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Analytics, News, and Forecasts for CFD Markets: currency news — 11-06-2012.
The euro fell against most of its major peers as Spain’s bailout spurred concern that the sovereign-debt crisis is deepening as it spreads among indebted nations before Greek elections June 17.
The 17-nation currency earlier rose, touching a two-week high, after Spain asked for as much as 100 billion euros ($126 billion) to save its banking system, making it the fourth member of the currency bloc to seek a rescue. The bailout helped move Italy to the front lines of the crisis, as bets increased Europe’s third largest economy may be the next one to succumb.
Seven months after winning a landslide victory, Spanish Prime Minister Mariano Rajoy was forced to abandon his bid to recapitalize banks without external help. The bailout loan will be channeled through the state’s bank-rescue fund, known as FROB, and extended to lenders that need it, Economy Minister Luis de Guindos Jurado said in Madrid on June 9.
Spanish and Italian 10-year bonds fell for a fourth day, reversing earlier gains. The Spanish yield rose 31 basis points to 6.52 percent, while the rate on the Italian securities climbed 27 basis points to 6.04 percent.
Italy’s economy, the third-biggest in the region, shrank 0.8 percent in the first three months of this year from the fourth quarter, Istat, the Rome-based national statistics institute said, confirming an initial estimate. Household spending decreased 1 percent and exports fell 0.6 percent.
EUR/USD $1.2500, $1.2510, $1.2600, $.1.2650
USD/JPY Y79.00, Y79.15, Y79.50, Y80.00
EUR/JPY Y100.00
GBP/USD $1.5500
AUD/JPY Y78.60
Data:
06:45 France Industrial Production, m/m April -0.9% +0.2% +1.5%
06:45 France Industrial Production, y/y April -0.9% -0.3% +0.9%
The euro retreated from levels reached today.
On the morning the euro climbed after Spain requested a bailout loan, following weeks of escalating concern that bad loans at the nation’s lenders might overwhelm its public finances.
The common currency rose after Spain asked for as much as 100 billion euros ($126 billion) to save its banking system, making it the fourth member of the currency bloc to seek a rescue.
The dollar and yen fell on decreased demand for refuge assets as shares rallied. Norway’s krone strengthened as consumer prices rose more than economists forecast last month.
EUR/USD: during European session the pair decreased, receded from session high in $1,2540 area.
GBP/USD: the pair was limited $1,5520-$ 1,5580.
USD/JPY: the pair decreased in Y79,30 area.
EUR/USD
Offers $1.2750, $1.2720/25, $1.2690/710, $1.2670/80, $1.2645/50, $1.2615/25
Bids покупку $1.2555/50, $1.2410/00, $1.2385/80, $1.2360
GBP/USD
Offers продажу $1.5650, $1.5615/25, $1.5600
Bids $1.5500, $1.5405/395
AUD/USD
Offers $1.0080/85, $1.0040/50, $1.0030, $1.0020, $1.0000/10, $0.9985/90
Bids $0.9940/30, $0.9910/00, $0.9890/85, $0.9850
USD/JPY
Offers Y80.20, Y80.10, Y80.00, Y79.70/80, Y79.65/70
Bids Y79.30/20, Y79.10/00, Y78.85/80, Y78.50
EUR/JPY
Offers Y101.50, Y101.10/20, Y101.00, Y100.45/50
Bids Y99.50, Y99.25/20, Y99.00, Y98.85/80, Y98.50, Y98.25/20
EUR/GBP
Offers stg0.8200, stg0.8160/65, stg0.8140, stg0.8125/30
Bids stg0.8050/45, stg0.8035/30, stg0.8010/00, stg0.7970, stg0.7950
Resistance 3: Y80.60 (high of May)
Resistance 2: Y80.15 (May 22 high, МА (100) for D1)
Resistance 1: Y79.70/80 (May 25, Jun 7 and session highs)
Current price: Y79.38
Support 1: Y79.30 (session low)
Support 2: Y79.10 (МА (100) for Н1, Jun 8 low)
Support 3: Y78.95 (МА (200) for Н1)
Resistance 3: Chf0.9655 (Jun 8 high)
Resistance 3: Chf0.9630 (МА (200) for Н1)
Resistance 1: Chf0.9590 (МА (100) for Н1)
Current price: Chf0.9564
Support 1: Chf0.9475 (session low)
Support 2: Chf0.9410 (50,0 % FIBO Chf0,9040-Chf0,9780)
Support 3: Chf0.9370 (May 21 low)
Resistance 3 : $1.5720 (May 21-22 highs)
Resistance 2 : $1.5660 (38,2 % FIBO $1.6300-$ 1.5260)
Resistance 1 : $1.5600 (Jun 7 high)
Current price: $1.5543
Support 1 : $1.5520 (session low)
Support 2 : $1.5470 (МА(200) for Н1)
Support 3 : $1.5400 (Jun 8 low)
Resistance 3 : $1.2820 (May 21 high)
Resistance 2 : $1.2780 (50,0 % FIBO $1,3280-$ 1,2280)
Resistance 1 : $1.2670 (session high, 38,2 % FIBO $1,3280-$ 1,2280)
Current price: $1.2570
Support 1 : $1.2520 (МА (100) for Н1)
Support 2 : $1.2470 (МА (200) for Н1)
Support 3 : $1.2430 (Jun 8 low)
growth may lose steam in US, Japan, Russia in near term;
slightly below-trend activity in Eurozone, UK, Canada;
France, Italy facing sluggish economic activity ahead;
China, India have shifted toward below-trend activity.
EUR/USD $1.2500, $1.2510, $1.2600, $.1.2650
USD/JPY Y79.00, Y79.15, Y79.50, Y80.00
EUR/JPY Y100.00
GBP/USD $1.5500
AUD/JPY Y78.60
05:00 Japan Consumer Confidence May 40.0 39.9 40.7
05:00 Japan Consumer Confidence Households May 40.1 40.7
The euro rose against most of its major counterparts after European governments agreed to provide Spain with a bailout loan. The 17-nation currency climbed to a two-week high after Spain asked for as much as 100 billion euros ($126 billion) to save its banking system, making it the fourth member in the currency bloc to seek a rescue. Seven months after winning a landslide victory, Spanish Prime Minister Mariano Rajoy was forced to abandon his bid to recapitalize banks without external help. Foreign investors had cut holdings of the nation’s debt amid concern banks’ bad loans may overwhelm public finances, driving borrowing costs to near euro-era records.
The European currency has fallen 3.6 percent during the past six months, the worst performance among the 10 developed- nation currencies tracked by Bloomberg Correlation-Weighted Indexes. The dollar has gained 2.9 percent and the yen is little changed. Demand for the euro was limited before data today that may add to signs the debt crisis is damping growth. European Central Bank President Mario Draghi said on June 6 that policy makers discussed cutting interest rates to a record low at a meeting that day.
The dollar and yen fell on decreased demand for refuge assets as Asian shares rallied.
EUR/USD: during the Asian session the pair traded nearby $1.2630, after opening above $1.2600.
GBP/USD: during the Asian session the pair rose, having come nearer to the last week's high.
USD/JPY: during the Asian session the pair traded in range Y79.40-Y79.70.
On Monday 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 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.
On Tuesday the yen weakened against the dollar for a second day after Japanese Finance Minister Jun Azumi indicated that Group of Seven nations remain supportive of intervention to address extreme currency moves.
After reaching its weakest level against the dollar on March 15, the yen had strengthened as much as 7 percent. Japan’s Azumi said he told finance ministers a strong yen was depressing the nation’s stock market and damaging its economy by making exports more expensive.
On Wednesday the euro rose for a fourth day against the yen as European Central Bank president Mario Draghi said policy makers were “ready to act” after leaving their benchmark rate at a record low. The ECB’s Draghi told a press conference in Frankfurt that officials will extend their offerings of unlimited cash to banks until the start of 2013 for periods up to three months as they endeavor to counter risks stemming from the region’s debt crisis. The 17-nation euro strengthened to almost a one-week high against the dollar amid speculation the world’s leading economies will collaborate on a response to Europe’s debt crisis.
On Thursday the yen fell against all its major counterparts after China cut its key interest rates for the first time since 2008, damping appetite for refuge assets. China’s benchmark one-year deposit rate will drop by 0.25 percentage point effective tomorrow, the People’s Bank of China said on its website. The one-year lending rate will also be cut by 0.25 percentage point, it said.
On Friday the euro weakened for a second day against the dollar as Spain was poised to become the fourth of the 17 euro countries to require emergency assistance. The 17-nation euro fell for the first time in six days versus the yen as the currency bloc’s finance chiefs plan weekend talks on a potential Spanish aid request to shore up the nation’s lenders. German exports, adjusted for work days and seasonal changes, slid 1.7 percent in April from a month earlier, when they gained 0.8 percent, the Federal Statistics Office in Wiesbaden said. Economists forecast a drop of 0.7 percent. Italian output declined 1.9 percent from March, when it rose a revised 0.6 percent, the national statistics office said in Rome. Production slid 9.2 percent from a year ago on a workday-adjusted basis.
Resistance 3: Y80.55 (May 16 high)
Resistance 2: Y80.15 (May 22 high)
Resistance 1: Y79.80 (Jun 7 high)
The current price: Y79.63
Support 1: Y79.10 (Jun 8 low)
Support 2: Y78.60 (Jun 6 low)
Support 3: Y78.00/10 (area of Jun 4-5 lows)
Resistance 3: Chf0.9590 (low of the American session on Jun 8)
Resistance 2: Chf0.9550 (Jun 8 low)
Resistance 1: Chf0.9520 (session high)
The current price: Chf0.9512
Support 1: Chf0.9475 (session low)
Support 2: Chf0.9440 (May 21 high)
Support 3: Chf0.9365/75 (area of May 21-22 high)
Resistance 3 : $1.5715/25 (area of May 24-29 highs)
Resistance 2 : $1.5645 (May 30 high)
Resistance 1 : $1.5600 (Jun 7 high)
The current price: $1.5556
Support 1 : $1.5525 (session low)
Support 2 : $1.5475 (high of the American session on Jun 8)
Support 3 : $1.5400 (Jun 8 low)
Resistance 3 : $1.2725 (May 21 low)
Resistance 2 : $1.2685 (May 23 high)
Resistance 1 : $1.2670 (session high)
The current price: $1.2631
Support 1 : $1.2615 (session low)
Support 2 : $1.2575 (Jun 8 high)
Support 3 : $1.2520 (high of the American session on Jun 8)
05:00 Japan Consumer Confidence May 40.0 39.9
05:00 Japan Consumer Confidence Households May 40.1
06:45 France Industrial Production, m/m April -0.9% +0.2%
06:45 France Industrial Production, y/y April -0.9% -0.3%
16:00 U.S. FOMC Member Dennis Lockhart Speaks -
16:00 U.S. FOMC Member Williams Speaks -
19:00 New Zealand REINZ Housing Price Index, m/m May -0.3%
22:00 U.S. FOMC Member Pianalto Speaks -
23:01 United Kingdom RICS House Price Balance May -19% -17%
23:50 Japan Tertiary Industry Index April -0.6% +0.4%
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