2012-06-07 05:45 GMT
US Fed Beige Book shows “moderate” recovery
Globally, US markets and major European markets closed sharply higher amid optimism about further stimulus from the world's central banks. The optimism came from the European Central Bank’s (ECB) decision to leave interest rates unchanged as expected and following the Reserve Bank of Australia's interest rate cut on Tuesday. Further, ECB president also stated that the central bank stands ready to act if the economic situation continues to worsen. The sentiments were boosted further following the release of the Fed's Beige Book report, which said overall economic activity expanded at a moderate pace during the reporting period from early April to late May.
Yesterday, the US Fed presented the Beige Book report, which reviews the overall US economy the report showed that the U.S. economy has continued to grow at a “moderate” pace over the past two months, with only one district reporting slower growth, the Federal Reserve said Wednesday in its latest reading of economic conditions. The Fed has used the phrase “moderate” in one way or another to describe the economy in every Beige Book report since last fall.
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2012-06-07 08:28 GMT
UK - Purchasing Manager Index Services
2012-06-07 11:00 GMT
UK - BoE Interest Rate Decision
2012-06-07 11:00 GMT
US - Initial Jobless Claims
2012-06-07 14:00 GMT
US - Fed's Bernanke testifies
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2012-06-07 04:13 GMT
EUR/USD quiet below 1.2600 ahead FED Bernanke testifies
2012-06-07 03:49 GMT
GBP/USD consolidating below 1.55 ahead of MPC
2012-06-07 02:04 GMT
Aussie powers up after surprising jobs data
2012-06-07 01:31 GMT
Australia May Employment Change s.a. 38.9K
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SUMMARY
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TREND
Up
trend
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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
The euro has dropped from its short term 76.4 Fib level at 1.2546 and looking a bit overstretched short term but medium-term charts have turned bullish. Buyers will hold longs unless a break below 1.2400 occurs. Only then will there be another assault on the downside with 1.2350 once more coming under pressure. There is quite a lot of resistance on the topside at 1.2523/25 to 1.2545 but the medium-term charts are poised for a break above 1.2550 and move into a market rally looking at 1.2620.
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SUMMARY
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TREND
Up
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
At present the fib level is at 1.5438 and looking a little overextended on the topside of the 60-minute charts. Therefore look for the market to find a short-term top here. However, if it fails we may see 1.5460 through to 1.5495 as the next challenge. Medium-term charts remain neutral-to-oversold.
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SUMMARY
Neutral
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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
The pair is aiming to 79.470. Once this level is broken the pair will rise to 79.707. Currently the pair is at 0.79.35 a breakdown here, look for the retracement to the 0.382 Fibonacci at 78.66. Our upside target is the -0.270 Fibonacci extension at 79.72 but look for strong resistance at 79.707
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