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2012-10-23 00:04 GMT
Spain is now where Greece was three years ago.
Steen Jakobsen, Chief Investment Officer at Saxo Bank, on an attempt to emphasize the dire financial picture in Spain, and what may come further down the road, notes Spain is now where Greece was three years ago.
Mr. Jakobsen notes: "Spain is facing negative fiscal multipliers as any move toward austerity will aggravate the negative economic spiral. Even the IMF has now admitted that fiscal multipliers are far higher than previously assumed (0.9 to 1.7 vs. previous 0.5), meaning the end is not near to this crisis. The problem for Spain is the same as for Greece: a mandate for change forced on the population by unelected and non-accountable officials in offices in Brussels or Frankfurt is never going to last for long. "
Moody's Investors Service announced downgrades by one or two notches the ratings in five Spanish regions, including Andalucia, Extremadura, Castilla-La Mancha, Catalunya, and Murcia. In the statement, Moody's also confirms the ratings of the Basque Country and the Diputacion Foral de Bizkaia at Baa2. In addition, the ratings of the regions of Madrid, Castilla y Leon and Galicia have also been confirmed at Baa3. The ratings of Valencia were also confirmed at B1.
Read More
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2012-10-23 12:30 GMT
Canada. Retail Sales
2012-10-23 13:00 GMT
Canada. BoC Interest Rate Decision
2012-10-23 14:00 GMT
E.M.U. Consumer Confidence
2012-10-23 17:00 GMT
United Kingdom. BoE's Governor King Speech
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2012-10-23 04:50 GMT
GBP/USD flat above 1.6000, bearish below 1.5970
2012-10-23 02:52 GMT
EUR/AUD set for breakout, but in which direction?
2012-10-22 23:52 GMT
USD/JPY threatening 80.00
2012-10-22 21:26 GMT
EUR/JPY surges toward 61.8% Fibo resistance
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SUMMARY
Down
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TREND
Downward
penetration
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MA10
Bearish
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MA20
Bullish
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STOCHASTIC
Oversold
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MARKET ANALYSIS - Intraday Analysis
Technical Summary: Instrument tested negative side today and we see possibility of further market decline later on today.
Main scenario: A short-term neutral bias might face immediate support at 1.3048 (S1). Lower targets are placed at 1.3037 (S2) and 1.3025 (S3) in case of successful penetration here.
Alternative scenario: Next resistance is placed above the fresh high at 1.3075 (R1), a break above it would extend gains towards to next targets at 1.3087 (R2) and 1.3099 (R3).
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SUMMARY
Down
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TREND
Downward
penetration
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MA10
Bullish
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MA20
Bearish
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STOCHASTIC
Neutral
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MARKET ANALYSIS - Intraday Analysis
Technical Summary: Both moving averages now are pointing down and we expect further easing today below the expected support levels. Main tendency on the medium term remains negative.
Main scenario: Downside direction is limited by next support level at 1.6006 (S1), price decrease below it would be targeting next supports at 1.5992 (S2) and 1.5977 (S3).
Alternative scenario: Our next resistance locates at 1.6024 (R1). Successful attack here would put in focus next target at 1.6038 (R2) and any further rise would then be targeting to 1.6052 (R3).
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SUMMARY
Up
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TREND
Up
trend
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MA10
Bullish
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MA20
Bullish
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STOCHASTIC
Neutral
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MARKET ANALYSIS - Intraday Analysis
Technical Summary: Positive tendency remains in power today however in near future we expect to see some consolidation and possibly pull back from its initial price increase.
Main scenario: Our next resistance stay at 80.01 (R1), break here is required for market expansion towards to next targets at 80.15 (R2) and 80.31 (R3).
Alternative scenario: If the marked decline below the support at 79.78 (S1), we expect price downgrade towards to our targets at 79.64 (S2) and 79.49 (S3) as a part of consolidation.
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MARKET INFORMATION AND OPINIONS: Any information provided by FXCC
on this newsletter, including but not limited to news, research, opinions, analyses
and prices, is provided as commentary on the Forex market generally -- in other
words, it is not, and should not be considered as, investment advice. Consequently,
FXCC shall not be liable for any loss or damage, including but not limited to loss
of profits, which arises directly or indirectly from reliance upon or use of information
contained on this newsletter.
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.
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