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2013-04-09 04:30 GMT
German Fin Min urges Portugal to find new austerity measures
German Finance Minister Wolfgang Schaeuble said in a radio interview on Monday that Portugal should come up with a new set of austerity measures, after the country’s high court rejected parts of the plan put forward by the Portuguese government, deeming them illegal.
“Portugal has made lots of progress in the last year to gain access to financial markets,” the German finance minister said. “But after this (constitutional court) decision it will have to find new measures.”
Portuguese Prime Minister Pedro Passos Coelho has already announced plans of carrying out cuts in health and education spending, in order to meet the targets set by the Troika and avoid asking for a second rescue package. He assured however that no new tax hikes would be introduced in 2013.
The euro traded higher against the U.S. dollar for the fourth consecutive trading day on the back of stronger German industrial production. After dropping 0.6% in January, industrial production rose 0.5% in February. This recovery follows a similar rebound seen in German factory orders and bodes well for tomorrow's trade balance report. However there is still potential weakness in Tuesday's release because manufacturing activity declined according to the latest PMI manufacturing report. Today's upside surprise does not remove the risk of weaker growth in the Eurozone's largest economy. We believe that the extension of the EUR/USD breakout from last week will be limited to 1.3135 - 1.32. The primary reason for the EUR's breakout last week was the ECB who failed to lay the foundation for a rate cut and suggested their toolbox is empty. These are hardly the words of an optimistic central bank particularly since Mario Draghi also stressed the downside risks to their outlook. A rate cut is still on the table and without a Single Supervisory Mechanism, other countries could fall victim to the same problems as Cyprus. In addition, we expect growth to remain weak as austerity measures limit economic activity in the region. -FXstreet.com
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2013-04-09 06:00 GMT
Germany. Trade Balance s.a. (Feb)
2013-04-09 08:30 GMT
UK. Manufacturing Production (YoY) (Feb)
2013-04-09 12:15 GMT
Canada. Housing Starts s.a (YoY) (Mar)
2013-04-09 14:00 GMT
UK. NIESR GDP Estimate (3M) (Mar)
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2013-04-09 04:43 GMT
EUR/USD hits 3 ½ week high; fresh upside potential
2013-04-09 03:11 GMT
NZD/USD testing long term resistance below 0.85
2013-04-09 02:14 GMT
USD/CAD finds 1.0160 double bottom; upside risks - TDS
2013-04-09 01:48 GMT
AUD/USD higher on China CPI
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EURUSD
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HIGH
1.30679
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LOW
1.3009
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BID
1.30454
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ASK
1.30461
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CHANGE
0.28%
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TIME
08:39:23
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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: Price stabilized near it local high’s however we see potential to overcome our next resistance level at 1.3069 (R1). Clearance here might pull the pair towards to eventual targets at 1.3095 (R2) and 1.3120 (R3).
Downwards scenario: On the other side, price depreciation below the support barrier at 1.3037 (S1) might provide sufficient space for the recovery action. In such case e we would suggest next intraday targets at 1.3012 (R2) and then 1.2987 (R3)
Resistance Levels: 1.3069, 1.3095, 1.3120
Support Levels: 1.3037, 1.3012, 1.2987
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GBPUSD
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HIGH
1.52781
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LOW
1.52508
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BID
1.52717
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ASK
1.52722
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CHANGE
0.12%
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TIME
08:39:24
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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: Our technical outlook on the medium-term perspective remains positive. Further market appreciation is possible above the key resistance at 1.5293 (R1). Next targets could be found at 1.5318 (R2) and 1.5341 (R3).
Downwards scenario: On the other hand, loss of our support level at 1.5237 (S1) would open road for a market decline towards to our next target at 1.5214 (S2). Any further price weakening would then be limited to final support for today at 1.5190 (S3).
Resistance Levels: 1.5293, 1.5318, 1.5341
Support Levels: 1.5237, 1.5214, 1.5190
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USDJPY
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HIGH
99.663
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LOW
99.091
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BID
99.207
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ASK
99.213
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CHANGE
-0.15%
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TIME
08:39:24
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OUTLOOK SUMMARY
Up
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TREND CONDITION
Down
trend
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TRADERS SENTIMENT
Bullish
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IMPLIED VOLATILITY
Medium
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Upwards scenario: Upwards penetration is limited tow to the next resistance level at 99.65 (R1). Clearance here might open a route towards to our initial target at 100.12 (R2) and then further price appreciation would be targeting resistance at 100.57 (R3).
Downwards scenario: On the other hand, our bearish expectations remain intact below the key support level at 98.86 (S1). Price penetration below it would allow further declines towards to our initial targets at 98.37 (S2) and 97.89 (S3).
Resistance Levels: 99.65, 100.12, 100.57
Support Levels: 98.86, 98.37, 97.89
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