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Analytics, News, and Forecasts for CFD Markets: currency news — 19-07-2012.
The euro fell for a second day versus the dollar after German Finance Minister Wolfgang Schaeuble said Spain must take over guarantees for bailout funding, adding to concern European leaders will struggle to stem their sovereign-debt crisis.
The euro gained versus the dollar today before Schaeuble said Spain would remain liable for as much as 100 billion euros ($123 billion) of aid. German lawmakers approved their government’s participation in the euro-area bailout of Spanish banks after the assurance.
While there was broad support to help Spain, lawmakers demanded reassurances that German taxpayer money will be channeled via the Spanish government and not go directly to banks themselves. They raised concerns that loopholes may enable such a route when the program shifts from the current rescue fund to the permanent European Stability Mechanism.
EUR/USD $1.2100, $1.2175, $1.2190, $1.2300, $1.2325, $1.2335, $1.2400.
USD/JPY Y78.70, Y79.00, Y80.00
GBP/USD $1.5500, $1.5700, $1.5720
AUD/USD $1.0300, $1.0340, $1.0350, $1.0400
NZD/USD $0.7965
Data:
01:30 Australia NAB Quarterly Business Confidence Quarter II -1 -2
04:30 Japan All Industry Activity Index, m/m May +0.1% -0.2% -0.3%
06:00 Switzerland Trade Balance June 2.48 2.21 2.25
08:00 Eurozone Current account, adjusted, bln May 4.6 5.3 10.9
08:30 United Kingdom Retail Sales (MoM) June +1.4% +0.6% +0.1%
08:30 United Kingdom Retail Sales (YoY) June +2.4% +2.3% +1.6%
During the session, the dollar down amid speculation that the Federal Reserve System and the Government of China will take further measures to stimulate economic growth, which led to a decline in demand for safe assets.
The U.S. currency fell against all but one of 16 primary. Australian and New Zealand dollars are now showing rapid growth. The euro fell against the yen, which was caused by an increase in bond yields in Spain. We also learned that China could reduce banks' reserve requirements, when the Cabinet meets to discuss ways to stimulate growth. Fed Chairman Ben Bernanke said yesterday that the timing of further stimulation until the feud is not certain.
The dollar index, which tracks the greenback against six major trading partners, fell 0.3% to 82.787, while showing the lowest level since July 5.
EUR/USD: during the European session, the pair reached a high of $ 1.2320, followed by a slight decrease
GBP/USD: steam during the session was moving erratically, setting all-time high at $ 1.5695, and is now trying to overcome it
USD/JPY: pair reached a minimum at Y78.45, little recoil, and is now trading in the minimum values of the day
At 12:30 GMT in Canada becomes aware of change in the volume of wholesale trade in May. At the same time, the U.S. will report on the number of initial claims for unemployment benefits in July, the number of repeated applications for unemployment benefits in July, the volume of home sales in the secondary market in June. There will also be presented to the Fed manufacturing index for July-Philadelphia. At 14:30 GMT in Canada will publish a report of the Bank of Canada's monetary policy for the third quarter. At 15:15 GMT in Canada will be a press conference of the Bank of Canada. Finished the day in 22:45 GMT New Zealand data on the consumer price index for the second quarter.
EUR/GBP
Offers stg0.7920/30, stg0.7895/900, stg0.7880/85
Bids stg0.7810/00
AUD/USD
Offers $1.0550, $1.0500, $1.0445/50
Bids $1.0360/50, $1.0325/20, $1.0300, $1.0250
GBP/USD
Offers $1.5750, $1.5695/700
Bids $1.5600, $1.5550
EUR/JPY
Offers Y97.50, Y97.00
Bids Y96.20/15, Y96.00, Y95.65/60, Y95.50
EUR/USD
Offers $1.2400/05, $1.2380, $1.2340/50, $1.2320/25
Bids $1.2265/60, $1.2215
USD/JPY
Offers Y79.00
Bids Y78.15/10, Y78.00
Resistance 3: Y79.40 (July 9 low)
Resistance 2: Y79.30 (July 2 low)
Resistance 1: Y79.12 (July 11 low, July 18 high)
Current price: Y78.55
Support 1: Y78.45 (session low)
Support 2: Y78.10 (June 5 low)
Support 3: Y77.65 (June 1 low)
Resistance 3: Chf0.9875 (July 13 high)
Resistance 2: Chf0.9850 (July 16 high)
Resistance 1: Chf0.9830 (July 18 high)
Current price: Chf0.9759
Support 1: Chf0.9735 (July 10 low)
Support 2: Chf0.9715 (38,2% of FIBO (0.9465-0.9875), July 5 high)
Support 3: Chf0.9670/80 (50% FIBO (0.9465-0.9875), June 28 low, July 6 low)
Resistance 3: $ 1.5780 (June 20 high)
Resistance 2: $ 1.5720 (July 2 high)
Resistance 1: $ 1.5700 (psychological level, resistance line of 22.05 and 20.06)
Current Price: $ 1.5688
Support 1: $ 1.5590/95 (61.8% at FIBO ($ 1.5395-$ 1.5722), July 16 high)
Support 2: $ 1.5555/60 (50% FIBO ($ 1.5395-$ 1.5722), July 17 low)
Support 3: $ 1.5510/20 (July 16 low, 38.2% for the FIBO ($ 1.5395-$ 1.5722))
Resistance 3: $ 1.2405 (July 6 high, June 28 low)
Resistance 2: $ 1.2365 (38.2% of FIBO ($ 1.2163-$ 1.2695), a minimum of 5 July)
Resistance 1: $ 1.2320 (July 17 high, session high)
Current Price: $ 1.2302
Support 1: $ 1.2215 (July 18 low)
Support 2: $ 1.2165 (July 12 low)
Support 3: $ 1.2116 (June 2010 low)
EUR/USD $1.2100, $1.2175, $1.2190, $1.2300, $1.2325, $1.2335, $1.2400.
USD/JPY Y78.70, Y79.00, Y80.00
GBP/USD $1.5500, $1.5700, $1.5720
AUD/USD $1.0300, $1.0340, $1.0350, $1.0400
NZD/USD $0.7965
01:30 Australia NAB Quarterly Business Confidence Quarter II -1 -2
04:30 Japan All Industry Activity Index, m/m May +0.1% -0.2% -0.3%
The yen rose against all of its 16 major counterparts as concern Europe’s leaders will be slow to implement measures to stem the region’s debt crisis supported demand for Japan’s currency as a haven.
The yen climbed for a second day against the euro before German lawmakers vote on a bailout for Spanish lenders. German lawmakers are due to vote in a special session of the lower house today in Berlin after the Finance Ministry asked parliament in a July 16 letter to support aid of as much as 100 billion euros ($122.8 billion) for Spain’s banks. The money would come from a temporary backstop, the European Financial Stability Facility, and then from the European Stability Mechanism that has yet to be set up.
Chancellor Angela Merkel called on fellow leaders to work harder to make Europe succeed without waiting for German help.
The dollar slid to the lowest in 2 1/2 months versus its Australian counterpart before U.S. data today that may show claims for jobless benefits climbed, boosting prospects the Federal Reserve will add to easing measures that debase the greenback. Figures from the U.S. Labor Department today may show initial jobless claims increased to 365,000 in the week ended July 14 from 350,000 in the previous period, according to the median estimate in a Bloomberg News survey.
EUR / USD: during the Asian session the pair was trading in range $1.2275-$1.2295.
GBP / USD: during the Asian session the pair was trading in range $1.5645-$1.5665.
USD / JPY: during the Asian session the pair dropped and showed a new week’s low.
European events start at 0800GMT Thursday with the ECB current account data and Italian industrial orders, while at the same time the Norges Bank releases the Q2 Bank Lending Survey. US data starts at 1230GMT when the level of weekly initial jobless claims is expected to rebound by 15,000 to 365,000 in the July 14 employment survey week after plunging to a 4-year low in the previous week on special factors. At 1400GMT, Treasury Secretary Tim Geithner is tentatively scheduled to testify to the Senate Banking Committee on Libor rate setting. US data at 1400GMT includes NAR Existing Home Sales, the Philadelphia Fed Survey and also Leading Indicator data.
During the American session, the dollar has weakened its position against higher-yielding currencies against the second part of speech Fed Chairman Ben Bernanke in Congress. The text of Bernanke repeated a speech the day before. Although Bernanke has stressed the readiness of the Central Bank to act, he refrained from giving any details and did not say whether it would be quantitative easing, and when it is such measures can be taken.
Earlier, the euro declined after German Chancellor Angela Merkel said that "the European project" is under threat, and if the policy will work harder, fueling interest in solving the debt crisis in the region, it will remain impossible.
The pound fell against the dollar before the first time in four days after the Bank of England said that there is a possibility of future rate reductions. However, nine members of the Monetary Policy Committee decided unanimously to keep its key interest rate at a record low of 0.5% this month. Seven of the nine members of the Committee on Monetary Policy Bank of England voted in favor of additional incentives at the meeting. Governor of the Bank of England Governor Mervyn King among the other seven members voted to increase asset purchase program by 50 billion pounds to 375 billion pounds, as there is reason to inject more cash into the UK economy and stimulate lending to the slowdown in inflation.
The focus of market participants is a publication of a report the Federal Reserve "Beige Book", which is scheduled for 18:00 GMT. Recall that this report provides an overview of the current economic situation in each of the 12 federal districts of the United States. This report is used for the Fed decision on monetary policy at a meeting of Federal Open Market Committee, which will take place in the 2nd week.
Resistance 3: Y79.40 (Jul 13 high, MA (50) D1)
Resistance 2: Y79.10 (Jul 17 high , MA (200) H1)
Resistance 1: Y78.70 (Jul 16 low)
Current price: Y78.60
Support 1: Y78.45 (session low)
Support 2: Y78.00/10 (area of June 4-5 lows)
Support 3: Y77.65 (Jun 1 low)
Resistance 3: Chf0.9850 (Jul 17 high)
Resistance 2: Chf0.9830 (Jul 11 and 18 highs)
Resistance 1: Chf0.9795 (MA (200) H1)
Current price: Chf0.9770
Support 1: Chf0.9750/60 (area of Jul 17 low and the session low)
Support 2: Chf0.9735 (Jul 10 low)
Support 3: Chf0.9685 (Jul 6 low)
Resistance 3: $ 1.5775 (Jun 20 high, MA (100) D1)
Resistance 2: $ 1.5720 (Jul 2 high)
Resistance 1: $ 1.5675 (Jul 17 high)
Current Price: $ 1.5656
Support 1: $ 1.5580 (Jul 18 low)
Support 2: $ 1.5555 (Jul 17 low, MA (200) H1)
Support 3: $ 1.5515 (Jul 16 low)
Resistance 3: $ 1.2400 (Jul 6 high)
Resistance 2: $ 1.2335 (Jul 10 high)
Resistance 1: $ 1.2305/15 (area of Jul 17-18 highs )
Current Price: $ 1.2286
Support 1: $ 1.2260 (MA (200) H1)
Support 2: $ 1.2215 (Jul 18 low)
Support 3: $ 1.2175 (Jul 16 low)
(pare/closed(00:00 GMT +02:00)/change, %)
EUR/USD $1,2294 +0,05%
GBP/USD $1,5663 +0,10%
USD/CHF Chf0,9768 -0,06%
USD/JPY Y78,54 -0,69%
EUR/JPY Y96,55 -0,64%
GBP/JPY Y123,00 -0,58%
AUD/USD $1,0385 +0,80%
NZD/USD $0,8010 +0,52%
USD/CAD C$1,0090 -0,35%
01:30 Australia NAB Quarterly Business Confidence Quarter II -1 -2
04:30 Japan All Industry Activity Index, m/m May +0.1% -0.2%
06:00 Switzerland Trade Balance June 2.48 2.21
08:00 Eurozone Current account, adjusted, bln May 4.6 5.3
08:30 United Kingdom Retail Sales (MoM) June +1.4% +0.6%
08:30 United Kingdom Retail Sales (YoY) June +2.4% +2.3%
12:30 Canada Wholesale Sales, m/m May +1.5% +0.2%
12:30 U.S. Initial Jobless Claims - 350 370
14:00 U.S. Existing Home Sales June 4.55 4.65
14:00 U.S. Philadelphia Fed Manufacturing Survey July -16.6 -7.7
14:00 U.S. Leading Indicators June +0.3% -0.1%
23:15 Australia RBA Assist Gov Kent Speaks -
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