2012-07-23 05:23 GMT
Spain Weighs On Global Markets
US markets closed down after worries about Spain continued to flourish. After positive earnings reports all week, markets slumped on Friday. This morning Asian markets are tumbling following Wall Street's lead. Global markets are not in such a positive mood this Monday morning, and the catalysts behind this mood swing are fairly thin but rooted in intensifying concerns about funding pressures affecting stressed European sovereign credits and China’s persistent bias in favor of tight property lending conditions.
Currency markets are reinforcing the negative mood with almost all of the major crosses pushing lower against the USD except for the yen. The commodities complex is also correcting lower with oil and gold off and mixed performances being put in across the metals and agricultural commodities. Spain’s funding costs are getting are surging with the 10 year note back up above 7% at the time of writing.
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2012-07-23 07:00 GMT
Switzerland - Monthly Statistical Bulletin (Jul)
2012-07-23 12:30 GMT
US - Chicago Fed National Activity Index (Jun)
2012-07-23 14:00 GMT
EMU - Consumer Confidence (Jul)
2012-07-24 02:30 GMT
China - HSBC Manufacturing PMI (Jul)
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2012-07-23 04:42 GMT
GBP/USD down 0.3%, support at 1.5550
2012-07-23 04:22 GMT
EUR/USD trading at fresh 2-year lows above 1.2100
2012-07-23 03:54 GMT
GBP/JPY hits fresh 6-week low sub-122.00
2012-07-23 03:45 GMT
EUR/JPY drops below 95.00, MoF watching closely
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SUMMARY
Down
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TREND
Down
trend
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MA10
Bearish
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MA20
Bearish
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STOCHASTIC
Oversold
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MARKET ANALYSIS - Intraday Analysis
Technicals are bearish- 1.22 is key psychological level to watch as movement declines from congestion near 1.2150. Price is currently holding at 1.2113, with strong resistance at 1.2100. Short term and long signals are all aligned with strong sell signals. Our outlook remains bearish. MA's are all in the red, Stochastic is reading sell and MACD and ADX support the bearish bias. The question is how far can the euro fall? 1.21 is going to be a difficult number to break through. There is a strong chance that the pair will be rangebound between the 1.21 to 1.22 level today.
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SUMMARY
Neutral
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TREND
Up
trend
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MA10
Bearish
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MA20
Bearish
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STOCHASTIC
Overbought
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MARKET ANALYSIS - Intraday Analysis
Technicals remain neutral - unable to breach 200 day MA 1.5751 suggests limited upside potential; with downside support is at 50 day MA 1.5622 which was shattered in early trading. The pair just fell right through the support line and continued to decline. This does not change our outlook for today, we remain neutral. Short term signals are reading bearish, but when we move out to near term and long term, signals are mixed and confused.
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SUMMARY
Down
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TREND
Down
trend
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MA10
Bearish
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MA20
Bearish
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STOCHASTIC
Oversold
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MARKET ANALYSIS - Intraday Analysis
Technicals are bearish with RSI at 38 indicates potential for continued decline. Congestion at 78.20 - 78.00 is likely, with significant support expected at 78.00. If the pair breach the 78.00 then a run to 77.15 is likely. Short term and long term are all in the red and our bias is bullish. The pair at this writing is close to the 78.15 mark, keep an eye on the 78.00, it will tell the story.
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