AcetraderFx May 6: Intra-Day Market Moving News and Views EUR/USD

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Intra-Day Market Moving News and Views

06 May 2014 02:47GMT

EUR/USD - 1.3880.. The European Commission (EC) gave a downbeat assessment of the eurozone in its spring forecast on Mon n traders' reaction after reading the report wud be selling the eur/gbp cross.

Bloomberg reported The European Commission predicted on Mon low inflation will remain a threat to euro-area expansion for at least the next 2 years as it trimmed its economic-growth forecast n warned of the impact of tensions with Russia.

The euro zone's inflation rate will be 0.8% this year n 1.2% in 2015, both lower than forecast in Feb n well below the ECB's target of just below 2%. EZ GDP is projected to rise 1.7% in 2015, compared with the commission's previous forecast of 1.8%.

Commission VP Siim Kallas told reporters in Brussels "Price pressures are expected to remain subdued as we expect energy prices to continue to decline n as demand is only gradually firming n unemployment is still high." He added "When we consider what are the main risks for the European economy at this stage, the one main risk is clearly the external tensions n uncertainty which surrounds us, especially related to the crisis in Ukraine.


02:22GMT
EUR/USD - 1.3877 ... The single currency traded inside a narrow range of 1.3865-1.3890 on Monday due to holidays in Japan and Britain. Trading is expected to be thin also in Asia today until European open as Italy, France, Germany n eurozone will release their services PMI at 07:45GMT, 07:50GMT, 07:55GMT n 08:00GMT respectively.

Market players shud pay attention to the release of eurozone retail sales data at 09:00GMT. The retail sales is expected to decrease by 0.6% m/m in March versus the previous reading of 0.4% m/m increase.

 

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AceTraderFX May 19: Intra-Day Market Moving News and Views EUR/USD USD/JPY

Intra-Day Market Moving News and Views

19 May 2014 01:06GMT

EUR/USD - 1.3701
A piece of important w/end news worth noting. Reuters, together with our media reported ECB Executive Board member Peter Praet will recommend that the bank cut its main refinancing rate to a record low 0.15 percent from 0.25 percent at its policy meeting on Jun 5, according to the German magazine Der Spiegel.

Praet is also expected to recommend the introduction of a negative rate on bank deposits for the first time, Der Spiegel reported on Sun, without citing a source.

USD/JPY - 101.55
Japanese gov't. official says : machinery orders rise at fastest pace since comparable data available fm fiscal year 2005.
Japan's Mar monthly & year-on-year machinery order surged to 19.1% n 16.1% respectively, way abv market consensus of 6.0% & 4.2% respectively, however, dlr has shown muted reaction to the data.

The ECB declined to comment. Last week Reuters reported that the ECB was preparing a package of policy options for its June meeting, including cuts in all interest rates.

Five people familiar with the measures being prepared described plans involving a potential rate cut, including the ECB's deposit rate going negative for the first time, along with measures targeting small n mid-size companies.

Data to be released on Monday :

New Zealand PPI input, PPI output, U.K. Rightmove house prices, Japan machine tool orders,, euro zone construction output. Market in Canada will be closed due to Victoria/Patriots' Day.

 

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AceTraderFX May 23: Intra-Day Market Moving News & Views & data to be released today

Intra-Day Market Moving News and Views

23 May 2014 02:19GMT

EUR/USD - 1.3648 ... Despite yesterday's brief rebound to 1.3688, the single currency weakened again on renewed speculations that ECB will undertake further monetary easing as anti-establishment political groups seek to win power at polls this weekend. Offers are now tipped at 1.3660-70 and more at 1.3680-85 with stops seen above 1.3690 but mixture of offers and stops is noted at 1.3700. On the downside, some bids are located above Wed's 3-month low at 1.3635.

The European Parliament's balloting runs through Sunday. Galvanized by the debt crisis and the European Union's 10.5 percent unemployment rate, protest parties are set to surge in Greece, France, Italy, the Netherlands, Austria, the U.K. and elsewhere.

Bundesbank President Jens Weidmann said at event in Frankfurt on Thursday that unconventional monetary policy measures will be considered.

Germany will release its GDP, imports and exports data at 06:00GMT. Market players are now focusing on the release of a slew of German IFO figures due out at 08:00GMT. The key business climate index is forecast to fall to 110.9 this month fm 111.2 in April, if the reading comes in at or below consensus, euro bears wud surely give the single currency another bashing.

23 May 2014 01:58GMT

USD/JPY - 101.75 ... The greenback ratcheted higher to 101.86 in Tokyo morning due to improved risk appetite as Nikkei-225 index rose by 125 points to 11463 following the rise in global stock markets. Bids are now located at 101.70-60 n more at 101.50 whilst offers are tipped at 101.90-00.

The Bank of Japan's chief executor of its unprecedented monetary stimulus, Masayoshi Amamiya, is expected by central bank and Abe administration officials to be reappointed to a rare second term, according to people familiar with the discussions.

Amamiya has helped shape key policies as the central bank battles deflation in the world? third-biggest economy. After less than a year as Osaka branch manager, Amamiya, 58, got his old job back as head of the monetary affairs department in March 2013, about two weeks before Kuroda unveiled record easing on April 4.

Data to be released on Friday :

New Zealand ANZ consumer confidence, Germany GDP, exports, imports, Ifo business climate, Ifo current assessment, Ifo expectations, Italy retail sales, Canada CPI, U.S. new home sales.

 

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AceTraderFX May 26: Intra-Day Market Moving News & Views & data to be released today

Intra-Day Market Moving News and Views
25 May 2014 23:09GMT

EUR/USD - 1.3627.. On election results of the European Parliament, Reuters reported earlier Exit polls show surge in support for far right, Euroskeptics in European Parliament election.

Centre-right parties estimated to top European parliament vote with 211 seats out of 751.

Reuters reports according to official projections, centre-right parties are estimated to top European parliament vote with 211 seats out of 751.

Socialists seen in second place with 193 seats, Liberals third with 74,Greens 58, far left 47 n Eurosceptic parties seen winning about 129 seats in European parliament.

Reuters then reported Britain's Eurosceptic UKIP party has won gains in elections to the European Parliament, so far polling more strongly than PM David Cameron's Conservative party n the opposition Labour party, early results showed on Sunday.

With results for 10 out of 73 seats declared, the UK Independence Party, which wants Britain to leave the European Union, had won 4 seats, the opposition Labour party 3 seats, and the Conservatives 3 seats.

25 May 2014 22:57GMT

NZD/USD - 0.8545.. Ratings agency Fitch said New Zealand Subnational ratings still underpinned by institutional framework.

Fitch Ratings says in a newly-published report that the overall strength of the New Zealand institutional framework remains a major positive credit factor for subnationals.

Data to be released this week :

New Zealand trade balance, exports, imports, Germany Gfk consumer confidence, import price index, UK Spring Bank holiday, Nationwide house prices and U.S. Memorial day holiday on Monday.

Japan business confidence, Swiss GDP, trade balance, Germany retail sales, France consumer confidence, Italy consumer confidence, UK BBA loans, U.S. durable goods, house prices, services PMI and consumer confidence on Tuesday.

Australia Westpac leading index, China industrial profits, France PPI, Germany unemployment change, unemployment rate, Italy business confidence, economic sentiment, EU economic confidence, industrial confidence, consumer confidence, services confidence, business climate, UK CBI sales and U.S. MBA mortgage applications on Wednesday.

Japan retail sales, Australia home sales, private capital expenditure, China leading index, UK business barometer, Canada current account, U.S. GDP annualized, personal consumption, GDP price index, core PCE, jobless claims and pending home sales on Thursday.

New Zealand building permits, Japan jobless rate, household spending, national CPI, Tokyo CPI, industrial production, housing starts, construction orders, Swiss KOF leading indicator, Italy PPI, CPI, Canada GDP, U.S. personal income, personal spending, PCE and University of Michigan consumer confidence on Friday.

 

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AceTraderFx Jul 4: Intra-Day Maket Moving News & Views & data to be released today - EUR/USD

Intra-Day Market Moving New and Views

04 Jul 2014 02:13GMT

EUR/USD - ... Despite yesterday's brief bounce to 1.3664 at European open, renewed selling interest there knocked price lower n euro nose-dived to an intra-day low at 1.3596 after dovish comments from ECB's president Draghi who said that take-up of the TLTRO could reach EUR 1 trillion. Selling interest is now tipped at 1.3620-25 n more at 1.3635-40. On the downside, mixture of bids n stops is located at 1.3600 but some bids are noted at 1.3580-75.

ECB's Draghi announced that starting January 2015, the ECB will reduce the frequency of its policy meetings to every 6 weeks, allowing for the publication of minutes a few weeks later. He added that studies on ABS have intensified but stressed the need for unanimity among council members about the possible use of non-standard measures.

On the data front, Germany will release its industrial orders at 06:00GMT.


Yesterday, ECB's Executive Board member Benoit Coeure said, quote: 'only way to move from current low interest rates is to reinvigorate euro zone's productive potential; govts should not view period of low rates as an invitation to abandon fiscal prudence; states should stick to rules of new EU fiscal framework, not stretch these to point where framework is discredited; confident euro zone banks with strong business models will make full use of TLTROS.'

Quoting the statement from ECB's policymaker Jens Weidmann :'ultra-loose monetary policy leads, over time, to financial stability risks; concerned that low rates are easing pressure on govts to reform, consolidate budgets; important to stress that ECB will not delay a normalisation of monetary policy out of regard for state finances; for the euro zone, monetary policy has made its contribution to deliver price stability; will take a while for June policy measures to take full effect; I regard it as wrong to speculate about further measures immediately after June decisions.'


Data to be released on Friday:

Germany industrial orders, U.K. Halifax house prices. U.S. independence day holiday.

 

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AceTraderFx Jul 8: Intra-Day Maket Moving News & Views & data to be released today

Intra-Day Market Moving New and Views

08 Jul 2014 01:59GMT

EUR/USD - .. Euro moves narrowly but with a firm bias in subdued Asian trading after Mon's rebound from European near 2-week low of 1.3676.
Short-term specs sold the single currency at European open on stop hunting and although price briefly penetrated Friday's 1.3586 low, good buying interest emerged at 1.3676 and euro staged a rebound to 1.3602, such move prompted broad-based short-covering in euro vs USD & GBP, the pair later rose marginally to session high of 1.3609 in NY afternoon, the 1.3610 at Asian open.

Although consolidation with mild upside bias is seen, reports of fairly good offers at 1.3615/25 should cap intra-day gain, so day traders can sell the euro on marginal rise for re-test of 1.3676 later in the day.
Initial bids are noted at 1.3600 and more at 1.3590-85 with stops below 1.3675, however, traders reported a layer of bids at 1.3665-50, so downside on the euro also looks pretty limited today.
Germany & France will release trade data at 06:00GMT & 06:45GMT but these are not expected to move the euro much.

White House said Obama, Hollande decide U.S., Europe should take further coordinated measures to impose costs on Russia if it does not take immediate steps towards de-escalation in Ukraine.


Data to be released on Tuesday:

Japan current account, economic watchers, Australia NAB business confidence, business conditions, Germany imports, exports, trade balance, France trade balance, Swiss CPI, retail sales, UK industrial output, manufacturing output and U.S. redbook retail sales.

 

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Acetraderfx Jul 24: Intra-Day Market Moving News and Views EUR/USD

Intra-Day Market Moving News and Views

24 Jul 2014 08:57GMT

EUR/USD - An EU source says 'German government believes EU cud move to sanctions on sectors of Russian economy by end of July; Germany government favours a time limit on how long new Russian sanctions should last.'

24 Jul 2014 07:55GMT
EUR/USD - ... Euro has swung from loss to gain in volatile European trading.

Although euro bears gave the single currency a broad-based bashing following FT headline of tough EU sanctions on Russia, price easily penetrated option barrier at 1.3450 n hit a fresh 8-month trough of 1.3438, however, better-than-expected Germany mfg & serv. PMIs triggered a wave of short-covering, euro quickly climbed above Asian 1.3463 high, then yesterday's top at 1.3474 to 1.3476.

Offers are noted at 1.3470/80 n these are fully absorbed, stops above 1.3491/96 may be hit. Bids are seen at 1.3460-50 n more below, suggesting choppy sideways trading may continue in European morning.

Germany manufacturing n services PMI came in better-than-expected at 52.9 n 56.6 vs forecasts of 52.0 n 54.5 respectively.

 

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AceTraderFx Aug 4: Intra-Day Market Moving News & Views & data to be released today

Intra-Day Market Moving New and Views EUR/USD

04 Aug 2014 01:12GMT

EUR/USD - .... News over the weekend worth noting, Bloomberg reported that 'Portugal's central bank took control of Banco Espirito Santo SA in a 4.9 billion-euro ($6.6 billion) bailout that will leave junior bondholders with losses.

'The full contribution of shareholders and of subordinated debt holders to the losses of Banco Espirito Santo will be ensured in accordance with the burden sharing rules' set out in 2013, the European Commission said in a statement on Sunday as it approved the plan.

Subordinated bonds have been hit by European regulators seeking to share the cost of resolving distressed banks with bondholders, with losses inflicted on holders of junior debt of lenders including Britain? Co-Operative Bank Plc and Spain's Bankia SA. (BKIA).

Banco Espirito Santo has 457 million euros of Tier 1 bonds, its most junior debt securities, and 853 million euros of more-senior Tier 2 bonds, making a total of about 1.3 billion euros, according to data compiled by Bloomberg. The lender has 13.5 billion euros of senior bonds and 4.63 billion euros of secured notes outstanding. All in all, it has 20.4 billion euros of bond debt outstanding, the data show.

Banco Espirito Santo is 20 percent owned by Espirito Santo Financial Group, part of a chain of companies linked to the bank? founding family. The lender? largest outside shareholders include France? Credit Agricole SA (ACA), owner of a 14.6 percent stake, as well as Brazil? Banco Bradesco SA (BBDC4), which has a 3.9 percent holding.

Banco Espirito Santo shares slumped 67 percent in July as three parent companies linked to the Espirito Santo family requested protection from creditors and concern grew that the bank may have to inject additional capital into its Angola unit.
Vitor Bento, who will be Novo Banco's chief executive officer, said the decision removes key uncertainties around the bank and the lender is now stronger and safer than before, according to a statement.


Next week will see the release of Australia’s retail sales, Swiss PMI, UK Markit CIPS Cons PMI, Eurozone producer prices, U.S. iSM New York index on Monday.

Australia’s import, export and trade balance, Japan’s services PMI, China HSbC services PMI, Reserve Bank of Australia rate decision, German and Eurozone Markit services PMI, Eurozone retail sales, U.S. redbook, U.S. Markit services PMI, ISM non-manufacturing PMI, durable goods, and factory orders on Tuesday.

New Zealand HLFS unemployment rate, UK BRC shop price index, Japan’s leading indicator, German industrial orders, Swiss CPI, U.K. industrial and manufacturing output, Canada’s import, export and trade balance on Wednesday.

Australia’s unemployment rate, Swiss consumer confidence, German industrial output, Bank of England rate decision, eurozone rate decision, Canada’s Ivy PMI and building permit on Thursday.

Japan’s current account, Australia’s housing finance, China’s export, import and trade balance, Swiss unemployment rate, German import, export and trade balance, U.K. trade balance, Canada’s unemployment rate, U.S. productivity, wholesale sales and inventories on Friday.

 

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AceTraderFx Aug 5: Market Review & data to be released today

Market Review - EUR/USD

EUR/USD - ... Yesterday on Europe closing saw the single currency traded narrowly on Monday after Fri's strong rebound to 1.3445. Euro ratcheted lower from last Fri's NY high at 1.3445 to 1.3409/10 in New York b4 recovering. Some bids are now reported at 1.3410-05 whilst some offers are tipped at 1.3430-40, however, trading was subdued as investors are waiting for the ECB's rate decision on Thursday.
Earlier Fed issued a statement, quote:
banks eased lending standards for many loan categories amid broad-based pickup in loan demand in 3-month period to July;
many banks eased standards on prime residential home loans;
little change in standards for other household loans; domestic banks eased lending standards for commercial/industrial, most types of commercial real estate loans;
banks saw stronger demand for many more loan categories that in April survey - quarterly senior loan officers survey.


Tuesday will see the release of Australia’s import, export and trade balance, Japan’s services PMI, China HSBC services PMI, Reserve Bank of Australia rate decision, German and Eurozone Markit services PMI, Eurozone retail sales, U.S. redbook, U.S. Markit services PMI, ISM non-manufacturing PMI, durable goods and factory orders.

 

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AceTraderFx Aug 12: Market Review, New and Views, and data to be released

On the European closing, and despite last Friday's active short-covering rally from as high as 1.3433 on Friday, the single currency ratcheted lower to 1.3381 in New York on Monday on renewed worries about the impact of the Russia-Ukraine conflict on Germany, the euro zone's largest economy.
Offers are not tipped at 1.3400 and more at 1.3410-20.
On the downside, some bids are located at 1.3375-70 with mixture of bides and stops seen at 1.3350.

Last night, U.S. president Obama told Poroshenko in phone call any Russian intervention in Ukraine is "unacceptable".
U.N. chief welcomes "forward movement" toward creation of Iraq gov't, commends Iraqi president for asking Haider Al-Abadi to form government


Tuesday will see the release of U.K. BRC retail sales, BOJ meeting minutes, Japan's domestic CGPI, Australia's house prices, NAB business conditions and business confidence, Japan's industrial output, eurozone ZEW economic sentiment, current conditions and economic sentiment, U.S. Redbook and Federal Budget.