Jun 3, 2010

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

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Chop, chop, choppy…..

Posted:

EUR/USD continues to see choppy trade in a narrow range either side of 1.2300.  Latest reports have real money buying the pairing. We sit presently at 1.2295.

BIS sells EUR/USD

Posted:

And we're back below 1.2300.  I'm not sure of exact level, but would think around 1.2315 given price action. The dummy's gone flying out the window.  Never did like the Swiss!!  Only joking.........about the dummy that is.  :)

Analysts: Japan Q1 GDP To Be Revised Down But Growth High

Posted:

By Max Sato TOKYO (MNI) - Japan's economic growth in the first quarter of 2010 is expected to be revised down next week from an initial estimate of near 5% annualized growth after a government survey showed depressed business investment, economists said on Thursday. ...

EUR/USD back over 1.2300

Posted:

European stocks continue to put in robust performance. EUR/USD presently at 1.2315.  Will it be third time lucky with euro bulls managing to take out stubborn resistance up at 1.2320/30?  If we fail again I'm going to spit out my dummy.

USD/JPY ticking higher

Posted:

Presently at 92.58 with UK clearer notable buyer in recent trade. As mentioned to reader in comment; talk of sell orders layered from 92.50 up to 93.15, so any further upside likely to be grind rather than a sprint, unfortunately.

Euro zone May final services PMI revised up to 56.2

Posted:

From flash 56.0 and versus 55.6 in April.  Highest read since August 2007. Composite revised up to 56.4 from flash 56.2,  but down from 57.3 in April.

Italy May services PMI 53.7

Posted:

Down from 54.5 in April and below median forecast of 54.7. Lowest read since  February.

As my little mate likes to say…..

Posted:

So what have we learnt so far today?  Weeeeeeeeeeeell, how about them sell orders up at 1.2320/30 sure is lumpy.  A source described them as a "brickwall" earlier. Beginning to think he might have a point. We're back down at 1.2285. Talk of good  Middle Eastern selling in EUR/USD.  Also Middle ...

Spain’s May services PMI rises to 52.3

Posted:

From April's 50.9.  Above median forecast of 51.0 and highest read since October 2007.

Germany EconMin: Need Consolidation Which Won’t Hurt Growth

Posted:

BERLIN (MNI) - Germany's Economy Minister Rainer Bruederle said Thursday that only expenditures with no impact on economic growth should be cut. "Without growth we won't be able to consolidate budgets," Bruederle told German public television ...

Beijing: UK FinMin Osbourne: Eurozone crisis raises questions about ability to cut deficits

Posted:

Deficit nations need to cut borrowing, surplus nations must contribute to growth Funny sort of headline. I await details.

DAX up 1.5%, Spain’s IBEX 35 up 2.3%, Portugal’s PSI 20 up 1.3%

Posted:

Oil up close to 1 1/2 bucks. Risk sentiment still in fairly decent shape. EUR/USD back above 1.2300, presently at 1.2317, looking to have another go at those sell orders.

EUR/GBP lower

Posted:

Down at .8340 from early .8370 with UK clearer notable seller this morning. They buy, they sell, all part of life's rich pageantry.

ECB’s Bini Smaghi: Perhaps too much concern over exchange rate in Europe – Report

Posted:

Appears to me ECB isn't worried much at all.  Benign neglect is the phrase that comes to mind. Well those sell orders up at 1.2320/30 seem to have indeed been of decent size.  Having reached 1.2326 we're back down at 1.2295. Ho hum.

UK Nationwide house prices better than expected in May

Posted:

Have come in at +0.5% m/m, +9.8%  y/y, better than median forecasts of +0.3%, +9.6% respectively.  Data has given sterling marginal boost.

Germany Press: Fin Min To Shift E4.4 Bn UMTS Revenue To 2011

Posted:

BERLIN (MNI) - German Finance Minister Wolfgang Schaeuble aims to book the proceeds of E4.4 billion from the auction of UMTS licenses into next year's budget in order to ease the pressure for consolidation, German daily Bild reported Thursday. The ...

EUR/USD rallies early; sell orders noted

Posted:

EUR/USD up at 1.2320.  Getting reports of fairly-decent sell orders at 1.2320/30 which are so far capping the rally. Trying to find out where stops are. I'd hazard a guess through 1.2355.

UK Nationwide: House Prices Rise 0.5% On Month In May

Posted:

--Nationwide: UK May House Prices +0.5% m/m; +9.8% y/y --Nationwide: UK House Prices Up 12.2% Since Feb 2009 Trough ...

EUR/USD firms during Asian trade

Posted:

EUR/USD sits up at 1.2290, firmer from a North American close Wednesday down around 1.2245.  Asian stocks have followed their Wall St counterparts higher, general risk sentiment in better shape. Oil up about three quarters of a buck.  EUR/USD underpinned by hedge fund buying of the EUR/JPY cross, which has risen to ...

ForexLive Asian market wrap: JPY crosses make more gains

Posted:

Regional stockmarkets rise by up to 3% after 2.6% rise on Wall Street Australian trade balance +134 million, first positive in years after improved contract prices for commodities kicked in BoE's Posen again refers to unsustainable state of public debt in Japan, UK, US and Europe Xstrata suspends Australian investment in protest at ...
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