2012-08-01 03:39 GMT
China's housing sector has begun to recover
Standard Chartered proprietary survey of 30 developers has just been released, supporting the bank's macro-view that the sector has begun to recover. The bank concludes "land and apartment prices appear to have bottomed as appartment sales volumes pick up, with local policy loosening supporting the market" the report notes.
While Standard Chartered believes it will be a long, hard slog back to boom, they are starting to gather growing positive indications that a recovery appears to have begun as noted above. "Our proprietary survey of 30 developers across the country suggests that apartment sales are rising in many cities, helped by price cuts and a shift in sentiment" the team adds.
The HSBC Manufacturing Purchasing Managers Index (PMI) remains in contractionary territory, having posted a 49.3 reading in July from a revised 48.2 in June, signaling only a marginal deterioration in Chinese manufacturing sector operating conditions, according to Markit Economics. The month-on-month increase in the index was the largest in 21 months, as manufacturing output rose for first time in five months.
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2012-08-01 08:30 GMT
United Kingdom
Markit Manufacturing PMI (Jul)
2012-08-01 14:00 GMT
U.S. ISM Manufacturing PMI (Jul)
2012-08-01 18:15 GMT
United States
Fed Interest Rate Decision
2012-08-01 18:15 GMT
United States
Fed's Monetary Policy Statement
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2012-08-01 04:50 GMT
USD/JPY at attractive levels for establishing longs - RBS
2012-08-01 04:03 GMT
AUD/USD to hold its ground in the short term - OCBC
2012-08-01 03:15 GMT
GBP/JPY prints fresh weekly lows above 122.00
2012-08-01 01:39 GMT
USD/JPY bounces back to 78.00 after China PMI dip
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SUMMARY
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TREND
Upward
penetration
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MA10
Bearish
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MA20
Bullish
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STOCHASTIC
Neutral
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MARKET ANALYSIS - Intraday Analysis
Today major market drivers would be US ISM Manufacturing PMI announcement at 14:00 GMT and the US Fed Interest Rate Decision at 18:15 GMT. Technically, we expect increase of volatility later on today and break one of our suggested levels. Clearance of next resistance level at 1.2332 (R1) would open road to the next targets at 1.2390 (R2) and 1.2460 (R3). From the other side, loss of next support at 1.2249 (S1) might encourage executing of orders and drive market price towards to the next targets at 1.2174 (S2) and 1.2099 (S3) levels.
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SUMMARY
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TREND
Upward
penetration
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MA10
Bearish
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MA20
Bearish
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STOCHASTIC
Neutral
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MARKET ANALYSIS - Intraday Analysis
GBPUSD consolidated after the upwards movement on the last week and ready to go for new targets. Next news in focus from UK is Manufacturing PMI for July at 08:30 GMT that might push market higher or encourage deeper correction. Next important technical resistance stay at 1.5732 (R1), brake here is required for market expansion to the targets at 1.5804 (R2) and 1.5875 (R3). Failure to go higher might push markets to retest previous day low at 1.5625 (S1), which is currently our next support level. Brake here would suggest next target at 1.5552 (S2) and any further fall would then be limited by last support at 1.5469 (S3).
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SUMMARY
Sideway
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TREND
Down
trend
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MA10
Bearish
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MA20
Bearish
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STOCHASTIC
Neutral
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MARKET ANALYSIS - Intraday Analysis
From the technical side picture on the USDJPY is not clear. Market trades in consolidation mode and sentiment looks balanced. We suggest waiting for clear directional signal, any macroeconomic data release might affect current situation. Next resistance levels for today stay at 78.18 (R1) and 78.32 (R2) in focus. Support levels locates at 77.91 (S1) and 77.74 (S2).
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