Halifax house price index 3m Y/Y June -0.1% -0.8%
08:30 United Kingdom PMI Construction June 54.4 53.1
08:30 United Kingdom Mortgage Approvals May 51.8 51.0
08:30 United Kingdom Net Lending to Individuals, bln May 1.4 1.1
09:00 Eurozone Producer Price Index, MoM May 0.0% -0.2%
09:00 Eurozone Producer Price Index (YoY) May +2.6% +2.5%
14:00 U.S. Factory Orders May -0.6% +0.1%
23:01 United Kingdom BRC Retail Sales Monitor y/y June +1.5%
23:30 Australia AIG Services Index June 43.5
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