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MARKET UPDATE 29.08.2012

2012-08-29 01:23 GMT

ECB has no choice but buy periphery gvrt debt - Nomura

ECB purchases of periphery debt would be effective in ending a dysfunctional government bond marke, says Nomura economist Richard Koo. "While longer-term answers to this eurozone-specific problem include fiscal stimulus to tackle the balance sheet recession itself and a rule that addresses the issue of capital flight by restraining, given that both of those measures will probably take years to implement, the only short-term option is to have the ECB buy the government debt of peripheral countries" the economist said in a research note.

London session ahead will be another quiet one in terms of EUR macro data related coming out, with only French business confidence at 06:45 GMT, followed by Italian consumer confidence and retail sales at 08:00 GMT, and German CPI at 12:00 GMT. In the sovereign debt auctions front Italy will sell 6-month bills, with 10 year bond yields on the rise at 5.82% last, coming from multi-week lows Aug 22 at 5.56% for Italy. There will also be some meetings among different EU leaders going on which could actually produce some headlines.

Read More

2012-08-29 07:00 GMT

Switzerland. KOF Leading Indicator (Aug)

2012-08-29 12:00 GMT

Germany. Harmonised Index of Consumer Prices (YoY) (Aug). Preliminar

2012-08-29 12:30 GMT

United States. Gross Domestic Product Annualized (Q2)

2012-08-29 18:00 GMT

United States. Fed's Beige Book

2012-08-29 04:32 GMT

GBP/USD holds bullish stance – V.Bednarik

2012-08-29 04:11 GMT

GBP/JPY: Hikkake prints at key support

2012-08-29 03:42 GMT

EUR/USD, watch resistance at 1.2600

2012-08-29 02:02 GMT

USD on demand in Asia

AUDUSD
1.03662 / 668
NZDUSD
0.80462 / 469
USDCHF
0.95636 / 644
USDCAD
0.98881 / 887
GBPJPY
124.271 / 283
EURCHF
1.20099 / 106
GOLD
1668.66 / .94
SILVER
30.91 / .93
EURUSD 1.25567 / 1.25571
DAILY WEEKLY MONTHLY

1.2633

1.2604

1.2576

1.2543

1.2513

1.2481

SUMMARY

Up

TREND

Up
trend

MA10

Bearish

MA20

Bullish

STOCHASTIC

Neutral

 

MARKET ANALYSIS - Intraday Analysis

The “Bullish” sentiment took up the EURUSD. Instrument reached our target at 1.2547. Potential of going higher is seen today above the next resistance at 1.2576 (R1), surpassing of this level would suggest higher targets at 1.2604 (R2) and 1.2633 (R3). If it fail to go higher, we might see retracement development below the next support level at 1.2543 (S1) towards to next target at 1.2513 (S2). Brake here is required to enable last support level at 1.2481 (S3).

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GBPUSD 1.58147 / 1.58155
DAILY WEEKLY MONTHLY

1.5913

1.5887

1.5838

1.5797

1.5772

1.5747

SUMMARY

Up

TREND

Up
trend

MA10

Bearish

MA20

Bullish

STOCHASTIC

Neutral

 

MARKET ANALYSIS - Intraday Analysis

GBPUSD currently is under the “Bullish” pressure and moving towards to our suggested yesterday target at 1.5838 (R1), our next resistance level. Brake here would suggest new target at 1.5887 (R2) and any further rise would then be limited to 1.5913 (R3) intraday. Next support level stay at 1.5797 (S1), brake below it might provide a downside priority in direction for the remaining of the day. Next suggested targets at 1.5772 (S2) and 1.5747 (S3) in potential.

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USDJPY 78.580 / 78.584
DAILY WEEKLY MONTHLY

79.02

78.83

78.65

78.45

78.28

78.11

SUMMARY

Sideway

TREND

Sideway

MA10

Bullish

MA20

Bearish

STOCHASTIC

Neutral

 

MARKET ANALYSIS - Intraday Analysis

Technically instrument remain trading in a range mode. A break above the first resistance level at 78.65 (R1) would suggest a target at 78.83 (R2). If the price holds its momentum on the upside we can expect a further rise towards to 79.02 (R3) in perspective. All our support levels remain the same as yesterday. Key support level holds at 78.45 (S1). If the pair manage to brake here, we expect next target 78.28 (S2) and any further fall would then be limited to 78.11 (S3).

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