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2013-02-08 06:20 GMT
ECB's Draghi sees the Eurozone recovering in second half of the year
The ECB Governing Council decided to keep the main interest rate unchanged at 0.75% at their December monetary policy meeting. Speaking at the press conference following the meeting ECB head Mario Draghi commented on the considerations underlying the decision.
The president suggested that inflation should fall below 2% in the coming months and assured that inflationary pressures should remain contained. He said that economic growth would remain weak in the “early part” of 2013 and recover very gradually, along with the improving situation on financial markets. The recovery would be supported by the ECB's accomodative monetary policy stance, better external demand and easier financial market conditions.
Mario Draghi commented on the the liquidity situation of EU banks, which recently repaid €140.6 billion of the €489.2 billion obtained through LTROs, which reflects the improvement in financial market confidence. He nevertheless urged EU officials to carry on with the reduction of “both fiscal and structural imbalances and proceed with financial sector restructuring measures” which should boost confidence further.
When asked about the recent appreciation of the shared currency and whether it could hurt recovery, the ECB chief answered that it could be an indication that confidence in the euro begun improving. He added that the central bank would continue to closely monitor money market developments. -FXstreet.com
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2013-02-08 07:00 GMT
Germany. Trade Balance s.a. (Dec)
2013-02-08 13:15 GMT
Canada. Housing Starts s.a (YoY) (Jan)
2013-02-08 13:30 GMT
United States. US
Trade Balance (Dec)
2013-02-08 13:30 GMT
Canada. Unemployment Rate (Jan)
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2013-02-08 05:17 GMT
Where have all EUR/USD bulls gone?
2013-02-08 04:44 GMT
Long-running EUR/CHF uptrend unlikely - HSBC
2013-02-08 03:25 GMT
Kiwi at 0.87 by year end - BNZ
2013-02-08 01:49 GMT
GBP/JPY off fresh 3-year highs below 148.00
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EURUSD
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HIGH
1.34161
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LOW
1.33817
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BID
1.33980
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ASK
1.33987
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CHANGE
0.01%
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TIME
08:01:14
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Down
trend
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TRADERS SENTIMENT
Bullish
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IMPLIED VOLATILITY
Low
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MARKET ANALYSIS - Intraday Analysis
Upwards scenario: Potential is seen for break above the resistance at 1.3420 (R1) today and develop some recovery from the initial downtrend formation. In such scenario we would suggest next target at 1.3447 (R2) and any further rise would then be limited to 1.3474 (R3).
Downwards scenario: Instrument has comfortably ranged and any further downside extension is protected now by the key support at 1.3371 (S1). Loss here is required to enable our initial targets at 1.3346 (S2) and 1.3319 (S3)
Resistance Levels: 1.3420, 1.3447, 1.3474
Support Levels: 1.3371, 1.3346, 1.3319
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GBPUSD
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HIGH
1.57372
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LOW
1.57046
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BID
1.57234
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ASK
1.57246
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CHANGE
0.08%
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TIME
08:01:15
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OUTLOOK SUMMARY
Up
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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: Market sentiment has improved for the bullish oriented traders. Fresh high formed today offers next resistance level at 1.5738 (R1). In case of market appreciation above that level our focus would then be shifted to the higher targets at 1.5754 (R2) and 1.5770 (R3).
Downwards scenario: We do expect some pull-backs on the downside below our next support level at 1.5715 (S1). Short-term momentum on the negative side might open the way towards to immediate supports at 1.5699 (S2) and 1.5681 (S3).
Resistance Levels: 1.5738, 1.5754, 1.5770
Support Levels: 1.5715, 1.5699, 1.5681
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USDJPY
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HIGH
93.733
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LOW
93.195
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BID
93.239
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ASK
93.244
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CHANGE
-0.42%
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TIME
08:01:16
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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
Low
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Upwards scenario: Market having failed to establish directional movement yesterday. Possible price strengthening might arise above the next resistance level at 93.58 (R1). Next interim target holds at 93.81 (R2) en route toward to our major aim at 94.05 (R3).
Downwards scenario: Penetration below the support at 93.17 (S1) is liable to put more downward pressure on the instrument in the near-term perspective and start forming retracement formation. As a result our supportive meant at 92.93 (S2) and 92.69 (S3) might be triggered.
Resistance Levels: 93.58, 93.81, 94.05
Support Levels: 93.17, 92.93, 92.69
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