FXCC MARKET UPDATE 15.05.2013

2013-05-15 03:30 GMT Fitch upgrades Greece to B- with outlook stable Fitch Ratings upgraded Greece sovereign debt from CCC to B- on the back of progress in cutting budget deficit. The country's status is still junk but the outlook is stable according to a Fitch press release. "The Greek economy is rebalancing," states DFitch. "Clear progress has been made towards eliminating twin fiscal and current account deficits and 'internal devaluation' has at last begun to take hold." "The Economic Adjustment Programme (EAP) is on track amid a semblance of political and social stability." The agency adds that "the current account deficit has also shrunk from 10% of GDP in 2011 to 3% in 2012. The revised EU-IMF programme gives Greece two additional years (2015-16) to attain a primary surplus of 4.5% of GDP. This relaxation is reflected in Fitch's expectation of a milder economic contraction of around 4.3% in 2013 (-6.4% in 2012) and a weak recovery in 2014." Eurozone finance ministers, who met on Monday in Brussels, approved the release of the next installment of the Greek bailout. Cyprus was granted the first tranche of its bailout by the Board of Directors of the European Stability Mechanism. The Eurogroup gave the green light to an immediate release of 4.3 billion euros of aid for Greece. The rest, amounting to 3.3 billion euros, would be handed over to Athens by the end of June, “linked to the implementation of the MoU milestones as agreed between Greece and the Troika”, as Eurogroup chief Jeroen Dijsselbloem announced.-FXstreet.com   2013-05-15 08:30 GMT UK. Claimant Count Change 2013-05-15 09:00 GMT EMU. Gross Domestic Product s.a. 2013-05-15 09:30 GMT UK. Bank of England Quarterly Inflation Report 2013-05-15 23:50 GMT Japan. Gross Domestic Product. Annualized   2013-05-15 05:01 GMT NZD/JPY on the verge of an upside range? 2013-05-15 04:59 GMT Silver remains at risk of hitting new lows – ANZ 2013-05-15 04:34 GMT EUR/USD finally closes below 1.2950, further declines to come? 2013-05-15 03:32 GMT Australia budget still strong by global standards - RBS

AUDUSD 0.98952 / 959 NZDUSD 0.82139 / 148 USDCHF 0.96548 / 558 USDCAD 1.01858 / 865 GBPJPY 155.693 / 710 EURCHF 1.24814 / 823 GOLD 1422.81 / .11 SILVER 23.23 / .27

EURUSD HIGH1.29412 LOW1.29207 BID1.29309 ASK1.29314 CHANGE0.07% TIME08:34:58

OUTLOOK SUMMARY Down TREND CONDITION Down trend TRADERS SENTIMENT Bearish IMPLIED VOLATILITY High

MARKET ANALYSIS - Intraday Analysis Upwards scenario: Medium term bias remains negative though price appreciation above the resistance barrier at 1.2951 (R1) might boost the upside pressure. Next visible resistances are seen at 1.2980 (R2) and 1.3006 (R3). Downwards scenario: Any downside extension is limited now to the key support level at 1.2912 (S1). Break here is required to open a route towards to next target at 1.2886 (S2) and then any further easing would be targeting final support at 1.2859 (S3). Resistance Levels: 1.2951, 1.2980, 1.3006 Support Levels: 1.2912, 1.2886, 1.2859

GBPUSD HIGH1.52371 LOW1.52071 BID1.52264 ASK1.52268 CHANGE0.11% TIME08:34:58

OUTLOOK SUMMARY Down TREND CONDITION Down trend TRADERS SENTIMENT Bullish IMPLIED VOLATILITY High

Upwards scenario: Market looks oversold on the hourly chart and break above the resistance at 1.5270 (R1) is liable to stimulate bullish pressure and validate interim target at 1.5308 (R2) en route final aim at 1.5345 (R3). Downwards scenario: We would shift our intraday technical outlook to the negative if the price manage to penetrate below the key support at 1.5204 (S1). Loss here would suggest next initial targets at 1.5170 (S2) and 1.5133 (S3). Resistance Levels: 1.5270, 1.5308, 1.5345 Support Levels: 1.5204, 1.5170, 1.5133

USDJPY HIGH102.36 LOW102.047 BID102.181 ASK102.185 CHANGE-0.17% TIME08:34:59

OUTLOOK SUMMARY Up TREND CONDITION Up trend TRADERS SENTIMENT Bearish IMPLIED VOLATILITY High

Upwards scenario: Pair has settled clear uptrend formation on the hourly timeframe and potential to move higher is seen above the next resistance level at 102.43 (R1). Loss here would suggest next intraday targets at 102.91 (R2) and 103.42 (R3). Downwards scenario: The downside trend evolvement is protected by support level at 101.81 (S1), break here would put bullish oriented traders on hold. Marks at 101.29 (S2) and 100.76 (S3) is the next supportive bastion on the way. Resistance Levels: 102.43, 102.91, 103.42 Support Levels: 101.81, 101.29, 100.76

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