FOMC minutes more dovish than statement suggested - Nomura
The clearest conclusion from the Minutes, according to Nomura economist, is that "the committee appears poised to extend its interest rate guidance at the next meeting, while also suggesting the Committee is closer to implementing another round of LSAPs than was apparent before." It isn't clear, however, how the Committee will interpret the recent improvement in economic data, says Nomura: "The recent increase in payroll employment and retail sales were released after the meeting; if the Committee is likely to initiate a new round of LSAP at their meeting in September Chairman Bernanke may signal that intent in his remarks at the Jackson Hole Symposium on Friday, August 31."
London session ahead will bring again plenty of minor EUR data related after few days lacking of it, starting with German final GDP at 06:00 GMT, followed by flash French PMI 58 minutes later, German flash PMI 30 minutes after, and EU PMI another 30 minutes later. For the late part of London session and early NY will come US initial jobs claims at 12:30 GMT and US new home sales at 14:00 GMT.
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UPCOMING EVENTS :
2012-08-23 07:58 GMT | E.M.U. Markit Manufacturing PMI (Aug). Preliminar
2012-08-23 12:30 GMT | United States. Initial Jobless Claims (Aug)
2012-08-23 14:00 GMT | United States. New Home Sales (MoM) (Jul)
2012-08-23 22:45 GMT | New Zealand. Trade Balance (YoY) (Jul)
FOREX NEWS :
2012-08-23 04:33 GMT | GBP/USD steady around 1.59, EU data eyed
2012-08-23 02:40 GMT | China: Flash PMI drops to 47.8 in August
2012-08-23 01:58 GMT | NZD/USD maintains bullish profile
2012-08-23 00:24 GMT | USD/JPY consolidating losses above 78.50
EURUSD : 1.25388 / 1.25391
DAILY WEEKLY MONTHLY
1.2628 | 1.2594 | 1.2559
1.2520 | 1.2486 | 1.2448
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
EURUSD dropped below the suggested support levels at 1.2447 yesterday but did not manage to stabilize below it and reversed. Currently pair is moving towards to our target at 1.2559 (R1). Clearance here would suggest next targets at 1.2594 (R2) and 1.2628 (R3). The downside trend evolvement is limited by next support level at 1.2520 (S1), surpassing of which might lead to the next targets at 1.2486 (S2) and 1.2448 (S3). EMU Manufacturing PMI (August) at 07:58 is the next macroeconomic data release in focus.
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GBPUSD : 1.58944 / 1.58953
DAILY WEEKLY MONTHLY
1.6010 | 1.5972 | 1.5935
1.5874 | 1.5838 | 1.5805
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
GBPUSD moved above the expected resistance level at 1.5804 and reached our final target at 1.5885 yesterday. A further increase will then bring focus to the next resistance levels at 1.5935 (R1) and 1.5972 (R2). Final resistance can be found at 1.6010 (R3) level. Likely we might see retracement development later on today. Next support level holds at 1.5874 (S1). A break below that level would suggest next target at 1.5838 (S2), further fall would then focus on the last target for today at 1.5805 (S3).
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USDJPY : 78.568 / 78.574
DAILY WEEKLY MONTHLY
79.13 | 78.93 | 78.73
78.29 | 78.10 | 77.91
SUMMARY : Down
TREND : Downward penetration
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
USDJPY gained momentum yesterday and reached our final target at 78.78. Technically, picture is not clear. Instrument almost recovers all previous week gains and formed fresh low yesterday at 78.29 (S1). Brake here might provide sufficient momentum and expose targets at 78.10 (S2) and 77.91 (S3) in potential. On the other side, further appreciation is expected above the next resistance level at 78.73 (R1) with next suggested targets at 78.93 (R2) and 79.13 (R3).
Source: FX Central Clearing Ltd, (http://www.fxcc.com)