EU and Spanish authorities working on bailout program - FT
EU authorities are presumably, according to FT reporters Peter Spiegel and Miles Johnson, working behind closed doors on a an aid package to Spain as well as preparing for an open-ended bond purchases program by the ECB. Brussels is reportedly helping Madrid to tweak an economic reform plan thought to be announced next week, the FT reports. "According to officials involved in the discussions, talks between the Spanish government and the European Commission are focusing on measures that would be demanded by international lenders as part of a new rescue programme, ensuring they are in place before a bailout is formally requested. The plan will focus on structural reforms to the Spanish economy."
London session ahead will lack any major risk event related to EUR, including sovereign debt auctions, as usual on Fridays, whit EZ periphery troubled countries yields at more reasonable levels, with Spanish 10y at 5.87%.
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UPCOMING EVENTS :
2012-09-21 07:30 GMT | Switzerland. SNB Quarterly Bulletin (Sep 21)
2012-09-21 08:30 GMT | United Kingdom. Public Sector Net Borrowing (Aug)
2012-09-21 12:30 GMT | Canada. Consumer Price Index (YoY) (Aug)
2012-09-21 16:40 GMT | United States. Fed's Lockhart speech
FOREX NEWS :
2012-09-21 03:32 GMT | AUD/USD bid above 1.0450, Asian stocks support
2012-09-21 02:46 GMT | EUR/USD should see larger correction - DailyFX
2012-09-21 02:38 GMT | AUD/JPY limited below 82.00
2012-09-21 00:57 GMT | USD/JPY slightly boosted, ticks above 78.30
EURUSD : 1.29865 / 1.29867
DAILY WEEKLY MONTHLY
1.3078 | 1.3045 | 1.3012
1.2967 | 1.2932 | 1.2895
SUMMARY Up
TREND Up trend
MA10 Bullish
MA20 Bullish
STOCHASTIC Overbought
MARKET ANALYSIS - Intraday Analysis
Technical Summary: Market continued correction yesterday and exposed our target at 1.2945. Main tendency remains positive and we expect further appreciation later on today. Main scenario: Potential of going higher is seen above the next resistance at 1.3012 (R1), surpassing of this level would suggest next targets at 1.3045 (R2) and 1.3078 (R3). Alternative scenario: If it fail to go higher, we might see further retracement development below the support at 1.2967 (S1) with next target in focus at 1.2932 (S2). Final target locates at 1.2895 (S3).
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GBPUSD : 1.62542 / 1.62551
DAILY WEEKLY MONTHLY
1.6347 | 1.6311 | 1.6276
1.6232 | 1.6197 | 1.6163
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Overbought
MARKET ANALYSIS - Intraday Analysis
Technical Summary: Currently Instrument appreciates by 0.3% and looks set for further gains later on today. On the slightly longer term formation of the correction is reasonable.Main scenario: Key resistance level locates at 1.6276 (R1), break here is required for uptrend formation targeting 1.6311 (R2) and 1.6347 (R3) in potential. Alternative scenario: Development of the pull back is possible below the next support level at 1.6232 (S1). A break here would suggest next target at 1.6197 (S2) and any further fall would then be targeting 1.6163 (S3).
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USDJPY : 78.161 / 78.163
DAILY WEEKLY MONTHLY
78.71 | 78.54 | 78.38
78.01 | 77.85 | 77.69
SUMMARY : Up
TREND : Downward penetration
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold
MARKET ANALYSIS - Intraday Analysis
Technical Summary: Instrument stabilized after the previous day’s losses and trades in a narrow channel without priority in direction on the hourly chart. In such situation we suggest waiting for a clear break out of important levels prior taking any positions. Main scenario: While medium term bias is negative we expect the break of next support level at 78.01 (S1) first. Next targets locates at 77.85 (S2) and 77.69 (S3) Alternative scenario: Possibility of the USDJPY strengthening is seen above the resistance at 78.38 (R1), targeting resistances at 78.54 (R2) and 78.71 (R3) in potential.
Source: FX Central Clearing Ltd, (http://www.fxcc.com)