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2012-11-27 14:13 GMT
OECD: EU debt crisis a primary threat to world economy
The OECD released its twice-yearly Economic Outlook on Tuesday in which it cut the global growth forecast and warned that the Eurozone debt crisis is a greater threat to the world economy than the looming US fiscal cliff.
"After five years of crisis, the global economy is weakening again," OECD's chief economist Pier-Carlo Padoan warned. "The risk of a new major contraction can't be ruled out."
The Paris based organization reduced its global growth forecast for 2012 from 3.4% seen in May to 2.9%, and for 2013 from 4.2% to 3.4%. It also suggested that the Eurozone economy should start growing again in 2013 and that the US should witness a expansion of 2% next year and of around 3% in 2014. An intensification of the debt crisis in the Eurozone could however push the area into a profound recession and damage US recovery.
The OECD urged governments not to cut spending too much, as it hurts growth. Central banks in the Eurozone, Japan, China and India were advised to boost stimulus to prop up their ailing economies. The organization also allowed for the possibility of Greece not being able to strictly adhere to its reform plan, should recession deepen more than expected.
“The agreed consolidation measures should be put in place, but if growth proves lower than assumed in the government's fiscal plans, then the automatic stabilisers should be allowed to operate, even if this means missing the set targets,” the OECD stated.-FXstreet.com
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2012-11-28 13:00 GMT
Germany. Consumer Price Index. Preliminar
2012-11-28 15:00 GMT
United States. New Home Sales
2012-11-28 19:00 GMT
United States. Fed's Beige Book
2012-11-28 23:50 GMT
Japan. Large Retailer's Sales
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2012-11-28 05:42 GMT
EUR/USD risks losing 1.29; Greece lose ends, US fiscal cliff weigh
2012-11-28 05:19 GMT
GBP/USD seeing little action, but gently offered toward 1.60
2012-11-28 05:01 GMT
AUD/USD back to the upper bound of its tiny 30 pip range
2012-11-28 04:06 GMT
GBP/JPY suffering from risk aversion, holds above 131
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EURUSD
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HIGH
1.29452
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LOW
1.29118
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BID
1.29164
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ASK
1.29171
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CHANGE
-0.2%
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TIME
08:32:07
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Downward
penetration
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TRADERS SENTIMENT
Bullish
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IMPLIED VOLATILITY
High
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MARKET ANALYSIS - Intraday Analysis
Upwards scenario: The corrective reaction remains in power, though medium-term bias remains positive. In focus our resistance level at 1.2947 (R1), break here would suggest next targets at 1.2967 (R2) and 1.2984 (R3).
Downwards scenario: At the moment pair is looing -0.2% and might face next supportive barrier at 1.2900 (S1). Easing below it is essential to enable next targets at 1.2882 (S2) and 1.2865 (S3) in perspective.
Resistance Levels: 1.2947, 1.2967, 1.2984
Support Levels: 1.2900, 1.2882, 1.2865
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GBPUSD
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HIGH
1.60248
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LOW
1.59949
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BID
1.60013
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ASK
1.60022
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CHANGE
-0.13%
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TIME
08:32:08
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OUTLOOK SUMMARY
Neutral
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TREND CONDITION
Sideway
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
High
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Upwards scenario: The pair posted fresh high yesterday and trapped to consolidative mode trading. A break of technically important level at 1.6021 (R1) might determine positive bias for the remaining of the day. Next suggested targets in this case would be 1.6035 (R2) and 1.6048 (R3).
Downwards scenario: Price setup is looking for a pullback development. Downside fluctuations remains for now limited to next support level at 1.5992 (S1), only clear break here would be a signal of market easing with next targets at 1.5980 (S2) and 1.5968 (S3).
Resistance Levels: 1.6021, 1.6035, 1.6048
Support Levels: 1.5992, 1.5980, 1.5968
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USDJPY
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HIGH
82.211
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LOW
81.717
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BID
81.767
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ASK
81.771
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CHANGE
-0.47%
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TIME
08:32:09
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Downward
penetration
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
Neutral
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Upwards scenario: Instrument trades in gradual descending channel on the hourly chart. Our next resistance level is placed at 81.91 (R1). Brake here is required for a return to the upper side of the channel with possible targets at 82.01 (R2) and 82.10 (R3) in potential.
Downwards scenario: Penetration below the support at 81.66 (S1) might change technical picture and establish downtrend formation on the medium-term perspective. Our next expected target locates at 81.57 (S2) and any further loss would then be targeting to final support for today at 81.47 (S3).
Resistance Levels: 81.91, 82.01, 82.10
Support Levels: 81.66, 81.57, 81.47
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