Thursday, December 27, 2012

Direct FX TODAY : Economic Snapshot




Forex Market Update
This morning, the greenback is trading lower against most of the major currencies.
Despite the release of disappointing UK data, the Pound is trading on positive note against the US Dollar this morning.
The European Central Bank's (ECB) Governing Council member, Luc Coene, indicated that the central bank would steadfastly enforce conditions attached to sovereign bond purchases under its programme to help the Euro-zone states cut borrowing costs.
Meanwhile, market participants remained focused on developments surrounding the fiscal cliff in the US. Yesterday, the US Treasury Secretary, Timothy Geithner warned that he would have to take "extraordinary measures" to avoid a default on the US's legal obligations as the country is set to breach its $16.4 trillion (£10.16 trillion) debt limit.
In the US economic news, home prices in major metropolitan areas rose by a little more than analysts had been expecting in the month of October, while the Richmond Fed Index for manufacturing fell to a reading of 5.0 in December from a reading of 9.0 recorded in November. Market had expected the index to rise to a reading of 12.0 in December.
The greenback yesterday climbed to over a 15-month high against the Japanese Yen, after Japan's incoming Prime Minister, Shinzo Abe and his Liberal Democratic Party reached an agreement with coalition partner New Komeito Party on an economic policy package that includes setting an inflation target of 2.0%. The Bank of Japan currently maintains an inflation target of 1.0%.

EUR USD
This morning at 10:40 GMT, the EUR is trading at 1.3266 against the USD, 0.35% higher from the New York close, ahead of negotiations to be held today to avoid fiscal crisis in the US. In France, consumer confidence improved in December for the first time since May this year. However, the producer prices increased at a slower rate in November than expected by analysts. During the session, the pair traded at a high of 1.3277 and a low of 1.3219. Yesterday, the EUR traded 0.13% higher against the USD in the New York session, and closed at 1.3220.

The pair is expected to find its first support at 1.3210 and first resistance at 1.3299.

GBP USD
At 10:40 GMT, the GBP is trading at 1.6188 against the USD, 0.34% higher from the New York close. Economic data just released showed that mortgage approvals in the UK rose less-than-expected to 33,634 in November from 33,128 in October, according to British Bankers' Association. The expected level was 34,500. During the session, the pair traded at a high of 1.6193 and a low of 1.6124. Yesterday, the British Pound traded marginally higher versus the Dollar in the New York session, and closed at 1.6133.

The pair is expected to find its first support at 1.6133 and first resistance at 1.6218.

USD JPY
The USD is trading at 85.75 against the JPY at 10:40 GMT this morning, 0.16% higher from the New York close. The Yen slid against the greenback, as continued speculation that Japanese Prime Minister, Shinzo Abe would push the central bank to boost cash infusions, weighed on the currency. Additionally, a poor Japanese economic data further weighed on the currency. During the session, the pair traded at a high of 85.89 and a low of 85.48. In the New York session yesterday, the USD traded 0.25% higher against the JPY, and closed at 85.62.

The pair is expected to find its first support at 85.37 and first resistance at 86.01.

USD CHF
This morning at 10:40 GMT, the USD is trading at 0.9111 against the Swiss Franc, 0.27% lower from the New York close. In Switzerland, the UBS consumption indicator fell to a reading of 1.23 in November, compared to a reading of 1.30 in October. During the session, the pair traded at a high of 0.9147 and a low of 0.9103. In the New York session yesterday, the USD traded 0.11% lower against the CHF, and closed at 0.9136.

The pair is expected to find its first support at 0.9090 and first resistance at 0.9145.

USD CAD
At 10:40 GMT, the USD is trading at 0.9917 against the CAD, 0.27% lower from the New York close. The Loonie is trading higher this morning, tracking gains in oil prices. During the session, the pair traded at a high of 0.9947 and a low of 0.9910. Yesterday, the USD traded 0.19% higher against the CAD in the New York session, and closed at 0.9944.

The pair is expected to find its first support at 0.9900 and first resistance at 0.9943.

AUD USD
The AUD is trading at 1.0378 against the USD, at 10:40 GMT this morning, marginally higher from the New York close. During the session, the pair traded at a high of 1.0385 and a low of 1.0345.AUD traded 0.07% higher against the USD in the New York session, and closed at 1.0374.

The pair is expected to find its first support at 1.0352 and first resistance at 1.0396.

Gold
At 10:40 GMT, Gold is trading at $1655.35 per ounce, 0.28% lower from the New York close. This morning, Gold traded at a high of $1659.85 and a low of $1653.55 per ounce. In the New York session yesterday, the yellow metal traded 0.10% higher, and closed at $1659.95.

Gold has its first support at $1649.99 and first resistance at $1664.26.

Silver
Silver is trading at $29.94 per ounce, 0.43% lower from the New York close, at 10:40 GMT this morning. This morning, Silver traded at a high of $30.14 and a low of $29.90 per ounce. Silver traded 0.17% higher against the USD in the New York session, and closed at $30.07.

Silver has its first support at $29.77 and first resistance at $30.16.

Crude Oil
At 10:40 GMT, Oil is trading at $91.01 per barrel, 0.20% lower from the New York close. Investors await the release of oil inventory data scheduled to be released later today and tomorrow, to offer further guidance to oil prices. This morning, Oil traded at a high of $91.35 and a low of $90.75. Yesterday, Oil traded 2.22% higher in the New York session, and closed at $91.17.

It has its first support at $89.59 and first resistance at $91.89.

Economic Snapshot

UK BBA mortgage approvals increased in November
In the UK, the British Banker's Association reported that the number of new mortgages approved in November rose to 33,634 approvals from a revised 33,128 approvals in October. The expected level was 34,500.

French consumer confidence improved in December
In France, the consumer confidence index climbed to a reading of 86.0 in December, compared to a reading 84.0 in November.

France output prices eased in November
The producer price index for the domestic market in France increased 1.9% (YoY) in November, against the expectations for a 2.1% gain. On a monthly basis, output prices in the French market decreased 0.5% in November, faster than the 0.3% drop expected. In October, prices had moved up 0.5%, sequentially.

Swiss UBS consumption indicator declined marginally in November
In Switzerland, the UBS consumption indicator retreated to 1.23 in November, from 1.30 in October.

Italy's business sentiment improved in December
In Italy, business confidence index for the manufacturing industry rose to a reading of 88.9 in December, compared to a reading of 88.5 in November.

Japan housing starts growth slowed in November
In Japan, housing starts grew at a pace of 10.3% (YoY) in November, lower than the 25.2% growth seen in October. Meanwhile, construction orders received by 50 big contractors decreased 2.1% in November, after declining 13.8% in October.



Disclaimer The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities. Visit Us www.deryworldscorp.web.id

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