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Analytics, News, and Forecasts for CFD Markets: currency news — 29-05-2012.
The euro fell to the lowest level since July 2010 against the dollar as investor concern about Spain’s ability to recapitalize troubled banks increased, boosting bets the union’s debt crisis is worsening.
The 17-nation currency dropped below $1.25 for the second time this month after Egan-Jones Ratings Co. reduced its credit rating for Spain to B from Bb-. The euro fell against most of its major counterparts as Spanish officials debated how to fund a recapitalization of the Bankia group.
The yen gained against the majority of its most-traded peers amid increased demand for haven assets.
The pound approached a three-and-a-half-year high against the euro amid the monetary union turmoil. It strengthened as much as 0.2 percent to 79.83 pence per euro after reaching 79.51 pence on May 16, the strongest level since November 2008. Sterling has appreciated 4.1 percent this year.
Euro broke through $ 1.2500 level, accelerating decline rates, and noting with a minimum value in June 2010 at around $ 1.2460.
The agency Egan-Jones today downgraded the sovereign debt rating of Spain from BB-to B forecast remains negative.
As the agency commented, "Spain will inevitably face the need to provide financial support to the national banking sector and the weakest provinces. Assets of the two largest banks in the country exceeds the size of its GDP. We downgrade our rating to" B "and we carefully monitor new requests for assistance from the banks. "
EUR/USD $1.2500, $1.2550, $1.2625, $1.2630, $1.2650, $1.2700
USD/JPY Y79.00, Y79.25, Y79.30, Y80.00
EUR/GBP stg0.8000
AUD/USD $0.9860, $0.9865, $0.9875, $0.9900, $0.9950
USD/CAD C$1.0230
EUR/USD
Offers $1.2640/55, $1.2625, $1.2600, $1.2580, $1.2540/50
Bids $1.2510/00, $1.2490/80, $1.2450
GBP/USD
Offers $1.5850, $1.5800, $1.5770, $1.5750, $1.5720/30
Bids $1.5650, $1.5610/00
AUD/USD
Offers $0.9985, $0.9960/65, $0.9950, $0.9920/25, $0.9900
Bids $0.9805/00, $0.9765/60, $0.9750, $0.9735/30, $0.9700
USD/JPY
Offers Y80.10/15, Y80.00, Y79.85
Bids Y79.35/30, Y79.00, Y78.80
EUR/JPY
Offers Y101.00, Y100.80/85, Y100.45/50, Y100.20/25, Y100.00
Bids Y99.55/50, Y99.00, Y98.50, Y98.00
EUR/GBP
Offers stg0.8075/80, stg0.8045/50, stg0.8015/20
Bids stg0.7965/60, stg0.7950, stg0.7935/30, stg0.7900
Resistance 3: Y80.55 (May 3 and 16 highs)
Resistance 2: Y80.15 (May 22 high)
Resistance 1: Y79.80 (resistance line from Apr 2, May 25 high)
Current price: Y79.52
Support 1: Y79.40 (support line from May 18)
Support 2: Y79.20 (May 23 low)
Support 3: Y79.00 (May 18 low)
Resistance 3: Chf0.9780 (high of 2011)
Resistance 2: Chf0.9700 (psychological level)
Resistance 1: Chf0.9600 (area of May 24-25 high, high of January and session high)
Current price: Chf0.9579
Support 1: Chf0.9560 (session low, МА (100) for Н1)
Support 2: Chf0.9530 (area of May 24-28 lows)
Support 3: Chf0.9500 (МА (200) for Н1)
Resistance 3 : $1.5840 (area of May 18-22 highs)
Resistance 2 : $1.5740 (МА (200) for Н1)
Resistance 1 : $1.5720 (area of May 28-29 high)
Current price: $1.5686
Support 1 : $1.5630 (area of May 24-25 lows)
Support 2 : $1.5600 (psychological level, low of March)
Support 3 : $1.5520 (support line from May’2010)
Resistance 3 : $1.2640 (МА (200) for Н1, resistance line from May 1)
Resistance 2 : $1.2620 (May 28 high)
Resistance 1 : $1.2575 (session high)
Current price: $1.2529
Support 1 : $1.2500 (May 25 low)
Support 2 : $1.2400 (psychological level)
Support 3 : $1.2300 (psychological level)
EUR/USD $1.2500, $1.2550, $1.2625, $1.2630, $1.2650, $1.2700
USD/JPY Y79.00, Y79.25, Y79.30, Y80.00
EUR/GBP stg0.8000
AUD/USD $0.9860, $0.9865, $0.9875, $0.9900, $0.9950
USD/CAD C$1.0230
01:00 Australia HIA New Home Sales, m/m April -9.4% 6.9%
The euro was poised for the biggest monthly decline since September before a sale of Italian debt tomorrow and data this week forecast to confirm the prolonged fiscal crisis is hurting the region’s economy. Italy is scheduled to sell 3.5 billion euros ($4.4 billion) of five-year notes and 2.75 billion euros of 10-year debt tomorrow. The nation’s two-year yields jumped to a four-month high of 3.945 percent yesterday after the country sold zero- coupon debt
The 17-nation currency was 0.3 percent from the lowest since July 2010 after yield premiums on Spain’s securities over Germany’s rose to the most in 17 years. Spain is considering injecting debt issued by the government into the Bankia group, using a mechanism that would free it from raising the money from investors. The government will decide in two or three months whether to use its debt to recapitalize the nationalized lender, a spokesman for the Economy Ministry said in a phone interview yesterday.
“Europe has to dissipate any doubts about the euro,” Spanish Prime Minister Mariano Rajoy said yesterday. It “must affirm that the euro is an irreversible project and act in consequence.”
The extra yield investors demand to hold Spain’s 10-year bonds instead of similar-maturity German notes soared to 5.12 percentage points yesterday, the most since 1995, data compiled by Bloomberg showed.
The Dollar Index traded near the highest in 20 months as concern Europe’s turmoil is hurting economic growth boosted demand for the safest assets.
EUR/USD: during the Asian session the pair fell to $1.2510.
GBP/USD: during the Asian session the pair fell to $1.5655.
USD/JPY: during the Asian session the pair fell, come nearer to a yesterday's low.
UK data at 1000GMT sees the CBI Quarterly Distributive Trades data. Early in the day, BOE Chief Economist is expected to make regional media appearances. US markets return Tuesday and data starts at 1300GMT with the S&P/Case-Shiller Home Price Index. Then at 1400GMT by Consumer Confidence and then at 1430GMT by the weekly Retail Trade Index and also the Dallas Fed Manufacturing Outlook Survey.
Yesterday euro retreated from highs against the dollar amid weak trading in the absence of any publication statisticsi because bank holidays in Europe and the United States.
Earlier, investor optimism was associated with the news that, according to opinion polls, the majority of the population of Greece supports the center-right party "New Democracy", which stands for the continuation of the country's obligations to international lenders and observance of austerity measures. According to Greek analytical agency Kapa Research SA, for the party "New Democracy" may vote by 5.7% more voters than in the radical left SYRIZA block, which calls for the immediate rejection of the agreements with creditors. In addition, investors pleased with reports that the National Development and Reform Commission of China approved three major construction project, which is an implementation of government's intention to support the growth of Chinese economy.
The British pound traded cautiously against the dollar due to the fact that the inflation report, indicating a greater propensity for soft policies than expected, low inflation and low retail sales data suggest that the obstacles to further monetary easing in the UK may be lower than previously thought.
EUR/USD: yesterday the pair fell, come nearer to the last week’s low.
GBP/USD: yesterday the pair traded in a range $1.5670-$1.5710.
USD/JPY: yesterday the pair fell, however was restored later.
UK data at 1000GMT sees the CBI Quarterly Distributive Trades data. Early in the day, BOE Chief Economist is expected to make regional media appearances. US markets return Tuesday and data starts at 1300GMT with the S&P/Case-Shiller Home Price Index. Then at 1400GMT by Consumer Confidence and then at 1430GMT by the weekly Retail Trade Index and also the Dallas Fed Manufacturing Outlook Survey.
Resistance 3: Y80.15 (May 22 high)
Resistance 2: Y79.80 (May 25 high)
Resistance 1: Y79.65 (session high)
The current price: Y79.41
Support 1: Y79.20/30 (area of May 23-28 low)
Support 2: Y79.00 (May 18-21 low)
Support 3: Y78.70 (Feb 15 low)
Resistance 3: Chf0.9740 (Feb 16 high of 2011)
Resistance 2: Chf0.9655 (Feb 9 high of 2011)
Resistance 1: Chf0.9610 (May 25 high)
The current price: Chf0.9587
Support 1: Chf0.9575 (session low)
Support 2: Chf0.9525/30 (area of May 24-28 lows)
Support 3: Chf0.9465 (May 23 low)
Resistance 3 : $1.5850 (May 22 high)
Resistance 2 : $1.5775 (May 23 high)
Resistance 1 : $1.5715/25 (area of May 24-28 highs)
The current price: $1.5672
Support 1 : $1.5655 (session low)
Support 2 : $1.5625 (May 25 low)
Support 3 : $1.5600 (psychological level)
Resistance 3 : $1.2685 (May 23 high)
Resistance 2 : $1.2620/25 (area of May 24-28 highs)
Resistance 1 : $1.2550 (session high)
The current price: $1.2533
Support 1 : $1.2495 (May 25 low)
Support 2 : $1.2455 (111.8% FIBO $1.2824-$1.2495)
Support 3 : $1.2420 (123.6% FIBO $1.2824-$1.2495)
(pare/closed(00:00 GMT +02:00)/change, %)
EUR/USD $1,2540 +0,20%
GBP/USD $1,5677 +0,08%
USD/CHF Chf0,9582 -0,13%
USD/JPY Y79,47 -0,25%
EUR/JPY Y99,65 -0,07%
GBP/JPY Y124,57 -0,18%
AUD/USD $0,9852 +0,96%
NZD/USD $0,7615 +1,04%
USD/CAD C$1,0238 -0,52%
01:00 Australia HIA New Home Sales, m/m April -9.4%
06:00 Switzerland UBS Consumption Indicator April 1.22
10:00 United Kingdom CBI retail sales volume balance May -6 -7
12:00 Germany CPI, m/m (preliminary) May +0.2% 0.0%
12:00 Germany CPI, y/y (preliminary) May +2.1% +2.1%
13:00 U.S. S&P/Case-Shiller Home Price Indices, y/y March -3.5% -2.7%
14:00 U.S. Consumer confidence May 69.2 69.6
22:45 New Zealand Building Permits, m/m April +19.8% -10.0%
23:15 Japan Manufacturing PMI May 50.7
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