Friday 3 June 2011

Forex Bulletin, June 03, 2011


FOREX Newsletter

Pulse of the Market
U.S Dollar struggles to hold ground As Moody’s threatens to cut credit rating
Euro stable through the rumor and rescission of a confirmed second Greek bailout
British Pound may stumble further as rate expectations slide to six month low
Bank of Japan said it will lend an additional 829.6 billion Yen to financial institutions

Time(GMT)

Economic Release
IMP
Actual
Forecast
Prior
07:45

Italian Purchasing Manager Index Services (MAY)
Low

51.8
52.2
07:50

French Purchasing Manager Index Services (MAY)
Low

62.8
62.8
07:55

German Purchasing Manager Index Services (MAY)
Medium

54.9
54.9
08:00

Euro Zone Purchasing Manager Index Services (MAY)
Medium

55.4
55.4
08:30

U.K Purchasing Manager Index Services (MAY)
Medium

54.2
54.3
12:30

U.S Change in Non-farm Payrolls (MAY)
High

165K
244K
12:30

U.S Unemployment Rate (MAY)
Medium

8.9%
9


Euro: 
The Single Currency was the strongest currency in the market able to rebound to fresh multi week highs on talk a Greece solution seems to be close. This combined with the U.S Debt rating news to help the EUR/USD break above 1.4500. ECB President Trichet spoke yesterday about the possibility of a single EU Finance Ministry. Overall, the EUR/USD traded with a low of 1.4307 and a high of 1.4513 before closing the day around 1.4490 in the New York session.

Yen : 
The Japanese Yen fell below 81.00 Yen in yesterday’s trading session on the back of weakness in the U.S Dollar but Yen crosses followed EUR/JPY higher. AUD/JPY found solid support below 86.00 Yen before creeping back towards 86.50 Yen resistance. Overall, the USD/JPY traded with a low of 80.55 and a high of 81.31 before closing the day around 0.87 in the New York session.
 
Canadian Dollar
The Canadian Dollar finished the yesterday’s trading session almost perfectly flat against the U.S Dollar as news of a fresh bailout for Greece helped offset worries about the economic outlook ahead of a key U.S jobs report. Overall, the USD/CAD traded with a low of 0.9665 and a high of 0.9766 before closing the day at 0.9765 in the New York session.

Australian Dollar
The Australian Dollar tracked the Euro higher in yesterday’s trading session helped by strong local economic data. April Retail Sales surged 1.1% vs. 0.4% previously. Commodities were mixed and the next big mover will be U.S jobs data today. Overall, the AUD/USD traded with a low of 1.0586 and a high of 1.0687 before closing the day at 1.0672 in the New York session.
 
Euro-Yen
EUR/JPY is trading above 14, 100 and below 50 days moving average. Fast stochastic is giving a bullish tone and MACD is also issuing a bullish stance. The RSI is above 52 and lies above the neutral zone. Overall, the cross has gained 1.03%.

Sterling-Yen
Currently GBP/JPY is trading below 14, 50 and 100 days moving average. Fast stochastic is issuing bearish and MACD is indicating a bullish stance. The RSI is above 43 reading and lies below the neutral zone. The pair has gained 0.14%.

Aussie-Yen
Currently, the cross is trading below 14, 50 and above 100 days moving average. Fast stochastic gives bearish and MACD is also indicating a bearish stance. The RSI is above 47 reading and lies below the neutral region. The pair has gained 0.50%.

Euro-Sterling
This cross is trading above 14, 50 and 100 days moving average. Fast stochastic is indicating a bullish and MACD is also issuing a bullish signal. The RSI is above 59 reading and lies above the neutral region. The pair has gained 0.87%.

Sterling-Swiss
This cross is trading below 14, 50 and 100 days moving average. Fast stochastic is issuing a bearish stance and MACD is also indicating a bearish tone. The RSI is above 25 and lies below the neutral region. The pair has gained 0.28%.

 Appendix

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