Not much in the FOMC Minutes … BoJ decision today
Markets sold off following the release of the minutes from the FOMC’s June 19-20 meeting (i.e. the meeting at which the Fed extended and increased its maturity extension program or ‘Operation Twist’). The S&P 500 closed flat at 1340, the NASDAQ was lower by 0.5%, and the TSX closed marginally higher. Government bonds were essentially flat and while EURUSD briefly traded below 1.22 it closed trading near 1.2243, close to where it started today’s European trading session.
Crude rebounded strongly today: Brent closed above USD 100 per barrel and WTI closed above USD 86 after data released by the Energy Information Administration showed that US crude stockpiles were drawn down by 4.7m barrels during the week ended July 6 (vs. expectations for a draw in the 1.5m barrels neighborhood).
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UPCOMING EVENTS :
2012-07-12 08:00 GMT | EMU - ECB Monthly Report
2012-07-12 09:00 GMT | EMU - Industrial Production (May)
2012-07-12 12:30 GMT | US - Initial Jobless Claims (Jun)
2012-07-12 12:30 GMT | CAD - New Housing Price Index (May)
FOREX NEWS :
2012-07-12 04:33 GMT | GBP/USD consolidates around 1.5500
2012-07-12 04:29 GMT | EUR/USD quiet below 1.2250 amid a busy Asian session
2012-07-12 04:10 GMT | USD/JPY spikes after Y45t APP increase
2012-07-12 03:58 GMT | BoJ increases asset purchases 45 trillion yen
EURUSD : 1.22300 / 1.22304
DAILY WEEKLY MONTHLY
1.2372 | 1.2334 | 1.2289
1.2206 | 1.2168 | 1.2123
SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold
MARKET ANALYSIS - Intraday Analysis
Technicals remain bearish - expecting to test further lows as indicators are not yet bearish enough but continuing to consolidating below the key 1.2330 resistance, which should limit intraday upside attempts. Expect a break of the support here then a move initially to the support at 1.2216. A break of that targets the .50% Fibo at 1.2176 and then at 1.2135. Supports are seen at 1.2230, 1.2190 and then at 1.2132 where as resistance levels are seen at 1.2334 and then at 1.2401. Stochastic has just moved to oversold, giving a hint of what we might expect today, although MACD and RSI are centered in sell territory
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GBPUSD : 1.54891 / 1.54900
DAILY WEEKLY MONTHLY
1.5654 | 1.5616 | 1.5563
1.5472 | 1.5434 | 1.5381
SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold
MARKET ANALYSIS - Intraday Analysis
Technicals continue to be mixed moving quickly towards bearish with congestion seen at current levels and resistance expected at 1.5600. The pair surpassed the 1.5550 resistance, but could not sustain. Our outlook remains bearish. Supports are seen at 1.5461 and then at 1.5445 whereas, resistance levels are seen at the 10-DMA line at 1.5582 and then at the 21-DMA line at 1.5601.
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USDJPY : 79.488 / 79.491
DAILY WEEKLY MONTHLY
80.540 | 80.165 | 79.885
79.235 | 78.860 | 78.580
SUMMARY : Down
TREND : Down trend
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold
MARKET ANALYSIS - Intraday Analysis
Technicals are bearish with a continued decline expected in the near term, given a breach of 50 day MA 79.52. The pair is gradually pushing to the downside, approaching the awaited support level at 79.10. In general the longer term overall bullish setup remains intact, and therefore the long term outlook remains bullish. Supports are seen at 79.08, 78.94 and then at 78.79 whereas, resistance levels are seen at 79.78 and then at 80.02.
Source: FX Central Clearing Ltd, (http://www.fxcc.com)