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2013-06-05 05:00 GMT
IMF's Lagarde urges Greece not to relax bailout efforts
MF head Christine Lagarde said in an interview for the Greek state TV on Tuesday that the country was making progress on its bailout program but that it nevertheless should increase efforts to combat tax evasion and implement reforms to attract foreign investors.
'Now is not the time to relax the effort,' Lagarde said, adding that "There are some really positive developments but obviously more needs to be done.” She listed tax evasion and reforms to spur foreign investment as the most important issues which need to be dealt with.
This week EU, ECB and IMG inspectors return to Athens for another revision of the Greek bailout program, during which they are expected to focus on the Greek government's progress in reducing state employee numbers.
The EUR/USD traded in a narrow range today but still managed to finish the day in positive territory, closing up 11 pips at 1.3081. Economic data out of the both the EU and US was light, but will pick up as we approach the end of the week with the ECB Interest Rate Decision on Thursday, as well as US Non Farm Payrolls on Friday. However, before the real fireworks begin, some analysts are pointing to tomorrow’s ADP data out of the US as a possible catalyst for tomorrow’s price action.
According to Sean Callow at Westpac, “we have the ADP report plus non manufacturing ISM jobs components tonight. There is a great deal of focus on jobs data in the US given recent speculation about Fed tapering its asset purchase programs. ADP disappointed in April but has not had much directional success in picking payrolls outcomes. The ISM report on Monday casts a long shadow over tonight's non manufacturing report. Arguably, markets will be set up for a softer outcome given the weaker US$ in recent sessions. Tonight's data could prove to be important for FX markets.” -FXstreet.com
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2013-06-05 08:28 GMT
UK. Markit Services PMI (May)
2013-06-05 09:00 GMT
EMU. Gross Domestic Product
2013-06-05 14:00 GMT
USA. ISM Non-Manufacturing PMI (May)
2013-06-05 18:00 GMT
USA. Fed's Beige Book
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2013-06-05 05:11 GMT
USD/JPY back below 100; Australia GDP disappoints
2013-06-05 04:39 GMT
AUD/JPY searching for bids near 96.00
2013-06-05 03:26 GMT
EUR/USD technical indicators beginning to look more constructive
2013-06-05 01:46 GMT
AUD/USD breaking lower towards 0.9600 after Aussie GDP data
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EURUSD
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HIGH
1.30964
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LOW
1.30653
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BID
1.30899
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ASK
1.30903
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CHANGE
0.08%
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TIME
08:56:44
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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
Medium
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MARKET ANALYSIS - Intraday Analysis
Upwards scenario: We are not expecting significant volatility increase today however upside risk aversion is seen above the next resistance level at 1.3107 (R1). Price evaluation above this level would suggest next targets at 1.3127 (R2) and 1.3147 (R3).
Downwards scenario: While instrument trades above the moving averages, our short-term bias would stay positive though penetration below the support level at 1.3064 (S1) might open way towards to lower targets at 1.3043 (S2) and 1.3023 (S3).
Resistance Levels: 1.3107, 1.3127, 1.3147
Support Levels: 1.3064, 1.3043, 1.3023
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GBPUSD
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HIGH
1.53379
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LOW
1.52912
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BID
1.53331
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ASK
1.53336
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CHANGE
0.14%
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TIME
08:56:45
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OUTLOOK SUMMARY
Up
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TREND CONDITION
Upward
penetration
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
Medium
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Upwards scenario: Medium- term tendency remains bullish as both moving averages are pointing up. Further progress above the resistance level at 1.5343 (R1) would open way towards to next targets at 1.5362 (R2) and 1.5382 (R3).
Downwards scenario: Measures of support might be activating when the pair approaches the 1.5307 (S1). If it continues to extend its weakening below it we expect next targets to be exposed at 1.5287 (S2) and 1.5267 (S3) later on.
Resistance Levels: 1.5343, 1.5362, 1.5382
Support Levels: 1.5307, 1.5287, 1.5267
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USDJPY
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HIGH
100.462
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LOW
99.385
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BID
99.592
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ASK
99.597
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CHANGE
-0.48%
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TIME
08:56:46
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Downward
penetration
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TRADERS SENTIMENT
Bullish
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IMPLIED VOLATILITY
Medium
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Upwards scenario: We see potential to test our resistive barrier at 99.75 (R1). Successful penetration above this mark might shift traders sentiment to the bullish side and validate our intraday targets at 100.02 (R2) and 100.32 (R3).
Downwards scenario: Further downtrend development is limited now to the key supportive barrier at 99.31 (S1). Only loss here would enable our intraday targets at 99.04 (S2) and 98.75 (S3) on the downside.
Resistance Levels: 99.75, 100.02, 100.32
Support Levels: 99.31, 99.04, 98.75
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