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2013-01-11 06:25 GMT
Cautious economic optimism induces ECB to hold rates
The ECB Governing Council unanimously decided to maintain the main interest rate at 0.75% at their first monetary policy meeting of 2013. ECB head Mario Draghi revealed a more positive outlook on the European crisis during the press conference following the interest rate announcement.
The president suggested that inflation should decline below 2% during 2013. He said that economic weakness in the Eurozone will extend into the new year but that it should give way to a recovery later in the year, as confidence in financial markets is improving gradually and bond yields are seen falling considerably. Credit conditions, already satisfactory, should continue improving as well, as the two long term refinancing operations helped stave off disorderly delevering.
Mario Draghi stressed the importance of a rapid implementation of structural reforms by Eurozone governments in order to increase competitiveness in the area. This should boost growth potential and lead to a rise in employment.
The ECB head also pointed out the necessity of establishing an integrated financial framework in the Eurozone of which the “single supervisory mechanism (SSM) is one of the main building blocks.”
Jamie Coleman from Forex Live comments on ECB's lack of action this month: “Draghi did the euro a lot of good in the near-term by taking a rate cut off the table. But in the bigger picture he's done the ECB a disservice by leading the market to expect a rate cut at the December meeting only to change tack nearly 180 degrees at the following meeting. Central bankers are not supposed to react to each and every blip in sentiment and it appears that Draghi is doing just that.” - FXstreet.com
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N/A
United Kingdom. 10-y Bond Auction
2013-01-11 09:30 GMT
United KIngdom. Industrial Production (YoY) (Nov)
2013-01-11 13:30 GMT
United States. Trade Balance (Nov)
2013-01-11 15:00 GMT
United Kingdom. NIESR GDP Estimate (3M) (Dec)
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2013-01-11 05:42 GMT
EUR/GBP stalls the run higher ahead of key 0.8230 level
2013-01-11 05:31 GMT
NZD/JPY bears defend 75.40
2013-01-11 03:59 GMT
EUR/USD wallowing below 1.3300 ahead of the weekend
2013-01-11 02:40 GMT
NZD/USD at session lows below 0.8450
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EURUSD
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HIGH
1.32792
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LOW
1.32504
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BID
1.32582
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ASK
1.32588
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CHANGE
-0.06%
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TIME
08:17:23
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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
Low
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MARKET ANALYSIS - Intraday Analysis
Upwards scenario: EURUSD gained momentum and formed clear uptrend formation. Currently price is stabilized near its high and resistance at 1.3277 (R1) is the next attractive point. If a break occurs here we expect gradual increase towards to our targets at 1.3288 (R2) and 1.3300 (R3).
Downwards scenario: Negative market sentiment would be provided if price decline below the low of the day at 1.3247 (S1). An hourly chart price setup is suggest next retracement formation targets at 1.3236 (S2) and 1.3224 (S3).
Resistance Levels: 1.3277, 1.3288, 1.3300
Support Levels: 1.3247, 1.3236, 1.3224
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GBPUSD
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HIGH
1.61773
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LOW
1.61441
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BID
1.61486
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ASK
1.61497
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CHANGE
-0.11%
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TIME
08:17:24
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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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Upwards scenario: If GBPUSD gains momentum and rose above the resistance at 1.6177 (R1), we expect further uptrend formation with next targets at 1.6191 (R2) and 1.6204 (R3) later on today.
Downwards scenario: A short-term negative tendency might face immediate support at 1.6141 (S1). Below here open route towards to expected targets at 1.6127 (S2) and 1.6112 (S3).
Resistance Levels: 1.6177, 1.6191, 1.6204
Support Levels: 1.6141, 1.6127, 1.6112
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USDJPY
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HIGH
89.346
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LOW
88.689
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BID
89.047
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ASK
89.053
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CHANGE
0.32%
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TIME
08:17:24
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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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Upwards scenario: Medium term bias remains positive after slight correction, provided today. Our next resistance is placed at 89.35 (R1). Rise above it might push price towards to next targets at 89.53 (R2) and 89.70 (R3) intraday.
Downwards scenario: Current price deviation might face next support level at 88.77 (S1). We expect price downgrade towards to our targets at 88.59 (S2) and 88.41 (S3) as a part of consolidation formation in case of successful penetration below it.
Resistance Levels: 89.35, 89.53, 89.70
Support Levels: 88.77, 88.59, 88.41
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