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MARKET UPDATE 10.09.2012

2012-09-10 02:47 GMT

If QE3 happens, may mark the end of USD weakness - Standard Chartered

Following the downbeat US NFP data, which for the majority of market participants paves the way for the next round of easing by the Fed being announced as soon as this week, there is other entities, like Standard Chartered, which remain more skeptical on getting too excited on this prospects. According to analysts in the bank, "we do not think US August payroll data means QE3 is a done deal in September." The bank also adds, "if QE3 happens, it actually may mark the end, not the beginning, of USD weakness." Standard Chartered remains underweight EUR, "supported by the view this week’s FOMC will disappoint" the bank notes.

London session ahead will be a middle soft one in regards of EUR macro data related, though could become into a volatile day anyways with the Troika heading to Greece, and PM Samaras expected to meet ECB tomorrow. First will come French business sentiment at 06:30 GMT, followed 15 minutes later by French industrial production, EU Sentix indicator at 08:30 GMT, and Greek CPI. In the EZ sovereign debt auctions front Germany will sell up to € 4B in 6 month bills at 06:00 GMT, with risk premium to Spanish bonds narrowing last at 413bps, at multi-week lows.

2012-09-10 06:00 GMT

Japan. Eco Watchers Survey: Outlook (Aug)

2012-09-10 08:30 GMT

E.M.U. Sentix Investor Confidence (Sep)

2012-09-10 19:00 GMT

United States. Consumer Credit Change (Jul)

2012-09-10 22:45 GMT

New Zealand. Gross Domestic Product (QoQ) (Q2)

2012-09-10 04:47 GMT

GBP/USD: upside remains favored – V.Bednarik

2012-09-10 04:23 GMT

EUR/USD stable below 1.2800

2012-09-10 02:04 GMT

USD/JPY holds scope for more slides – V.Bednarik

2012-09-10 00:43 GMT

AUD/USD range bound above 1.0350

AUDUSD
1.03552 / 560
NZDUSD
0.81197 / 208
USDCHF
0.94477 / 489
USDCAD
0.97824 / 832
GBPJPY
125.110 / 117
EURCHF
1.20785 / 798
GOLD
1737.95 / .23
SILVER
33.86 / .88
EURUSD 1.27833 / 1.27839
DAILY WEEKLY MONTHLY

1.2920

1.2870

1.2817

1.2754

1.2700

1.2652

SUMMARY

Up

TREND

Up
trend

MA10

Bearish

MA20

Bullish

STOCHASTIC

Neutral

 

MARKET ANALYSIS - Intraday Analysis

After the U.S. Non-Farm Employment Change release on Friday, EURUSD climbed above the suggested target at 1.2741 and closed US session on the positive tone. Next resistance level for today locates at Friday’s High - 1.2817 (R1). Rise above it might lead to the further trend development with next possible targets at 1.2870 (R2) and 1.2920 (R3). Downside direction is limited by next support level at 1.2754 (S1), price decrease below it would be targeting next support at 1.2700 (S2), decrease below it would suggest support at 1.2652 (S3) as final target for today.

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GBPUSD 1.59938 / 1.59945
DAILY WEEKLY MONTHLY

1.6103

1.6069

1.6034

1.5976

1.5942

1.5909

SUMMARY

Up

TREND

Up
trend

MA10

Bearish

MA20

Bullish

STOCHASTIC

Neutral

 

MARKET ANALYSIS - Intraday Analysis

GBPUSD met our target at 1.6003 on the Friday move and settled positive bias on the hourly timeframe. Next resistance ahead, preventing further appreciation, is seen at 1.6034 (R1). Rising up above this level would suggest next targets at 1.6069 (R2) and 1.6103 (R3) in potential. On the other point, if the market manage to brake next support level at 1.5976 (S1), we might see pull back development with possible targets at 1.5942 (S2) and 1.5909 (S3) later on today.

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USDJPY 78.224 / 78.228
DAILY WEEKLY MONTHLY

78.74

78.54

78.36

78.01

77.81

77.62

SUMMARY

Down

TREND

Downward
penetration

MA10

Bullish

MA20

Bearish

STOCHASTIC

Neutral

 

MARKET ANALYSIS - Intraday Analysis

Pair formed fresh low on Friday’s move and now deviate from its initial downtrend formation. Next resistance level lie at 78.36 (R1), clearance here might provide space for pair strengthening towards to next expected target at 78.54 (R2). Brake here is required to enable final target at 78.74 (R3). Risk of price depreciation is seen below the next support level at 78.01 (S1). Price progress below it might expose targets at 77.81 (S2) and 77.62 (S3) in perspective.

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