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2012-07-24 05:13 GMT
Eurozone problems finally come to rest in Germany.
As if the markets could not take one more blow, yesterday, Moody's Investor Service took the first step toward stripping Germany of its coveted AAA credit rating, cutting the outlook for Europe's largest and most pivotal economy to "negative".Delivering a stark warning on Monday that no one is immune from the eurozone's rolling crisis, the ratings agency lowered Germany's credit outlook from "stable" to "negative".
A similar move was announced for fellow AAA ranked economies, the Netherlands and Luxembourg.
US stocks have skidded amid a global sell-off on renewed eurozone sovereign debt concerns that Spain was headed for a bailout and Greece could exit the eurozone.
Spain's borrowing costs on Monday struck highs considered unsustainable, sparking fears that the eurozone's fourth-largest economy may require a bailout.
The Dow Jones Industrial Average recovered from a loss of over 200 points to close at 12,721.46, down 101.11 points, or 0.79 per cent, putting in a second straight day in negative territory.
Asian equities this morning have opened down, but seem to be on hold as investors digest yesterday's Wall Street action and try to interpret the Moody's downgrade.
Read More
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2012-07-24 07:58 GMT
EMU - Markit Manufacturing PMI (Jul)
2012-07-24 08:30 GMT
UK - BBA Mortgage Approvals (Jun)
2012-07-24 12:30 GMT
CANADA - Retail Sales (May)
2012-07-24 12:58 GMT
US - Markit Manufacturing PMI (Jul)
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2012-07-24 04:59 GMT
Yen poised to outperform in general - BBH
2012-07-24 04:30 GMT
EUR/USD below 1.2150 ahead of Spanish auction
2012-07-24 04:21 GMT
GBP/USD stagnant above 1.55 ahead of Europe
2012-07-24 03:25 GMT
AUD/USD, 1.03 proves tough; RBA speech underway
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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, all signals point same direction; RSI at 31 still has some downside room. But we see a choppy sideways rally from the 1.2160 area to the 1.2320 area. The euro's strong downtrend continues to be in place as the prices have remained firmly below the declining 21-day moving average. Below 1.2145 we have the next Fibonacci level at 1.1820 and this is now the next downside target. Supports are seen at the 21-DMA lower Bollinger line 1.2055, followed by 1.1985 and 1.1957 with resistance levels at the 10-DMA line at 1.2231 and then at 1.2282.
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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
Overbought
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MARKET ANALYSIS - Intraday Analysis
Technicals remain bearish breaching support at 50 day MA 1.5540 leaves 1.5450 as next important level for support; bullish MACD stands in contrast to other bearish indicators. The daily trend remains sideways but our outlook continues to point lower. A move below 1.5390 will virtually confirm the bearish bias and should lead to the long-anticipated downside acceleration toward 1.35 eventually. Supports are seen at 1.5414, 1.5393 and then at 1.5375, with resistance levels at the 55-DMA line at 1.5654 and then at 1.5738.
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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 remain bearish flirting with 78.00, RSI approaches 30; support at June low of 77.66 The USD fell below our stop level at 78.61, which proved to be inadequate. In the short term the immediate pressure is on the downside, but the larger-degree trend is sideways. The downside will likely be limited and a move below 76.00 will not occur at this stage. On the upside, we need a firm and sustained break above 80.60 any major shift.
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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
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Forex and CFDs may not be suitable for all investors. Only invest with money you
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investing. Seek independent advice if necessary.
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