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2013-02-15 06:11 GMT
Eurozone tumbles deeper into recession
The preliminary Eurozone GDP numbers for the fourth quarter of 2012, published in the European morning, paint a rather gloomy picture of economic activity in the area: growth declined sharply by 0.6%, which makes it a third straight quarterly fall. GDP in the three largest Eurozone economies shrank more than expected.
Germany saw a 0.6% decline, France contracted by 0.3% and Italy by 0.9%. Portuguese GDP plunged by 1.8%, which makes the country the worst performer in the Eurozone. Only Estonia and Slovakia registered growth in the area, but results for Ireland, Greece, Luxembourg, Malta and Slovenia are still pending.
ING analyst Peter Vanden Houte comments: “While we expect a stabilisation in the first quarter and a weak recovery from the second quarter onwards, one has to acknowledge that a lot of things still can go wrong. The economic and political outlook in Spain and Italy remains uncertain, while the difficult bail-out of Cyprus could stoke contagion fears. Therefore it is certainly not a time for the ECB to lean back and relax.”
For the London session ahead key UK retail sales data at 09:30 GMT will surely take center stage for Cable traders, as “Consumer spending is the backbone of the economy as well as a key component of GDP,” says BK Asset Management managing director Kathy Lien. Data is expected to come above previous one, and around the +0.5% as consensus, while G20 meetings going on thru the weekend might provide headlines that shake markets either direction.
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2013-02-15 09:30 GMT
United Kingdom. Retail Sales (YoY) (Jan)
2013-02-15 14:00 GMT
United States. Net Long-Term TIC Flows (Dec)
2013-02-15 14:15 GMT
United States. Industrial Production (MoM) (Jan)
2013-02-15 14:55 GMT
United States. Reuters/Michigan Consumer Sentiment Index (Feb)
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2013-02-15 06:00 GMT
GBP/USD clings to last support around 1.5500
2013-02-15 05:28 GMT
Selling EUR/USD, still a profitable short term strategy?
2013-02-15 05:23 GMT
USD/JPY finding bids ahead of 92.20
2013-02-15 04:58 GMT
Kiwi strength to stay – ANZ
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EURUSD
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HIGH
1.33721
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LOW
1.33472
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BID
1.33524
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ASK
1.33532
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CHANGE
-0.07%
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TIME
08:23:26
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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: The recent price acceleration on the upside suggests a possible move higher ahead. Next on tap is resistive barrier at 1.3400 (R1) on the way towards to higher targets at 1.3415 (R2) and 1.3428 (R3).
Downwards scenario: If the market fails to stabilize on the positive side, we expect retest of our support level at 1.3373 (S1) in near term perspective. Successful penetration below it would enable initial targets at 1.3358 (S2) and 1.3344 (S3).
Resistance Levels: 1.3400, 1.3415, 1.3428
Support Levels: 1.3373, 1.3358, 1.3344
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GBPUSD
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HIGH
1.55214
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LOW
1.5484
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BID
1.55071
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ASK
1.55082
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CHANGE
0.09%
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TIME
08:23:27
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Upward
penetration
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TRADERS SENTIMENT
Bullish
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IMPLIED VOLATILITY
Medium
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Upwards scenario: Prolonged movement yesterday on the downside finally looks exhausted. Penetration above the fresh high at 1.5526 (R1) might keep bulls in play, targeting next resistances at 1.5547 (R2) and 1.0568 (R3).
Downwards scenario: Bearish forces are possible below the next support level at 1.5502 (S1). Clearance here would suggest next target at 1.5481 (S2). If the price holds its momentum on the downside we suggest final target for today at 1.5458 (S3).
Resistance Levels: 1.5526, 1.5547, 1.5568
Support Levels: 1.5502, 1.5481, 1.5458
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USDJPY
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HIGH
93.117
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LOW
92.25
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BID
92.504
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ASK
92.510
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CHANGE
-0.39%
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TIME
08:23:28
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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: Retracement development is limited to the next resistive structure at 92.81 (R1). Clearance here might shift trader’s sentiment to bullish side and open road towards to initial targets, located at 92.96 (R2) and 93.11 (R3).
Downwards scenario: Fresh low formed today offers important support level at 92.25 (S1). Discounted value of USDJPY might push through this mark and enable next visible target at 92.11 (S2) en route to 91.96 (S3) later on.
Resistance Levels: 92.81, 92.96, 93.11
Support Levels: 92.25, 92.11, 91.96
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