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

[acetraderfx]

AceTraderFx Mar 11: Intra-Day News and Views (EUR/USD) & data to be released today

Intra-Day Market Moving News and Views
11 Mar 2015 01:59GMT

EUR/USD - ..... Euro fell in NY session on Tuesday and hit a fresh near 12-year low of 1.0669 in Australia earlier this morning as lingering market worry on Greece continued to pressure the single currency.

Reuters reported a Greek exit from the euro zone would set a dangerous precedent by showing that the single currency is not irreversible and should be avoided, Italian Economy Minister Pier Carlo Padoan said on Tuesday.

"Today we are facing a major risk of considering the possibility of (a country) not being a member of the monetary union anymore," he told students at a university, adding, "You know what I have in mind".
He said that if the exit option is there for one member, "that option can be extended to other members. Most of all, the monetary union is not irreversible," he said, speaking in English.
Padoan added: "I personally think Greece will not exit the euro. I will do all I can to keep Greece inside the European monetary union, however, I cannot predict the future".

Yesterday on the European morning, Euro pares intra-day loss after tanking from 1.0856 (Aust.) to a 12-year low of 1.0785 in Asian morning after tripping some stops below 1.0800.
However, the release of stronger-than-expected French industrial production (Jan reading came in at 0.4% vs forecast of -0.3%) prompted short-covering, the pair briefly rebounded to 1.0824 but only to retreat soon after the bounce, suggesting traders were still keen to sell euro on intra-day recovery as market woe on Greek debt continues to weigh on the euro.

Data to be released on Wednesday:

Australia Westpac consumer confidence, Japan CGPI, machinery orders, China industrial output, retail sales, France current account, UK industrial output, manufacturing output and U.S. Federal budget.

 

[acetraderfx]

AceTraderFx Mar 18: Intra-Day Market Moving News and Views (EUR/USD)

Intra-Day Market Moving News and Views
18 Mar 2015 07:19GMT

EUR/USD - ...... The single currency met renewed selling interest at 1.0614 in Asia and then penetrated Tue's NY sup at 1.0584 ahead of European open on renewed dlr's broad-based strength, price dropped marginally to 1.0580 before recovering in part due to cross-buying in euro.

Euro zone's trade balance for Febuary will release at 10:00GMT.
Market's forecast is for the trade surplus to narrow to 15.0 bln euros from 24.3 bln euros in the preceding month.

Looks like the single currency to remain under pressure ahead of NY open due to expectation of 'hawkish' FOMC monetary policy statements later today and selling on recovery is recommended.
At present, fresh offers are noted at 1.0600-10 and then 1.0615/20 with stops emerging above 1.0650, whilst bids from various accounts are placed at 1.0560-50 and then 1.0535/30 with stops located just below 1.0530.

News from Reuters quoting from gov't spokesman, 'Greece aims to clarify Feb, 20 Eurogroup accord, will seek provision of liquidity at EU summit this week; Greek PM Tsipras will not seek funding fm Russia during meeting with Putin in Moscow.'

 

[acetraderfx]

AceTraderFx Mar 19: Intra-Day Market Moving News and Views (EUR/USD)

Intra-Day Market Moving News and Views

19 Mar 2015 00:01GMT

EUR/USD - ....... Reuters reported Greece faces a liquidity problem and needs the cooperation of its European lenders to deal with a possible cash crunch, its deputy prime minister said.
Greece has been kept afloat since 2010 by EU/IMF bailouts totaling 240 bln euros and risks running out of cash in weeks amid a widening rift with its creditors.

"We haven't received any (bailout) tranches since August 2014 but we have been meeting all of our obligations," Deputy PM Yannis Dragasakis told Greek Alpha TV. "This has its limits."

Asked whether Greece risked running out of cash if it does not reach a deal with its lenders, Dragasakis said:

"Of course we have a liquidity problem, for the reason I mentioned. We have obligations which, in order for us to meet, we need the good cooperation of the European institutions."

Dragasakis ruled out early elections or a referendum should Athens's negotiations with the euro zone fail. "There are some things that we need to keep in the back of our minds ... (however) neither elections nor a referendum are on the table at the moment," he said, without elaborating on what the referendum might be on.

Earlier news on Reuters quoting comments from Greek deputy PM who says :
-Greece has a liquidity problem, we need good cooperation with EU partners to meet our obligations.
-grexit does not concern us, it is not an option for our government.
-a referendum is not on the table at the moment.

Yesterday European Council President Donald Tusk confirmed he would hold talks with the leaders of France, Germany and Greece and the heads of the European Central Bank and the euro group on Thursday to discuss the Greek debt crisis.
President Francois Hollande, Chancellor Angela Merkel and Prime Minister Alexis Tsipras as well as the ECB's Mario Draghi will participate in the meeting, while Jeroen Dijsselbloem will also be present, a spokesman for Tusk said.
The talks will take place on the sidelines of an EU summit in Brussels.

 

[acetraderfx]

AceTraderFx Mar 20: Intra-Day Market Moving News and Views (EUR/USD)

Intra-Day Market Moving News and Views

20 Mar 2015 06:39GMT

EUR/USD - ...... Although the single currency extended its gain from yesterday's low at 1.0613 (NY) to 1.0695 in early Asia following the release of EU statements and comments from German Chancellor Merkel, price subsequently traded sideways in a relatively narrow range of 1.0674-1.0695 due to quiet market condition.

In European session, Germany's produce price index will be released at 07:00GMT, the index is expected to have increased by 0.2% from the previous month, but the year-over-year change will still be deeply in the -ve zone at -1.9%.
Oil price falls do not fully explain the low prices, as the core index is also deeply -ve.
Later, euro zone's current account will be released at 09:00GMT. Until then, further choppy sideways trading is envisaged.

Bids are placed at 1.0660-50 and around 1.0625/20 with stops located just below 1.0600, whilst offers are touted at 1.0725/30, 1.0755/60 and then 1.0780-90 with stops emerging just above 1.0800.

 

[acetraderfx]

AceTraderFx Mar 24: Intra-Day Market Moving News and Views (EUR/USD)

Intra-Day Market Moving News and Views
24 Mar 2015 08:01GMT

EUR/USD - ..... Despite a brief retreat from 1.0953 to 1.0943, renewed buying emerged above Asian sup at 1.0904 n lifted price from 1.0907 to 1.0964 in European morning.

At the moment, stops locating just above yesterday's high of 1.0972 are now in focus, however, more selling interest from various accounts are placed at 1.0990-00, 1.0915/20 and then 1.0930-40.
On the downside, bids are various accounts are building up from 1.0930 down to 1.0900 with mixture of bids and stops emerging below 1.0880.

Earlier Reuters reported Greece will present its proposed package of reforms to its euro zone partners by next Mon in hopes they will release much needed cash, its gov’t spokesman said on Tuesday "It will be done at the latest by Mon," gov’t spokesman told Mega TV.

Greek PM Alexis Tsipras met with German Chancellor Angela Merkel in Berlin on Monday but it was unclear if they had narrowed differences on economic reforms Athens must implement to win urgently to get fresh aid fm its creditors.

Sakellaridis said the package of reforms Athens will propose will not contain recessionary measures but structural changes. He said Tsipras and Merkel on Mon discussed the outline of the reforms but did not go into depth. "I believe points of convergence were found," Sakellaridis said.

 

[acetraderfx]

AceTraderFx Apr 10: Intra-Day News and Views (EUR/USD) & data to be released today

Intra-Day Market Moving News and Views
10 Apr 2015 02:34GMT

EUR/USD - ...... Euro gains respite temporary respite in Asia after clocking up 4 consecutive days of losses. Although euro tumbled on Thur below last week's low at 1.0713 to a fresh 2-1/2 week trough at 1.0637 in NY due to renewed broad-based strength in the greenback n comments from IMF head Christine Lagarde (see prev. update), short-covering lifted price near NY close n price recovered to 1.0684 in Asian morning on Fri.

Euro's weakness since the beginning of this week suggests selling the single currency on intra-day recovery is favoured today. At the moment, offers are tipped at 1.0685/90, 1.0700-10 n then 1.0735/40 with stops building above 1.0750, whilst bids are noted at 1.0650-40 with stops below 1.0600.

It was reported Greece could suffer if it were forced to default on its payments n exit the euro zone, while the currency bloc is better able to weather such a shock than it was 4 years ago, the head of the IMF said on Thursday.
"I think it would be a terrible situation for the Greek people," IMF MD Christine Lagarde said on CNBC in response to a question about a potential Greek exit from the currency bloc.
She added that the euro zone is now in a less vulnerable position due to its banking union n strengthened fiscal union.

Friday will see the release of China CPI, PPI, France industrial output, UK industrial output, manufacturing production, Canada housing starts, unemployment rate, U.S. export price index, import price index and Fed budget.

 

[acetraderfx]

AceTraderFx Apr 23: Intra-Day News and Views (EUR/USD) & data to be released today

Intra-Day Market Moving News and Views
23 Apr 2015 02:28GMT

EUR/USD - ....... The single currency met renewed selling interest at 1.0729 ahead of Asian open n penetrated NY low (also y'day trough) at t 1.0708 to 1.0693 as concerns over Greece's debt payments continued to dampen demand for the euro.

Whilst intra-day weakness in Asia suggests selling the single currency on recovery is favoured, position traders can look to buy on next decline in anticipation of another rebound twd 1.0800 as Mon's low at 1.0660 is expected to hold ahead of a meeting of eurozone finance ministers on Fri.

Today, investors shud pay attention to a slew of economic data fm EU n its members countries starting at 06:00GMT, theses include Germany's Gfk consumer confidence n Markit service n manf. PMI for France, Germany, Italy n euro zone. At the moment, offers are tipped at 1.0710-20, 1.0735/40 n then around 1.0750 with stops located just abv 1.0760. On the downside, bids are placed at 1.0685/80, 1.0670-60 n then 1.0640/30 with stops emerging just below 1.0620.

Thursday will see the release of China's HSBC manufacturing PMI, German GfK consumer sentiment, Germany's Markit manufacturing and service PMI, eurozone Markit manufacturing and service PMI, U.K. PSNCR and retail sales, U.S. new home sales and KC Fed manufacturing.

 

[acetraderfx]

AceTraderFx May 4: Intra-Day News and Views (EUR/USD) & data to be released today

Intra-day Market Moving News and Views
04 May 2015 00:05GMT

EUR/USD - 1.1191.. A piece of mildly euro-supportive news which came out during NZ morning, Reuters reported negotiations between Greece and its international lenders over reforms to unlock remaining bail out aid have made headway and an agreement could be closer this month, a gov't official said on Sunday.

"There were very important steps made at the Brussels Group (talks) which bring an agreement nearer," the official said, declining to be named. "All sides aim for an agreement at a Brussels Group level within May."

The talks between technical teams from Athens and EU/IMF/ECB lenders are expected to resume on Monday, the official said after the country's chief negotiators met with PM Alexis Tsipras.

A EZ official also said there was convergence on some issues but sticking points remained n that talks were expected to continue through Wednesday.
Athens hopes that a successful conclusion of the negotiations at the so-called Brussels Group could lead to recognition of the progress by the Eurogroup of EZ finance ministers n bring some liquidity relief.

Data to be released this week:

Japan market holiday, Australia building approvals, China manufacturing PMI, Swiss manufacturing PMI, Italy manufacturing PMI, France manufacturing PMI, Germany manufacturing PMI, UK market holiday, EU manufacturing PMI, sentix index, U.S. factory orders and durable goods on Monday.

Australia new home sales, exports, imports, trade balance, RBA rate decision, France budget balance, UK construction PMI, EU producer prices, Canada imports, exports, trade balance, U.S. trade balance, redbook retail sales, ISM non-manufacturing and services PMI on Tuesday.

New Zealand labour cost, unemployment rate, Japan market holiday, Australia retail sales, China services PMI, Italy services PMI, France services PMI, Germany services PMI, EU services PMI, retail sales, UK services PMI, Canada Ivey PMI and U.S. ADP employment on Wednesday.

Australia unemployment, Japan services PMI, Germany factory orders, France exports, imports, trade balance, U.S. jobless claims and Canada building permits on Thursday.

Japan BoJ meeting minutes, Australia RBA monetary policy statement, China exports, imports, trade balance, Swiss unemployment rate, Germany industrial production, exports, imports, trade balance, current account, Italy industrial output and UK trade balance on Friday.

 

[acetraderfx]

AceTraderFx May 7: Intra-Day News and Views (EUR/USD) & data to be released today

Intra-day Market Moving News and Views
07 May 2015 02:07GMT

EUR/USD - .......EU officials say Athens needs to make concessions so the Eurogroup can at least register significant progress on Monday, possibly enabling the ECB to let Greek banks buy more short-term gov't debt.

But Thomas Wieser, head of the Eurogroup Working Group which prepares decisions for the ministers, told CNBC late on Tuesday there were still outstanding issues in areas ranging from tax to labour market reform.
While Reuters reported many issues remain unsolved between Greece and its lenders and agreement at next Mon's Eurogroup meeting of euro zone FinMins is now not possible, Eurogroup chair Jeroen Dijsselbloem said.

Dijsselbloem was speaking after talks in Paris on Wed with French FinMin Michel Sapin, who also acknowledged to reporters that no deal was imminent.

Last night the single currency stabilised after intra-day rally to as high as 1.1370 on dollar's broad-based weakness after the release of less-than-expected ADP employment data.
Bids was located at 1.1320-10 with mixture of bids and stops seen at 1.1300. On the upside, offers was tipped at 1.1370-80 and more at 1.1400.

Thursday will see the release of Australia unemployment, Japan services PMI, Germany factory orders, France exports, imports, trade balance, U.S. jobless claims and Canada building permits.

 

[acetraderfx]

AceTraderFx May 18: Intra-day Market Moving News and Views (EUR/USD)

Intra-day Market Moving News and Views
18 May 2015 08:07GMT

EUR/USD - ..... Despite a brief rise to 1.1447 at European open, renewed selling interest emerged after comments from ECB executive board member Yves Mersch (see our previous MMN) and price tanked below 1.1400 level to 1.1380 before stabilizing.

At the moment, offers are building up at 1.1405/10 and then 1.1415/20 with mixture of offer and stops at 1.1440-50.
On the downside, bids from various accounts are tipped at 1.1350-40 with stops located further out below 1.1320.

More on ECB executive board member Yves Mersch previous comments:
'success of asset purchase programme depends on its full implementation.'
'need to maintain pace, volume of intervention so inflation rises towards 2 percent and monetary policy begins to normalize.'