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Dukascopy Forex Overview: 11-07-2012 - Morning
| Dukascopy Bank analytic desk report Published: 11/07/2012 09:55 | |
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Dukascopy Forex Community TV
Today
12:00 GMT - Daily WebinarGold ForecastsNew austerity measures in Spain US Trade Balance & the market reaction Market Research USD Trade Pattern Idea 15:30 GMT Webinar by our community member technical_dream on “Strategy Development: Working Towards Consistent Gains |
Dukascopy Technical Analysis
EUR/USD
"The markets are extremely jittery and are willing to react negatively to any sign that the European authorities are unwilling to work together to save the euro zone."- Forex.com (based on MarketWatch) EUR/USD has temporarily stopped near yesterday’s support at 1.2240, but should continue sliding downwards, as suggested by most of indicators for all three time frames. The closest support at the moment lies at 1.2200 and guards subsequent levels at 1.2128/06 and 1.1986/26, where we are likely to see a more pronounced rebound. |
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Dukascopy Fundamental Analysis
EUR
"The ECB will keep the liquidity lines open to all solvent banks."- Mario Draghi, ECB President The European Central Bank is ready to do more to help the struggling economy, said ECB President Mario Draghi in a testimony to the European Parliament on Monday. |
Expert Commentary
"The [US] economy will begin to recover in January, 2013 if Mr. Romney wins the election in November."
In light of deteriorating economic situation in the US, Dukascopy Bank SA interviewed Professor Lima and discussed various issues such as the Great Depression, the US debt, and measures to stimulate the economic recovery. >> |
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Press Review
Europe
German Court Says Parliament’s Approval To ‘Be Respected’Germany’s top court said a decision on whether to suspend legislation for the euro bloc’s permanent bailout fund and fiscal treaty could take months rather than weeks due to the complexity of the ruling. |
Market Research
Currency Index & Volatility: EUR
Bearish trend, which has been adopted by the single European currency at the beginning of the previous week, persisted until the very end of the observed period. Global downturn, coupled with anticipation of ECB’s benchmark interest rate cut, proved to be the main factors, causing such pronounced downward movement of Euro’s value along with passage of time. |
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Dukascopy Bank Sentiment Index
Current global economic outlook
The current and six-month global economic expectations deteriorated in May. Gauges assessing the economic outlooks fell to 0.47 and 0.48, Dukascopy Bank SA poll showed. The three-year economic outlook improved to 0.65 from 0.64 in April. |
Global Stock Market Review
S&P 500
S&P 500 Index closed lower on Monday as Friday’s disappointing labour data continued to weight on the US stock market. Adding pressure on the US equities, Spain’s borrowing costs soared to almost 7%, level considered to be unsustainable. S&P 500 closed 0.16% lower at 1349.25. |
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Commodity Overview
Precious Metals
Precious metals were mostly higher on Monday amid weaker US Dollar and soaring borrowing costs in Spain and Italy. The commodity group was bolstered after the Fed officials said that weakness of the US economy is likely to lead to more loosening monetary policies. Gold climbed 0.24%, drawing strength from the Fed comments regarding next round of asset-purchasing programme. Silver rose despite softer global equities. The white metal found support on stronger Euro after the EU officials agreed to grant Spain additional year to meet its deficit targets. |
Trade Pattern Idea
EUR/GBP Emerging Pattern: Descending Wedge
EUR/GBP has been depreciating since 29th of June and has formed a Descending Broadening Wedge pattern on the 1H chart. The pattern has 44% quality and 100% magnitude in the 148-bar period. >>
Weekly EUR/JPY Emerging Pattern: Text |
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Economic Research
Commodity currency: Norwegian Krone
The Dukascopy Bank research department presents the final part of its research on commodity currencies. In the current issue we consider commodity sectors’ influence on Norwegian krone exchange rates. Norway is the second largest non-OPEC oil exporter, and energy products make up more than 50% of its exports. It gives us an opportunity to establish whether the exports’ share can be named as one of the relationship-defining factors. |
Dukascopy Aggregate Technical Indicator
Dukascopy Bank presents a new research product - the aggregate technical indicator. The new tool will indicate the strongest signals on major currency pairs. Dukascopy Aggregate Technical Indicator for 30 min, 1H, 4H and 1D time frame charts for major pairs for the last 144 periods till 07:00 GMT. |
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| Disclaimer: This overview can be used only for informational purposes. Dukascopy Bank SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained. |
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