DIRECTFX : Daily Currency Report

Forex Market Update This morning, the greenback is trading lower against most of the major currencies. Earlier in the Asian session, the European Central Bank (ECB) President, Mario Draghi stated that there are few signs of a possible stabilization in the Euro region and the economic situation still “remains challenging”. The Euro rose higher, underpinned by improved risk appetite after data released this morning revealed that manufacturing PMI data across the Europe posted better-than-expected figures in May. The Pound gained traction this morning, after UK’s manufacturing activity grew at its fastest pace in 14 months in May, boosting optimism that nation's recovery is becoming more broad based and less reliant on the services sector. The Yen recovered from its previous session losses this morning, after the IMF warned on Friday that, the Japanese currency has fallen enough to a level “moderately below” its natural trading value. The Australian is trading higher despite data indicated that retail sales in the nation rose less-than-expected in April. Also, official data from China, Australia’s major trading partner showed that, factory activity shrank for the first time in seven months in May and growth in services activity slowed down in the same month. The Reserve Bank of Australia’s monthly board meeting tomorrow would be of much interest to the investors, with most of the market participants expecting the rate to remain on hold at its record low of 2.75%. EUR USD This morning at 09:40 GMT, the EUR is trading at 1.3030 against the USD, 0.38% higher from the New York close. In the Euro-zone, manufacturing PMI data from Germany and France rose slightly more-than-expected in May, while Italian manufacturing activity rose to a four-month high in the same month. Additionally, European manufacturing activity eased in May. During the session, the pair traded at a high of 1.3044 and a low of 1.2987. On Friday, EUR traded 0.07% lower against the USD in the New York session, and closed at 1.2981. The pair is expected to find its first support at 1.2967 and first resistance at 1.3068. GBP USD At 09:40 GMT, the GBP is trading at 1.5270 against the USD, 0.57% higher from the New York close, after manufacturing PMI in the UK rose to a reading of 51.3 in May, from a revised reading of 50.2 recorded in the previous month. Market had expected the index to remain unchanged. During the session, the pair traded at a high of 1.5289 and a low of 1.5196. On Friday, GBP traded 0.23% lower against the USD in the New York session, and closed at 1.5183. The pair is expected to find its first support at 1.5177 and first resistance at 1.5326. USD JPY The USD is trading at 100.36 against the JPY at 09:40 GMT this morning, 0.31% lower from the New York close. During the session, the pair traded at a high of 100.77 and a low of 100.03. In the New York session on Friday, the USD traded 0.19% higher against the JPY, and closed at 100.67. The pair is expected to find its first support at 99.85 and first resistance at 101.04. USD CHF This morning at 09:40 GMT, the USD is trading at 0.9564 against the Swiss Franc, 0.39% lower from the New York close. In Switzerland, the SVME PMI expanded in the month of May, recording a reading of 52.2, from a reading of 50.2 in the previous month. During the session, the pair traded at a high of 0.9580 and a low of 0.9541. In the New York session on Friday, the USD traded 0.53% higher against the CHF, and closed at 0.9601. The pair is expected to find its first support at 0.9509 and first resistance at 0.9623. USD CAD At 09:40 GMT, the USD is trading at 1.0368 against the CAD, marginally higher from the New York close. During the session, the pair traded at a high of 1.0376 and a low of 1.0343. On Friday, the USD traded 0.56% higher against the CAD in the New York session, and closed at 1.0367. The pair is expected to find its first support at 1.0318 and first resistance at 1.0400.  AUD USD The AUD is trading at 0.9643 against the USD, at 09:40 GMT this morning, 0.74% higher from the New York close. Data released from Australia indicated that retail sales rose to a seasonally adjusted 0.2% (MoM) in April, compared to a 0.4% drop recorded in the previous month. During the session, the pair traded at a high of 0.9653 and a low of 0.9598. AUD traded 0.25% lower against the USD in the New York session on Friday, and closed at 0.9572. The pair is expected to find its first support at 0.9576 and first resistance at 0.9681. Gold At 09:40 GMT, Gold is trading at $1396.35 per ounce, 0.61% higher from the New York close, amid weakness in the US Dollar. This morning, Gold traded at a high of $1401.95 and a low of $1391.38 per ounce. In the New York session on Friday, the yellow metal traded 1.37% lower, and closed at $1387.92. Gold has its first support at $1382.76 and first resistance at $1412.25. Silver Silver is trading at $22.46 per ounce, 0.89% higher from the New York close, at 09:40 GMT this morning. This morning, Silver traded at a high of $22.55 and a low of $22.33 per ounce. Silver traded 0.14% lower against the USD in the New York session on Friday, and closed at $22.26. Silver has its first support at $22.21 and first resistance at $22.67. Crude Oil At 09:40 GMT, Oil is trading at $92.01 per barrel, 0.40% higher from the New York close, as weak Chinese manufacturing data dampened demand prospects for the oil. This morning, Oil traded at a high of $92.09 and a low of $91.37. On Friday, Oil traded 0.95% lower against the USD in the New York session, and closed at $91.63. It has its first support at $91.08 and first resistance at $93.12. Economic Snapshot UK’s manufacturing PMI rose in May In the UK, the seasonally adjusted manufacturing purchasing managers’ index (PMI) advanced to a reading of 51.3 in May, from a revised reading of 50.2. Euro-zone’s manufacturing PMI advanced in May In the Euro-zone, the final manufacturing PMI climbed to a reading of 48.3 in May, higher than the flash reading of 47.8 and following a reading of 46.7 in April. Germany's manufacturing sector activity improved in May On a seasonally adjusted basis, the manufacturing PMI in Germany edged up to a reading of 49.4 in May, from a reading of 48.1 registered in April. Market had expected a reading of 49.0. French manufacturing PMI records a rise in May In France, the seasonally adjusted manufacturing PMI rose to a reading of 46.4 in May, higher than the expected reading of 45.5 and from a reading of 44.4 in April. Switzerland's manufacturing PMI rose in May The Swiss Association of Purchasing and Materials Management reported that its SVME manufacturing PMI in Switzerland rose to a reading of 52.2 in May, much higher than the expected reading of 50.8 in May and from a reading of 50.2 recorded in April. Italy’s manufacturing PMI increased more-than-expected in May In Italy, manufacturing PMI rose more than the expected to a reading of 47.3 in May, compared to a reading of 45.5 registered in the previous month. Spain’s manufacturing PMI rose in May Spain’s manufacturing PMI advanced to reading of 48.1 in May, above market consensus for a reading of 45.5 and compared to a reading of 44.7 recorded in April. Australia TD securities inflation eased in May On a monthly basis, TD securities inflation in Australia slipped to 0.2% in May, from 0.3% reported in April. Annually, TD securities inflation increased to 2.2% in May, from 2.1% in April. Australia retail sales rose in April On a seasonally adjusted monthly basis, retail sales in Australia increased 0.2% in April, lower than the expected 0.3% rise and compared to 0.4% fall recorded in the previous month. China's non-manufacturing PMI slipped in May In China, the non-manufacturing PMI declined to a reading of 54.3 in May, from a reading of 54.5 registered in the previous month. China’s HSBC manufacturing PMI fell in May According to the survey data from Markit/HSBC, manufacturing PMI in China fell to a reading of 49.2 in May, from a reading of 50.4 registered in the previous month.

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DIRECTFX : Daily Currency Report 30.05.2013

Forex Market Update This morning, the greenback is trading lower against most of the major currencies. A slate of confidence indicators just released from the Euro-zone indicated a modest recovery in the economic conditions in the region, while GDP data from Spain showed improvement in the first quarter of 2013, though remained in contraction territory. Yesterday, the Organization for Economic Cooperation and Development in its half-yearly update, cautioned that lingering economic weakness in Europe ‘‘could evolve into stagnation with negative implications for the global economy.’’ The Canadian Dollar extended its previous session gains against the USD and is trading higher this morning, as the outgoing Bank of Canada Governor, Mark Carney left interest rates unchanged and stated that the interest rates may rise in near term. Against this backdrop, the Canadian gross domestic product (GDP) data scheduled to be released tomorrow would garner a lot of market attention. The Australian Dollar recovered from previous losses against the US Dollar, after data showed that building approvals in Australia grew more-than-expected in April, dampening the prospect for an interest rate cut by the Reserve Bank. The greenback traded lower in the New York session yesterday, against the key currencies. EUR USD This morning at 09:40 GMT, the EUR is trading at 1.2992 against the USD, 0.41% higher from the New York close, after economic sentiment index in the Euro-zone rose to a reading of 89.4 in May, from a reading of 88.6 recorded in the previous month. Additionally, business climate, industrial confidence and consumer confidence in the Euro-zone also improved in May. Separately, gross domestic product data from Spain indicated that the nation contracted 0.5% in Q12013. During the session, the pair traded at a high of 1.2992 and a low of 1.2932. Yesterday, EUR traded marginally lower against the USD in the New York session, and closed at 1.2939. The pair is expected to find its first support at 1.2919 and first resistance at 1.3029.  GBP USD At 09:40 GMT, the GBP is trading at 1.5194 against the USD, 0.44% higher from the New York close, after economic data indicated that house prices in the UK picked up in May. The Nationwide house prices in the UK rose by a seasonally adjusted 0.4% (MoM) in May, compared to a flat rate recorded in the previous month. During the session, the pair traded at a high of 1.5194 and a low of 1.5113. Yesterday, GBP traded marginally higher against the USD in the New York session, and closed at 1.5127. The pair is expected to find its first support at 1.5069 and first resistance at 1.5238.  USD JPY The USD is trading at 100.72 against the JPY at 09:40 GMT this morning, 0.44% lower from the New York close. The Yen registered gains after data indicated that, investors in Japan sold a net ¥1.12 trillion of foreign bonds in the week ended May 24, the most since the period ended April 5. Data on Japan’s consumer price inflation, unemployment rate and industrial production set to be release earlytomorrow would further determine the trading pattern in the pair. During the session, the pair traded at a high of 101.57 and a low of 100.46. In the New York session yesterday, the USD traded 0.08% lower against the JPY, and closed at 101.17. The pair is expected to find its first support at 100.22 and first resistance at 101.63.  USD CHF This morning at 09:40 GMT, the USD is trading at 0.9574 against the Swiss Franc, 0.51% lower from the New York close. The Swiss Franc received support after data indicated that gross domestic product in Switzerland rose by a seasonally adjusted 0.6% (QoQ) in the first quarter of 2013, following a revised 0.3% growth recorded in the previous quarter. During the session, the pair traded at a high of 0.9642 and a low of 0.9564. In the New York session yesterday, the USD traded 0.15% lower against the CHF, and closed at 0.9623. The pair is expected to find its first support at 0.9522 and first resistance at 0.9679.  USD CAD At 09:40 GMT, the USD is trading at 1.0329 against the CAD, 0.22% lower from the New York close. During the session, the pair traded at a high of 1.0369 and a low of 1.0328. Yesterday, the USD traded 0.22% lower against the CAD in the New York session, and closed at 1.0352. The Bank of Canada (BoC), in its monetary policy meeting held yesterday decided to keep its interest rate unchanged at 1.0%. The pair is expected to find its first support at 1.0307 and first resistance at 1.0385.  AUD USD The AUD is trading at 0.9663 against the USD, at 09:40 GMT this morning, 0.32% higher from the New York close, after data indicated that building permits in Australia climbed 27.3% (YoY) in April, following a 3.9% rise recorded in the previous month. The pair’s direction later in the day would be dominated by movements in the US Dollar, with the release of GDP and initial jobless claims data in the US. During the session, the pair traded at a high of 0.9699 and a low of 0.9582. AUD traded 0.07% higher against the USD in the New York session yesterday, and closed at 0.9632. The pair is expected to find its first support at 0.9594 and first resistance at 0.9726.  Gold At 09:40 GMT, Gold is trading at $1405.53 per ounce, 0.88% higher from the New York close, after the US Dollar fell sharply. This morning, Gold traded at a high of $1411.27 and a low of $1389.00 per ounce. In the New York session yesterday, the yellow metal traded 0.41% higher, and closed at $1393.25. Gold has its first support at $1388.19 and first resistance at $1417.07. Silver Silver is trading at $22.76 per ounce, 1.04% higher from the New York close, at 09:40 GMT this morning, tracking gains in the yellow metal. This morning, Silver traded at a high of $22.83 and a low of $22.38 per ounce. Silver traded 0.73% higher against the USD in the New York session yesterday, and closed at $22.52. Silver has its first support at $22.38 and first resistance at $22.98. FOLLOW DIRECTFX GOLDSILVER CLUB CLICK HERE !! Crude Oil At 09:40 GMT, Oil is trading at $92.60 per barrel, 0.20% lower from the New York close, ahead of a meeting by the Organization of the Petroleum Exporting Countries and the crude oil inventory data from the US Energy Information Administration. Late yesterday, the American Petroleum Institute reported that the US crude inventories rose by 4.4 million barrels in the week ended 24th May, compared to expectations for a drop of 1.1 million barrels. This morning, Oil traded at a high of $93.29 and a low of $92.34. Yesterday, Oil traded 1.74% lower against the USD in the New York session, and closed at $92.75. It has its first support at $91.55 and first resistance at $94.43. Economic Snapshot House prices in the UK rose in May In the UK, the Nationwide house price index advanced 1.1% annually in May, against the forecast for a 0.9% rise and following a 0.9 % annual growth registered in the previous month. On a monthly basis, the house price index rose 0.4% in May, compared to a flat change recorded in the previous month. Lloyds business barometer in the UK climbed in May The Lloyds Business Group has reported that business barometer in the UK climbed to a reading of 39.0 in May, compared to a reading of 27.0 recorded in the previous month. Euro-zone sentiment indices rose in May In the Euro-zone, the economic sentiment indicator rose to a reading of 89.4 in May, compared to a reading of 88.6 in the previous month. Business climate indicator climbed to a reading of -0.76 in May, compared to a reading of -1.04 in the previous month. Additionally, services sentiment indicator rose to a reading of -9.3 in May, compared to a reading of -11.1 in the previous month. Moreover, industrial confidence indicator rose to a reading of -13.0 in May, compared to a reading of -13.8 in the previous month. Euro-zone consumer confidence improved in May In the Euro-zone, consumer confidence indicator rose to a reading of -21.9 in May, compared to a reading of -22.3 in April. Swiss economy expanded in the Q12013 On a seasonally adjusted, gross domestic product (GDP) in Switzerland climbed 0.6% (QoQ) in Q12013, following a revised 0.3% rise registered in the Q42012. Annually, the GDP rose 1.1% in the Q12013, following a 1.4% gain recorded in the Q42012. Italian PPI declined in April In Italy, Producer Price Index (PPI) declined 0.4% (MoM) in April, compared to a flat change recorded in the previous month. On an annual basis, PPI fell 1.0% in April, compared to a 0.1% drop recorded in March. Spain inflation increased more-than-expected in May In Spain, consumer price index rose 1.7% in May, compared to a 1.4% rise recorded in April. Market had expected a rise of 1.6%. Additionally, harmonized inflation rose to 1.8% in May against the forecast for a 1.7% rise and following a rate of 1.5% in April. Spanish GDP fell in line with preliminary estimate in the Q12013 In Spain, GDP fell 0.5% (QoQ) in the Q12013, in line with the preliminary estimate, and compared to a 0.8% drop recorded in the Q42012. Building approvals in Australia rose in April On a seasonally adjusted monthly basis, building approvals in Australia increased 9.1% in April, compared to a 5.5% drop registered in March. Also, building approvals jumped 27.3% (YoY) in April, following a 3.9% rise recorded in the previous month.

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DIRECTFX 28.05.2013 : Daily Currency Report

Forex Market Update This morning, the greenback is trading higher against most of the major currencies. The Euro came under pressure, after data released this morning indicated that French consumer confidence fell to its lowest level in nearly five years in May. Yesterday, the Standard and Poor’s rating agency warned that France must deliver its promised budget cuts to avoid a credit rating downgrade. Meanwhile, import prices in Germany dropped more-than-expected in the month of April. The Yen is trading lower against the dollar, after the advisor to the Japanese Prime Minister, Shinzo Abe, Koichi Hamada stated that the Bank of Japan would provide further stimulus, if necessary, to drive an economic revival. The Swiss Franc is trading lower against the USD and the EUR, after data revealed that trade surplus in Switzerland unexpectedly narrowed for April, largely affected by a steep fall in exports due to sluggish demand in Europe, the nation’s biggest trading partner. The US consumer confidence and Richmond Fed manufacturing index which are scheduled for release later in the day are expected to trigger much of the action in the forex market. The greenback traded higher in the New York session yesterday, against the key currencies. EUR USD This morning at 09:40 GMT, the EUR is trading at 1.2926 against the USD, marginally lower from the New York close. In economic news, German import prices dropped 1.4% (MoM) in April, against the expectation of a 0.5% drop. Additionally, French consumer confidence index dropped unexpectedly to a reading of 79.0 in May, from a revised reading of 83.0 recorded in the previous month. During the session, the pair traded at a high of 1.2936 and a low of 1.2882. Yesterday, EUR traded marginally lower against the USD in the New York session, and closed at 1.2932. The pair is expected to find its first support at 1.2889 and first resistance at 1.2957. GBP USD At 09:40 GMT, the GBP is trading at 1.5103 against the USD, marginally lower from the New York close. During the session, the pair traded at a high of 1.5115 and a low of 1.5064. Yesterday, GBP traded marginally lower against the USD in the New York session, and closed at 1.5110. The pair is expected to find its first support at 1.5057 and first resistance at 1.5143. USD JPY The USD is trading at 102.02 against the JPY at 09:40 GMT this morning, 0.92% higher from the New York close, snapping yen’s recent rally stemming from concerns about a climb in Japanese government bond yields. On the data front, Japanese retail trade data is awaited later in the day which is expected to remain unchanged in April, compared to a 1.4% drop recorded in the previous month. During the session, the pair traded at a high of 102.35 and a low of 101.05. In the New York session yesterday, the USD traded 0.08% higher against the JPY, and closed at 101.09. The pair is expected to find its first support at 101.08 and first resistance at 102.68. USD CHF This morning at 09:40 GMT, the USD is trading at 0.9681 against the Swiss Franc, 0.54% higher from the New York close. The Swiss Franc recorded losses after trade surplus in Switzerland narrowed to CHF1.73 billion in April, from a revised CHF1.89 billion recorded in the previous month. However, employment level in the nation rose to a seasonally adjusted 4.15 million in the first quarter of 2013, from 4.12 million recorded in the previous quarter. During the session, the pair traded at a high of 0.9706 and a low of 0.9624. In the New York session yesterday, the USD traded marginally lower against the CHF, and closed at 0.9629. The pair is expected to find its first support at 0.9624 and first resistance at 0.9726. USD CAD At 09:40 GMT, the USD is trading at 1.0346 against the CAD, 0.07% higher from the New York close. During the session, the pair traded at a high of 1.0369 and a low of 1.0333. Yesterday, the USD traded 0.14% higher against the CAD in the New York session, and closed at 1.0339. The pair is expected to find its first support at 1.0319 and first resistance at 1.0376. AUD USD The AUD is trading at 0.9663 against the USD, at 09:40 GMT this morning, 0.29% higher from the New York close. During the session, the pair traded at a high of 0.9682 and a low of 0.9596. AUD traded 0.09% lower against the USD in the New York session yesterday, and closed at 0.9635. The pair is expected to find its first support at 0.9615 and first resistance at 0.9701. Gold At 09:40 GMT, Gold is trading at $1380.16 per ounce, 1.04% lower from the New York close. This morning, Gold traded at a high of $1396.62 and a low of $1377.69 per ounce. In the New York session yesterday, the yellow metal traded marginally lower, and closed at $1394.80. Gold has its first support at $1372.85 and first resistance at $1392.31. Silver Silver is trading at $22.34 per ounce, 1.29% lower from the New York close, at 09:40 GMT this morning. This morning, Silver traded at a high of $22.68 and a low of $22.27 per ounce. Silver traded 0.16% lower against the USD in the New York session yesterday, and closed at $22.64. Silver has its first support at $22.15 and first resistance at $22.65. Crude Oil At 09:40 GMT, Oil is trading at $94.68 per barrel, 1.10% higher from the New York close, on supply concerns escalating from violence in Syria, one of the major oil exporters. This morning, Oil traded at a high of $94.76 and a low of $93.54. Yesterday, Oil traded 0.18% higher against the USD in the New York session, and closed at $93.63. It has its first support at $93.78 and first resistance at $95.17. Economic Snapshot German import price index fell in April In Germany, import price index fell 3.2% (YoY) in April, compared to a 2.3% drop in March. On a monthly basis, import price index declined 1.4% in April, compared to a 0.1% drop recorded in the previous month. French consumer confidence declined more-than-expected in May In France, consumer confidence declined to a reading of 79.0 in May, from a downwardly revised reading of 83.0 in April. Market had expected consumer confidence to rise to a reading of 85.0. Swiss trade surplus narrowed in April In Switzerland, trade surplus narrowed to CHF1.73 billion in April, compared to a surplus of CHF1.89 billion recorded in the previous month. Market had expected trade surplus to widen to CHF2.05 billion. Additionally, exports rose to CHF17.00 billion in April, compared to CHF16.66 billion in the previous month. Imports rose to CHF15.28 billion in April, compared to CHF14.77 billion in the previous month. Swiss employment level rose in the Q1 2013 In Switzerland, employment level rose to 4.15 million in the first quarter of 2013, compared to a level of 4.12 million in the previous quarter. Market had expected employment level to fall to 4.10 million. Small business confidence in Japan declined in May In Japan, the small business confidence index weakened to a reading of 48.2 in May, compared to a reading of 49.4 in April. Market had expected the index to rise to a reading of 50.0. Leading index in China declined in April In China, leading index fell to a reading of 99.8 in April, compared to a reading of 100.0 in March.

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MAYZUS : 21 MAY 2013: GOLD REBOUNDS AS USD WEAKENS

21 MAY 2013: GOLD REBOUNDS AS USD WEAKENS

Arne Treholt Vice-President of Business Development and Investments

Gold Rebounds
As USD Weakens


Gold and Silver rebounded strongly yesterday after the onslaught at the end of last week, and in Asia on Monday morning. Both the precious metals fell nearly 5 %. Gold trades at USD 1387 an ounce in Asia, 35 dollars up from the lows 24 hours ago. Silver trades at USD 22,70 rebounding from a low of 21.00 and reached USD 23, at the start of the Asian trading session. The cautious comments from representatives from the US Federal Reserve (FED) regarding the bond-buying stimulus, have weakened the USD.


In a statement on Monday, the President of the Federal Reserve in Chicago followed up last week’s comments from another regional FED president, that the bond-buying program might end abruptly in the autumn if, by then, the FED was sure that the labour market was on solid footing. Earlier, the FED put a 6,5 % unemployment statistic as the critical mark. The last published data showed a 7,6 % unemployment statistic. The aggressive monetary easing policies now also followed by Japan, has given global stock markets a strong boost.


US-stocks ended flat on Monday with indexes hovering near record levels. Concerns about a stop in bond-buying and a correction are influencing markets. Energy stocks and primarily solar companies soared. Dow Jones saw an intraday high at 15 391. S&P reached 1 672. Both indexes are up 17 % since January 1st. Investors are split between nervousness for a strong correction due to the sharpness and length of the rally, and those who are afraid to miss a continued rally.


European shares set a new five-year high for the fourth straight session on Monday, after positive indicators from The United States and Japan pointed to an improving global economic outlook. European blue chip stocks (Financial Times Eurofirst 300 index) was up one percent, which is the highest level seen since mid 2008. The positive US consumer sentiment data from Friday, the highest level seen in almost six years, is seen as especially encouraging. EasyJet and Ryan Air were among the biggest gainers.


The Japanese Yen tumbled yesterday after comments from its Minister of Economy, warning that the currency might have weakened enough. USD/JPY fell to 102 after Friday’s high on 103,22, but has rebounded to 102,22. Oil prices are keeping steady. Brent crude trades at USD 104,83 a barrel. FED Chairman Ben Bernanke’s statement to Congress on Wednesday will be crucial for the further development in currencies and global equity markets.

AUD/USD intraday: further advance.

Pivot: 0.975 Our preference: Long positions above 0.975 with targets @ 0.985 & 0.988 in extension. Alternative scenario: Below 0.975 look for further downside with 0.9705 & 0.967 as targets. Comment: a support base at 0.975 has formed and has allowed for a temporary stabilisation.

TRADE BERSAMA KAMI SEKARANG ! Sangkalan Analisis kami berikan didasarkan pada perkiraan rata-rata pergerakan harga dalam satu hari. Tidak menjamin apa yang kami hasilkan sebenarnya adalah tepat dan benar. Segala sesuatu yang terjadi dalam keputusan yang Anda buat pada transaksi trading anda adalah menjadi tanggung jawab Anda.

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City Credit Capital : The CFD News Letter T h u r s d a y , M a y 1 6 , 2 0 1 3

U.S Stock Market

DJIA         S & P 500         NASDAQ

15234       1654.25               3000.75

+0.38%      +0.38%              +0.18%

U.S Stocks churned higher yesterday, continuing their push into record territory. The Dow Jones Industrial Average rose 60.44 points, or 0.4%, to 15275.69, hitting a high for the sixth time in nine sessions. The S&P 500 gained 8.44 points, or 0.5%, to 1658.78, another record close. The index has only fallen two sessions this month. The Nasdaq Composite Index tacked on 9.01 points, or 0.3%, to 3471.62. Government data released revealed that U.S industrial production fell more than expected in April, contracting 0.5% after expanding a revised 0.3% in March. The Federal Reserve is currently buying $85 billion in assets such as mortgage debt or Treasury holdings from banks each month, a monetary stimulus tool known as quantitative easing that weakens the U.S Dollar to spur recovery, with stock prices rising as a side effect. Yesterday's
data convinced many investors such programs will stay in place for now. Prices at the wholesale level in the U.S disappointed as well, which also fueled sentiment that the Fed will continue with its liquidity injections. Asian markets were also mostly higher, with Japan's Nikkei Stock Average rallying 2.3%, closing at its highest level since December 2007. Japanese stocks were propelled by a weakening of the Yen.


Dow Jones Industrial Average

Blue chips rose 60.44 points, or 0.4%, to 15275.69, hitting a high for the sixth time in nine sessions. The consumer staples and financials sectors led the S&P 500 higher, gaining 1% and 0.9%, respectively. Consumer staples have underperformed the index this month, while financial shares have been its best
performing sector. Leading Dow Jones Industrial Average performers included American Express, up
1.76%, JPMorgan Chase, up 1.65%, and Procter & Gamble, up 1.54% and worst performers included
Hewlett-Packard, down 2.56%, Chevron, down 1.61%, and Alcoa, down 0.70%.

NASDAQ 100

The Technology Heavy Nasdaq tacked on 9.01 points, or 0.3%, to 3471.62. Tech stocks ended in green as
Shares of Google Inc. jumped yesterday passing the $900 mark for the first time as the company kicked
off its developers conference known as Google I/O. Google led the rest of the tech sector to moderate
gains. Google shares closed up 3.3% at $915.89 as the company delivered its opening keynote, which has so far included announcements of new developer tools. Zynga shares jumped more than 4% to $3.48 after the hedge fund Jana Partners bought more than 25 million shares in the social game maker, according to
a recent filing.

Crude Oil

Crude Oil futures dropped yesterday after a slew ofdisappointing economic indicators in Europe and the
U.S dampened spirits and fanned concerns the global economy continues to battle headwinds and will
demand less fuels and energy as a result. U.S inventory data offset losses. Better than expected
U.S. inventory data curbed losses. The U.S Energy Information Administration said in its weekly oil and
gasoline stockpile data earlier that crude oil stocks fell by 624,000 barrels last week, more than market calls
for a decline of 330,000 barrels, suggesting greater demand than anticipated. The U.S is the world’s
biggest oil consuming country, responsible for almost 22% of global oil demand.


Precious and Base Metals

Bullion inched up yesterday after dropping for four straight sessions, as the Greenback eased and
outflows from exchange traded funds halted, but firm equities could lure away investors seeking better returns and keep a lid on Gold's gains. While Bullion has recovered around 8% from a two year
trough hit in April, its safe haven appeal has been battered by record high U.S equities, signs of an
improving U.S economy, and fears of a slowdown in demand by top consumer India. Bullion rose 0.19%
to $1,428.09 an ounce. Gold has slumped more than 14% so far this year, after gaining in the past 12
consecutive years as easy monetary policy burnished bullion's appeal as a hedge against inflation.
Holdings at SPDR Gold Trust, the largest gold backed ETF, were unchanged at 33.8 million ounces earlier
this week after falling almost daily. But the holdings were still within sight of their lowest since March
2009 that was hit after funds cut their exposure to bullion, whose historic fall in April took keen gold
investors and bulls by surprise. Gold prices drew support from a softer Greenback, which made
commodities priced in the U.S Dollar cheaper for holders of other currencies. But a rally is U.S stocks
to fresh highs on yesterday curbed investors' interest in Precious Metal, while a slowdown in
Indian demand for the Yellow Metal also weighed.

Traditional Agricultural

Wheat futures were lower on fund and technical selling, along with spillover from the dollar. Spring
wheat planting conditions have improved thanks to drier weather and warmer soil temperatures, and
parts of South Dakota are getting rain. Soybeans were lower on fund and technical selling. However,
the nearby supply remains tight and although they have eased, there are still shipping delays out of some of Brazil’s largest ports. Corn was lower on fund and technical selling. Most of the Midwest
should see good planting progress over the next couple of days ahead of more rain around the
region. The nearby supply remains tight, so tight in fact, that purchasers from Asia have made the
unusual move of buying from South Africa with Taiwan and Japan both noted as buyers.

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DIRECTFX : Daily Currency Report

Forex Market Update This morning, the greenback is trading higher against most of the major currencies, after the Federal Reserve official, Charles Plosser expressed concerns over the long term impact of the quantitative easing, urging the central bank to exit its policy soon. Ahead today investors await a raft of economic data that could offer further evidence on whether an economic recovery remains under way in the US. Yesterday’s weak Euro-zone GDP data continued to weigh on the Euro, as speculation increased that the European Central Bank (ECB) would opt for negative rates very soon. The expectations are further reinforced after today’s data from France indicated that employment in the country continued to decline in Q12013. However, losses were capped after reports showed that trade surplus from Italy and Euro-zone widened in March. On a ratings note, Fitch Ratings affirmed Slovakia’s sovereign rating at “A+”, with a “Stable” outlook, citing strongest economic growth achieved by the nation since the global financial crisis began in 2008-09. As the aggressive monetary easing measures by the Bank of Japan (BoJ) guided by Prime Minister, Shinzo Abe bear fruits, Japan recorded a spell bound increase in its GDP figures in the first quarter of 2013. Also, industrial production in the country increased in the month of March. Moreover, Fitch ratings affirmed Japan at “A+” rating with a “Negative” outlook.  The greenback traded lower in the New York session yesterday against the key currencies. EUR USD This morning at 09:40 GMT, the EUR is trading at 1.2875 against the USD, marginally lower from the New York close. In the Euro-zone, annual CPI rose 1.2%, in line with the preliminary estimate, while trade surplus rose to a seasonally adjusted €18.7 billion in March, from a revised €12.7 billion recorded in the previous month. Meanwhile, France recorded a 0.1% drop in its quarterly nonfarm payrolls in Q12013, compared to a 0.3% drop in the previous quarter. During the session, the pair traded at a high of 1.2890 and a low of 1.2846. Yesterday, EUR traded marginally higher against the USD in the New York session, and closed at 1.2880. The pair is expected to find its first support at 1.2848 and first resistance at 1.2896. GBP USD At 09:40 GMT, the GBP is trading at 1.5229 against the USD, marginally higher from the New York close. During the session, the pair traded at a high of 1.5249 and a low of 1.5197. Yesterday, GBP traded marginally higher against the USD in the New York session, and closed at 1.5226. The pair is expected to find its first support at 1.5178 and first resistance at 1.5275. USD JPY The USD is trading at 102.62 against the JPY at 09:40 GMT this morning, 0.35% higher from the New York close. Earlier in the Asian session, economic data indicated that gross domestic product (GDP) in Japan increased 0.9% (QoQ) in the first quarter of 2013, following a revised 0.3% increase recorded in the previous quarter. Market had expected a rise of 0.7%. Additionally, industrial production in the country fell 6.7% (YoY) in March, better than the 10.5% drop recorded in the previous month. During the session, the pair traded at a high of 102.67 and a low of 101.97. In the New York session yesterday, the USD traded 0.19% lower against the JPY, and closed at 102.26. The pair is expected to find its first support at 102.06 and first resistance at 102.99. USD CHF This morning at 09:40 GMT, the USD is trading at 0.9669 against the Swiss Franc, 0.10% higher from the New York close. During the session, the pair traded at a high of 0.9710 and a low of 0.9644. In the New York session yesterday, the USD traded 0.36% lower against the CHF, and closed at 0.9659. The pair is expected to find its first support at 0.9626 and first resistance at 0.9731. USD CAD At 09:40 GMT, the USD is trading at 1.0180 against the CAD, 0.16% higher from the New York close. During the session, the pair traded at a high of 1.0194 and a low of 1.0150. Yesterday, the USD traded 0.30% lower against the CAD in the New York session, and closed at 1.0164. The pair is expected to find its first support at 1.0146 and first resistance at 1.0217. AUD USD The AUD is trading at 0.9814 against the USD, at 09:40 GMT this morning, 0.81% lower from the New York close. The Reserve Bank of Australia’s foreign exchange transactions increased to A$382 million in April, from A$328 million recorded in the previous month. During the session, the pair traded at a high of 0.9915 and a low of 0.9800. AUD traded marginally lower against the USD in the New York session yesterday, and closed at 0.9894. The pair is expected to find its first support at 0.9769 and first resistance at 0.9890. Gold At 09:40 GMT, Gold is trading at $1374.81 per ounce, 1.48% lower from the New York close, amid strength in the US Dollar. The World Gold Council in a gold demand trends report for the period January-March 2013, stated that investors during the first quarter of 2013 didn’t buy enough physical gold to offset outflows from gold-exchanged traded funds. This morning, Gold traded at a high of $1398.50 and a low of $1369.85 per ounce. In the New York session yesterday, the yellow metal traded 1.16% lower, and closed at $1395.50. Gold has its first support at $1356.84 and first resistance at $1405.79. Silver Silver is trading at $22.28 per ounce, 1.48% lower from the New York close, at 09:40 GMT this morning. This morning, Silver traded at a high of $22.83 and a low of $22.14 per ounce. Silver traded 1.35% lower against the USD in the New York session yesterday, and closed at $22.61. Silver has its first support at $21.92 and first resistance at $22.86. Crude Oil At 09:40 GMT, Oil is trading at $93.53 per barrel, 0.70% lower from the New York close, as concerns over global economic outlook weighed on demand prospects for crude oil. This morning, Oil traded at a high of $94.32 and a low of $93.23. Yesterday, Oil traded 1.32% higher against the USD in the New York session, and closed at $94.21, after the US Energy Information Administration (EIA), in its weekly report stated that crude oil stocks fell by 624,000 barrels in the week ending May10, while market had expected for a decline of 330,000 barrels. It has its first support at $92.29 and first resistance at $94.60. Economic Snapshot Euro-zone trade surplus widened in March In the Euro-zone, on a non-seasonally adjusted basis, trade surplus widened to €22.9 billion in March, compared to a surplus of €10.1 billion in the previous month. Market had expected a trade surplus of €13.0 billion in March.  On a seasonally adjusted basis, trade surplus widened to €18.7 billion in March, compared to a surplus of €12.7 billion posted in the previous month. Euro-zone CPI rose in April In the Euro-zone, consumer price index (CPI) rose 1.2% (YoY) in April, in line with the preliminary estimate. On a monthly basis, CPI fell 0.1% in April, compared to a 1.2% rise in the previous month. French nonfarm payrolls declined in the Q12013 In France, nonfarm payrolls fell 0.1% (QoQ) in the Q12013, compared to a 0.3% decline in the Q42012. Italian trade surplus widened in March In Italy, global trade surplus widened to €3.237 billion in March, compared to a revised surplus of €1.092 billion reported in February. Additionally, trade surplus with the European Union countries widened to €0.607 billion in March, from a revised surplus of €0.386 billion in the previous month. Japan industrial production rose in March In Japan, industrial production rose 0.9% (MoM) in March, above the preliminary estimate of a 0.2% rise and compared to a 0.6% rise recorded in February. On an annual basis, industrial production fell 6.7% in March, compared to a 10.5% drop recorded in February. Japan capacity utilization declined in March In Japan, capacity utilization declined 0.8% (MoM) in March, compared to a 0.7% rise recorded in the previous month.

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FXPRO Daily Forex Brief 16.05.2013

The Daily Forex Brief is written by FxPro's team in the City of London. Visit fxpro.co.uk  for more news, FX commentaries, FxPro TV, real-time feeds, calculators and tools. Daily Forex Brief London :Thursday 16th May 2013 If you are having problems viewing the chart, click here . Data/ Event Risks EUR: The inflation data is the final number, so not likely to be a market moving event, but if revised lower it could dent the euro a little as expectations of further stimulus measures from the ECB (negative deposit rate) resurface. USD: The better weekly claims data last week were a factor in the dollar surge seen into the close, so markets will be more sensitive than normal to the data. The market expects a small move higher, from 323k to 330k. Idea of the Day The latest GDP data from Japan reflected the still huge task facing the authorities. Headline growth was better than expected, the economy expanding 0.9% in the first quarter of the current year, but deflation was more entrenched, with the deflator declining 1.2% YoY. Still, this is the picture of the economy before the announcement of a doubling of the monetary base, made early last month. The other indicators seen so far have been a little more encouraging, with Japanese corporates seeing the benefits of the weaker yen, which has had longer to feed through and there are also early signs that wages are starting to adjust upwards, a key factor in breaking the deflationary psychology that has gripped Japan for much of the past twenty years. The firmer dollar stance has helped, with the dollar index within a whisker of making a near 3 year high yesterday. More of the same is on the cards for USDJPY ahead. Latest FX News JPY: Mixed messages from the GDP data this morning. Headline GDP growth was firmer than expected, rising 0.9% in the first quarter, with the final quarter of last year revised higher from 0.0% to 0.3%. The offset was the sharp decline in the GDP deflator (a broad measure of prices in the economy), which fell 1.2% YoY (last quarter was a 0.7% decline). The yen weakened, but only modestly so. AUD: The Aussie notably weaker during the Asia session, with a sustained move below the 0.9900 level. A combination of factors at play, including generally weaker commodity prices together with the softer global growth outlook, together with expectations of more domestic interest rate cuts. The Aussie has been the weakest on the majors so far this month, even over-taking the yen in the loser’s league table. GBP: A welcome change yesterday from the Bank of England, most notably with inflation projections being revised down and growth forecasts revised higher (most of the past few years have seen the opposite). This did given the pound a lift, but only a modest one. The 1.52 level still offers key support for sterling against the US dollar. EUR: Even the usually resilient euro is having a tough time fighting the firmer dollar tone, but is outperforming most others and peripheral markets continue to perform well. Just the CAD has performed better over the past week.

The Daily Forex Brief is brought to you by: Simon Smith What do you think about the Daily Forex Brief? Chief Economist Email your views direct to the Insights team at insights@fxpro.com

PRE US OPEN, DAILY TECHNICAL ANALYSIS, 16 MAY 2013

EUR/USD GBP/USD USD/JPY AUD/USD GOLD CRUDE OIL

Please note that due to market volatility, some of the below sight prices may have already been reached and scenarios played out.

EUR/USD INTRADAY: THE DOWNSIDE PREVAILS. Pivot: 1.2915 Most Likely Scenario: Short positions below 1.2915 with targets @ 1.2825 & 1.279 in extension. Alternative scenario: Above 1.2915 look for further upside with 1.2945 & 1.2995 as targets. Comment: the pair is posting a rebound but stands below its resistance. NEXT » GBP/USD INTRADAY: UNDER PRESSURE. Pivot: 1.5275 Most Likely Scenario: Short positions below 1.5275 with targets @ 1.519 & 1.516 in extension. Alternative scenario: Above 1.5275 look for further upside with 1.531 & 1.533 as targets. Comment: the pair remains under pressure and is challenging its support. « PREVIOUS | NEXT » USD/JPY INTRADAY: THE BIAS REMAINS BULLISH. Pivot: 101.75 Most Likely Scenario: Long positions above 101.75 with targets @ 102.85 & 103.25 in extension. Alternative scenario: Below 101.75 look for further downside with 101.25 & 100.4 as targets. Comment: the pair has rebounded on its support and should post further advance as the RSI is well directed. « PREVIOUS | NEXT » AUD/USD INTRADAY: THE DOWNSIDE PREVAILS. Pivot: 0.9885 Most Likely Scenario: Short @ 0.9865 with targets @ 0.976 & 0.9705 in extension. Alternative scenario: Above 0.9885 look for further upside with 0.9915 & 0.996 as targets. Comment: the RSI is badly directed. « PREVIOUS | NEXT » GOLD (SPOT) INTRADAY: THE DOWNSIDE PREVAILS. Pivot: 1399.00 Most Likely Scenario: SHORT positions below 1399 with 1365 & 1346 as next targets. Alternative scenario: The upside penetration of 1399 will call for a rebound towards 1418 & 1431. Comment: the immediate trend remains down and the momentum is strong. « PREVIOUS | NEXT » CRUDE OIL (JUN 13) INTRADAY: REBOUND. Pivot: 93.25 Most Likely Scenario: LONG positions above 93.25 with 94.5 & 95.6 as next targets. Alternative scenario: The downside penetration of 93.25 will call for 92.1 & 91.4. Comment: the June Crude Oil stands above the 50% fibonacci retracement level at 93.25. The upside prevails, as long as 93.25 isn't broken.

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