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2012-10-03 00:40 GMT
Eurozone QE is EUR positive - HSBC
Eurozone non-conventional monetary policy easing "is positive for the EUR, in stark contrast to the interplay between policy and FX in the US", says HSBC FX Macro Strategy Team. "The channel of influence in the Eurozone is different, with policy easing in the Eurozone seen as reducing the probability of EUR default and disintegration" the bank notes. The resultant positive EUR impact of this diminished event risk "outweighs any negative impact from visions of waves of freshly printed EUR" HSBC adds.
European morning session will have plenty of PMI service figures coming out, first from Spain at 07:13 GMT, followed 30 minutes later by Italy, France after another 5 minutes, Germany at 07:53 GMT, and EU's one another 5 minutes later. EU retail trade is due at 09:00 GMT, while Germany is closed for holidays. European Commission president Barroso will give a press conference at 12:30 GMT in Brussels along with Ireland PM Kenny. UK services PMI will show at 08:30 GMT, which could bring volatility to EUR/GBP cross, while anything coming from Spain and PM Mariano Rajoy will add to the growing speculation on the bail out for the country after Rajoy's words yesterday saying “what does it matter,” in respect to whether they ask for the bail out or not.
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2012-10-03 08:30 GMT
United Kingdom. Markit Services PMI
2012-10-03 09:00 GMT
European Monetary Union. Retail Sales
2012-10-03 14:00 GMT
United States. ISM Non-Manufacturing PMI
2012-10-03 14:30 GMT
United States. EIA Crude Oil Stocks change
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2012-10-03 04:23 GMT
EUR/USD entertained around 1.29
2012-10-03 04:07 GMT
NZD/USD finds support at 21-day EMA
2012-10-03 03:49 GMT
AUD/NZD off fresh 1-year lows above 1.24
2012-10-03 02:45 GMT
AUD/JPY below 80 for first time since early Sept
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SUMMARY
Down
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TREND
Downward penetration
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MA10
Bullish
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MA20
Bearish
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STOCHASTIC
Neutral
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MARKET ANALYSIS - Intraday Analysis
Technical Summary: EURUSD failed to stabilize on the positive side near to its fresh high’s and almost recover previous day gains. We expect to see negative bias formation today if the pair remains to be traded on the negative territory.
Main scenario: Next support level ahead at 1.2879 (S1). Our next suggested targets are placed at 1.2848 (S2) and 1.2818 (S3) in case of successful break out.
Alternative scenario: Next resistances is seen at 1.2924 (R1), clearance here is required for instrument strengthening towards to our next targets at 1.2955 (R2) and 1.2987 (R3) later on today.
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SUMMARY
Down
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TREND
Downward 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
Technical Summary: Market Services PMI announcement at 09:00 GMT might bring additional volatility and assist with the trend development on the short term perspective.
Main scenario: The pair has formed fresh low today and we suggest next support level to be placed below it at 1.6117 (S1). Loss here would suggest next targets at 1.6092 (S2) and 1.6063 (S3).
Alternative scenario: Though, intraday bull’s power might activate when the pair approach resistance level at 1.6146 (R1). Our next target is seen at 1.6174 (R2) and any further appreciation would then be targeting 1.6202 (R3).
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SUMMARY
Up
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TREND
Sideway
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MA10
Bullish
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MA20
Bullish
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STOCHASTIC
Neutral
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MARKET ANALYSIS - Intraday Analysis
Technical Summary: USDJPY looks overbought and we expect some gradual easing or price stabilization at current levels prior further price increase as of main tendency remains bullish.
Main scenario: Our resistance level at 78.30 (R1) is our reference point for the upside penetration. Break above it would bring in focus next target at 78.41 (R2) and any further appreciation might face final resistance at 78.52 (R3).
Alternative scenario: As long as the pair remains to be traded above the moving averages, support at 78.11 (S1) is acting a protective level for the pair to plunge lower. Brake here would suggest next targets at 78.01 (S2) and 77.88 (S3) in potential.
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on this newsletter, including but not limited to news, research, opinions, analyses
and prices, is provided as commentary on the Forex market generally -- in other
words, it is not, and should not be considered as, investment advice. Consequently,
FXCC shall not be liable for any loss or damage, including but not limited to loss
of profits, which arises directly or indirectly from reliance upon or use of information
contained on this newsletter.
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