Date (GMT) Event Cons. Actual Previous Apr 25 17:00 7-Year Note Auction 1.155 % 1.248 % Read the auction results News US sells 29 B of 7-Year Note Auction at 1.155% (FXstreet.com) Thu, Apr 25 2013, 17:04 GMT
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US: 7-Year Note Auction: 1.155 %
Market Review Yesterday’s session was an smaller extension of Monday’s session with Peripheral European markets leading the way. The increased expectation of ECB action next week as well as positive Italian political developments lead to further upside for stocks. The S&P remained flat despite the European out performance and this is a further correction of the divergence seen earlier in the month when the S&P made a new all time high with the Dax hitting a new low for the year just
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The S&P, EURUSD and crude oil and a short entry in T-Notes
Review The EU: IFO offered disappointments in respect of all three indices, which adds to our feeling of a déjà vu of the “spring cold” over the past two years. Today’s chart is a great illustration of what we mean by “déjà vu”. The vertical lines show what happened to the IFO Expectations in the February/March statements over the past three years. It is evident that the index has weakened considerably. So far in 2013, most observers have toyed with the idea that it was not certain that the
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EURNOK is a strong sell
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Date (GMT) Event Cons. Actual Previous Apr 24 23:00 Gross Domestic Product Growth (YoY) 1.500 % 1.500 %
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KR: Gross Domestic Product Growth (YoY): 1.500 %
Market Review Yesterday’s session was counter intuitive in many ways as the worse than expected April flash estimate PMIs from China, Germany and the US all showed a deterioration in manufacturing conditions, however stocks were very bullish with most of the European stock indices posted their biggest up day for the year. However, the Euro went the other way finishing down over 0.5% against the dollar and this sheds some light on the underlying driving forced of market activity yesterday. This
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Yesterday’s session was counter intuitive in many ways
Review The US: The weak PMIs yesterday indicate slowdown in the industry. The EU: The weak PMIs raise the pressure on the ECB to launch further easing next week. If so, this will increase the pressure on the downside in EURUSD. S&P: The rating agency has warned Australia. If the country does not get its deficit under control, it may be downgraded. Japan may also risk a downgrade from S&P. In Japan, particularly the low growth and the high debt level are the problems. If Japan is
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Sell EURUSD and bye EURPLN
DAILY EUR/USD OUTLOOK – 1.2990 24 Apr 2013 07:11GMT Despite y’day’s brief decline to a 2-week low of 1.2973, subsequent bounce to 1.3028 suggests fall fm last week’s 1.3202 top to correct recent rise fm 1.2745 (Apr) has made a temp. low n consolidation is seen b4 extending weakness twd 1.2920 (61.8% r). Sell on further recovery for this move n only abv 1.3085 risks stronger retrace. twd 1.3120/30. STRATEGY : Sell at 1.3045 OBJECTIVE : 1.2950 STOP-LOSS : 1.3090 RES : 1.3033/1.3085/1.3130 SUP
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DAILY OUTLOOK EUR/USD : April 24, 2013
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Market Review Yesterday we had a short bias on risk but in hindsight our entries were too conservative except fro Crude which if you had rolled onto the June contract the entry short defined the high of the afternoon prior to the 150 tick sell off. The session overall was erratic with moves in both directions across most asset classes. Peripheral yields were dropping, US earnings were mixed with IBM coming under heavy pressure but Microsoft and Halliburton went the other way to offset this.
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We expect this to operate as solid resistance
Review The US: Home sales disappointed and have now been at a standstill for six months. This triggered a decline in the US equity market. And this makes today’s housing-related economic indicators more important than otherwise expected. China: PMI Manufacturing (from HSBC) declined from 51.6 to 50.5. Hence, the level has fallen to well below the long-term average of 51.7. The reason must among other things be found in the weak growth in the euro zone and the spring cold that is on its way in
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Buy EURPLN, Sell AUDUSD and sell EURNOK
Date (GMT) Event Cons. Actual Previous Apr 23 09:11 House Price Index (QoQ) -0.800 % -2.200 % Read the official report at Spanish Government News Spain 1Q House Price Index (QoQ): -0.8% vs -2.2% (4Q) (FXstreet.com) Tue, Apr 23 2013, 09:12 GMT
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ES: House Price Index (QoQ): -0.800 %
USDJPY Hammer Hourly Chart Resistance: 98.84 moderate/99.36 strong/99.75 moderate Support: 98.46 minor/97.93 minor We have a low level bullish reversal, Hammer in USDJPY charts. Market is generally bearish while the pattern is just under a moderate resistance at 98.84. Consider buys on on a close above 98.84 for a push to 99.36 break of which suggests a reversal for 99.75. Stops should be placed below the patterns low.
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USDJPY Hammer Hourly Chart
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Market Review The Equity space finished last week with a mixed session with initial weakness at the US cash open being reversed as a result of earnings with Google and Microsoft gains offsetting IBM weakness following a barrage of Tech earnings on Thursday night. There was no economic data of any note on Friday and so it was again Eurozone monetary policy comments that shaped the session for the Euro as Schaeuble offset Weidmann’s dovish comments from earlier in the week by recklessly saying
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The Equity space finished last week with a mixed session
Market Review The Equity space finished last week with a mixed session with initial weakness at the US cash open being reversed as a result of earnings with Google and Microsoft gains offsetting IBM weakness following a barrage of Tech earnings on Thursday night. There was no economic data of any note on Friday and so it was again Eurozone monetary policy comments that shaped the session for the Euro as Schaeuble offset Weidmann’s dovish comments from earlier in the week by recklessly saying
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The Equity space finished last week with a mixed session
Review… The UK: Fitch downgraded its credit rating from AAA to AA+ Already a month ago, Fitch placed the UK on negative watch and the downgrade was not unexpected in that light. Moody’s downgraded its credit rating already in February and Fitch was therefore not first-mover. Standard & Poors is now the only credit-rating agency with a top-rating of the UK. The announcement weakened GBP by approx. 0.5% against EUR – we do not expect further weakening on this background. On the other hand,
Review… The UK: Fitch downgraded its credit rating from AAA to AA+ Already a month ago, Fitch placed the UK on negative watch and the downgrade was not unexpected in that light. Moody’s downgraded its credit rating already in February and Fitch was therefore not first-mover. Standard & Poors is now the only credit-rating agency with a top-rating of the UK. The announcement weakened GBP by approx. 0.5% against EUR – we do not expect further weakening on this background. On the other hand,
