BoJ minutes: members continue to pursue powerful easing
Minutes of the Monetary Policy Meeting in Japan on July 11 and 12 have been published, without any significant surprise. Comparing the forecasts in the April 2012 Outlook for Economic Activity and Prices, BoJ minutes reads: "Growth prospects will likely remain broadly unchanged. With regard to prices, the year-on-year rate of change in the domestic corporate goods price index will likely be somewhat lower for fiscal 2012 but broadly in line with the April forecasts for fiscal 2013. The year-on-year rate of change in the CPI (all items less fresh food) is expected to be broadly in line with the April forecasts."
London session ahead will be a busy one in terms of EUR macro data related, with main risk event for the European morning in the form of German ZEW economic sentiment at 09:00 GMT. But earlier will come French prelim 2Q GDP and CPI m/m, followed by German prelim 2Q GDP at 06:00 GMT, French jobs data 45 minutes later, EUR flash GDP at same time than ZEW, and EU industrial production. Following US session will bring more key figures like US PPI and retail sales at 12:30 GMT which usually move markets. In the GBP front the UK will publish its CPI numbers on yearly basis at 08:30 GMT, which could bring volatility to EUR/GBP cross. In the EZ sovereign debt auctions arena Greece will try to sell up to € 3.125 B worth in 13 week bills. (fxstreet.com)
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UPCOMING EVENTS :
2012-08-14 08:30 GMT | United Kingdom. Consumer Price Index (YoY) (Jul)
2012-08-14 09:00 GMT | E.M.U. Gross Domestic Product (Q2). Preliminar
2012-08-14 09:00 GMT | Germany. ZEW Survey - Economic Sentiment (Aug)
2012-08-14 12:30 GMT | United States. Retail Sales (MoM) (Jul)
FOREX NEWS :
2012-08-14 04:31 GMT | GBP/USD within 20-pip range below 1.5700
2012-08-14 03:35 GMT | AUD/NZD respecting resistance at 1.3050
2012-08-14 01:16 GMT | AUD/CAD main risk geared to the downside
2012-08-13 23:59 GMT | AUD/USD set for deeper correction?
EURUSD : 1.23567 / 1.23570
DAILY WEEKLY MONTHLY
1.2513 | 1.2444 | 1.2376
1.2310 | 1.2240 | 1.2164
SUMMARY : Up
TREND : Upward penetration
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Overbought
MARKET ANALYSIS - Intraday Analysis
Germany Economic Sentiment release and E.M.U GDP release at 09:00 GMT in focus today as major market drivers. We suggest next resistance level for today at 1.2376 (R1), yesterday high. Rise above it might lead to the trend development with next targets at 1.2444 (R2). Further appreciation is possible in case of successful clearance here, last suggested target at 1.2513 (R3). Downside direction is limited by next support level at 1.2310 (S1), loss of which will lead to the next target at 1.2240 (S2). Brake here would enable last support level at 1.2164 (S3) as final target for today.
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GBPUSD : 1.56905 / 1.56912
DAILY WEEKLY MONTHLY
1.5805 | 1.5762 | 1.5718
1.5672 | 1.5625 | 1.5577
SUMMARY : Up
TREND : Sideway
MA10 : Bearish
MA20 : Bullish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
Consumer Price index release at 08:30 GMT might provide us with the market sentiment for the remaining of the day. Essential resistance for today holds at 1.5718 (R1), yesterday fresh high. Rising up above this level might be a signal for uptrend development with next targets at 1.5762 (R2) and 1.5805 (R3). On the other point, if the market manage to brake next support level at 1.5672 (S1), next implied targets would be at 1.5625 (S2) and 1.5577 (S3).
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USDJPY : 78.450 / 78.455
DAILY WEEKLY MONTHLY
78.79 | 78.65 | 78.49
78.35 | 78.16 | 77.99
SUMMARY : Sideway
TREND : Upward penetration
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Overbought
MARKET ANALYSIS - Intraday Analysis
Today pair appreciates by 0.15% at the current moment. From the technical side, next resistance level lie at 78.49 (R1), clearance here might provide potential to go higher. Next expected target would be at 78.65 (R2), any further gains would be limited by last resistance for today at 78.79 (R3), psychological level. Risk of price depreciation is seen below next support at 78.35 (S1). Price progress below it might expose next target at 78.16 (S2). Brake here is required to put in focus last support level at 77.99 (S3) as intraday final target
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