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2013-05-14 03:00 GMT
Schäuble suggests revising EU treaties to make way for banking union
German finance minister Wolfgang Schäuble told the Financial Times today that the banking union could not be completed without a modification of EU treaties. The process of changing them however could last several months or even years.
According to Schäuble the existing treaties “do not suffice” to allow for forming a strong central resolution authority. Therefore he warned against making promises which the EU cannot keep, as they would directly affect its credibility.
“The EU does not have coercive means to enforce decisions” Schäuble said. “What it has are responsibilities and powers defined by its treaties.” A change to the treaties would provide a better separation of the ECB's monetary and supervisory functions.
The German finance minister is conscious that such changes might take a long time, so he proposed a two-step process consisting of a resolution mechanism based on a network of national authorities as well as a network of resolution funds.
Even though Schäuble acknowledges that such a structure would not be trons enough in the long term, he believes that it would allow to buy time and create the base for reaching the final objective: a European banking union, which encompasses the entire interior market. -FXstreet.com
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24h
EMU. EcoFin Meeting
2013-05-14 06:00 GMT
Germany. Consumer Price Index
2013-05-14 09:00 GMT
Germany. ZEW Survey - Economic Sentiment
2013-05-14 09:30 GMT
Australia. Budget Release
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2013-05-14 04:28 GMT
Look to get long EUR/JPY into support levels
2013-05-14 03:58 GMT
EUR/USD still range bound ahead of busy economic calendar week
2013-05-14 03:46 GMT
AUD/USD, outlook is bearish but be patient - RBS
2013-05-14 03:11 GMT
GBP/USD completes ‘bear flag’ pattern on daily chart
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EURUSD
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HIGH
1.30261
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LOW
1.29693
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BID
1.30029
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ASK
1.30033
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CHANGE
0.21%
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TIME
08:33:12
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OUTLOOK SUMMARY
Up
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TREND CONDITION
Upward
penetration
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
Medium
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MARKET ANALYSIS - Intraday Analysis
Upwards scenario: Possibility of uptrend penetration is seen above the next resistance level at 1.3026 (R1). Clearance here might enable bullish pressure and let the price to achieve our intraday targets at 1.3044 (R2) and 1.3062 (R3).
Downwards scenario: On the short-term perspective the pair might encounter supportive measures at 1.2992 (S1). Loss here might change intraday technical structure and opens the way for a test of 1.2971 (S2) and 1.2951 (S3) later on today.
Resistance Levels: 1.3026, 1.3044, 1.3062
Support Levels: 1.2992, 1.2971, 1.2951
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GBPUSD
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HIGH
1.5331
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LOW
1.52939
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BID
1.53144
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ASK
1.53152
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CHANGE
0.1%
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TIME
08:33:12
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OUTLOOK SUMMARY
Down
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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: Possibility of market strengthening is seen above the immediate resistive barrier at 1.5334 (R1). Price extension above it is required to validate our next intraday targets at 1.5358 (R2) and 1.5383 (R3)
Downwards scenario: On the other hand if the price manages to overcome our next support barrier at 1.5296 (S1), we expect to see further market decline towards to our target at 1.5272 (S2) and then next stop could be found at 1.5249 (S3) mark.
Resistance Levels: 1.5334, 1.5358, 1.5383
Support Levels: 1.5296, 1.5272, 1.5249
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USDJPY
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HIGH
101.849
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LOW
101.365
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BID
101.439
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ASK
101.441
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CHANGE
-0.37%
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TIME
08:33:13
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OUTLOOK SUMMARY
Up
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TREND CONDITION
Downward
penetration
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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 however further market rise is limited now to the key resistive barrier at 101.78 (R1), clearance here is required to enable next resistances at 102.22 (R2) and last one at 102.67 (R3).
Downwards scenario: Measures of support might be activating when the pair approaches the 101.21 (S1). If it continues to extend its weakening below it we expect next targets to be exposed at 100.77 (S2) and 100.35 (S3) later on.
Resistance Levels: 101.78, 102.22, 102.67
Support Levels: 101.21, 100.77, 100.35
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