BOJ: no change in policy
The BoJ monetary policy decision is out and as most participants expected - not a clear cut as in previous months - , the central bank has kept the asset purchase fund at 45 trillion yen, with the credit Loan program also unchanged at 25T yen. Total size of Asset-Purchase Program remains at Y70 trillion. Central bank statement said economy picking up moderately. The Japanese GDP figures will be released next week.
Looking at the economic agenda for the London session ahead one should think another quiet session is around the corner, though with such extreme low liquidity given summer time holidays in Europe and London Olympics in the middle of the final series, any unexpected headline coming from nowhere could make things change in the blink of an eye. Still, no major sovereign debt auctions are scheduled from the EZ, and troubled countries Spain and Italy's 10y yields stay on check right below the 7% in the Spanish case and right below the 6% for his Latin neighbor. (fxstreet.com)
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UPCOMING EVENTS :
2012-08-09 08:00 GMT | E.M.U. ECB Monthly Report
2012-08-09 08:30 GMT | U.K. Goods Trade Balance (Jun)
2012-08-09 12:15 GMT | CANADA. Housing Starts (Jul)
2012-08-09 12:30 GMT | U.S. Trade Balance (Jun)
FOREX NEWS :
2012-08-09 04:28 GMT | GBP/USD sideways below 100 EMA; UK trade accounts ahead
2012-08-09 02:53 GMT | EUR/USD: break of key levels eyed – V.Bednarik
2012-08-09 02:29 GMT | AUD/JPY rallies capped below key Fibo resistance
2012-08-09 01:40 GMT | China: July CPI prints 1.8% YoY, beating expectations
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EURUSD 1.23692 / 1.23695
DAILY WEEKLY MONTHLY
1.2595 | 1.2519 | 1.2443
1.2325 | 1.2243 | 1.2148
SUMMARY : Up
TREND : Upward penetration
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
As we expected yesterday, EURUSD continued to move in correction mode. Pair dropped below our suggested support level at 1.2368 but did not manage to gain momentum reversed on the US session. Today we are not expecting significant volatility increase however ECB Monetary report release at 08:00 GMT time might affect the markets. If the break occurs above next resistance level at 1.2443 (R1), we suggest next targets at 1.2519 (R2) and 1.2595 (R3). The downside trend evolvement is limited by next support level at 1.2325 (S1), surpassing of which might lead to the next targets at 1.2243 (S2) and 1.2148 (S3).
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GBPUSD : 1.56649 / 1.56658
DAILY WEEKLY MONTHLY
1.5816 | 1.5755 | 1.5696
1.5653 | 1.5606 | 1.5554
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
GBPUSD moved below expected support level at 1.5574 but failed to develop success and recover all daily losses. A further increase will then bring focus to the next resistance levels at 1.5696 (R1) and 1.5755 (R2). Final resistance can be found at 1.5816 (R3) level. Likely we might see retracement from previous day gains. Next support level holds at 1.5653 (S1). A break below that level would suggest next target at 1.5606 (S2), further fall will then focus on the next target at 1.5554 (S3).
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USDJPY : 78.506 / 78.509
DAILY WEEKLY MONTHLY
79.00 | 78.78 | 78.58
78.23 | 78.05 | 77.86
SUMMARY : Sideway
TREND : Sideway
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
Technically, instrument moved in range mode. In such situation we suggest to wait for clear signal of sentiment change. For long positions we suggest intraday targets at 78.58 (R1) and 78.78 (R2), clearance here is required for sentiment change to bullish and further appreciation might find final resistance at 79.00 (R3). Short positions might face supports at 78.23 (S1) and 78.05 (S2). Strong technical support located at 77.86 (S3), brake here would suggest of sentiment change to bearish.
Source: FX Central Clearing Ltd, ( http://www.fxcc.com )