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Analytics, News, and Forecasts for CFD Markets: currency news — 20-03-2012.
European stocks dropped the most in two weeks as an official at China’s association of carmakers said auto sales will miss its forecast in 2012.
Vehicle sales in the world’s second-largest economy will probably miss the China Association of Automobile Manufacturers’ forecast for 2012, according to an official at the state-backed body. Total vehicle deliveries -- forecast to grow 8 percent this year -- may fail to increase by even 5 percent because of the “difficult” economy, Gu Xianghua, one of two deputies to the secretary general at the CAAM, said at a conference in Qingdao today, giving his personal opinion.
BHP Billiton said China’s steel production has slowed as the world’s fastest-growing major economy switches its focus toward consumers and away from large building projects.
National benchmark indexes declined in 15 of the 18 western-European markets.
FTSE 100 5,891.41 -69.70 -1.17%, CAC 40 3,530.83 -47.05 -1.32%, DAX 7,054.94 -99.28 -1.39%
BMW, the world’s largest maker of luxury vehicles, sank 5 percent to 68.22 euros. Daimler, whose Mercedes-Benz division is third-biggest after BMW and Audi, dropped 4.4 percent to 45.05 euros. Volkswagen, which owns Audi, slid 4.4 percent to 133.05 euros. Porsche SE decreased 3.9 percent to 44.71 euros.
BHP Billiton, the world’s biggest mining company, slid 4.1 percent to 1,965 pence as a gauge of mining shares fell. Rio Tinto Group, the world’s third-largest mining company, dropped 4.2 percent to 3,464.5 pence.
The dollar rose against most of its major counterparts as concern increased that China’s economic growth outlook has cooled, spurring demand for the currency of the world’s largest economy. The U.S. currency strengthened after BHP Billiton Ltd. (BHP) said China’s steel production is slowing, boosting concern about the nation’s growth outlook. BHP, whose biggest customer is China, is re-evaluating spending plans amid slowing Chinese growth, the Australian Financial Review reported today, citing comments by Chairman Jacques Nasser to investors. China’s Premier Wen Jiabao this month announced an economic growth target of 7.5 percent for this year, down from an annual 8 percent over the past seven years. Steel output growth in China, the biggest producer, may slow to 4 percent this year, the China Iron and Steel Association said March 6. Housing starts in the U.S. fell in February from a three- year high, showing the recovery in the residential real estate market will take time to develop.
The euro fell against the dollar after earlier briefly erasing losses. The euro rose 0.2 percent to 83.49 pence, after declining to 82.84 pence yesterday, the weakest since Feb. 16. The last time the currency dropped below 82.21 pence was Sept. 10, 2010. The euro fell against the greenback and pound as concern mounted about European economic growth. The Netherlands today increased its 2013 budget deficit forecast to 4.5 percent of gross domestic product from a previous estimate of 4.6 percent. The German Federal Statistics Office said today that producer prices climbed 0.4 percent from January, when they gained 0.6 percent.
The pound strengthened against most of its 16 major peers after U.K. data showed inflation slowed less than economist estimates in February. Consumer prices rose 3.4 percent from a year earlier, compared with the 3.3 percent median estimate.
U.S. stocks declined, snapping a three-day advance for the Standard & Poor’s 500 Index, as commodities fell on concern about a Chinese economic slowdown.
Industrial and commodity shares slumped as China raised fuel prices by the most in two years and BHP Billiton Ltd. said the nation’s steel production is slowing.
Equity index Dow Jones Industrial Average showing mostly negative trend. Caterpillar (САТ, -2,50%) and Alcoa (AA, -1,7%). Positive trend shows the Bank of America Corp. (BAC, +2,20%).
Dow 13,172.76 -66.37 -0.50%, Nasdaq 3,063.33 -14.99 -0.49%, S&P 500 1,403.90 -5.85 -0.41%
Adobe sank 4.3 percent to $33.04. Excluding some costs, profit will be 57 cents to 61 cents a share in the second quarter, Adobe said. The midpoint of that range -- 59 cents -- missed the 60 cents predicted by analysts.
Tiffany rallied 6.7 percent to $73.28. The company is benefiting from stock-market gains that have prompted luxury consumers to resume jewelry purchases, a turnabout from January, when the retailer said weak spending from U.S. customers had slowed holiday sales.
Eventually the situation will improve, the prospects for economic development are optimistic
Members of the Federal Reserve will continue to monitor these economic reports and analyze financial performance
The Fed failed in its mission during the Great Depression
Need to address the problem of "bubbles" in the property market through regulation
Oil dropped on forecasts that U.S. crude stockpiles increased to a six-month high and on signals that economic growth and fuel demand will slow in China.
Futures fell as much as 2.2 percent before a report tomorrow that will show supplies rose for a fifth week. China raised fuel prices by the most in two years and the nation’s vehicle sales may miss industry targets.
Oil for April delivery fell to $106,25 on the New York Mercantile Exchange.
Brent oil for May settlement decreased $1.63, or 1.3 percent, to $124.08 a barrel on the London-based ICE Futures Europe exchange.
The gold standard can not adapt to the changing economy
Countries adhering to the gold standard, forced to fix their exchange rates
The gold standard did not prevent a financial panic
In the medium term, the gold standard may create inflation, deflation
Offers seen to $1.5900. A break here to open a move toward Monday's high at $1.5915.
EUR/USD $1.3250, $1.3200, $1.3175, $1.3120
USD/JPY Y83.75, Y83.00
GBP/USD $1.5850
GBP/JPY Y131.20
EUR/CHF Chf1.2050, Chf1.2100
AUD/USD $1.0600
AUD/JPY Y88.50
USD/CAD C$0.9900
Data:
07:00 Germany Producer Price Index (MoM) February +0.6% +0.5% +0.4%
07:00 Germany Producer Price Index (YoY) February +3.4% +3.2% +3.2%
08:15 Switzerland Industrial Production (QoQ) IV quarter -1.4% +0.4% +7.9%
08:15 Switzerland Industrial Production (YoY) IV quarter -1.4% -2.0% -2.0%
09:30 United Kingdom HICP, m/m February -0.5% +0.4% +0.3%
09:30 United Kingdom HICP, Y/Y February +3.6% +3.4% +3.4%
09:30 United Kingdom HICP ex EFAT, Y/Y February +2.6% +2.4% +2.4%
09:30 United Kingdom Retail Price Index, m/m February -0.6% +0.6% +0.8%
09:30 United Kingdom Retail prices, Y/Y February +3.9% +3.4% +3.7%
11:00 United Kingdom CBI industrial order books balance March -3 -5 -8
The dollar rose after BHP Billiton Ltd. (BHP) said China’s steel production is slowing, boosting demand for the relative safety of the U.S. currency.
BHP, whose biggest customer is China, is re-evaluating spending plans amid slowing Chinese growth, the Australian Financial Review reported today, citing comments by Chairman Jacques Nasser to investors.
The U.S. currency also advanced as stocks declined around the world, spurring investor appetite for safer securities.
The euro also weakened against the dollar as a report showed German producer prices rose at a slower pace last month.
EUR/USD: the pair decreased below $1,3200.
GBP/USD: the pair showed low in $1.5830 area.
USD/JPY: during european session the pair grown in Y83.70 area.
EUR/USD
Offers $1.3290/300
Bids $1.3185/80, $1.3170, $1.3135/20, $1.3100, $1.3080
AUD/USD
Offers $1.0665/70, $1.0645/50, $1.0595/00, $1.0535/40
Bids $1.0475/70, $1.0455/50, $1.0425/20, $1.0410/00, $1.0385/80
EUR/GBP
Offers stg0.8375/85, stg0.8360 Medium, stg0.8350/55
Bids stg0.8315/05, stg0.8300, stg0.8280/75, stg0.8265/55
EUR/JPY
Offers Y111.55/60, Y111.50, Y111.00
Bids Y110.15/10, Y109.55/50, Y109.20/15, Y109.05/00
USD/JPY
Offers Y84.50, Y84.25
Bids Y83.20/15, Y83.00, Y82.85/80, Y82.55/50
Resistance 3: Y85.50 (high of 2011)
Resistance 2: Y84.50 (psychological level)
Resistance 1: Y84.20 (area of Mar 15 high)
Current price: Y83.74
Support 1: Y83.00 (Mar 19 low)
Support 2: Y82.70 (intraday low on Mar 13, Mar 9 high)
Support 3: Y81.90 (Mar 13 low, Mar 5 high)
Resistance 3: Chf0.9200 (Mar 15 low)
Resistance 2: Chf0.9280 (Mar 19 high)
Resistance 1: Chf0.9150 (session high, Mar 16 low)
Current price: Chf0.9149
Support 1: Chf0.9110 (session low)
Support 2: Chf0.9070 (Mar 8 low)
Support 3: Chf0.9045 (Mar 2 low)
Resistance 3 : $1.6090 (Nov 11-14 highs)
Resistance 2 : $1.5970/90 (Mar 1-2 high, high of February)
Resistance 1 : $1.5915 (Mar 19 high)
Current price: $1.5848
Support 1 : $1.5840/20 (session low, support line from Mar 19, Mar 19 low)
Support 2 : $1.5750 (area of Mar 13-15 highs)
Support 3 : $1.5690 (Mar 15 low)
Resistance 3 : $1.3360 (Mar 1 high)
Resistance 2 : $1.3290 (Mar 8 high)
Resistance 1 : $1.3260 (resistance line from Mar 8)
Current price: $1.3199
Support 1 : $1.3140/20 (session low, Mar 16 high)
Support 2 : $1.3140/20 (Mar 19 low, Mar 15 high)
Support 3 : $1.3040 (Mar 16 low)
EUR/USD $1.3250, $1.3200, $1.3175, $1.3120
USD/JPY Y83.75, Y83.00
GBP/USD $1.5850
GBP/JPY Y131.20
EUR/CHF Chf1.2050, Chf1.2100
AUD/USD $1.0600
AUD/JPY Y88.50
USD/CAD C$0.9900
Yesterday the dollar Index fell to a one-week low as traders sold the U.S. currency in favor of the Swiss franc, triggering automatic sell orders for the pair that further weighed on the greenback.
The 17-nation euro also rose against the dollar as it broke through its 100-day moving average, a technical level that once breached, may spur further appreciation. The shared currency earlier fell against most of its major counterparts before a report forecast to show a contraction in industrial output. The euro weakened earlier after International Monetary Fund Managing Director Christine Lagarde urged policy makers to be vigilant about global economic stability. Lagarde, speaking in Beijing yesterday, said oil prices, debt levels, and the risk of slowing growth in emerging markets threaten global economic stability.
The U.S. currency pared losses against the yen. The dollar’s 14-day relative strength index against the Japanese currency was at 71.8, more than the 70 level some traders see as a sign an asset may reverse direction.
EUR/USD: yesterday the pair gain, fixed above $1.3200.
GBP/USD: yesterday the pair rose to $1.5900.
USD/JPY: yesterday the pair fell, touched Y83.00.
In the UK, at 0930GMT, inflation data is due. The January 2011 VAT hike clearly had a sharp upward effect on inflation that month, with
National Statistics' assessment that it added 0.76 percentage point to the 12 month CPI rate, and there is evidence some retailers staggered some of the rise into February. US data starts at 1145GMT with the weekly ICSC-Goldman Store Sales data, which is followed at 1230GMT by Housing Starts and at 1255GMT by the weekly Johnson Redbook Chain Store Sales.
Asian stocks rose, with the regional benchmark index heading for its fifth day of advance, before the release of U.S. data this week that’s expected to show further signs of stabilization in the housing market.
Nikkei 225 10,141.99 +12.16 +0.12%
Hang Seng 21,115.29 -202.56 -0.95%
S&P/ASX 200 4,290.8 +14.64 +0.34%
Shanghai Composite 2,410.18 +5.45 +0.23%
Samsung Electronics Co., Asia’s No. 1 consumer-electronics maker, climbed 1.8 percent in Seoul.
Cnooc Ltd., China’s biggest offshore oil producer, gained 2.2 percent in Hong Kong as crude traded near a one-week high.
Aluminum Corp. of China Ltd., the country’s largest producer of the metal, sank 3.7 percent after saying it may be unprofitable in the first quarter after posting a wider-than-expected loss in the second half of 2011.
European stocks were little changed after last week’s biggest advance for the benchmark Stoxx Europe 600 Index since early February.
The gauge rose to its highest level since July last week as data from Germany to the U.S. indicated global growth is gaining momentum and the Federal Reserve raised its assessment of the world’s largest economy.
National benchmark indexes fell in eight of Europe’s 18 western markets. France’s CAC 40 Index lost 0.5 percent. The U.K.’s FTSE 100 Index and Germany’s DAX Index slipped 0.1 percent each.
Standard Life fell 1.2 percent to 247.7 pence, snapping a five-day rally. Credit Suisse Group AG downgraded Scotland’s biggest insurer to underperform from neutral, equivalent to a sell recommendation.
DSV retreated 2 percent to 131.30 kroner after UBS AG lowered its rating for the transport and logistic company to neutral from buy.
TNT Express NV also advanced 1.1 percent to 9.44 euros after United Parcel Service Inc. sweetened its bid to 5.16 billion euros.
The Standard & Poor’s 500 Index advanced to the highest level since May 2008 as Apple Inc. plans to pay a dividend and buy back $10 billion of its stock.
Dow 13,239.13 +6.51 +0.05%, Nasdaq 3,078.32 +23.06 +0.75%, S&P 500 1,409.75 +5.58 +0.40%
Apple gained 2.7 percent to $601.10. Investors will receive a quarterly dividend of $2.65 a share starting in the period beginning July 1, Cupertino, California-based Apple said in a statement. The buybacks will begin in the fiscal year starting Sept. 30 and will take place over three years, the company said.
The company’s cash pile has swelled amid surging demand for its products. Investors had urged Apple to return some of the balance in the form a dividend.
Bank of America (ВАС) fell 2.8 percent to $9.53, snapping a four-day rally.
Citigroup added 1.3 percent to $37.17. The third-largest U.S. bank sold its 2.71 percent stake in Shanghai Pudong Development Bank to institutional investors, generating after- tax proceeds of about $349 million.
U.S. Steel had the biggest advance in the S&P 500, gaining 6.4 percent to $31.64. The country’s largest producer of the metal by volume should benefit from a recovery in steel prices, UBS AG said in a note.
UPS added 3.4 percent to $81.11, the highest level since July 2006. The company raised its offer for TNT Express NV by 5.6 percent to 5.16 billion euros ($6.8 billion) to secure the biggest deal in the U.S. company’s 105-year history.
Sprint Nextel Corp. slumped 4.5 percent, the most in the S&P 500, to $2.76. Sanford C. Bernstein & Co. downgraded the company amid concern it won’t sell enough iPhones to afford its “punishing” commitment with Apple Inc.
Resistance 3: Y84.80 (Apr 12 high)
Resistance 2: Y84.20 (Mar 15 high)
Resistance 1: Y83.55 (Mar 19 high)
The current price: Y83.41
Support 1: Y83.00 (Mar 19 low)
Support 2: Y82.65 (low of the American session on Mar 13)
Support 3: Y81.95 (Mar 13 low)
Resistance 3: Chf0.9200 (Mar 15 low)
Resistance 2: Chf0.9175 (Mar 19 high)
Resistance 1: Chf0.9150 (Mar 16 low)
The current price: Chf0.9119
Support 1: Chf0.9090 (Mar 19 low)
Support 2: Chf0.9070 (Mar 8 low)
Support 3: Chf0.9010/20 (area of Feb 27 high and Mar 1 low)
Resistance 3 : $1.6050 (Nov 2 high)
Resistance 2 : $1.5975/90 (area of Feb’s high and Mar’s high)
Resistance 1 : $1.5915 (Mar 19 high)
The current price: $1.5870
Support 1 : $1.5850 (low of the American session on Mar 19)
Support 2 : $1.5815 (Mar 19 low)
Support 3 : $1.5735 (Mar 15 high)
Resistance 3 : $1.3355 (Mar 1 high)
Resistance 2 : $1.3290 (Mar 8 high)
Resistance 1 : $1.3265 (Mar 19 high)
The current price: $1.3228
Support 1 : $1.3215 (support line from Mar 16)
Support 2 : $1.3190 (Mar 19 high)
Support 3 : $1.3140 (Mar 19 low)
(pare/closed(00:00 GMT +02:00)/change, %)
EUR/USD $1,3236 +0,47%
GBP/USD $1,5888 +0,29%
USD/CHF Chf0,9112 -0,47%
USD/JPY Y83,41 -0,02%
EUR/JPY Y110,38 +0,41%
GBP/JPY Y132,50 +0,25%
AUD/USD $1,0610 +0,20%
NZD/USD $0,8261 +0,19%
USD/CAD C$0,9870 -0,46%
00:30 Australia RBA Meeting's Minutes 0
03:05 Australia RBA Assist Gov Edey Speaks 0
07:00 Germany Producer Price Index (MoM) February +0.6% +0.5%
07:00 Germany Producer Price Index (YoY) February +3.4% +3.2%
08:15 Switzerland Industrial Production (QoQ) IV quarter -1.4% +0.4%
08:15 Switzerland Industrial Production (YoY) IV quarter -1.4% -2.0%
09:30 United Kingdom HICP, m/m February -0.5% +0.4%
09:30 United Kingdom HICP, Y/Y February +3.6% +3.4%
09:30 United Kingdom HICP ex EFAT, Y/Y February +2.6% +2.4%
09:30 United Kingdom Retail Price Index, m/m February -0.6% +0.6%
09:30 United Kingdom Retail prices, Y/Y February +3.9% +3.4%
11:00 United Kingdom CBI industrial order books balance March -3 -5
12:30 U.S. Building Permits, mln February 0.676 0.685
12:30 U.S. Housing Starts, mln February 0.699 0.700
16:45 U.S. Fed Chairman Bernanke Speaks 0
21:30 U.S. FOMC Member Narayana Kocherlakota 0
21:45 New Zealand Current Account IV quarter -4.60 -2.81
23:30 Australia Leading Index January +0.5%
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