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2013-03-22 06:00 GMT
Dimitriadis presents a resolution process to the Cypriot Parliament
The Cypriot Central Bank governor Panicós Dimitriadis has announced a bank restructuring plan that will allow banks to reopen on Tuesday. Dimitriadis said on Thursday that the bill would protect bank deposits up to €100K according to sources.
Earlier, the Popular bank allowed costumers to withdrawal cash but limited by individual to 260 euros a day.
Bloomberg has published that the bill has the approval of the Troika, however, the Eurogroup is weighing the close of the Cyprus Popular bank and the bank of Cyprus.
With European data disappointing and U.S. economic data surprising to the upside investors have returned to selling euros. Not only has tail risk in the Eurozone returned with the ECB threatening to pull support from Cyprus if an agreement is not reached by Monday but the outlook for growth has taken a turn for the worse, compounding the euro's problems. Eurozone manufacturing and service sector activity contracted at a faster pace in the month of March with the Eurozone PMI Composite index dropping to 46.5 from 47.9. While this is not the lowest reading that we have seen in the past 6 months, the cracks in Germany are reappearing. The Eurozone's largest economy is no longer able to provide umbrella support for the rest of the region and is now weakening alongside France, Italy and Spain. Tomorrow's German IFO report will most likely tell the same story of weakness in the Eurozone economy. The deteriorating growth outlook and risks posed by Cyprus and Italy (lets not forget about the unresolved elections) makes the euro less attractive than the dollar and should continue to add pressure on the currency.
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2011-08-10 11:14 GMT
E.M.U. Cyprus Parliament Vote on Banking Restructuring, Wealth Fund Bill
2013-03-22 09:00 GMT
Germany. IFO - Business Climate (Mar)
2013-03-22 09:00 GMT
Germany. IFO - Expectations (Mar)
2013-03-22 14:00 GMT
Belgium. Leading Indicator (Mar)
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2013-03-22 05:59 GMT
EUR/USD falls below 1.29, Cyprus fails to get Russian aid
2013-03-22 05:51 GMT
USD/JPY breaks down to yesterday's 94.50 lows
2013-03-22 05:43 GMT
Cyprus mission in Russia fails
2013-03-22 05:21 GMT
GBP/USD looking at 1.5200 asks
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EURUSD
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HIGH
1.29244
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LOW
1.28882
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BID
1.28994
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ASK
1.28999
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CHANGE
0.01%
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TIME
08:41:37
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Sideway
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TRADERS SENTIMENT
Bullish
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IMPLIED VOLATILITY
Medium
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MARKET ANALYSIS - Intraday Analysis
Upwards scenario: Market having failed to establish directional movement yesterday. Possible price strengthening might arise above the next resistance level at 1.2925 (R1). Our interim target holds at 1.2942 (R2) en route toward to our major aim at 1.2960 (R3).
Downwards scenario: Further devaluation is limited to the supportive barrier at 1.2879 (S1). Only loss here would be considered as new step of downtrend expansion, targeting 1.2861 (S2) and 1.2844 (S3).
Resistance Levels: 1.2925, 1.2942, 1.2960
Support Levels: 1.2879, 1.2861, 1.2844
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GBPUSD
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HIGH
1.51945
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LOW
1.5165
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BID
1.51878
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ASK
1.51888
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CHANGE
0.1%
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TIME
08:41:38
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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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Upwards scenario: A bullish momentum might occur if the price manages to climb above the key resistance level at 1.5208 (R1). Next targets on the way could be exposed at 1.5234 (R2) and 1.5260 (R3).
Downwards scenario: We do expect some pull-backs development on the downside below the support level at 1.5156 (S1). Short-term momentum on the negative side might open the way towards to immediate supports at 1.5127 (S2) and 1.5100 (S3).
Resistance Levels: 1.5208, 1.5234, 1.5260
Support Levels: 1.5156, 1.5127, 1.5100
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USDJPY
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HIGH
95.132
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LOW
94.545
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BID
94.683
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ASK
94.688
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CHANGE
-0.23%
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TIME
08:41:39
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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: Pair has settled negative bias on the hourly timeframe. However potential to move higher is seen above the 95.14 (R1) resistance level. Violation here would suggest next intraday targets at 95.34 (R2) and 95.55 (R3).
Downwards scenario: Risk of market weakening is seen below the key support at 94.41 (S1). Loss here is required to allow further declines and expose our support barrier at 94.22 (S3) en route towards to final target for today at 94.02 (S3)
Resistance Levels: 95.14, 95.34, 95.55
Support Levels: 94.41, 94.22, 94.02
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