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Analytics, News, and Forecasts for CFD Markets: currency news — 26-06-2012.
The euro fell to the lowest level in more than a week against the yen as Spanish and Italian borrowing costs rose amid concern a European Union summit this week will fail to solve the sovereign-debt crisis.
Italy sold 2.99 billion euros of zero-coupon notes due in May 2014 at a yield of 4.71 percent, more than the 4.04 percent paid on May 28. Spain auctioned 3.08 billion euros of bills, with three-month securities yielding 2.36 percent, compared with 0.85 percent at the previous auction.
Moody’s Investors Service downgraded 28 Spanish banks yesterday, citing the country’s sovereign debt and rising real estate losses.
The 17-nation currency slid against the dollar, reaching its lowest point since June 8, after German Chancellor Angela Merkel was quoted saying she expects no shared debt liability in her lifetime.
The greenback weakened against the yen after a report showed that U.S. consumer confidence fell for a fourth month in June, reaching a five-month low. Japan’s currency strengthened versus most of its major peers on haven appeal.
USD/JPY Y79.25, Y79.50, Y80.00, Y80.50
EUR/USD $1.2450, $1.2500, $1.2525, $1.2675
GBP/USD $1.5600, $1.5650
USD/CHF Chf0.9650
AUD/USD $0.9975, $1.0000, $1.0050, $1.0200
Data:
06:00 Switzerland UBS Consumption Indicator May 1.41 1.05
06:00 Germany Gfk Consumer Confidence Survey July 5.7 5.7 5.8
06:45 France Consumer confidence June 90 89 90
08:30 United Kingdom PSNB, bln May -18.8 13.1 15.5
The euro fell as Spanish and Italian borrowing costs rose at debt sales amid concern a European Union summit this week will fail to solve the sovereign debt crisis.
The greenback weakened against the yen before a report economists said will show U.S. consumer confidence fell for a fourth month in June.
Italy sold 2.99 billion euros of zero-coupon notes due in May 2014 today at a yield of 4.71%, more than the 4.04% paid on May 28. Spain auctioned 3.08 billion euros of bills, with three-month securities yielding 2.36%, compared with 0.85% at the previous auction.
Spain formally requested a bailout for its banks yesterday, and Cyprus also sought a financial lifeline from the euro area’s firewall funds, becoming the fourth and fifth of the currency union’s 17 member states to require external aid.
Moody’s Investors Service downgraded 28 Spanish banks yesterday, citing the country’s sovereign debt and rising real estate losses.
‘Disappointing Outcome’
The two-day EU summit in Brussels starting June 28 is the first meeting of European leaders since Greek parliamentary elections on June 17 that saw victories for pro-bailout parties. France and Italy are urging Germany to take decisive action to end the debt crisis, now in its third year.
EUR/USD: during the European session the pair consolidated under $1.2470 - $1.2530.
GBP/USD: pair showed high at $ 1.5650, but later retreated.
USD/JPY: pair fell in Y79.30 area.
US data continues at 1300GMT with the latest S&P/Case-Shiller Home Price Index. At 1400GMT, the Conference Board's index of consumer confidence is expected to fall further to a reading of 63.0 in June after falling to 64.9 in May. The Richmond Fed Manufacturing Index is also due at the same time, and is followed at 1430GMT by the Dallas Fed Services Outlook Survey.
EUR/USD
Offers $1.2620/30, $1.2600, $1.2580/85, $1.2560/50
Bids $1.2480, $1.2455/50, $1.2425
GBP/USD
Offers $1.5750/55, $1.5695/00, $1.5670/75
Bids $1.5595/90, $1.5550, $1.5525/20, $1.5500
AUD/USD
Orders $1.0150, $1.0125/30, $1.0100
Bids $1.0000, $0.9980, $0.9970/65, $0.9950
USD/JPY
Orders Y80.30/40, Y80.00, Y79.65/70
Bids Y79.00, Y78.50
EUR/JPY
Orders Y100.75/80, Y100.50, Y100.35/40, Y100.15/20, Y100.00, Y99.55/60
Bids Y98.50, Y98.00, Y97.75/70, Y97.50
EUR/GBP
Orders stg0.8100, stg0.8075/90, stg0.8045/50
Bids stg0.7965/60, stg0.7950, stg0.7900
Resistance 3: Y80.55 (MA (100) for D1, highs of May and June)
Resistance 2: Y79.80 (session high, MA (100) for H1)
Resistance 1: Y79.45 (MA (200) for H1)
Current price: Y79.34
Support 1: Y78.80 (Jun 20 low)
Support 2: Y78.60 (Jun 15 low)
Support 3: Y78.10 (Jun 5 low)
Resistance 3: Chf0.9680 (area of Jun 4-5 highs)
Resistance 2: Chf0.9650 (Jun 12 high)
Resistance 1: Chf0.9630 (session high)
Current price: Chf0.9609
Support 1: Chf0.9580 (session low)
Support 2: Chf0.9545 (Jun 22 low, MA (100) for H1)
Support 3: Chf0.9530 (MA (200) for H1)
Resistance 3: $ 1.5780 (Jun 20 high, 50,0% FIBO $ 1,6300 - $ 1,5260)
Resistance 2: $ 1.5730 (Jun 21 high)
Resistance 1: $ 1.5650 (session high)
Current Price: $ 1.5634
Support 1: $ 1.5590 (earlier resistance, Jun 25 high, intraday low)
Support 2: $ 1.5540 (Jun 25 low)
Support 3: $ 1.5470 (Jun 14-15 lows)
Resistance 3: $ 1.2600 (MA (200) for H1)
Resistance 2: $ 1.2580 (MA (100) for H1, Jun 25 high)
Resistance 1: $ 1.2530 (session high)
Current Price: $ 1.2495
Support 1: $ 1.2470 (Jun 25 low)
Support 2: $ 1.2440 (Jun 12 low)
Support 3: $ 1.2410 (Jun 5 low)
USD/JPY Y79.25, Y79.50, Y80.00, Y80.50
EUR/USD $1.2450, $1.2500, $1.2525, $1.2675
GBP/USD $1.5600, $1.5650
USD/CHF Chf0.9650
AUD/USD $0.9975, $1.0000, $1.0050, $1.0200
Sold E2.991bln vs target E2.0bln-E3.0bln
Sold E2.991bln May 2014 CTZ;avg yield 4.712% (4.04%),cover 1.65 (1.8)
Sold E3.078bln vs target E2.0-E3.0bln
E1.6bln 3-month T-bill; bid-to-cover 2.60 (3.95)
E1.477bln 6-month T-bill; bid-to-cover 2.82 (4.30)
Sold 3-month T-bill at avg yield 2.362% vs 0.846% prev
Sold 6-month T-bill at avg yield 3.327% vs 1.787% prev
02:00 China Leading Index May +0.8% +1.1%
03:50 Australia RBA Assist Gov Debelle Speaks
The euro traded 0.3 percent from a two-week low against the dollar amid concern that a European Union summit this week will fail to produce decisive measures to end the currency bloc’s debt crisis. The two-day EU summit in Brussels starting June 28 is the first meeting of European leaders since Greek parliamentary elections on June 17 that saw victories for pro-bailout parties. France and Italy are urging Germany to take decisive action to end the debt crisis, now in its third year.
The 17-nation euro held onto a drop from yesterday versus the pound before Spain and Italy sell debt today as fiscal contagion from Greece risks an increase in borrowing costs to unsustainable levels. Italy is scheduled to sell inflation-linked securities maturing in September 2016 and September 2026 today, along with as much as 3 billion euros ($3.8 billion) of May 2014 zero- coupon notes. Spain will offer three- and six-month bills.
Moody’s Investors Service downgraded 28 Spanish banks yesterday, citing the country’s sovereign debt and rising real estate losses. At least a dozen Spanish lenders were lowered to junk status, Moody’s said yesterday in a statement. The ratings company downgraded six banks by four levels and 10 by three grades with the rest getting one- and two-tier declines.
Demand for the U.S. currency as a refuge was supported as Asian stocks extended global losses.
EUR / USD: during the Asian session the pair traded in range $1.2495-$1.2525.
GBP / USD: during the Asian session the pair rose to yesterday's high.
USD / JPY: during the Asian session the pair fell to yesterday's low.
European data for Tuesday starts at 0645GMT with consumer confidence data from France along with housing starts/permits data. UK data at 0830GMT sees the Public Finances data for May. Also in the UK, from 0900GMT, a UK Treasury Select Committee Inflation Report has hearings with members of the Bank of England MPC, including Broadbent, Dale, King and Miles. US data continues at 1300GMT with the latest S&P/Case-Shiller Home Price Index. At 1400GMT, the Conference Board's index of consumer confidence is expected to fall further to a reading of 63.0 in June after falling to 64.9 in May. The Richmond Fed Manufacturing Index is also due at the same time, and is followed at 1430GMT by the Dallas Fed Services Outlook Survey.
Yesterday the euro weakens on expectations the European summit, which should take place at the end of the week, and due to the fact that Italy and Spain are preparing to sell debt amid fears the financial crisis in Europe.
The decrease in the euro also contributed to the information that German Chancellor Angela Merkel rejected the joint evrobloka for bonds and bills. Also, she was opposed to funding the European authorities in Cyprus.
The yen strengthened, as the increased demand for the assets of the asylum, and fell to the share price.
Commodity currencies such as Canadian and Australian dollar dropped against most major currencies as crude oil futures fell.
Billionaire investor George Soros' stated that there is disagreement on the financial side, and if they are not resolved within the next three days, that the summit could fail, leading to death.
In accordance with State Street Corp euro is likely to fall to $ 1.20 by the end of the year, as the debt crisis worsens in Europe. Investors should sell the euro and buy the U.S. dollar. The dollar will strengthen, as the prospect of further asset purchases by the Federal Reserve less likely.
Resistance 3: Y80.65 (Jun 25 high)
Resistance 2: Y80.00 (Apr 22 low, psychological level)
Resistance 1: Y79.80 (session high)
Current price: Y79.52
Support 1: Y79.40 (Jun 21 low)
Support 2: Y79.15 (Jun 19 high)
Support 3: Y78.80 (Jun 20 low)
Resistance 3: Chf0.9700 (psychological level)
Resistance 2: Chf0.9650/55 (area of Jun 8-12 highs)
Resistance 1: Chf0.9630 (Jun 25 high)
Current price: Chf0.9606
Support 1: Chf0.9585 (session low)
Support 2: Chf0.9540 (Jun 22 low)
Support 3: Chf0.9500 (Jun 20 high)
Resistance 3: $ 1.5655 (Jun 20 low)
Resistance 2: $ 1.5635 (Jun 22 high)
Resistance 1: $ 1.5590 (Jun 25 high, session high)
Current Price: $ 1.5572
Support 1: $ 1.5535 (Jun 25 low)
Support 2: $ 1.5510 (low of U.S. session Jun 15)
Support 3: $ 1.5470/75 (area of Jun 14-15 low)
Resistance 3: $ 1.2635 (Jun 20 low)
Resistance 2: $ 1.2585 (Jun 22 high)
Resistance 1: $ 1.2525 (session high)
Current Price: $ 1.2502
Support 1: $ 1.2470 (Jun 25 low)
Support 2: $ 1.2435/45 (area of Jun 8-12 lows)
Support 3: $ 1.2405 (Jun 5 low)
(pare/closed(00:00 GMT +02:00)/change, %)
EUR/USD $1,2501 -0,54%
GBP/USD $1,5569 -0,10%
USD/CHF Chf0,9605 +0,55%
USD/JPY Y79,65 -0,97%
EUR/JPY Y99,55 -1,55%
GBP/JPY Y123,98 -1,11%
AUD/USD $1,0006 -0,56%
NZD/USD $0,7873 -0,38%
USD/CAD C$1,0291 +0,46%
02:00 China Leading Index May +0.8%
03:50 Australia RBA Assist Gov Debelle Speaks -
06:00 Switzerland UBS Consumption Indicator May 1.41
06:00 Germany Gfk Consumer Confidence Survey July 5.7 5.7
06:45 France Consumer confidence June 90 89
08:30 United Kingdom PSNB, bln May -18.8 13.1
09:00 United Kingdom Inflation Report Hearings Quarter II
09:00 United Kingdom BOE Gov King Speaks -
09:00 United Kingdom MPC Member Miles Speaks -
09:00 United Kingdom MPC Member Dr Ben Broadbent Speaks -
13:00 U.S. Factory Orders April -2.6% -2.4%
14:00 U.S. Consumer confidence June 64.9 64.0
14:00 U.S. Richmond Fed Manufacturing Index June 4 5
22:45 New Zealand Trade Balance May 355 310
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