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Flash: EUR/USD obstructed by bearish headwinds – UBS


FXstreet.com (Barcelona) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's EUR crosses and note that there is a generally neutral-trending bias ahead.

Any upside for the EUR/USD will be limited as bearish conditions persist. Resistance is at 1.2967 and 1.3020. Support is at 1.2797, a break below would expose 1.2746 ahead of the critical 1.2662. In terms of the EUR/CHF, With bullish trend in place, there is no major resistance until the critical 1.2569. Support is at 1.2451, suggesting a bullish intraday view.

Moving to the EUR/GBP, “The sharp recovery since yesterday is approaching critical resistance at 0.8546. A break above which would prolong the recovery to 0.8590 – support is at 0.8441, ahead of 0.8389. Finally, concerning the EUR/JPY, the cross is trading within striking distance of first resistance at 132.77; a break above this would open 134.38 ahead of the more critical 138.49. Support is at 130.99 ahead of 129.92.


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May 22, 2013
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[OctaFXFarid]

Wall Street closes lower on QE tapering concerns


FXstreet.com (San Francisco) - The US stocks market closed negative on Wednesday as investors were concerned on Fed tapering QE. Bernanke's speech and FOMC minutes leave the sensation that the board is divided about what to do on bond buying. Wall Street finished the day into solid losses after retracing from fresh all time highs.

The Dow Jones declined 80.41 points or 0.52% to end the day at 15,307.17. The S&P 500 eased 13.81 points or 0.83% 1,655.35. And the Nasdaq Composite fell 38.82 points or 1.11% to 3,463.30.


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May 22, 2013
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[OctaFXFarid]

US Apr Housing Price Index (MoM) rises 1.3% vs 0.9% (Mar)


Read more in Forex News


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May 23, 2013
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[OctaFXFarid]

Flash: Markets seize hawkish tone after FOMC – Deutsche Bank


FXstreet.com (Barcelona) - The FOMC minutes that came later was also viewed to be less dovish than the Fed commentary we've seen recently as the minutes noted that "a number of participants expressed willingness to adjust the flow of purchases downward as early as the June meeting if the economic information received by that time showed evidence of sufficiently stronger and sustained growth".

Markets clearly seized upon the hawkish tone from yesterday's Fed headlines even though the Chairman himself at the Q&A session made it clear that a step to reduce the flow of purchases will not be an automatic mechanistic process of ending the program but rather that any change in the flow of purchases would depend on incoming data and Fed's assessment of the outlook.

According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, “Whilst a slowing of QE is possible in a few months we can't help to think that the Fed could be forced to restart its QE in a beggar-thy-neighbor environment where central banks in most part of the developed world are still largely on an easing bias in order to steel a share of the global GDP. We think QE or derivations thereof will be around for many years to come.”

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May 23, 2013
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[OctaFXFarid]

American equity markets follow world indices lower


FXstreet.com (Barcelona) - The US stock market was spared a gruesome opening, unlike its Asian and European counterparts Thursday. While losses were sizable, the news was somewhat mitigated after upbeat US economic data. In the United States, Initial Jobless Claims (May 17) came in at 340K, against expectations of 345K, and compared with 360K. In addition, Continuing Jobless Claims (May 11) were reported at 2.912M, beating a projection of 3.000M.

Beginning with the indices and composites, the NASDAQ fell -0.97% as it settles in region of 3429.82, down -33.97 points in these moments. In addition, the S&P 500 is trading in negative territory, operating at 1635.59, descending -18.72 points or -1.15% at the time of writing. Finally, the Dow Jones has edged lower at the opening, trading in the zone of 15298.65, presently -0.06% after a movement of -8.52 points.

Sectors are nearly all lower at the opening, however the Consumer Cyclical and Financial sectors have distinguished themselves as the winners thus far, contracting -2.66% and -1.49% respectively. In other news, the price of crude is testing USD $92.42/bbl Thursday.

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May 23, 2013
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[OctaFXFarid]

GBP/USD muted on Durable Goods orders higher than expectations but not good enough.


FXstreet.com (London) - Durable goods came in at 3.3% against consensus 1.5%. However, these numbers are not as good as the headline prints on average and GDP may be marked down on such results.

The pair have been oscillating around the 1.5100 figure in a 40 pip range throughout the morning session in London. Before the data, the pair are trading at the low testing 1.5080 support and didn’t react much at all on the data’s official release to the market. On the charts, the pair are still trading below the 61.8% correction and were resisted at 1.5130 and the possibility of extending the bearish move is valid today, with daily MA’s and momentum indicating a move to the downside.

On the otherhand, a break above 1.5130 , breaking the resistace line and a seriies of higher lows could keep the pair bid above 1.5100 for the time being. Next resistance is 1.5170. Near term support is at the pivot point 1.5080 before 1.5035 and key plays out at 1.4995. 1.4830 (March 2013 and 2009 Low).

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May 24, 2013
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[OctaFXFarid]

Flash: EUR/GBP said 0.8591 was on the card - Commerzbank


FXstreet.com (London) - EUR/GBP had advanced to the figure 0.8600 in London trade.

Commerzbank had expected this move and should there be a retest of this level with a daily close above above 0.8637 be made, their medium term forecast will change from neutral to bullish with the 0.8716 early February high being back on the map. Adding, only unexpected failure at the 0.8422 mid-May low will be bearish and target the 2013 support line at 0.8380 and the 2012-13 support line at 0.8336.

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May 24, 2013
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[OctaFXFarid]

American equity markets cap off two-day weakness


FXstreet.com (Barcelona) - The US stock market again opened lower Friday, concluding a late week weakness across global equities. In the United States, Durable Goods Orders (April) grew +3.3%, against projections of just +1.5%, and compared with -6.9% previously. In addition, Durable Goods Orders ex Transportation (April) were reported at +1.3%, against expectations of +0.5%.

Beginning with the indices and composites, the NASDAQ fell -0.44% as it settles in region of 3444.45, down -15.18 points in these moments. In addition, the S&P 500 is trading in negative territory, operating at 1643.24, descending -7.15 points or -0.43% at the time of writing. Finally, the Dow Jones has edged lower at the opening, trading in the zone of 15256.03, presently -0.25% after a movement of -38.47 points.

Sectors are nearly all lower at the opening, however the Consumer Cyclical and Basic Materials sectors have distinguished themselves as the losers thus far, contracting -1.67% and -0.77% respectively. In other news, the price of crude is testing USD $93.11/bbl Friday.

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May 24, 2013
OctaFX.Com News Updates