Analytics, News, and Forecasts for CFD Markets: currency news — 21-04-2011.

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21.04.2011
18:35
S&P 500 outlook

The S&P 500 holds at 1335.39, after trading in a 1330.33 to 1336.21 range. In early April, the index stalled several times just shy of 1340, unable to revisit the 2011 high of 1344.03, posted February 18. Because of this, the S&P will need to clear that 1340 mark before there will be scope for further gains, traders say.

17:06
USD/CAD back above C$0.9500

Holds C$0.9525 ahead of the early IMM close and the unofficial start of the Easter weekend, the C$ softer on the day as risk trades are unwound here and elsewhere. Early lows at C$0.9455 were quickly reversed on the risk unwinds but USD found sellers atop C$0.9500. Further resistance likely in the C$0.9550/80 zone.


16:34
American focus: dollar remains under pressure

The U.S. currency has weakened for three consecutive days, slumping to a 16-month low of $1.4649 to the euro today.
The U.S. currency slumped against all but one of its 16 major peers today as gains in stock markets around the world and signs of improving economic growth spurred demand for higher- yielding assets. The Federal Reserve’s benchmark interest rate of between zero and 0.25 percent makes it profitable to borrow in dollars and invest the money in markets where returns are higher, a strategy known as the carry trade.
The dollar’s move through resistance areas around $1.45 per euro puts the currency on course for a depreciation past $1.51, according to Societe Generale SA’s technical analysts.
The dollar’s next resistance levels are around $1.47 and $1.4830, and a breach of those may propel the greenback to $1.5145, its lowest point in 2009, France’s second-largest bank said in a research note today. Should the currency depreciate below that level, it will begin setting 2 ½-year lows.

15:52
Platts ests China oil demand 9.2m bpd in Mar vs 9.58m in Feb.
15:46
Dow +11.24 at 12464.78, Nasdaq +11.10 at 2813.61, S&P +4.77 at 1335.13

Tech stocks are outperforming for the second straight session. Semiconductor stocks were a primary source of strength for the tech sector yesterday, when they collectively climbed more than 3%, but today they are down about 0.4%. Replacing semiconductors as tech leaders are Apple (AAPL 351.04, +8.63) and Qualcomm (QCOM 56.75, +1.48), which both posted pleasing quarterly reports. Western Digital (WDC 41.42, +0.75) has also provided a boost to the sector, even though the company's latest earnings were only in line with expectations and the firm offered downside guidance during its conference call.

14:01
US: Apr Philly Fed index 18.5 vs 43.4 Mar.
13:55
BOE Weale: Q1 GDP likely to be weaker than expected
  • Wants to see BOE forecast before deciding May vote;
  • Wage data 'encouraging';
  • Mar CPI fall surprising - but just one month's data;
  • Fall in CPI expectations 'good news'.
13:24
EUR/USD under pressure

EUR/USD weakens along with EUR/JPY selling. rate triggered stops under $1.4580 and currently holds around $1.4572. Area of $1.4550 below seen as holding bids.

13:13
Before the bell: Tech may lead the market again

Stocks were headed for another day of gains Thursday, with tech stocks aimed for a significant advance after Apple reported strong quarterly earnings.
Late Wednesday, Apple (AAPL, Fortune 500) reported an 83% jump in sales and said profit nearly doubled from a year earlier. Shares rose 4% in premarket trading.

Companies: Industrial conglomerate and Dow component General Electric (GE, Fortune 500) said first-quarter earnings rose 48% to $3.4 billion on revenue of $38.4 billion. The company also raised its quarterly dividend by a penny to 14 cents. GE shares rose 2% in premarket trading.
Economy: The Labor Department announced that jobless claims totaled 403,000 last week, which was stronger than the forecast, but had little impact on stock futures. Economists expected a drop to 390,000 from the prior week's revised figure of 416,000.
The Philadelphia Federal Reserve releases its April activity index at 14:00 GMT. The index of industrial activity in the Philadelphia region is expected to drop to 33 from last month's 43.4.

12:58
USD/JPY weakens

USD/JPY breaks under earlier day's low of Y81.86 and tests sizeable bids at Y81.60/70. Dollar printed session lows around Y81.72 for now.


12:49
Gold retreats

Gold prices rose to a fresh high of $1509 before backing off sharply to $1502.65 as metal sees some profit taking ahead of the long weekend. Spot gold now $1503.50.

12:31
CANADA: Feb retail sales ex-autos +0.7% m/m
12:30
CANADA: Feb retail sales +0.4% m/m
12:30
US: Initial jobless claims -13,000 to 403k
12:18
EUR/USD extends correction

EUR/USD extends correction to current $1.4585 area with support seen at $1.4580, stronger toward $1.4550. Earlier rate printed session high on $1.4650, but strong resistance capped the rally and euro retreated.

12:06
EU session review: Asian currencies gain

Data released:
08:00     Germany     IFO business climate index (April)    110.4    111.0    111.1
08:30     UK     PSNCR (March), bln    24.8    -    7.0
08:30     UK     PSNB (March), bln    16.4    -    10.3
08:30     UK     Retail sales (March)    0.2%    -0.5%    -0.8%
08:30     UK     Retail sales (March) Y/Y    1.3%    1.0%    1.3%

Asian currencies climbed, led by Singapore’s dollar, on speculation regional central banks will tolerate faster appreciation and raise borrowing costs to tame inflation.
The Bank of Thailand raised interest rates yesterday, for the sixth time in less than a year, and signaled more increases are likely.
Chinese Premier Wen Jiabao and People’s Bank of China Deputy Governor Hu Xiaolian have said in the past week the yuan’s flexibility may play a role in countering the fastest inflation in 32 months.
The MSCI Asia-Pacific Index of regional stocks rose 1.2% after U.S. companies, including Apple Inc., reported better results than analysts had forecast.
The dollar dropped to its lowest level in more than two and a half years.
The Australian dollar surged to a fresh 29-year high against the dollar.

EUR/USD rose to session highs on $1.4650. Strong resistance and offers were able to cap the rally and euro retreated to $1.4611.

GBP/USD rose strongly from $1.6430 tо $1.6570 before it set stable.

USD/JPY holds tight within the Y81.85/Y81.20 range.

US data starts at 1230GMT, when initial jobless claims are expected to fall 17,000 to 395,000.
At 1400GMT, the Philadelphia Fed index is forecast to fall to 36.0 in April after hitting a 27-year high in March.
Also at 1400GMT, the index of leading indicators is expected to rise 0.3% in March after the 0.8% rise in February.

11:50
Barclays about FOMC

Barclays says US econ is better and Fed may have to wake up mkt soon. "At the April FOMC meeting next week, we expect the committee to signal that purchases will conclude in June. We believe the FOMC will avoid passive tightening".

11:18
ECB TRICHET: See no significant second-round effects, but it is a risk
  • reminds no ECB decision for series of rate hikes
  • but markets know we take decisions to assure price stability

 

11:03
ECB TRICHET: Confident US will consolidate budget
10:50
EUR/GBP under pressure

EUR/GBP draggs lower after it broke support at stg0.8835/30, retreating from earlier highs of stg0.8878. A break below to open a deeper move toward stg0.8800/795, stops noted below stg0.8790.

10:34
ECB TRICHET: We are now in a recovery which appears to be self-sustaining
10:17
EU focus: Dollar hits 3-year low, risk to slide towards all-time low

The dollar tumbled to a three-year low against a basket of currencies on Thursday, with market players selling the greenback to buy buoyant risky assets. There is a risk to drive the dollar index towards its all-time low.
The dollar has taken a hit in the past few days as investors have flocked back to higher-yielding currencies, commodities and equities after a brief shake-out earlier in the week.
Traders said the there was a risk of a dollar rebound later in the day as market players cover short positions before long Easter weekends in many parts of the world.
But the overall outlook was dim for the dollar as the Fed is still buying bonds and the threat by ratings agency Standard & Poor's to cut the United States' prized AAA rating reminded investors of the hurdles the world's reserve currency faces.
A series of records have been broken this week, with gold vaulting to all-time highs above $1,500 an ounce and the Aussie powering to peaks above $1.07.

The euro has pushed to 15-month peaks but has lagged the broader move due to the ongoing worries about the euro zone crisis, underscored this week by reports that Greece may restructure its debt in coming months.
A solid auction of Spanish debt the previous day helped provide some reassurance that the problems plaguing Greece, Ireland and Portugal would not spread to the country seen as the next most vulnerable in the euro zone.
The single currency also appears to be poised for further gains on the charts. A break of the January 2010 high at $1.4583 opesn the way for a run at the 2009 peak at $1.5145.

10:01
GERMANY, Fin. Min: "Tax revenue growth likely to markedly slow through 2011"
  • Expect German 1Q GDP to grow around +0.75% q/q
  • No sign for easing of price pressures in Germany
10:00
GERMANY, Fin. Min: "Tax revenue growth likely to markedly slow through 2011"
  • Expect German 1Q GDP to grow around +0.75% q/q
  • No sign for easing of price pressures in Germany
09:49
GBP/USD extends to $1.6550

Extends recovery, moves above reported resistance at $1.6550 to mark fresh 2011 high at $1.6553, with corrective pullbacks remaining shallow and keeping focus ont he upside. Next resistance seen at $1.6580, more close behind in the area from $1.6590 through to $1.6605.

09:29
FTSE +0.13% 6,030, CAC +0.27% 4,015, DAX +0.54% 7,288
09:04
Option expiries for today's 1400GMT cut:

EUR/USD $1.4700, $1.4525, $1.4500
USD/JPY Y81.00, Y81.30, Y81.35, Y81.50, Y82.00, Y82.20, Y82.55, Y82.70-75, Y82.85, Y83.10, Y83.55
GBP/USD $1.6300
USD/CHF Chf0.9010
AUD/USD $1.0525

08:51
Asian stocks close:

Shanghai Composite +0.65% 3,026.67
Nikkei +0.82% 9,686
Shanghai Composite +0.65% 3,027

08:31
UK DATA: Mar retail sales inc. fuel +0.2% m/m; +1.3% y/y
08:00
GERMANY: Apr Ifo business sentiment 110.4
07:51
Asian session: The Australian dollar climbed

Data:
01:30 Australia Producer Price Index (YoY) (Q1) 2.9%
01:30 Australia Producer Price Index (QoQ) (Q1) 1.2%
05:00 Japan Coincident Index (Feb) 106.8
05:00 Japan Leading Economic Index (Feb) 104.2

The Australian dollar climbed to a record after a government report showed producer prices rose more than economists estimated in the first quarter, providing additional evidence that growth is quickening.
The so-called Aussie strengthened for a third day and New Zealand’s advanced for a second versus the U.S. currency as stock gains boosted demand for the nations’ higher-yielding assets. New Zealand’s dollar reached a three-year high versus the greenback as traders added to bets the central bank will raise interest rates over the next 12 months.
Producer prices in Australia rose 1.2 percent in the first quarter from the prior three months when they climbed 0.1 percent, the Bureau of Statistics said in Sydney. Economists forecast a 1 percent increase.
Rudd ruled out intervention in the so-called Aussie, which has gained 16 percent in the past year against the dollar. The currency’s gains have been spurred by revenue from shipments of coal and iron ore to China, and they have hurt Australian tourism, manufacturing and education.
Benchmark interest rates are 4.75 percent in Australia and 2.5 percent in New Zealand, compared with as low as zero in the U.S. and Japan, attracting investors to the South Pacific nations’ higher-yielding assets.
The Reserve Bank of New Zealand will raise its benchmark rate by 63 basis points in the next 12 months, a Credit Suisse Group AG index based on swaps showed today. That compares with a prediction of 49 basis points yesterday.


EUR/USD: the pair grown above a mark $1,4600. 
GBP/USD: the pair grown in around $1,6490.
USD/JPY: the pair shown low in the field of Y81,80 then returned above mark Y82,00.

The main core-European data release for Thursday is the German Ifo data at 0800GMT.
The UK data calendar is busy ahead of the first of two consecutive long-weekends, with data at 0830GMT today including Retail Sales, the Public Finances, SMMT Car Production and also BoE Trends in Lending, Capital Issuance data. Analysts expect a weak outturn for 
retail sales of -0.2% m/m, 1.0% y/y with ex-auto -0.3% m/m and 0.8% y/y. 
US data starts at 1230GMT, when initial jobless claims are expected to fall 17,000 to 395,000 in the April 16 employment survey week after surging in the previous week. Claims were also at a level of 390,000 in the March 12 employment survey week. The weekly Bloomberg Comfort Index is due at 1345GMT, while at 1400GMT, the Philadelphia Fed index is forecast to fall to 36.0 in April after hitting a 27-year high in March. The Empire State Index rose in 
Also at 1400GMT, the index of leading indicators is expected to rise 0.3% in March after the 0.8% rise in February. Positive contributions are expected from the steeper yield curve, slower vendor deliveries, and the longer manufacturing workweek. These should be offset by negative contributions from falling stock prices, consumer expectations, and money supply. The FHFA Home Price Index is also due at the same time, while the weekly EIA Natural Gas Stocks data follows at 1430GMT. Late US data sees the 2030GMT release of M2 Money Supply.

07:46
Forex: Wednesday's review

The euro advanced for the first time in four days against the yen and gained versus the dollar on speculation the European Central Bank will raise interest rates further even as nations such as Greece struggle to contain sovereign-debt turmoil. 
The 17-nation euro rose as a boost in German manufacturing outweighed Greece’s record two-year note yield above 20 percent. The cost of insuring Greek government debt rose to a record yesterday, with contracts indicating investors see a greater than 60 percent chance of default within five years. Greece’s two-year yield rose 39 basis points to a record 20.73 percent. 
The ECB governing council member Nout Wellink said yesterday in Toronto the central bank’s April 7 interest-rate increase sent to investors an “extremely important” signal aimed at preventing expectations of higher inflation.
Germany’s purchasing managers’ index for manufacturing unexpectedly climbed to 61.7 this month from 60.9 in March, according to Markit Economics. The median forecast of economists iwas for a decrease to 60. A reading above 50 signals an expansion. 

EUR/USD: on results of yesterday's session the pair grown in around $1,4530.
GBP/USD: on results of yesterday's session the pair grown in around $1,6400.
USD/JPY: positions of pair on results of yesterday's session practically havn't changed. 

The main core-European data release for Thursday is the German Ifo data at 0800GMT.
The UK data calendar is busy ahead of the first of two consecutive long-weekends, with data at 0830GMT today including Retail Sales, the Public Finances, SMMT Car Production and also BoE Trends in Lending, Capital Issuance data. Analysts expect a weak outturn for 
retail sales of -0.2% m/m, 1.0% y/y with ex-auto -0.3% m/m and 0.8% y/y. 
US data starts at 1230GMT, when initial jobless claims are expected to fall 17,000 to 395,000 in the April 16 employment survey week after surging in the previous week. Claims were also at a level of 390,000 in the March 12 employment survey week. The weekly Bloomberg Comfort Index is due at 1345GMT, while at 1400GMT, the Philadelphia Fed index is forecast to fall to 36.0 in April after hitting a 27-year high in March. The Empire State Index rose in 
Also at 1400GMT, the index of leading indicators is expected to rise 0.3% in March after the 0.8% rise in February. Positive contributions are expected from the steeper yield curve, slower vendor deliveries, and the longer manufacturing workweek. These should be offset by negative contributions from falling stock prices, consumer expectations, and money supply. The FHFA Home Price Index is also due at the same time, while the weekly EIA Natural Gas Stocks data follows at 1430GMT. Late US data sees the 2030GMT release of M2 Money Supply.

07:27
Stocks: Wednesday's review

Japanese stocks advanced the most in almost two weeks after U.S. housing starts increased and earnings beat estimates at companies including Johnson & Johnson, signaling the world’s biggest economy is recovering.
Fanuc Corp. (6954), Japan’s biggest maker of industrial robots, gained 2.3 percent. Toshiba Corp. (6502), Advantest Corp. (6857) and other makers of chips and related tools advanced after Intel Corp. (INTC) forecast sales that may top estimates. Inpex Corp. (1605), the nation’s largest oil explorer, soared 3.1 percent as crude prices rose.

European stocks rose the most in a month after results from Intel Corp. (INTC) to PSA Peugeot Citroen and L’Oreal SA (OR) spurred investor optimism in the economic recovery.
ASML Holding NV (ASML), Europe’s biggest chip-equipment maker, gained 5.3 percent as Intel posted first-quarter profit that beat forecasts and said it will generate $12.8 billion of revenue in the current period. Peugeot and L’Oreal rose at least 3 percent as sales beat the average analyst estimate at Europe’s second-biggest carmaker and the world’s largest cosmetics maker.
Peugeot, Europe’s second-biggest carmaker, climbed 4.7 percent to 28.45 euros as revenue in the first quarter of 15.4 billion euros ($22.4 billion) beat the average analyst estimate of 14.9 billion euros
Fiat SpA (F) jumped 4.6 percent to 6.58 euros as the owner of the Ferrari marque posted first-quarter earnings before interest, taxes and one-off items of 251 million euros. That beat the 241 million-euro average estimate of 14 analysts surveyed by Bloomberg.
L’Oreal gained 3.2 percent to 85.88 euros after the cosmetics maker reported first-quarter sales growth that beat analysts’ estimates as customers bought more Maybelline makeup and Ralph Lauren fragrances.
Bic SA surged 6.9 percent to 64.36 euros. The world’s biggest maker of disposable pens reported an increase in first- quarter net income to 53.9 million euros from 35.4 million euros a year earlier

U.S. stocks rallied, sending the Dow Jones Industrial Average to the highest level since June 2008, as sales at companies from Intel Corp. (INTC) to Yahoo! Inc. exceeded estimates and commodity producers gained.
Intel, the biggest chipmaker, climbed 6.6 percent after also forecasting revenue that may top projections. Yahoo! Inc., the most-visited U.S. Web portal, jumped 4.7 percent. United Technologies Corp. (UTX), the maker of Pratt & Whitney jet engines, rose 4 percent after increasing the lower end of its sales forecast. Alcoa Inc. (AA) and Chevron Corp. (CVX) added at least 1.6 percent as commodity prices advanced amid a weaker U.S. dollar.
Earnings-per-share beat analysts’ estimates at 78 percent of the 58 companies in the S&P 500 that reported results since April 11, data compiled by Bloomberg show. Companies in the index have topped estimates for eight straight quarters, the longest streak since at least 2006, helping propel the gauge up as much as 99 percent from the market bottom on March 9, 2009.
Stocks extended gains after sales of previously owned U.S. homes increased 3.7 percent to a 5.1 million annual rate in March, exceeding the 5 million median forecast of economists surveyed by Bloomberg News, data from the National Association of Realtors showed.
Companies most-tied to economic growth, including technology, energy producers and consumer discretionary shares, led the gains in the S&P 500 within 10 groups. The Morgan Stanley Cyclical Index rallied 1.6 percent as 28 of its 30 stocks advanced.

07:05
Tech on USD/JPY

Resistance 3:Y83.80 (Apr 15 high) 
Resistance 2:Y83.10 (Apr 20 high) 
Resistance 1:Y82.60 (session high) 
Current price: Y82.00
Support 1:Y81.80 (session low)    
Support 2:Y81.50 (Mar 29 low)    
Support 3:Y80.70 (around of Mar 18-24 low)    
Comments: the pair decreased. The nearest support - Y81,80. Below losses are possible to Y81.50. The nearest resistance - Y82.60. Above growth is possble to Y83.10. 

07:03
Tech on USD/CHF

Resistance 3: Chf0.9000 (Apr 19 high)
Resistance 2: Chf0.8960 (resistance line from Apr 6, МА (200) for Н1)
Resistance 1: Chf0.8890 (session high)
Current price: Chf0.8852
Support 1: Chf0.8840 (session low)
Support 2: Chf0.8800 (psychological mark)
Support 3: Chf0.8700 (psychological mark)
Comments: the pair decreased. The nearest support - Chf0,8840. Below loss may extend to Chf0.8800. The nearest resistance - Chf0.8890. Above is located Chf0.8960. 

06:53
Tech on GBP/USD

Resistance 3: $ 1.6880 (Nov'2009 high)
Resistance 2: $ 1.6720 (Dec'2010 high)
Resistance 1: $ 1.6450/60 (session high, Jan'2010 high)
Current price: $1.6432
Support 1 : $1.6380 (session low)
Support 2 : $1.6340 (МА(200) for Н1)
Support 3 : $1.6230 (Apr 19 low)
Comments: the pair grown. The nearest resistance - around $1.645/60. Above growth is possible to $1.6720. The nearest support $1.6380. Below is possible testings of around $1.6340. 

06:35
Tech on EUR/USD

Resistance 3: $ 1.5000 (psychological mark)
Resistance 2: $ 1.4770 (Dec 11'2009 high)
Resistance 1: $ 1.4580 (high of 2010, session high)
Current price: $1.4568
Support 3 : $1.4500 (session low)
Support 2 : $1.4420 (38,2% FIBO $1,4155-$ 1,4580)
Support 3 : $1.4150 (Apr 5 and 18 low)
Comments: the pair reached high of 2010 - the nearest resistance ($1.4580). Above growth is possible to $1,4770. The nearest support $1,4500. Below losses are possible to $1.4420.

06:01
Schedule for today, Thursday, Apr 21 2011:

05:00 Japan Leading indicators composite index (February) final - 104.2
05:00 Japan Coincident indicators composite index (February) final - 106.3
08:00 Germany IFO business climate index (April) 111.0 111.1
08:30 UK PSNCR (March), bln - 7.0
08:30 UK PSNB (March), bln - 10.3
08:30 UK Retail sales (March) -0.5% -0.8%
08:30 UK Retail sales (March) Y/Y 1.0% 1.3%
12:30 Canada Retail sales (February) 0.5% -0.3%
12:30 Canada Retail sales excluding auto (February) - 0.0%
12:30 USA Jobless claims (week to 16.04) 390K 412K
14:00 USA Leading indicators (March) 0.3% 0.8%
14:00 USA Philadelphia Fed index (April) 37.0 43.4
20:30 USA M2 money supply (11.04), bln - +26.2

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