Corruption considered major problem in Europe. About 75% of Europeans believe that corruption is a major problem in their country, according to the latest Eurobarometer survey published by the European Commission here on Wednesday.
Outlook for USDCAD continues to point lower following its inability to follow through higher the past week. This development now leaves the pair vulnerable to the downside towards the 0.9890 level, its Oct 27'2011 high. However, it will have to decisively break and hold below the 0.9923 level to target the 0.9890 level.
Data to start the week showed UK's Nationwide house price index climbed by 4.1% month over month, with the typical asking price for a home climbed to £233,252. That was the best reading in nearly 10 years. The report said that the surprisingly strong spring price pump was triggered by rising seller confidence due to a lack of homes for sales in more affluent areas.
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US holiday Quiet ahead of the Greek Storm
U.S. Dollar Trading (USD) the spike higher on Monday morning in global stocks continued to hold for the rest of the trading day but with little action seen in Europe and US. The US was on holiday for Presidents day and commodity markets were closed but at the end of the session we saw a sharp sell off on concerns the bailout plan announced for Greece was not large enough. The Euro (EUR) the EUR/USD is testing 1.3200 in Asia Tuesday as the Greece saga continues to roll on with more negotiations and talk of more money being needed which is spooking the Euro buyers. Looking ahead, expect more Greece Debt deal announcements at any moment.
The Japanese Yen (JPY) continued to be sold across the board and is within striking distance of the Y80 level which so far has held firm. Traders expect stops to be above the key level and for selling near it to prove a real test for the recent rally with a failure prompting a pull back. The Sterling (GBP) traded broadly in line with the EUR/USD although a small rally in EUR/GBP saw the GBP/USD moves slightly mooted and kept to a 50 point range above 1.5800. Australian Dollar (AUD) traded between 1.0750-1.0800 in the European and US sessions but has broken lower on Greece concerns in early Asian trade on Tuesday ahead of RBA Governor Steven’s speech and the RBA minutes from earlier in February. Looking ahead, February RBA minutes at 00:30 GMT
Oil & Gold (XAU) kept to a $5 range above the $1730 level. Oil opened above $105 and spent the day above the key level as Iran tensions continued to support.
Pairs to watch
EUR/USD more delays spooking the bulls
AUD/USD struggling while no clear Greece plan released
TECHNICAL COMMENTARY
|
Currency |
Sup 2 |
Sup 1 |
Spot |
Res 1 |
Res 2 |
|
EUR/USD |
1.2974 |
1.3115 |
1.3210 |
1.3322 |
1.3435 |
|
USD/JPY |
78.36 |
78.80 |
79.60 |
79.89 |
80.00 |
|
GBP/USD |
1.5642 |
1.5790 |
1.5825 |
1.5886 |
1.5929 |
|
AUD/USD |
1.0629 |
1.0689 |
1.0720 |
1.0845 |
1.1007 |
|
XAU/USD |
1671.00 |
1702 |
1732 |
1737 |
1752 |
|
OIL/USD |
101.00
|
103.00 |
104.80 |
105.00 |
106.00 |
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US holiday Quiet ahead of the Greek Storm
U.S. Dollar Trading (USD) the spike higher on Monday morning in global stocks continued to hold for the rest of the trading day but with little action seen in Europe and US. The US was on holiday for Presidents day and commodity markets were closed but at the end of the session we saw a sharp sell off on concerns the bailout plan announced for Greece was not large enough. The Euro (EUR) the EUR/USD is testing 1.3200 in Asia Tuesday as the Greece saga continues to roll on with more negotiations and talk of more money being needed which is spooking the Euro buyers. Looking ahead, expect more Greece Debt deal announcements at any moment.
The Japanese Yen (JPY) continued to be sold across the board and is within striking distance of the Y80 level which so far has held firm. Traders expect stops to be above the key level and for selling near it to prove a real test for the recent rally with a failure prompting a pull back. The Sterling (GBP) traded broadly in line with the EUR/USD although a small rally in EUR/GBP saw the GBP/USD moves slightly mooted and kept to a 50 point range above 1.5800. Australian Dollar (AUD) traded between 1.0750-1.0800 in the European and US sessions but has broken lower on Greece concerns in early Asian trade on Tuesday ahead of RBA Governor Steven’s speech and the RBA minutes from earlier in February. Looking ahead, February RBA minutes at 00:30 GMT
Oil & Gold (XAU) kept to a $5 range above the $1730 level. Oil opened above $105 and spent the day above the key level as Iran tensions continued to support.
Pairs to watch
EUR/USD more delays spooking the bulls
AUD/USD struggling while no clear Greece plan released
TECHNICAL COMMENTARY
|
Currency |
Sup 2 |
Sup 1 |
Spot |
Res 1 |
Res 2 |
|
EUR/USD |
1.2974 |
1.3115 |
1.3210 |
1.3322 |
1.3435 |
|
USD/JPY |
78.36 |
78.80 |
79.60 |
79.89 |
80.00 |
|
GBP/USD |
1.5642 |
1.5790 |
1.5825 |
1.5886 |
1.5929 |
|
AUD/USD |
1.0629 |
1.0689 |
1.0720 |
1.0845 |
1.1007 |
|
XAU/USD |
1671.00 |
1702 |
1732 |
1737 |
1752 |
|
OIL/USD |
101.00
|
103.00 |
104.80 |
105.00 |
106.00 |
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US holiday Quiet ahead of the Greek Storm
U.S. Dollar Trading (USD) the spike higher on Monday morning in global stocks continued to hold for the rest of the trading day but with little action seen in Europe and US. The US was on holiday for Presidents day and commodity markets were closed but at the end of the session we saw a sharp sell off on concerns the bailout plan announced for Greece was not large enough. The Euro (EUR) the EUR/USD is testing 1.3200 in Asia Tuesday as the Greece saga continues to roll on with more negotiations and talk of more money being needed which is spooking the Euro buyers. Looking ahead, expect more Greece Debt deal announcements at any moment.
The Japanese Yen (JPY) continued to be sold across the board and is within striking distance of the Y80 level which so far has held firm. Traders expect stops to be above the key level and for selling near it to prove a real test for the recent rally with a failure prompting a pull back. The Sterling (GBP) traded broadly in line with the EUR/USD although a small rally in EUR/GBP saw the GBP/USD moves slightly mooted and kept to a 50 point range above 1.5800. Australian Dollar (AUD) traded between 1.0750-1.0800 in the European and US sessions but has broken lower on Greece concerns in early Asian trade on Tuesday ahead of RBA Governor Steven’s speech and the RBA minutes from earlier in February. Looking ahead, February RBA minutes at 00:30 GMT
Oil & Gold (XAU) kept to a $5 range above the $1730 level. Oil opened above $105 and spent the day above the key level as Iran tensions continued to support.
Pairs to watch
EUR/USD more delays spooking the bulls
AUD/USD struggling while no clear Greece plan released
TECHNICAL COMMENTARY
|
Currency |
Sup 2 |
Sup 1 |
Spot |
Res 1 |
Res 2 |
|
EUR/USD |
1.2974 |
1.3115 |
1.3210 |
1.3322 |
1.3435 |
|
USD/JPY |
78.36 |
78.80 |
79.60 |
79.89 |
80.00 |
|
GBP/USD |
1.5642 |
1.5790 |
1.5825 |
1.5886 |
1.5929 |
|
AUD/USD |
1.0629 |
1.0689 |
1.0720 |
1.0845 |
1.1007 |
|
XAU/USD |
1671.00 |
1702 |
1732 |
1737 |
1752 |
|
OIL/USD |
101.00
|
103.00 |
104.80 |
105.00 |
106.00 |
A national holiday kept U.S. markets idle Monday but the rest of the world started the week diving into risk assets like stocks and commodities.
The Reserve Bank of Australia will on Tuesday release the minutes from its monetary policy board meeting on February 7, highlighting a light day for Asia-Pacific economic news. At the meeting, the board decided to keep its benchmark cash rate unchanged at 4.25 percent against economists' expectations for a quarter-point reduction.
Japan will announce the results of its all industry activity index for December, with forecasts suggesting an increase of 1.5 percent on month. That follows the 1.1 percent contraction in November.
Hong Kong will release seasonally adjusted inflation data for January, with analysts expecting the rate to remain unchanged from the previous month at 3.3 percent.
Thailand will provide January numbers for imports, exports and trade balance. Imports are expected to rise 5.8 percent on year following the 19.1 percent surge in December. Exports are called higher by 0.6 percent on year after easing 2.0 percent in the previous month. The trade balance is expected to reflect a deficit of $1.905 billion after posting a shortfall of $2.130 billion a month earlier.
The RBNZ will provide inflation expectations for New Zealand in the first quarter of 2012; expectations were at 2.8 percent for the previous quarter.
The material has been provided by Instaforex Company - instaforex.com
A bit of correction might be ahead for the USD/JPY as it it held under 80.00. The bull run has accomplished a break above the key pivot near 79.55, which was resistance in Nov. 2011, and also support during May and June of the year. The RSI in the daily chart was pushed above 70, a sign of bullish momentum, although in the short-term, it reflects overbought condition.