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2013-02-01 06:15 GMT
Monti: EU budget must support growth and jobs creation
Italian PM Mario Monti had a busy meeting agenda on Thursday, first speaking in Brussels with European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy, then flying to Berlin where he appeared at a press conference together with Chancellor Angela Merkel.
In Germany Monti commented on the next EU long-term budget saying that it shouldn’t focus solely on austerity but rather on “boosting growth, jobs and social cohesion in Europe.”
He also added that Italy’s contribution, the largest of all EU countries in 2011, is disproportional relative to the country’s wealth and that budget rebates should be reassessed to be more “transparent and fair.”
European officials will begin negotiations on the 2014-2020 EU budget on 7-8 February.
A Greek credit default should not be discarded, Moody's rating agency stated on a report published Wednesday. With regards to the state of the Greek economy, projections are for the country to contract around 5% in 2013, differing by 0.5 bp from government expectations of 4.5%. The rating agency expects the contraction to run into 2014.
As ekathimerini notes: "In its analysis on Greece issued on Wednesday, Moody’s argues that the risks that could sink the country’s economy and therefore its credit rating are still existent. These include the risks in the implementation of the second bailout program, exceptionally uncertain growth prospects, the political and social challenges the Greek economy is facing and the fact that the country’s debt is still considered unsustainable.-Fxstreet.com
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2013-02-01 09:53 GMT
Germany. Markit Manufacturing PMI (Jan)
2013-02-01 10:00 GMT
E.M.U. EMU
Consumer Price Index (YoY) (Jan)Preliminar
2013-02-01 13:30 GMT
United States. US
Nonfarm Payrolls (Jan)
2013-02-01 15:00 GMT
United States. ISM Manufacturing PMI (Jan)
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2013-02-01 05:44 GMT
USD/JPY to trend higher - RBS
2013-02-01 04:57 GMT
AUD/USD threatens weekly lows around 1.0380
2013-02-01 04:35 GMT
EUR/JPY skyrockets above 125, highest in 33 months
2013-02-01 02:43 GMT
AUD/JPY stalling ahead of the 96 round
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EURUSD
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HIGH
1.36329
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LOW
1.35718
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BID
1.36228
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ASK
1.36232
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CHANGE
0.34%
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TIME
08:05:45
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OUTLOOK SUMMARY
Up
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TREND CONDITION
Up
trend
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
High
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MARKET ANALYSIS - Intraday Analysis
Upwards scenario: While instrument trades above the moving averages, it keeps immediate upside potential. Next hurdle is seen at 1.3633 (R1), break above it might extend gains towards to next targets at 1.3652 (R2) and 1.3671 (R3).
Downwards scenario: Our next support level is placed between the 10 sma and 20 sma, where the market might face supportive measures. The breaking lower from the trend line support would open road towards to initial targets at 1.3580 (S2) and 1.3559 (S3).
Resistance Levels: 1.3633, 1.3652, 1.3671
Support Levels: 1.3599, 1.3580, 1.3559
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GBPUSD
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HIGH
1.5877
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LOW
1.58454
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BID
1.58736
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ASK
1.58746
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CHANGE
0.11%
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TIME
08:05:46
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OUTLOOK SUMMARY
Up
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TREND CONDITION
Up
trend
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
High
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Upwards scenario: Current market installation is clearly states uptrend development on the medium-term perspective. Break above the local high at 1.5878 (R1) is required to generate new peaks and expose our intraday targets at 1.5895 (R2) and 1.5912 (R3).
Downwards scenario: Although market players may prefer to reduce long positions and that might stimulate corrective extension below the support at 1.5855 (S1). Possible price devaluation would suggest next initial targets at 1.5837 (S2) and then 1.5817 (S3).
Resistance Levels: 1.5878, 1.5895, 1.5912
Support Levels: 1.5855, 1.5837, 1.5817
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USDJPY
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HIGH
92.263
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LOW
91.605
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BID
92.168
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ASK
92.173
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CHANGE
0.49%
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TIME
08:05:47
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OUTLOOK SUMMARY
Up
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TREND CONDITION
Up
trend
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
High
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Upwards scenario: Upside rally remains in power. As for technical levels, our next resistance level locates at 92.29 (R1). If market gains momentum and manage to overcome it, we expect further price acceleration towards to next targets at 92.51 (R2) and 92.72 (R3).
Downwards scenario: We expect some consolidation ahead prior volatility increase due to the many macroeconomic data releases today. Possibility of market decline is seen below the next support level at 91.86 (S1) with next expected target at 91.64 (S2). Any further decline would then be limited to final support at 91.40 (S3).
Resistance Levels: 92.29, 92.51, 92.72
Support Levels: 91.86, 91.64, 91.40
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