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Analytics, News, and Forecasts for CFD Markets: currency news — 04-06-2012.
The euro rose for a second day versus the dollar as traders said the shared currency’s decline may have been too quick after European leaders agreed to discuss closer banking cooperation in the euro bloc. European Commission President Jose Barroso and German Chancellor Angela Merkel agreed to discuss proposals on banking coordination when they meet today in Berlin.
The commission, the European Union’s executive, last week called for a “banking union” that would integrate supervision of lenders more tightly and create a pool of EU funds to clean up banks with cross-border exposure. The Brussels-based commission also proposed that the euro’s permanent bailout fund inject cash to banks instead of channeling the money through national governments.
The dollar strengthened against the yen as Treasury yields rose for the first time in four days, from record lows. The dollar snapped a three-day drop against the yen after Japanese Finance Minister Jun Azumi pledged on June 1 to take “decisive action” on his nation’s currency should “excessive moves” persist. Azumi declined to comment on whether Japan has intervened in the currency market at a news conference.
EUR/USD $1.2350, $1.2400
USD/JPY Y77.50, Y78.00, Y79.00, Y79.85
USD/CHF Chf0.9650
AUD/USD $0.9600, $0.9650, $0.9700
Data:
08:30 Eurozone Sentix Investor Confidence June -24.5 -28.7 -28.9
09:00 Eurozone Producer Price Index, MoM April +0.5% +0.3% 0.0%
09:00 Eurozone Producer Price Index (YoY) April +3.3% +2.7% +2.6%
The euro retreated on speculation Europe’s leaders will struggle to agree on how to resolve the sovereign debt crisis, harming global growth.
The common currency fell earlier as pressure built on German Chancellor Angela Merkel to back additional measures such as joint debt issuance in the bloc. Merkel and Finance Minister Wolfgang Schaeuble have urged Spain to accept an international bailout, Der Spiegel magazine reported, without saying where it obtained the information.
EUR/USD: during european session the pair consolidated above $1,2400.
GBP/USD: the pair was limited $1,5355-$ 1,5390.
USD/JPY: the pair returned above Y78,00.
The US calendar kicks off at 1400GMT, April factory orders data is released.
EUR/USD
Offers $1.2500, $1.2460/80, $1.2440/50
Bids $1.2385/80, $1.2360, $1.2330/20, $1.2280
GBP/USD
Offers $1.5480, $1.5465, $1.5400/15
Bids $1.5335/30, $1.5310/00, $1.5250, $1.5235/30, $1.5200/190
AUD/USD
Offers $0.9800/05, $0.9785/90, $0.9765/70, $0.9750, $0.9730/35
Bids $0.9600, $0.9585/80, $0.9550, $0.9500
USD/JPY
Offers Y79.45/50, Y79.30, Y78.90/00, Y78.50
Bids Y77.80, Y77.65/60, Y77.50, Y77.00
EUR/JPY
Offers Y99.00, Y98.65/70, Y98.45/50, Y98.00
Bids Y96.50, Y95.90/85, Y95.50, Y95.00, Y94.50
EUR/GBP
Offers stg0.8040/45, stg0.8120, stg0.8100
Bids stg0.8045/40, stg0.8025/15, stg0.8205/00, stg0.7965/60, stg0.7950
Resistance 3: Y79.40 (resistance line from Apr 2)
Resistance 2: Y79.20 (МА (200) for Н1)
Resistance 1: Y78.70/85 (Jun 1 high, МА (200) for D1, МА (100) for Н1)
Current price: Y78.10
Support 1: Y77.60 (Jun 1 low)
Support 2: Y77.30 (Feb 13-14 lows)
Support 3: Y76.00 (low of February)
Resistance 3: Chf0.9900 (psychological level)
Resistance 2: Chf0.9800 (psychological level)
Resistance 1: Chf0.9780 (highs of 2011-2012)
Current price: Chf0.9656
Support 1: Chf0.9640 (Jun 1 low)
Support 2: Chf0.9600 (МА (200) for Н1)
Support 3: Chf0.9530 (area of May 24-28 lows)
Resistance 3 : $1.5530 (May 31 high)
Resistance 2 : $1.5500 (МА (100) for Н1)
Resistance 1 : $1.5440 (Jun 1 high)
Current price: $1.5385
Support 1 : $1.5355 (session low)
Support 2 : $1.5260 (Jun 1 low)
Support 3 : $1.5230 (low of 2012)
Resistance 3 : $1.2660 (38,2 % FIBO $1,3280-$ 1,2290)
Resistance 2 : $1.2620 (May 24 and 28 highs)
Resistance 1 : $1.2500/10 (МА (200) for Н1, resistance line from May 1)
Current price: $1.2433
Support 1 : $1.2400 (session low)
Support 2 : $1.2290 (Jun 1 low)
Support 3 : $1.2150 (area of June’2010 low)
EUR/USD $1.2350, $1.2400
USD/JPY Y77.50, Y78.00, Y79.00, Y79.85
USD/CHF Chf0.9650
AUD/USD $0.9600, $0.9650, $0.9700
00:00 United Kingdom Bank holiday -
01:30 Australia ANZ Job Advertisements (MoM) May -3.1% -2.4%
01:30 Australia Company Operating Profits Quarter I -6.5% -2.2% -4.0%
The euro declined versus the dollar as prospects European leaders won’t be able to agree on how to resolve the region’s debt crisis boosted concern global growth will slow. The common European currency remained lower versus the yen following a weekly loss before German Chancellor Angela Merkel meets fellow coalition leaders today after opposing joint debt sharing in the 17-nation euro bloc. Merkel is scheduled to meet today with coalition partners Horst Seehofer, the Bavarian prime minister who heads the Christian Social Union, sister party to the Christian Democratic Union, and Philipp Roesler, leader of the Free Democratic Party.
The dollar rose as Asian stocks fell, boosting demand for the relative safety of the greenback. A report yesterday showed the expansion of China’s non-manufacturing industries slowed, while data last week indicated the U.S. unemployment rate climbed. China’s non-manufacturing purchasing managers’ index fell to 55.2 in May from 56.1 in April, the National Bureau of Statistics and China Federation of Logistics and Purchasing said yesterday. That’s the lowest reading since March 2011 when the federation started seasonally adjusting the data. In the U.S., payrolls climbed by 69,000 last month, according to a June 1 report. The figure was lower than the most pessimistic forecast in a Bloomberg News survey. The jobless rate rose to 8.2 percent from 8.1 percent.
Australia’s currency dropped before Reserve Bank policy makers meet tomorrow. In Australia, interest-rate swaps show central bank officials will cut the benchmark borrowing cost by at least 25 basis points to 3.5 percent tomorrow, according to data compiled by Bloomberg.
EUR/USD: during the Asian session the pair fell below $1.2400.
GBP/USD: during the Asian session the pair holds in a range $1.5340-$1.5370.
USD/JPY: during the Asian session the pair traded nearby Y78.15.
UK markets are closed, as the nation celebrates the Queen's Diamond Jubilee. European data is also limited. At 0900GMT, the EMU April producer price index is releaded. The US calendar kicks off at 1400GMT, April factory orders data is released.
On Monday euro retreated from highs against the dollar amid weak trading in the absence of any publication statisticsi because bank holidays in Europe and the United States.
Earlier, investor optimism was associated with the news that, according to opinion polls, the majority of the population of Greece supports the center-right party "New Democracy", which stands for the continuation of the country's obligations to international lenders and observance of austerity measures.
On Tuesday the euro fell to the lowest level since July 2010 against the dollar as investor concern about Spain’s ability to recapitalize troubled banks increased, boosting bets the union’s debt crisis is worsening.
The 17-nation currency dropped below $1.25 for the second time this month after Egan-Jones Ratings Co. reduced its credit rating for Spain to B from Bb-. The euro fell against most of its major counterparts as Spanish officials debated how to fund a recapitalization of the Bankia group.
The yen gained against the majority of its most-traded peers amid increased demand for haven assets.
On Wednesday the euro fell to the lowest level in almost two years against the dollar as Spain struggled to rescue its troubled banks, adding to signs the European debt crisis is spreading to the region’s larger economies. Spain’s 10-year bond yield rose as high as 6.70 percent, approaching the 7 percent level that led to bailouts in Greece, Ireland and Portugal, after central bank Governor Miguel Angel Fernandez Ordonez resigned a month early amid criticism over the nationalization of Bankia group.
On Thursday the yen gained to a more than 11-year high against the euro as investors sought the perceived safety of the nation’s debt amid a deepening European crisis and slowing U.S. growth. Japan’s currency strengthened against all its major counterparts for a second day as the premium investors receive for buying debt of the U.S., U.K. and Germany instead of Japanese securities fell.
The euro rose from the weakest in almost two years versus the dollar after Dow Jones reported the International Monetary Fund has started planning for a potential rescue of Spain. The European department of the IMF has begun contingency planning for a rescue loan to Spain, Dow Jones reported, citing anonymous sources.
On Friday the yen rose against most of its major counterparts after the U.S. added the least jobs in a year last month, adding to concern global growth is stagnating. Payrolls climbed by 69,000 last month, less than the most- pessimistic forecast in a Bloomberg News survey, after a revised 77,000 gain in April that was smaller than initially estimated, the Labor Department reported. The median estimate called for a 150,000 May advance. The jobless rate rose to 8.2 percent from 8.1 percent, while hours worked declined.
Resistance 3: Y79.15 (May 31 high)
Resistance 2: Y78.90 (high of the European session on May 31)
Resistance 1: Y78.70 (Jun 1 high)
The current price: Y78.17
Support 1: Y78.00 (session low)
Support 2: Y77.65 (Jun 1 low)
Support 3: Y77.35 (Feb 14 low)
Resistance 3: Chf0.9850 (Dec 13 high 2010)
Resistance 2: Chf0.9770 (Jun 1 high)
Resistance 1: Chf0.9695 (session high)
The current price: Chf0.9683
Support 1: Chf0.9640 (Jun 1 low)
Support 2: Chf0.9610 (May 25-29 high)
Support 3: Chf0.9560 (May 29 low)
Resistance 3 : $1.5615 (high of the American session on May 30)
Resistance 2 : $1.5525 (May 31 high)
Resistance 1 : $1.5440 (Jun 1 high)
The current price: $1.5362
Support 1 : $1.5340 (session low)
Support 2 : $1.5265 (Jun 1 low)
Support 3 : $1.5200 (psychological level)
Resistance 3 : $1.2575 (May 29 high)
Resistance 2 : $1.2510 (May 30 high)
Resistance 1 : $1.2455 (Jun 1 high)
The current price: $1.2404
Support 1 : $1.2385 (session low)
Support 2 : $1.2285 (Jun 1 low)
Support 3 : $1.2200 (psychological level)
00:00 United Kingdom Bank holiday -
01:30 Australia ANZ Job Advertisements (MoM) May -3.1%
01:30 Australia Company Operating Profits Quarter I -6.5% -2.2%
08:30 Eurozone Sentix Investor Confidence June -24.5 -28.7
09:00 Eurozone Producer Price Index, MoM April +0.5% +0.3%
09:00 Eurozone Producer Price Index (YoY) April +3.3% +2.7%
14:00 U.S. Factory Orders April -1.5% +0.3%
23:30 Australia AIG Services Index May 39.6
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