Analytics, News, and Forecasts for CFD Markets: currency news — 24-07-2012.

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24.07.2012

18:20

American focus: the dollar continues to strengthen

Euro drops the fifth day against the yen, while showing the longest decline since May amid speculation that the sovereign debt crisis in Europe is worsening.

Also on the decline of the single currency affect the weak data on the index of business activity in the euro area. The European currency fell to its lowest level against the yen over the past 11 years.

The euro fell below 1.21 against the dollar after ratings agency Moody 's downgraded the credit rating outlook for Germany, the Netherlands and Luxembourg with a "stable" to "negative", amid escalating worries about the crisis in the region.

The Swiss franc also continued to decline, and had almost approached parity with the dollar for the first time since December 2010 against the backdrop of the financial crisis in Europe.

The Australian dollar rose against the dollar for the first time three days after the growth of China's manufacturing index strengthened the export prospects for the country.

Canadian dollar against the dollar during the U.S. session shows a rapid and steady growth, even despite the fact that the published data on retail sales were above expectations.

14:08

GBP/USD: Pound updated intraday high and retreated

The British pound rose to $ 1.5551 and is currently trading at $ 1.5530. The nearest resistance level of $ 1.5570 (MA (200) H1).

14:00

U.S.: Housing Price Index, m/m, May +0.8% (forecast +0.6%)

13:46

Option expiries for today's 1400GMT cut:

EUR/USD $1.2100, $1.2140, $1.2150, $1.2200, $1.2205, $1.2225, $1.2300

USD/JPY Y78.25, Y78.50

GBP/USD $1.5525, $1.5660, $1.5325

AUD/USD $1.0200, $1.0350, $1.0375, $1.0390

AUD/JPY Y82.00

13:03

U.S.: Manufacturing PMI, July 51.8 (forecast 52.4)

12:30

Canada: Retail Sales ex Autos, m/m, May +0.5% (forecast +0.2%)

12:30

Canada: Retail Sales, m/m, May +0.3% (forecast +0.3%)

12:28

European session: euro fell

Data:

07:00 France Manufacturing PMI (preliminary) July 45.2 45.6 43.6

07:00 France Services PMI (preliminary) July 47.9 47.7 50.2

07:30 Germany Services PMI (preliminary) July 49.9 50.1 49.7

07:30 Germany Manufacturing PMI (preliminary) July 45.0 45.3 43.3

08:00 Eurozone Manufacturing PMI (preliminary) July 45.1 45.3 44.1

08:00 Eurozone Services PMI (preliminary) July 47.1 47.3 47.6

08:30 United Kingdom BBA Mortgage Approvals June 30.2 31.4 26.7

Euro drops after weak reports PMI France, Germany and the eurozone. The preliminary composite Purchasing Managers Index (PMI) for the euro area remained unchanged in July compared to June. However, he pointed out that the company eurozone sixth consecutive month reduced activity. Index values below 50 indicate a decline in activity over the previous month. But first came the fall of the activity data in the private sector in Germany to their lowest level in more than three years. They outweigh the previously published data of China, showing that the second largest economy in the world can avoid a "hard landing".
Also negatively affected by a single currency is that the rating agency Moody's Investors Service on Monday downgraded the credit rating outlook for Germany, the Netherlands and Luxembourg with a "stable" to "negative", referring to the increasing excitement of the crisis in the region.
On Tuesday, Spain held an auction for the sale of short-term bills, being able to attract 3.04 billion euros ($ 3.7 billion), while the target range was from 2 billion to 3 billion euros. Spain sold the three-month bills at 1.63 billion with an average yield of 2.434%, while in June, similar bills yield was 2.362%. There have also been sold to six-month debt paper to 1.42 billion euros. Yield increased from the last 3.237% to 3.691%.
The British pound fell after data showed that the number of approved applications for mortgages in the UK in June decreased. According to the British Bankers Association (BBA), it is said that during the summer activity in the housing market will remain low. The number of approved applications decreased to 26.269 million versus 29.567 thousand in May, which was the lowest since January 2009. The report also states that the total amount of mortgage lending in June was Stg7, 193 billion against the Stg7, 687 billion in May.

EUR / USD: pair dropped to $ 1.2081
GBP / USD: pair fell to $ 1.5485
USD / JPY: a pair in the session fell to Y78.09 low and then rose to the level of Y78.28

At 12:30 GMT in Canada, there are data on changes in retail sales and a change in retail sales, excluding auto sales in May. In the U.S., will be released at 13:00 GMT the index of business activity in the manufacturing sector in July, and 20:30 GMT - changes in stocks of crude oil, according to the API. At 22:45 GMT New Zealand is to publish the trade balance (for 12 months from the beginning of the year) and the balance of external trade for June. Finish the day at 23:50 GMT Japanese data on the overall balance of foreign trade, the adjusted balance of foreign trade, changes in exports and imports for June.

12:11

Orders

EUR/USD
Offers $1.2275/80, $1.2240/50, $1.2200/10, $1.2155-80, $1.2140/45
Bids $1.2060/50, $1.2000

EUR/JPY
Offers Y96.00, Y95.60/65, Y95.20
Bids Y93.50

AUD/USD
Offers $1.0400, $1.0375/80, $1.0350
Bids $1.0250, $1.0200, $1.0180/75

EUR/GBP
Offers stg0.7920/30, stg0.7895/900, stg0.7880/85, stg0.7845/55, stg0.7825
Bidsstg0.7785/80, stg0.7755/50, stg0.7735/30, stg0.7700/690

USD/JPY
Offers Y79.00, Y78.50
Bids Y77.50

GBP/USD

Offers $1.5735, $1.5690/700, $1.5640/50, $1.5625/30, $1.5600, $1.5575/85, $1.5545/50, $1.5525

Bids $1.5480/70, $1.5455/50

11:29

Tech on USD/JPY

Resistance 3: Y79.02 (Jul 17 high)

Resistance 2: Y78.85 (MA (200) H1)

Resistance 1: Y78.50 (Jul 23 high)

Current price: Y78.16

Support 1: Y77.93 (Jul 23 low)

Support 2: Y77.65 (Jun 1 low)

Support 3: Y77.35 (Feb 14 low)

11:23

Tech on USD/CHF

Resistance 3: Chf1.0070 (Nov 2010 high)

Resistance 2: Chf1.0000 (psychological level)

Resistance 1: Chf0.9950 (session high)

Current price: Chf0.9921

Support 1: Chf0.9890 (Jul 23 low)

Support 2: Chf0.9815 (MA (200) H1)

Support 3: Chf0.9745 (Jul 17, 19 low)

11:07

Tech on GBP/USD

Resistance 3: $ 1.5715 (Jul 19, 20 high)

Resistance 2: $ 1.5615 (session high)

Resistance 1: $ 1.5570 (MA (200) H1)

Current Price: $ 1.5510

Support 1: $ 1.5395 (area of session low and Jul 23 low)

Support 2: $ 1.5460 (Jul 6 low)

Support 3: $ 1.5390/10 (area of Jul 12-13 lows)

10:46

Tech on EUR/USD

Resistance 3: $ 1.2320 (area of July 17, 19 high)

Resistance 2 $ 1.2220 (MA (200) H1)

Resistance 1: $ 1.2145 (July 23 high)

Current Price: $ 1.2090

Support 1: $ 1.2065 (July 23 low)

Support 2: $ 1.2040 (Jun 10 low)

Support 3: $ 1.1925 (Jun 9 low)

09:43

SPAIN T-BILL AUCTION RESULTS

Sold E3.048bln vs target E2.0-E3.0bln
-- E1.628bln 3-month T-bill; bid-to-cover 2.94 (2.6)
-- E1.420bln 6-month T-bill; bid-to-cover 3.02 (2.82)
Announce average yields:
-- Sold 3-month T-bill at avg yield 2.434% vs 2.362% prev
-- Sold 6-month T-bill at avg yield 3.691% vs 3.237% prev
tail calculations:
-- 11.6bps for 3-month Letra vs 13.8bps prev
-- 25.9bps for 6-month Letra vs 13.2bps prev

09:32

Option expiries for today's 1400GMT cut:

EUR/USD $1.2100, $1.2140, $1.2150, $1.2200, $1.2205, $1.2225, $1.2300

USD/JPY Y78.25, Y78.50

GBP/USD $1.5525, $1.5660, $1.5325

AUD/USD $1.0200, $1.0350, $1.0375, $1.0390

AUD/JPY Y82.00

09:09

Asian session: The euro touched the lowest level in more than 11 years against the yen

02:00 China Leading Index June +1.1% +0.1%

02:30 China HSBC Manufacturing PMI July 48.2 49.5

The euro was 0.8 percent from an 11- year low against the yen amid signs Europe’s debt crisis is damping economic growth. The 17-nation currency held a four-day drop versus the dollar after Spanish and Italian bond yields jumped, while billionaire hedge-fund manager John Paulson was said to have told clients he sees 50 percent odds the euro will unravel. Moody’s Investors Service cut its ratings outlook for Germany and the Netherlands to negative yesterday, citing concern they’ll have to help indebted European nations.
Japan’s currency climbed even as the government said it’s ready to counter excessive moves.The yen tends to strengthen during periods of financial turmoil because Japan’s current-account surplus makes it less reliant on foreign capital. A stronger currency hurts exporters by making their goods more expensive overseas.
The Australian and New Zealand dollars snapped two-day losses after HSBC Holdings Plc and Markit Economics said a preliminary July reading of their manufacturing gauge for China rose to 49.5 from a final 48.2 for June. China is Australia’s biggest trading partner and New Zealand’s second-biggest export market.

EUR / USD: during the Asian session the pair traded in the range of $ 1.2110/35.

GBP / USD: during the Asian session the pair grew up.

USD / JPY: during the Asian session the pair fell.

Looking at the flash PMI data, Last month's final French manufacturing PMI data showed the sector emained firmly in contraction territory as output and new orders fell and jobs were cut at their fastest pace since September 2009. UK data at 0830GMT sees BBA lending and mortgage approvals data for June. US data starts at 1145GMT with the weekly ICSC-Goldman Store Sales data, followed at 1255GMT by the weekly Redbook Average. The flash PMI data for the US is also due, at 1258GMT. Then at 1400GMT, both the latest FHFA Home Price Index and also the Richmond Fed Manufacturing Index are due.

09:06

Forex: Monday's rewiev

Euro fell below the two-year low against the dollar as increasing concern about the fact that European leaders are not able to take control of the debt crisis in the region. The euro also fell to 11-year low against the yen. Former Japanese finance minister for international affairs Takehiko Nakao said that officials will take decisive steps to strengthen the yen, if necessary.

The growth of the yen and U.S. dollar was caused by the fact that many investors looking for safer assets. According to information, six Spanish regions can seek help from the central government, which caused a record increase in yield of 10-year Spanish bonds.

The dollar rose against most major currencies in anticipation of GDP data, which will be published this week.

The Canadian dollar fell to its lowest level for 11 days against the U.S. dollar on speculation that the debt crisis in Europe is deteriorating, and the yield on Spanish bonds rose above 7.5 percent. Reducing against most other currencies, was also caused by lower oil prices. In this regard, the yield on 10-year bonds of Canada reached a record low level.

08:30

United Kingdom: BBA Mortgage Approvals, June 26.7 (forecast 31.4)

08:05

Tech for USD / JPY

Resistance 3: Y79.10 (Jul 18 high, MA (200) D1)

Resistance 2: Y78.80 (Jul 20 high)

Resistance 1: Y78.45 (Jul 23 high)

Current price: Y78.26

Support 1: Y77.95 (Jul 23 low)

Support 2: Y77.65 (Jun 1 low)

Support 3: Y77.35 (Feb 14 low)