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2013-07-01 00:21 GMT
China top banking regulator says enough liquidity
The Chinese top banking regulatory body appeased fears over the credit crunch in the country, saying that liquidity remains ample for the interbank needs.
Regulators reassured the markets by pledging to tighten risk controls over local government, real estate and shadow banking. The chairman of the China Banking Regulatory Commission, Mr. Shang, said "excess reserves more than double amount necessary", although Shanga failed to provide further details on how they intend to reduce shadow banking practices.
According to Bloomberg, citing Shang Fulin, "Banks had about 1.5 trillion yuan ($244.4 billion) of cash reserves as of June 28 that could be used for payment and settlement needs, more than double what is usually required."
Mr. Shang added that “The tight liquidity condition on the interbank market has been easing in the last few days", reassuring that "This type of situation won’t affect the banking sector’s smooth operations.”
The comments from Mr. Shang follow a pledge from the People’s Bank of China governor Zhou Xiaochuan, who said last June 28, that the Chinese financial marketplace will not be disrupted by the liquidity deficiencies. The calmed approached by Chinese top decision-makers aided Chinese bank stocks, one of the best performing sectors end of last week.
“Some people have compared our local government debt to European debt, but there’s a big difference -- our debts are accumulated for production not for consumption -- most of them have assets as guarantees and the overall risk is controllable,” Shang said, cite by Bloomberg.-FXstreet.com
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2013-07-01 07:58 GMT
EMU. Markit Manufacturing PMI
2013-07-01 08:28 GMT
UK. Markit Manufacturing PMI
2013-07-01 09:00 GMT
EMU. Consumer Price Index
2013-07-01 14:00 GMT
USA. ISM Manufacturing PMI
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2013-07-01 04:59 GMT
GBP/USD stalls the decline above 1.5200
2013-07-01 04:50 GMT
Will the big USD rally be sustainable?
2013-07-01 03:36 GMT
AUD/USD breaking above 0.9180
2013-07-01 02:17 GMT
EUR/AUD hovering above 1.4200
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EURUSD
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HIGH
1.30325
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LOW
1.30053
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BID
1.30286
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ASK
1.30289
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CHANGE
0.16%
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TIME
08:40:42
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OUTLOOK SUMMARY
Neutral
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TREND CONDITION
Sideway
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
Medium
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MARKET ANALYSIS - Intraday Analysis
Upwards scenario: Without tier one macroeconomic news announcement neutral mode remains favored. Clearance of next resistance level at 1.3040 (R1) might enable bullish pressure and open route towards to our next targets at 1.3062 (R2) and 1.3084 (R3).
Downwards scenario: Possible downside extension might face next supportive barrier at 1.2990 (S1). Clearance here is required to open the way towards to interim target at 1.2971 (S2) and any further price regress would then be targeting 1.2951 (S3).
Resistance Levels: 1.3040, 1.3062, 1.3084
Support Levels: 1.2990, 1.2971, 1.2951
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GBPUSD
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HIGH
1.52265
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LOW
1.51953
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BID
1.52248
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ASK
1.52258
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CHANGE
0.12%
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TIME
08:40:43
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Upward
penetration
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TRADERS SENTIMENT
Bullish
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IMPLIED VOLATILITY
Low
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Upwards scenario: Descending structure on GBPUSD suggests possible correction ahead. Break above the resistance at 1.5240 (R1) would clear the way towards to higher target at 1.5271 (R2). Further price appreciation would face then final resistive measure at 1.5303 (R3)
Downwards scenario: Next support level lies at 1.5187 (S1). Penetration below it might shift medium-term tone to the negative side. Our intraday targets locates at 1.5159 (S2) and 1.5130 (S3).
Resistance Levels: 1.5240, 1.5271, 1.5303
Support Levels: 1.5187, 1.5159, 1.5130
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USDJPY
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HIGH
99.54
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LOW
99.176
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BID
99.389
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ASK
99.396
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CHANGE
0.25%
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TIME
08:40:44
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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
Low
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Upwards scenario: USDJPY clearly determined positive bias on the medium-term perspective. Penetration above the resistive structure at 99.56 (R1) might encourage protective orders execution and drive market price towards to the next resistive means at 99.84 (R2) and 100.11 (R3).
Downwards scenario: Price regress below the support level at 99.13 (S1) would increase likelihood of failing towards to the next supportive barrier at 98.85 (S2) and any further correction development would then be targeting final support at 98.58 (S3).
Resistance Levels: 99.56, 99.84, 100.11
Support Levels: 99.13, 98.85, 98.58
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