|
|
|
|
2013-07-12 01:10 GMT
ECB Monthly Report: Interest rates could be reduced further
The ECB signalized in its July Monthly Report that interest rates could be reduced further, should the price stability outlook warrant it. The recently introduced forward guidance was also included: “The Governing Council expects the key ECB interest rates to remain at present or lower levels for an extended period of time.”
There was also some clarification of its time horizon: “The extended period of time over which the Governing Council currently expects the key ECB interest rates to remain at present or lower levels is a flexible horizon which does not pre-specify an end-date but is conditional on the Governing Council’s assessment of the economic fundamentals that determine underlying inflation."
Furthermore, the Council pointed to recent improvements in Eurozone sentiment indicators which suggest a gradual recovery of the economy later this year and in 2014. To support it, the ECB is prepared to maintain the accomodative monetary policy for as long as necessary.
The accomodative policy should prop up domestic demand while the recovery in global demand should boost export growth in the area. Additionally, the Governing Council suggested that “the overall improvements in financial markets seen since last summer should work their way through to the real economy, as should the progress made in fiscal consolidation.”-FXstreet.com
|
|
2013-07-12 09:00 GMT
EMU. Industrial Production w.d.a. (YoY)
2013-07-12 12:30 GMT
USA. Producer Price Index (YoY)
2013-07-12 13:55 GMT
USA. Reuters/Michigan Consumer Sentiment
2013-07-12 17:00 GMT
USA. Fed's Bullard speech
|
2013-07-12 04:44 GMT
GBP/USD eases below 1.5200
2013-07-12 03:27 GMT
Gold below $1290, Oil above $104
2013-07-12 02:41 GMT
AUD/USD defending 0.9130 support
2013-07-12 01:42 GMT
USD/JPY breaks through stops at 99.10
|
|
|
|
|
|
EURUSD
|
HIGH
1.31002
|
LOW
1.30728
|
BID
1.30752
|
ASK
1.30756
|
CHANGE
-0.16%
|
TIME
08:26:43
|
|
|
|
|
OUTLOOK SUMMARY
Up
|
TREND CONDITION
Upward
penetration
|
TRADERS SENTIMENT
Bearish
|
IMPLIED VOLATILITY
Medium
|
|
|
|
MARKET ANALYSIS - Intraday Analysis
Upwards scenario: Fractals level at 1.3124 (R1) offers a key resistive measure on the downside. Break here is required to enable bearish pressure and validate next target at 1.3167 (R2). Final support for today locates at 1.3208 (R3).
Downwards scenario: As long as price stays above the moving averages our medium-term outlook would be positive. Though extension lower the 1.3028 (S1) is being able to drive market price towards to initial supports at 1.2988 (S2) and 1.2945 (S3).
Resistance Levels: 1.3124, 1.3167, 1.3208
Support Levels: 1.3028, 1.2988, 1.2945
|
|
GBPUSD
|
HIGH
1.5189
|
LOW
1.51666
|
BID
1.51702
|
ASK
1.51710
|
CHANGE
-0.09%
|
TIME
08:26:44
|
|
|
|
|
OUTLOOK SUMMARY
Up
|
TREND CONDITION
Up
trend
|
TRADERS SENTIMENT
Bullish
|
IMPLIED VOLATILITY
Medium
|
|
|
|
Upwards scenario: We are not expecting significant volatility increase today however appreciation above the resistive structure at 1.5222 (R1) might trigger bullish pressure and drive market price towards to next targets at 1.5250 (R2) and 1.5278 (R3).
Downwards scenario: Next supportive mark locates at 1.5145 (S1). Depreciation below it might shift short-term tendency to the bearish side and validate our next targets at 1.5117 (S2) and 1.5088 (S3).
Resistance Levels: 1.5222, 1.5250, 1.5278
Support Levels: 1.5145, 1.5117, 1.5088
|
|
USDJPY
|
HIGH
99.321
|
LOW
98.675
|
BID
99.048
|
ASK
99.048
|
CHANGE
0.11%
|
TIME
08:26:45
|
|
|
|
|
OUTLOOK SUMMARY
Down
|
TREND CONDITION
Sideway
|
TRADERS SENTIMENT
Bearish
|
IMPLIED VOLATILITY
Medium
|
|
|
|
Upwards scenario: USDJPY trapped to the consolidation phase after the initial downtrend formation. Break of resistive level at 99.36 (R1) is required to enable recovery action. Our intraday targets are placed at 99.68 (R2) and 99.98 (R3).
Downwards scenario: Though medium-term perspective remains negative for US Dollar. Next on tap is seen support level at 98.67 (S1), clearance here is required to enable lower targets at 98.36 (S2) and 98.06 (S3)
Resistance Levels: 99.36, 99.68, 99.98
Support Levels: 98.67, 98.36, 98.06
|
|
|
MARKETING COMMUNICATION DISCLAIMER: The content of this material is a marketing communication, and not independent investment research. As such, the legal and regulatory requirements in relation to independent investment research do not apply to this material and it is not subject to any prohibition on dealing ahead of its dissemination.
The material is for general information purposes only (whether or not it states any opinions). It does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) legal, financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by FX Central Clearing Ltd. (“FXCC”) or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
Although the information set out in this marketing communication is obtained from sources believed to be reliable, FXCC makes no guarantee as to its accuracy or completeness. All information is indicative and subject to change without notice and may be out of date at any given time. Neither FXCC, nor the author of this material shall be responsible for any loss that you may incur, either directly or indirectly, arising from any investment based on any information contained herein.
This material may include charts displaying financial instruments' past performance as well as estimates and forecasts. Any information relating to past performance of an investment does not necessarily guarantee future performance.
Unless otherwise stated, the prices used in the examples are FXCC’s own prices, and not those of third parties.
RISK WARNING: Trading in Forex and Contracts for Difference (CFDs) is highly speculative
and involves substantial risk of loss. It is possible to lose all your capital.
Forex and CFDs may not be suitable for all investors. Only invest with money you
can afford to lose. Please ensure you fully understand the risks involved before
investing. Seek independent advice if necessary.
|
|
