CFD Markets News and Forecasts — 07-02-2011

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07.02.2011
20:37
Dow +66.64 at 12158.79, Nasdaq +12.30 at 2781.60, S&P +7.39 at 1318.26

Stocks have surrendered a chunk of their gains in recent trade. There is no clear catalyst to account for the slip, but it coincides with a move by Treasuries to their session high.
December consumer credit, the only item on the economic calendar, was just released. It showed an increase of $6.09 billion, which is far more than the $2.50 billion increase that had been expected, on average, among polled economists. Consumer credit for November was revised upward to $2.02 billion from $1.34 billion.

20:25
ECB MERSCH: Would react rigorously to risk to price stability
  • Inflation pressures have without doubt increased
  • EMU avgerage 2011 inflation probably over 2%; below 2% year-end
  • ECB can't counter imported inflation from commodities
  • But ECB will react if inflation rise not temporary
  • ECB can hike rates before exit from liquidity supports
  • Need more rapid, automatic sanctions for high deficits in EMU
  • Future crisis mech should be able to buy govt bonds
20:24
ECB MERSCH: Would react rigorously to risk to price stability
  • Inflation pressures have without doubt increased
  • EMU avgerage 2011 inflation probably over 2%; below 2% year-end
  • ECB can't counter imported inflation from commodities
  • But ECB will react if inflation rise not temporary
  • ECB can hike rates before exit from liquidity supports
  • Need more rapid, automatic sanctions for high deficits in EMU
  • Future crisis mech should be able to buy govt bonds




20:02
US: Dec consumer credit +$6.1b vs +$2.0b rev in Nov and +$7.7b rev in Oct.
19:54
DUE UP: Dec consumer credit. Est +$2b.
19:40
OIL: Just putting in fresh session lows at $87.50, down $1.50.
19:12
Dow +85.64 at 12177.79, Nasdaq +22.65 at 2791.95, S&P +10.63 at 1321.50

The stock market has spent the past couple of hours trading in a narrow range, which has allowed this session's gains to consolidate. Though the broader market has become range bound, financials have made a modest move to fresh session highs. The sector is now up 1.6%, which is double what the broader market has achieved.

18:35
GBP/USD set stable

GBP/USD has held close to $1.6100 for much of the US session, essentially locked inside $1.6090/1.6130 as sterling-yen holds above Y132.50 (above the 200d ma). Cable focus for the week still the MPC meeting Thursday. Offers still atop the overnight high at $1.6185 and said to extend to $1.6200.

18:17
US focus: Euro declines as weaker-than-forecast factory report spurs economy concern

The euro slid for a fourth day versus the dollar as data showed German factory orders fell more than analysts forecast in December, while U.S. reports this week are forecast to indicate the nation’s recovery is gaining strength.
The 17-nation shared currency erased earlier gains versus the yen after the Economy Ministry in Berlin reported factory orders dropped 3.4% from November.
Economists had forecast a 1.5% decline in German factory orders.
The greenback gained versus nine of its 16 most-traded counterparts as the Standard & Poor’s 500 Index climbed 0.8%.
The dollar gained versus the euro and yen on Feb. 4 as a report showed the U.S. unemployment rate unexpectedly dropped in January to 9%, the lowest since April 2009.

The pound rose against most of its major counterparts on speculation the Bank of England will be forced to raise interest rates to contain inflation.
“Sterling regained some ground at the start of the week, and we would expect further recovery as we move closer to the February MPC meeting on Thursday and especially the quarterly inflation report next week,” Valentin Marinov, a senior currency strategist at Citigroup Inc., wrote.
A report this week is forecast to show U.K. manufacturing expanded for an eighth month in December. Output rose 0.4% after a 0.6% gain in November, the Office for National Statistics will say on Feb. 10.
On the same day, the Bank of England is forecast to keep its bond-purchase plan at 200 billion pounds ($323 billion) and leave benchmark rates at a record low 0.5%, according to all economists in a survey.
The Australian dollar advanced as job advertisements in the nation rose for a ninth month. Jobs advertised in newspapers and on the Internet climbed 2.4% in January from December, when they increased a revised 1.2%, Australia & New Zealand Banking Group Ltd. said in a report.

17:58
Barclays Capital on USD/JPY

Technical analysts at Barclays Capital say trendline support in dollar-yen around Y81.25 "has remained intact". They look for pullbacks "within the range" and eventually see scope for a rally towards Y83.25 (Y83.20ish highs seen Jan 27). However, a break above Y83.25 "at least" will be needed to target Y85.20/Y85.90.

17:37
USD/JPY holds near highs

USD/JPY recovers to Asian high on Y82.46 when supply ahead of Y82.50 capped. That supply remains intact. Above Y82.50, the usual cluster of tight stops, better stops atop Y82.60/70/80.

17:25
EUR/USD retreats

EUR/USD squeeze extends to $1.3570 area now with light supply expected around $1.3570/75 area to slow any gains. Euro respecting the cluster of support noted earlier below $1.3500. Offers still in place around $1.3625.

17:02
US, Pres Obama: "I want to lower the corporate rate "
17:01
US, Pres Obama: New council of business leaders and experts to hold first meeting on Feb 24.
16:41
US, Pres Obamna is addressing US Chamber of Commerce: Confident US can grow better
16:23
Dow +92.71 at 1218.86, Nasdaq +24.93 at 2794.23, S&P +11.38 at 1322.25

Following a brief pause, stocks have extended today's advance to a fresh session high. Financials are still out in front; they now sport a 1.4% gain.
Financials have benefited from a rather broad bid that has sent more than 90% of the sector's members to a gain. Multi-line insurers are in the best shape -- they've collectively gained 3.1%, so far, today.
The S&P 500 Financial Sector is up little more than 5% this year.

16:17
EUR/USD recovers

EUR/USD squeezing higher ahead of the London fixing event with trade to $1.3550 area. Tech support in the $1.3480/00 zone. Area of $1.3570/80 now suggested as nearby resistance with a few offers in place there ahead of supply at the $1.3626 overnight high area.

15:52
USD/JPY weakens

USD/JPY holds Y82.32 area with the dollar leaking back from a recent peek above Y82.40 (overnight high at Y82.46). Offers around Y82.50. Stops a risk above Y82.50 area.

15:48
USD/CAD holds tight

USD/CAD holds C$0.9877, in the upper reaches of the day's C$0.9851/95 range. Area of C$0.9920 expected to provide resistance/supply, while the area below C$0.9840 underpins.

15:24
EUR/USD under pressure

EUR/USD extends losses to $1.3510. Bids remain ahead of $1.3500. Some light stops sub $1.3510 were triggered. Support below $1.3500 ($1.3498 21-dma) and $1.3482 fibo.

15:06
Dow +57.41 at 12149.56, Nasdaq +13.68 at 2782.98, S&P +6.64 at 1317.51

Stocks are up nicely in the first few minutes of trade. The opening advance has taken all three major equity averages to new two-year highs. Strength is broad based, but defensive-oriented issues like health care (-0.1%) and telecom (-0.3%) are lagging. Energy (+0.8%), industrials (+0.8%), and Financials (+0.7%) are in the best shape.

14:47
ECB TRICHET: ECB priority task is to ensure price stability
14:31
ECB WEBER: Have 'positive view' on eurozone's future
  • Investments in euro are investments in the future
14:27
Before the bell:

U.S. stocks were set to open higher Monday, as investors welcomed a spate of corporate mergers ahead of President Obama's speech at the Chamber of Commerce.


Stocks closed a choppy session on Friday higher -- ending the week with gains of more than 2% -- as investors looked past a muddy report on the U.S. job market.
For the week, the Dow gained nearly 2.3%; while the S&P 500 was up 2.7%. The Nasdaq added more than 3% over the last five trading days.
Later Monday, a government report is expected to show that consumer credit rose a seasonally adjusted $2.5 billion in December, after increasing by $1.3 billion the previous month.
Companies: AOL (AOL) agreed to purchase news blog service The Huffington Post for $315 million, the two entities announced early Monday.
Ensco (ESV) announced plans to buy rival offshore drilling company Pride International (PDE) in a cash-and-stock deal valued at $41.60 per share, which represents a 21% permium to Pride's closing price on Friday, the companies said.
Shares of Houston-based Pride (PDE) surged 13% before the opening bell.
Medical device maker Danaher Corp. (DHR) will buy Beckman Coulter (BEC) for $6.8 billion, or $83.50 per share. Beckman shares jumped 10% in pre-market trading.
U.S.-listed shares of Nokia (NOK) were up over 2% in pre-market trading following reports that a management shake-up is brewing at the Finnish cellphone company.
World markets:

Oil for March delivery gained 5 cents to $89.06 a barrel.
Gold futures for April delivery rose $1.90 to $1,350.70 an ounce.
Three-month copper futures hit $10,160 per ton on the London Metal Exchange, a new record high.
The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 3.65% from 3.58% late Friday

14:08
JPM projects global GDP to expand 3.7% in 1H of 2011

Says "risks are for 4.5%" because manufacturing is ramping up but there is "breadth across sectors and countries." EM Asia is getting a near-term lift "but usual outperformance will be trimmed some in 2011."

13:53
EUR/JPY under pressure

Sales continue to weigh on the pair as dollar-yen also begins to lose ground towards earlier Asian lows. A break in the cross through Y111.45 points to further fall back towards Friday's low of Y110.75, with a move back through the 100 dma currently around Y111.82 needed to rechallenge Y112.20/30  earlier resistance.

13:48
ECB WEBER: Reforms needed both at national, EMU levels
  • Recent measures not enough for fundamental improvement;
  • Need earlier, more consistent sanctions;
  • Urgent need to strengthen growth and stability pact;
  • Macroeconomic surveillance must be implemented;
  • Stability-pact-consistent mechanism needed for future crises;
  • More emphasis should be given to debt criterion;
  • Euro a success and has had stabilizing effect.
13:32
Canada: Building Permits +2.4% In Dec
13:19
ECB WEBER: Reforms needed both at national, EMU levels
  • Recent measures not enough for fundamental improvement;
  • Need earlier, more consistent sanctions;
  • Urgent need to strengthen growth and stability pact;
  • Macroeconomic surveillance must be implemented;
  • Stability-pact-consistent mechanism needed for future crises;
  • More emphasis should be given to debt criterion;
  • Euro a success and has had stabilizing effect.
12:37
Barclays on US data

"A slew of incoming data suggests the recovery has broadened. We expect the saving rate to stay near current levels in 2011 as consumption grows in line with personal income; households should continue to drive the recovery." They see higher oil prices as a risk for a slowing.

12:18
European session: The euro weakened after weak German factory orders
Data:
11:00 Germany Factory Orders s.a. (MoM) -3.4%
11:00 Germany Factory Orders n.s.a. (YoY) +21.9%

 

The euro weakened against the dollar after data showed German factory orders fell more than analysts estimated in December.
German factory orders dropped 3.4 percent from November the Economy Ministry in Berlin said today. Economists forecast a 1.9 percent decline, according to the median of estimates in a survey.
The pound rose on speculation the Bank of England will be forced to raise interest rates to contain inflation.
The pound rose before a report likely to show U.K. manufacturing expanded for an eighth month in December. Output rose 0.4 percent after a 0.6 percent gain in November, the Office for National Statistics is predicted to say Feb. 10.
On the same day, the Bank of England is forecast to keep its bond-purchase plan at 200 billion pounds ($323 billion) and leave benchmark rates at a record low 0.5 percent, according to economists in a Bloomberg News survey.

 

EUR/USD: the pair  receded from the reached session high in the field of $1,3630. At the moment the rate test support in the field of $1,3540.
GBP/USD: the pair  shown high in the field of $1,6180 then decreased in around $1,6100.
USD/JPY: the pair bargained within the limits of Y82,15-Y82,50.
11:59
Crude OIL:

March WTI Crude prices dropped sharply on Friday, as tensions failed to rise in Egypt and talk of negotiations for a quiet exit for President Hosni Mubarak, with the UK's Telegraph reporting on Sunday that the Muslim Brotherhood agreed to talks with the President heralding an historic turning point in relations between the government and the banned group. Oil opened around $90.60 on Friday morning and rallied to $91.67 before turning sharply lower despite poor US NFP data and sank to $88.25 before closing in the electronic market around $88.90. The break down through $89.40 triggering stops and some fresh short positions. Asian markets this morning have seen prices rally to $89.50 
before easing back down through $89.00. Today, support lies at $88.45 and $87.40 with resistance $90.06 and $90.66

11:30
EUR/USD decreased

Poor German Manufacturing data sends the euro dollar skidding through stops at $1.3570/60 and through Friday's low of $1.3545 to a days low of $1.3537. Real money selling reportedly behind the move as firmer 10 year yields assist sentiment for the dollar. Some further bids seen below at $1.3500/05 with larger seen at $1.3475/80 around the 38.2% retracement of $1.2860/1.3823 rally.

11:02
Industrial orders in Germany fell by a stronger-than-expected, seasonally-adjusted 3.4% on the month in December
10:54
European focus: The pound rose

The euro rose against the majority of its major peers after European Central Bank board member Jose Manuel Gonzalez-Paramo said interest rates will have to rise if inflation doesn’t start to decline by the end of this year
Europe’s single currency snapped a three-day decline versus the dollar and climbed a second day versus the yen. 
“We cannot let it get beyond our control,” Gonzalez- Paramo said in an interview with Spain’s ABC yesterday, referring to inflation. Even so, the ECB thinks the pick-up in inflation is temporary, linked to raw materials prices, and that it will start to fall again at the end of the year, he said, according to the newspaper.
German reports this week will show factory orders climbed from a year earlier and industrial production expanded. 
The pound rose on speculation the Bank of England will be forced to raise interest rates to contain inflation.
The pound rose before a report likely to show U.K. manufacturing expanded for an eighth month in December. Output rose 0.4 percent after a 0.6 percent gain in November, the Office for National Statistics is predicted to say Feb. 10.
On the same day, the Bank of England is forecast to keep its bond-purchase plan at 200 billion pounds ($323 billion) and leave benchmark rates at a record low 0.5 percent, according to economists in a Bloomberg News survey.
“The risk is to the upside at the moment for sterling because the Bank of England is clearly getting more hawkish,” said Thomas Harr, Singapore-based head of Asia foreign-exchange strategy at Standard Chartered Plc. “You will see support for sterling around that meeting.”

10:17
Asisan session: The euro rose

Data:
00:30 Australia Retail sales (MoM) +0.2%
05:00 Japan Leading Economic Index 101.4
05:00 Japan Coincident Index 103.1

The euro rose against the majority of its major peers after European Central Bank board member Jose Manuel Gonzalez-Paramo said interest rates will have to rise if inflation doesn’t start to decline by the end of this year
Europe’s single currency snapped a three-day decline versus the dollar and climbed a second day versus the yen. German reports this week will show factory orders climbed from a year earlier and industrial production expanded. The pound rose against all 16 of its most-traded counterparts on speculation the Bank of England will be forced to raise interest rates to contain inflation.
German factory orders rose 21.3 percent in December from a year ago, the Economy Ministry will say today according to a survey. Industrial production expanded 0.2 percent in December, after falling 0.7 percent the previous month, a separate survey showed before tomorrow’s report.
The U.S. dollar weakened against the pound and the Swedish krona on speculation Federal Reserve officials may signal the job market hasn’t recovered sufficiently to require tighter monetary policy.
The pound rose before a report likely to show U.K. manufacturing expanded for an eighth month in December. Output rose 0.4 percent after a 0.6 percent gain in November, the Office for National Statistics is predicted to say Feb. 10.

EUR/USD: the pair shown high in the field of $1,3630 then  decreased.
GBP/USD: the pair  become stronger in around $1,6180. 
USD/JPY: the pair bargained within the limits of Y82,15-Y82,50.

European data only starts at 1100GMT, when Germany manufacturing orders are expected to decline by a reading of -1.9% m/m after a strong gain the previous month, but still be higher by 20.8% y/y. 
US data starts at 1430GMT with the weekly MNI Capital Goods Index, which is followed at 1500GMT by the Employment Trends Index for January and at 1530GMT by the weekly MNI Retail Trade Index. US data continues 
at 2000GMT with Treasury Allotments By Class for January and also consumer credit usage, which is expected to rise $2.0 billion in December. Revolving credit likely continued its downward trend for the 29th straight month, while non-revolving credit is expected to rise. Retail sales rose 0.6% in the month, and were up 0.5% excluding motor vehicle sales. 

09:55
FTSE +48.58 +0.81% 6,045.96, CAC +48.60 +1.20% 4,095.81, Dax +68.12 +0.94% 7,284.33
09:38
OPTIONS: expiries for the 15:00 GMT cut:

USD/JPY: Y82.20, Y82.50, Y83.00, Y84.00, Y84.60, Y85.00
EUR/USD $1.3500, $1.3635, $1.3650, $1.3700, $1.3800
GBP/USD $1.5800
AUD/USD $0.9700, $0.9950, $1.0000, $1.0015, $1.0050, $1.0100, $1.0300
GBP/JPY Y131.00
EUR/GBP: stg0.8430
EUR/JPY Y114.45
AUD/JPY Y75.00, Y77.00

09:25
STOCKS: weekly review

Japanese stocks rose, sending benchmark indexes to their highest levels since Jan. 19, as steelmakers surged on a merger proposal and some company earnings improved.
The Nikkei 225 Stock Average rose 1.1 percent to 10,543.52 at the close in Tokyo. The broader Topix gained 0.8 percent to 935.36, with more than three times as many shares advancing as declining. For the week, the Nikkei 225 climbed 1.8 percent, while the Topix increased 1.7 percent. Both gauges gained for a second week.
The Nikkei has risen 3.1 per cent so far this year and is Asia’s top-performing market as investors continue to favour developed over emerging markets that are battling high inflation and political risk.
The Topix has gained 4.1 percent this year. Stocks in the index were valued at 16 times estimated earnings on average, compared with 13.6 times for the Standard & Poor’s 500 Index and 11.3 times for the Stoxx Europe 600 Index.
This week is the peak for quarterly results in Japan, with more than a third of the Topix index’s 1,668 companies scheduled to report earnings. Of the 803 companies that have posted net income since Jan. 1 for the latest quarter, 117 have exceeded analysts’ estimates, while 88 have missed them, according to data compiled by Bloomberg.
Better-than-expected results or annual guidance from the likes of Sony Corp (6758.T), Hitachi Ltd (6501.T) and Softbank Corp (9984.T), as well as encouraging U.S. chain-store sales data also bolstered sentiment with foreign investors detected piling into major high tech shares.
Hitachi, a maker of products from home appliances to nuclear reactors, advanced 3 percent to 487 yen after raising its full-year net-income forecast 15 percent, citing cost cuts.
Softbank Corp., the exclusive provider of Apple Inc.’s iPhone in Japan, rallied 3.6 percent to 2,976 yen, the single largest contributor to the Nikkei 225, after boosting its annual operating profit forecast 20 percent, citing demand for the touch-screen smartphone.
Nippon Steel Corp., Japan’s largest steelmaker, jumped 9.1 percent after announcing a plan to combine with Sumitomo Metal Industries Ltd., which soared 16 percent.
If the merger proposal triggers further consolidation, that will likely make “a good impact” on investors’ outlook for the Japanese economy, said Ayako Sera, a strategist in Tokyo at Sumitomo Trust & Banking Co., which manages about $331 billion. “Company earnings are improving this year, beating the market consensus.”

European equities enjoyed an upbeat note as growing optimism about an economic recovery and continued loose monetary policy boosted industrial and banking stocks.
Industrial stocks performed particularly strongly, with the construction and materials index up 1.8 per cent to 1,521.90 and the industrial engineering index up 1 per cent to 2,529.79.
Bank stocks across the eurozone were also up ahead of a key meeting Friday of European leaders expected to discuss plans for the eurozone bail-out fund.
UniCredit in Milan was up 2.4 per cent to €1.89, while Deutsche Bank led the Frankfurt market with a rise of 3.6 per cent to €46.73.
Elsewhere, the takeover premium on Actelion’s shares leapt as a hedge fund that is one of the Swiss biotech group’s largest shareholders called for a board shakeup. The fund, Elliott
Elsewhere in the sector, Swedish lockmaker Assa Abloy (ASSAb.ST) gained 2.6 percent ahead of its results on Monday.
Top faller across Europe was Nordea (NDA.ST), which ended down 5 percent after the Swedish government sold a 6.3 percent stake in the firm and said it plans to sell more.

Wall Street edged higher.
The S&P 500 closed up 0.3 per cent at 1,310.87, helping the index gain 1.9 per cent over the week. The Dow Jones Industrial Average rose 0.3 per cent to close at 12,092.15, the first time the index has ended a week above 12,000 since June 13, 2008. The index was up 1.7 per cent over the week. The Nasdaq Composite gained 0.6 per cent in the session to 2,769.30, a rise of 2.6 per cent over the past five days.
But the key event concerning the markets was the January non-farm payroll figures, which showed that only 36,000 new jobs had been created last month. Economists had expected 136,000.
Traders were left unsure which way to turn for much of the day, however, after the data also showed that the unemployment rate had fallen to its lowest level since April 2009. Unemployment was expected to rise slightly, but instead fell to 9 per cent from 9.4 per cent. This was partly caused by a fall in the size of the labour force, however. Many commentators were quick to point out that the headline 36,000 figure was not as bad as it seemed as the adverse weather conditions during the sampling week would have skewed the data.
Also preventing the markets from losing ground over the employment numbers on Friday was the fact that the whole week had seen promising economic data. The ADP employment survey on Wednesday estimated that 187,000 non-farm private jobs were added in January. Figures from the Labor Department on Thursday showed job increases last month, and other reports showed strong manufacturing and service sector growth in the US economy.
The week on Wall Street began with a rebound following the sharp 1.8 per cent losses seen at the end of the previous week.
This was helped on Monday by near record quarterly profits from Exxon-Mobil and news on Tuesday that Pfizer, the world’s largest drugmaker, reported a threefold rise in quarterly profits. ExxonMobil was up 3.2 per cent to $83.28 over the week while Pfizer added 5.9 per cent to $19.30.
Strong economic data also lifted sentiment. Solid data on consumer spending, manufacturing and employment gave investors cause to be hopeful about the pace of the US recovery.
After healthy gains on Monday and Tuesday, however, Wall Street stalled.
The S&P kept just above the 1,300 mark while the Dow Jones Industrial Average was just above 12,000.
 

09:20
FOREX: weekly review

Sterling surged to a three-month high against the dollar this week as traders increased bets on a near-term rise in UK interest rates.
Expectations that the Bank of England would abandon its ultra-loose monetary policy stance in an effort to stem inflationary pressures in the British economy were heightened as surveys revealed a sharp rebound in activity in the UK manufacturing, services and construction sectors in January.
These forecast-beating data fed the notion that the shock contraction in the UK economy in the fourth quarter was a one-off and dispelled some fears over stagflation in Britain’s economy.
Interest rate markets moved to price in a 75 per cent chance that the Bank would raise rates in May, up from just 30 per cent at the start of the year.
Tim Davis at Morgan Stanley said he maintained his bullish stance on the pound and that the near-term performance of sterling depended largely on when the Bank would raise rates. “Our economists still expect the first rate rise in August, but we think there could be a chance of an earlier move,” he said. “If other economic data do not disappoint, we think the hike could be moved forward to May.”
The pound reached a high of $1.6277 against the dollar on Thursday, its strongest level since November 5, before easing to stand up 1.4 per cent at $1.6080 over the week.
Sterling also climbed 1.6 per cent to £0.8443 against the euro on the week and advanced 0.9 per cent to Y131.38 against the yen.
The euro fell sharply from a three-month high against the dollar after Jean-Claude Trichet, president of the European Central Bank, tempered expectations of a near-term rise in eurozone interest rates following the ECB’s policy meeting on Thursday.
This disappointed euro bulls, who were betting that Mr Trichet would strike a more hawkish tone given that recent eurozone consumer price inflation figures had come in above the central bank’s 2 per cent target rate.
The euro, which touched a high of $1.3861 against the dollar on Wednesday, fell to stand down 0.2 per cent at $1.3581 on the week.
The dollar advanced for a third day Friday against the euro and yen in the longest stretch of gains in four weeks after the U.S. jobless rate fell to the lowest level since April 2009 even as winter storms limited gains in payrolls.
U.S. unemployment unexpectedly dropped to 9% last month from 9.4% in December, the Labor Department said today. Employers added 36,000 workers, the smallest gain in four months, after a 121,000 rise that was larger than initially reported.
Fed Chairman Ben S. Bernanke said yesterday that the U.S. needs to see faster job growth for a sufficient time before policy makers can be assured the economic recovery has taken hold.
Elsewhere, commodity-linked currencies found support as the ongoing turmoil in Egypt boosted raw materials prices.
The Australian dollar climbed 2.6 per cent to $1.0185 against the US dollar over the week, and the Canadian dollar rose 1.5 per cent to C$0.9852.
Canada’s currency touched a two-year high versus the dollar Friday as the nation’s employment rose more than four times economists’ forecasts.
Statistics Canada reported that employment rose by 69,200, compared with the median forecast of 15,000 in a survey of economists. The jobless rate rose to 7.8% from 7.6%. Full-time employment rose by 31,100 in January, and part-time jobs increased by 38,000.
The Canadian employment report restores the nation’s status as having regained all the jobs lost in the recession. A Jan. 28 revision based on updated census data reduced Statistics Canada’s estimate of total employment.

08:12
Japan's benchmark stock indices ended Monday's session higher.

The Nikkei 225 ended up 48.52 points, or 0.46%, to stand at 10,592.04.


Preliminary volume in the Nikkei constituents totalled 1.415bn shares, with 135 issues trading higher and 71 lower. A total of 19 were unchanged.
The broader-based TOPIX was 5.03 points higher at 940.39.

08:10
Tech on USD/JPY
Resistance 3:Y83.50 (Jan 10,11 high)
Resistance 2:Y83.00 (resistance line from Jan 7)
Resistance 1:Y82.45 (session high)
Current price: Y81.39
Support 1:Y81.15 (session  low)
Support 2:Y81.30/10 (Feb 1/4 low)
Support 3:Y80.90 (Dec 31 - on Jan 3 low)
Comments: the pair trades in a narrow range. The nearest resistance - Y82.45. Above growth possible to Y83.00. The nearest support - Y81.15. Below losses are possible to Y81.30.
08:05
Tech on USD/CHF
Resistance 3: Chf0.9685/90 (Jan 20, 21 high)
Resistance 2: Chf0.9620 (Jan 24 high)
Resistance 1: Chf0.9590 (Feb 04 high)
Current price: Chf0.9555
Support 1: Chf0.9525/05 (Feb 3 high/channel base)
Support 2: Chf0.9390 (Feb 3 low)
Support 3: Chf0.9330 (Feb 2 low)

Comments: the pair got support around Chf0.9525 and tries to extend gains. The nearest resistance Chf0.9590, ahead of Chf0.9620.

08:03
Tech on GBP/USD
Resistance 3: $ 1.6450 (Jan 19, 2010 high)
Resistance 2: $ 1.6275/00 (Nov 4 and Feb 3 high)
Resistance 1: $ 1.6170 (session high)
Current price: $1.6138
Support 1 : $1.6080 (Friday hourly low)
Support 2 : $1.6030/00 (, Feb 4 low/МА (200) for Н1)
Support 3 : $1.5920 (38.2 % FIBO $1,5340-$ 1,6280)

Comments: the pair keeps positive mood. The nearest resistance - $1.6070. Above growth is possible to $1/6275/00. The nearest support - $1.6080, ahead of $1.6030/00.

07:18
Tech on EUR/USD
Resistance 3: $ 1.3700 (Feb 2 high)
Resistance 2: $ 1.3680 (Feb 4 high)
Resistance 1: $ 1.3625 (session high)
Current price: $1.3614
Support 1 : $1.3540 (Feb 4 base)
Resistance 2: $ 1.3480 (38,2% FIBO $1.2870-$1.3860)
Resistance 3:$1.3370    (50.0% FIBO $1.2870-$1.3860)

Comments: the pair gained from Friday's low. The nearest support - $1.3540, ahead of  $1.3480. The nearest resistance - $1.3625. Above growth is possible  to $1.3680.

06:41
ECB PARAMO: Must hike rates if inflation not down by end-2011
  • Trust current inflation spike is temporary, due to commodities
06:23
Schedule for today, Monday, Feb 07 2011:

05:00     Japan     Leading indicators composite index (December) preliminary         101.4    100.6
05:00     Japan     Coincident indicators composite index (December) preliminary         -    102.4
11:00     Germany     Manufacturing orders (December) seasonally adjusted         -1.9%    5.2%
11:00     Germany     Manufacturing orders (December) not seasonally adjusted, workday adjusted Y/Y         22.2%    20.6%
20:00     USA     Consumer credit (December), bln         2.0    1.3
23:50     Japan     Current account (December) unadjusted, trln         1.070    0.926
23:50     Japan     Trade balance (December) unadjusted, trln         -    0.260
23:50     Japan     (M2+CDs) money supply (January) Y/Y         2.3%    2.3%

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