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2012-06-12 05:50 GMT
Risk Aversion returns as Spanish elation subsides
US stock advanced, following the biggest weekly rally in the Standard & Poor's 500 Index this year, as investors speculated that the bailout of Spain's banks will help ease the euro area's debt crisis.European stocks surged to a four- week high after Spain sought as much as €100bn to save its banking system and Chinese export data topped forecasts. The €100bn rescue for Spain's banks moved Italy to the frontline of Europe's debt crisis as an initial rally in the country's bonds fizzled on concern it may be the next to succumb.
Investors holding bonds issued by Spain and its banks will probably rank behind official creditors in the queue for payment after the nation asked for a bailout of as much as €100 bn.
Asian equities extended the global rally after Chinese data showed exports grew last month at more than double the pace economists estimated. Overseas shipments climbed 15.3% from a year earlier, the customs bureau said yesterday, exceeding all 29 estimates.
Japanese stocks rose, with the benchmark Nikkei 225 Stock Average (NKY) capping the biggest gain since April, on speculation a bailout for Spanish banks will ease Europe's debt crisis and after China's trade grew more than expected.
Read More
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2012-06-12 08:30 GMT
UK - Industrial Production
2012-06-12 08:30 GMT
UK - Manufacturing Production
2012-06-12 12:30 GMT
US - Import & Export Price Index
2012-06-12 18:00 GMT
US - Monthly Budget Statement
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2012-06-12 04:04 GMT
GBP/USD consolidates below 1.5500
2012-06-12 03:39 GMT
USD/JPY spikes to new daily highs
2012-06-12 03:39 GMT
EUR/AUD glued around the 1.2600 line
2012-06-12 01:39 GMT
Australia: Business Confidence declines sharply in May
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SUMMARY
Neutral
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TREND
Sideway
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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
Technical's are mixed, MACD in buy territory, but most others in sell; a close above the 21‐day MA at 1.2584 would be bullish. However EUR risk is increasingly binary. Supports are seen at the 10-DMA line at 1.2488 and then at 1.2435. On the other hand, resistance levels are seen at 1.2554, 1.2690 and then at 1.2820.
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SUMMARY
Up
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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
Technical's remain mixed but biased to downside, today’s rally faded quickly and failed to break above last week’s high of 1.5601. Support lies at the recent low of 1.5269, a retest is likely. Supports are seen at the 10-DMA line at 1.5467 and then at 1.5375. On the other hand, resistance levels are seen at 1.5538 and then at 1.5601.
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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
Overbought
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MARKET ANALYSIS - Intraday Analysis
JPY is currently trading at 79.29 levels. After falling against US dollar for last four sessions, Yen is again strengthening against its peers, as the market is expecting Italy to be the next country on the forefront of the debt crisis after Spain. This boosted the demand for the safe haven currency. Overall technical's are reading bearish ‐ the 50‐day has crossed below the 100‐day (80.20 and 80.21, respectively) generating a medium term sell signal; while most other indicators are in sell territory
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MARKET INFORMATION AND OPINIONS: Any information provided by FXCC
on this newsletter, including but not limited to news, research, opinions, analyses
and prices, is provided as commentary on the Forex market generally -- in other
words, it is not, and should not be considered as, investment advice. Consequently,
FXCC shall not be liable for any loss or damage, including but not limited to loss
of profits, which arises directly or indirectly from reliance upon or use of information
contained on this newsletter.
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