Forex Market Updates & Commentary |  |
- US Treasury’s Miller says S&P outlook underestimates US..
- EURUSD moves to trendline resistance on S&P outlook
- US policy makers put under pressure to come to solution
- S&P says affirmed rating in US but outlook revised to negative for US LT debt
- USDJPY tests last weeks lows at 92.94 on correction off 100 day MA
- Noyer adds fiscal tightening not stifling growth
- ECB Noyer says EURO has provided price stability
- German government sources say Greece will need some restructuring.
- Bank of Greece’s Provopolous; restructuring of debt not desirable
- ECB’s Bonello on the Wires
- Greece requests restrucing of debt at ECOFIN
- Moody’s analyst Abercromby on Irish banks
- France’s Lagarde; no need to restructure Greek debt
- 4-18 Economic Calendar
- Euro Drifts Lower on Sovereign Debt Concern
| US Treasury’s Miller says S&P outlook underestimates US.. Posted: 18 Apr 2011 06:30 AM PDT …leaders ability to come together to deal with US fiscal challenges He adds that both political parties now agree it is time to bring down deficits as a share of GDP and that the US is strengthening as it emerges from record recession |
| EURUSD moves to trendline resistance on S&P outlook Posted: 18 Apr 2011 06:22 AM PDT
The EURUSD moved sharply to channel trendline resistance on the S&P outlook change but found profit taking sellers. The support now comes in at the 1.4302 which was the low from earlier today. A move below that level would be confusing to traders. Look for buyers near this level, but cautious buying as markets are volatile. |
| US policy makers put under pressure to come to solution Posted: 18 Apr 2011 06:16 AM PDT The first rating agency has blinked and warned investors that the US debt may not be as risk free as thought. The rating remains affirmed at AAA, but they do warn that the US policy makers need to start to come to a viable plan to cut structural deficits. Currently, they cite the path to addressing the budget deficits and rising government indeptedness is “not clear”. They say that an agreement not reached and meaningful implementation is not begun by 2013, this would render the US fiscal profile to be meaningfully weaker than that of peer ‘AAA’ sovereigns |
| S&P says affirmed rating in US but outlook revised to negative for US LT debt Posted: 18 Apr 2011 06:05 AM PDT 1 and 3 likelihood that S&P could lower US rating in 2 year. Reflects increased risk on fiscal issues. The dollar has moved lower on the news. Stocks lower. Be careful. |
| USDJPY tests last weeks lows at 92.94 on correction off 100 day MA Posted: 18 Apr 2011 05:48 AM PDT
The USDJPY is back off lows after testing the 100 day MA at the 82.70 level earlier today (low reached 82.64). The move higher is testing the first logical target which comes in at the 92.94 level. This was the lows from last weeks trading (Thursday and Friday trade). Above that comes resistance at the 83.25 which corresponds with the 38.2% of the move down from the April 13th high. This would be a modest correction of the larger move down which started on April 6th (high 85.46). Traders should also watch the 200 day MA at the 83.38. This is the green line in the daily chart above.
|
| Noyer adds fiscal tightening not stifling growth Posted: 18 Apr 2011 05:27 AM PDT A move above the 1.4281 level should lead to some profit taking with 1.4302 (low from earlier today) being the next short term target. The 38.2% of the days trading range come in at 1.4325, and the 100 bar MA on the 5 minute chart comes in at the 1.4340 level currently and moving lower. These would also be upside targets on corrections.
|
| ECB Noyer says EURO has provided price stability Posted: 18 Apr 2011 05:15 AM PDT He adds that the economic cycles in the Euro area are becoming more sychronized. The EURUSD has continued lower in early NY trade and moved below the November 2010 high at 1.4281. This level was broken earlier this month on April 6th. The low today has reached 1.4266 and the correction has extended up to 1.4282 but come back off a bit. Staying below the 1.4281 level will keep the bears in charge. |
| German government sources say Greece will need some restructuring. Posted: 18 Apr 2011 04:47 AM PDT The unnamed sourse says they will need restructuring before the end of the summer. This runs counter to Greek comments earlier. The EURUSD makes new lows for the day. |
| Bank of Greece’s Provopolous; restructuring of debt not desirable Posted: 18 Apr 2011 02:27 AM PDT * Greece must step up fiscal efforts * Greece debt dynamic remains unfavorable |
| Posted: 18 Apr 2011 02:11 AM PDT Says:
|
| Greece requests restrucing of debt at ECOFIN Posted: 18 Apr 2011 12:39 AM PDT News sent Eur/Usd spiralling down to 1.4300, currently at 1.4320. |
| Moody’s analyst Abercromby on Irish banks Posted: 18 Apr 2011 12:11 AM PDT * bank recapitalization aids confidence * Irish stress tests broadly inline with Moody’s view * ongoing ECB support postive for Irish banks * banks unlikely to tap term debt markets before state * Irish banks won’t easily replace deposit outflows |
| France’s Lagarde; no need to restructure Greek debt Posted: 17 Apr 2011 11:33 PM PDT Eur/Usd trading at 1.4384, up slightly since statement. |
| Posted: 17 Apr 2011 08:54 PM PDT
|
| Euro Drifts Lower on Sovereign Debt Concern Posted: 17 Apr 2011 05:33 PM PDT The Euro has moved below the 1.44 handle to start the trading week on concerns over the sovereign debt crisis worsening, even though the ECB’s Coene said earlier in an interview that ‘market indicators suggest Euro contagion has ended.’ The EUR/USD has fallen below the 200hr moving average for the first time since April 1st as we see the pair being resisted by the trendline below as it has appreciated. |
| You are subscribed to email updates from Forex News and Commentary by FXDD To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 20 West Kinzie, Chicago IL USA 60610 | |
No comments:
Post a Comment