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08.06.2011
19:05
Dow -23.65 at 12047.16, Nasdaq -24.93 at 2676.33, S&P -4.96 at 1279.98

Stocks are sitting near session lows.
The move took the Nasdaq to a loss of almost 1%, but the Dow continues to limit its loss. The disparity between the two averages comes as tech stocks drag down the Nasdaq while integrated energy giants Exxon Mobil (XOM 81.15, +1.15) and Chevron (CVX 100.33, +0.86) provide support to the Dow.

18:03
Fed's Beige book: Econ activity generally continued to expand.
  • a few districts indicated some deceleration;
  • Dallas economy accelerated;
  • mfg continued to expand in most areas;
  • consumer spending mixed amid rising prices for food/energy;
  • input prices were up;
  • labor market recovers slowly.
17:52
Dow +4.69 at 12075.50, Nasdaq -16.52 at 2685.04, S&P -1.34 at 1283.60

The Dollar Index has held steady to a 0.4% gain today amid 0.6% drop by the euro. Weakness in the euro comes in the wake of word from the World Bank that economic growth in many European countries remains constrained and data that indicate declining trade balances in both Germany and France.

17:17
US focus: Yen rises on European debt crisis; U.K. Pound weakens

The yen strengthened as global stocks fell and the International Monetary Fund said its 26 billion-euro ($38 billion) loan to Portugal “entails important risks.”
The euro slid from a four-week high versus the dollar after German Finance Minister Wolfgang Schaeuble said bondholders must contribute a “substantial” share of a second aid package for Greece.


The yen rose to the strongest in a month against the dollar as Federal Reserve Chairman Ben S. Bernanke said the “frustratingly slow” U.S. recovery warrants sustained monetary stimulus.
New York Fed President William Dudley said yesterday that the U.S. recovery from the worst financial crisis since the Great Depression is “distinctly subpar” even after “aggressive monetary and fiscal stimulus.”
Kansas City Fed President Thomas Hoenig speaks today. The Fed also releases its regional Beige Book economic survey today.
Japan’s Finance Minister Yoshihiko Noda told reporters yesterday he would closely monitor the yen’s appreciation.
Group of Seven countries jointly intervened in March after Japan’s currency soared to Y76.25, its highest level since World War II, threatening the nation’s recovery from the March 11 earthquake and tsunami. The total size of the G-7 intervention has been estimated at about $25 billion.
The pound fell against the dollar and the euro after Moody’s Investors Service said the U.K. risks losing its top credit ranking should growth remain weak. It said the outlook on the country’s rating is “stable.”

15:39
EUR/USD printed lows around $1.4569 before the pair has rebounded to $1.4582 area. Area of $1.4560/50 seen to hold more bids, with stops below.
15:16
EUR/USD challenging bids on $1.4580 following stops trigger at $1.4595. More stops below $1.4580.
15:07
Dow +9.69 at 12080.50, Nasdaq -7.12 at 2694.44, S&P +0.46 at 1285.00

Stocks continue to trade in mixed fashion overall. Unlike its counterparts, the Nasdaq Composite has been unable to poke into positive territory. Its relative weakness comes as tech plays like Akamai (AKAM 30.79, -0.58) and NVIDIA (NVDA 17.84, -0.22) encounter selling. General weakness among tech issues has the sector down 0.4%.

14:46
USD/CAD rises following oil

USD/CAD holds near C$0.9785 area in a thin market following the surge in oil prices after the OPEC announcement that no output increase had been agreed. Some bids likely around C$0.9750/40 to underpin, with offers around the earlier high at C$0.9820.

14:13
AUD/USD bounced off the session base

Firmed to resistance level of $1.0635/40, offers behind at $1.0670. Support remains at $1.0580 which if broken will trigger stops and we could see a break down to $1.0560.

13:58
Dow +6.02 at 12076.83, Nasdaq -3.82 at 2697.74, S&P +1.05 at 1285.27

The major equity averages are mixed in the first few minutes of morning trade, but energy stocks are off to a strong start. The energy sector's sprint ahead to a 1.5% gain comes after oil prices rallied from a modest loss in early pit trade to a 1.7% gain at $100.75 per barrel in response to word that OPEC will not make a move at its current meeting. Weekly oil inventory data are due at 14:30 GMT.

13:46
OPEC: there was no agreement to increase production.

July WTI is up $1.46 at $100.55.

13:20
Before the bell:

U.S. stocks were set to open lower Wednesday, as gloomy comments about the economic outlook from Fed chairman Ben Bernanke continue to weigh on investors.
U.S. stocks closed lower Tuesday, after Bernanke dashed hopes that the central bank would provide additional economic stimulus.
Economy: The Federal Reserve will release its "Beige Book" at 18:00 GMT Wednesday. The book is a collection of economic anecdotal observations by the Fed's 12 regional banks. It's used by the central banks as part of their decision making regarding interest rates.
Companies: Shares of Citigroup (C, Fortune 500) slipped nearly 1% in premarket trading, after the bank agreed to sell a $1.7 billion portfolio of private equity assets to Axa Private Equity Wednesday.
LDK Solar (LDK) shares fell more than 2% after the company issued a cautious outlook.
Prudential Financial Inc. (PRU, Fortune 500) said late Tuesday it will buy back $1.5 billion in stock by the end of the month, sending shares of the company nearly 1% higher in premarket trading.
Shares of Ford (F, Fortune 500) rose nearly 1% before the market open Wednesday, a day after the auto giant announced plans to boost sales worldwide by 50%.
Retailer Men's Wearhouse Inc. (MW) will report quarterly earning results after the market close.
Other stocks on the move included eBay (EBAY, Fortune 500), JDS Uniphase (JDSU) and Radiosack (RSH, Fortune 500).
World markets:


Oil for July delivery dipped 63 cents to $98.46 a barrel. OPEC is holding a meeting Wednesday in Vienna, during which the organization is expected to boost oil production.
Gold futures for August delivery fell $10.60 to $1,533.40 an ounce.
The price on the benchmark 10-year U.S. Treasury edged up, pushing the yield down to 2.97% from 2.99% late Tuesday.

12:52
Option expiries for today's 1400GMT cut:

EUR/USD  $1.4700, $1.4600, $1.4520, $1.4515, $1.4475 
USD/JPY  Y79.75, Y80.35, Y80.60, Y80.95, Y81.00
EUR/JPY Y118.60
GBP/USD $1.6430, $1.6500
USD/CHF Chf0.8385
AUD/USD $1.0600, $1.0615, $1.0700, $1.0730, $1.0745
AUD/NZD NZ$1.2800, $1.3200
EUR/AUD A$1.3500, A$1.3450

12:18
Canada Housing Starts +2.7% to 183.6К
11:57
European session:

The yen strengthened as stocks fell and the International Monetary Fund said its 26 billion-euro ($38 billion) loan to Portugal “entails important risks,” spurring demand for the Japanese currency as a refuge.
The euro slid from an almost four-week high versus the dollar after German Finance Minister Wolfgang Schaeuble said bondholders must contribute a “substantial” share of a second aid package for Greece. The yen rose to the strongest in a month against the dollar as Federal Reserve Chairman Ben S. Bernanke said the “frustratingly slow” U.S. recovery warrants sustained monetary stimulus. The MSCI World Index declined 0.4 percent.
“Lack of clarity about a solution to the debt crisis in Europe and concern about the economic outlook in the U.S. damped appetite for risk,” said Neil Jones, head of European hedge- fund sales at Mizuho Corporate Bank Ltd. in London. “The environment supports the yen partly because it reduced demand to use it to fund investment in higher-yielding currencies.”
The pound fell against the dollar and the euro after Moody’s Investors Service said the U.K. risks losing its top credit ranking should growth remain weak. It said the outlook on the country’s rating is “stable.”

EUR/USD: the pair decreased in area $1.4620. Below here and rate can ease toward next support into $1.4600 with break below to target $1.4570/55 area.
GBP/USD: the pair posted session low at $1.6360. 
USD/JPY: the pair reached low in zone Y79.70. Bids around the Y79.70/65 level, caused the rate to firm to Y79.80.



US data starts at 1100GMT with the weekly MBA Mortgage Application Index, while is followed at 1400GMT by Q1 Services data and then at 1430GMT by the weekly EIA Crude Oil Stocks data. The Fed Beige Book, the Fed's compilation of anecdotal evidence about conditions in the 12 District Bank regions, is due at 1800GMT.

11:43
Orders desk:

EUR/USD
Offers: $1.4680, $1.4700, $1.4710/20, $1.4750/60
Bids: $1.4600, $1.4580, $1.4560/50, $1.4515/00

USD/JPY
Offers: Y80.00/05, Y80.30/40, Y80.50, Y80.65/75, Y81.00/05, Y81.30/35
Bids: Y79.70/65, Y79.60/50, Y79.35/30, Y79.20, Y78.85

11:24
USD/JPY got support

Importer bids around the Y79.70/65 level caused the rate to firm to Y79.80.

10:45
EUR/USD under pressure after German data

Stops sub $1.4640 triggered. taking the rate down to challenge demand in the area between $1.4625/20. Below here and rate can ease toward next support into $1.4600 with break below to target $1.4570/55 area.

10:02
Germany: April real sa industrial output -0.6% m/m
09:42
Portugal 10-year spread widens to fresh record high at +723bps.
09:26
FTSE -0.88% 5,813, CAC -0.81% 3,841, DAX -1.01% 7,031
09:22
Option expiries for today's 1400GMT cut:

EUR/USD  $1.4700, $1.4600, $1.4520, $1.4515, $1.4475 

USD/JPY  Y80.35, Y80.60, Y80.95, Y81.00
EUR/JPY Y118.60
GBP/USD $1.6500
AUD/USD $1.0615, $1.0700, $1.0730, $1.0745
AUD/NZD NZ$1.2800, $1.3200
EUR/AUD A$1.3500, A$1.3450

09:00
EMU DATA: 1q real GDP unrev +0.8% q/q,+2.5% y/y
08:32
Asian session:

Data:
01:30 Australia Home Loans (Apr) 4.8%
  
The yen rose against most of its 16 major peers after the International Monetary Fund said its 26 billion-euro ($38 billion) loan to Portugal “entails important risks,” spurring demand for Japan’s currency as a refuge.
The euro fell from an almost four-week high versus the dollar after German Finance Minister Wolfgang Schaeuble said bondholders must contribute a “substantial” share of a second aid package for Greece.
The IMF approved the loan to Portugal on May 20 as part of a joint 78-billion euro bailout with the European Union in the latest effort to stem the region’s sovereign-debt crisis.
The yen rose for a sixth day against the dollar as Fed officials expressed concern over the world’s largest economy.
Bernanke’s view is shared by New York Fed President William Dudley. The U.S. recovery from the worst financial crisis since the Great Depression is “distinctly subpar” even after “aggressive monetary and fiscal stimulus,” Dudley said yesterday in remarks given to the Foreign Policy Association in New York.

EUR/USD: the pair decreased in area $1.4660. 
GBP/USD: the pair decreased in area $1.6420. 
USD/JPY: the pair shown low in zone Y79.70 then  grown.

At 0900GMT, the second release of Q1 EMU GDP is due, while at 1000GMT, German industrial output for April is due. 
US data starts at 1100GMT with the weekly MBA Mortgage Application Index, while is followed at 1400GMT by Q1 Services data and then at 1430GMT by the weekly EIA Crude Oil Stocks data. The Fed Beige Book, the Fed's compilation of anecdotal evidence about conditions in the 12 District Bank regions, is due at 1800GMT. 


08:17
Asia Pacific stocks close:

Nikkei  +0.07% 9,449
Hang Seng -1.08% 22,621
S&P/ASX  -0.65% 4,537
Shanghai Composite +0.22% 2,750

08:01
Forex: Tuesday's review

The euro appreciated against the majority of its peers as the European Central Bank signaled its approval of Greek bond rollovers and equities advanced for the first time in a week. The Standard & Poor’s 500 Index rose 0.5%, snapping four consecutive days of losses. The MSCI World (MXWO) Index gained 0.4%. 
ECB President Jean-Claude Trichet yesterday gave his first signal that he endorses encouraging investors to buy new Greek bonds to replace maturing securities, potentially making the debt situation more sustainable.
A debt rollover is being considered as an alternative means of easing Greece’s funding squeeze, two officials familiar with the matter said last week on condition of anonymity. Investors may be given preferred status, higher coupon payments or collateral as incentives to roll over the holdings when they mature, two separate officials, who declined to be identified because the talks are in progress, said last week. 
The Swiss franc weakened against all major counterparts as data showed consumer prices were steady last month, damping speculation that the nation’s central bank will raise borrowing costs.
The franc weakened for the first time in three days versus the euro. Consumer-price inflation in May was unchanged from a month earlier, the Federal Statistics Office in Neuchatel said today. Prices rose 0.4 percent from a year earlier. Economists’ median estimate was for a monthly decline of 0.1 percent. The franc reached a record against the dollar before declining.
The Swiss currency has strengthened amid concern that the European sovereign-debt crisis will deteriorate, spurring investor demand for a haven. 

EUR/USD: the pair  grown in area $1.4690. 
GBP/USD: the pair  grown in area $1.6440. 
USD/JPY: the pair hold on Y80.00-Y80.35 range.
At 0900GMT, the second release of Q1 EMU GDP is due, while at 1000GMT, German industrial output for April is due. 
US data starts at 1100GMT with the weekly MBA Mortgage Application Index, while is followed at 1400GMT by Q1 Services data and then at 1430GMT by the weekly EIA Crude Oil Stocks data. The Fed Beige Book, the Fed's compilation of anecdotal evidence about conditions in the 12 District Bank regions, is due at 1800GMT. 

07:40
Stocks: Tuesday's review

Japanese stocks gained for the first time in four days as Tokyo Electric Power Co. advanced after the government said it didn’t support a breakup of the utility and as carmakers climbed.
Tokyo Electric, operator of the nuclear plant crippled by the March 11 earthquake and tsunami, rebounded from yesterday’s record 28 percent plunge. Toyota Motor Corp. (7203) climbed 2.2 percent after the company said it will be able to announce earnings forecasts this week, boosting confidence that the world’s No. 1 carmaker is recovering from the quake. Camera-maker Canon Inc. (7751) sank 2.6 percent after the end of a share buyback program.

Most European stocks declined, with the benchmark Stoxx Europe 600 Index trading near a 10-week low, as losses in retail shares offset gains in utility companies.
Tesco Plc (TSCO) and Home Retail Group Plc (HOME) fell as a report showed U.K. retail sales declined last month. Utilities posted the best performance among 19 industry groups in the Stoxx 600, gaining 1.2 percent. Mitchells & Butlers Plc (MAB) surged 3.8 percent following a report that a group of investors may bid for the pub and restaurant owner.
A report today showed factory orders in Germany, Europe’s largest economy, rebounded in April from a slump in March, led by stronger demand for investment goods. Orders, adjusted for seasonal swings and inflation, rose 2.8 percent from March, when they plunged a revised 2.7 percent, the Economy Ministry in Berlin said.
European Central Bank President Jean-Claude Trichet yesterday gave his first signal endorsing measures to encourage investors to buy new Greek bonds to replace maturing securities as officials seek to stem the nation’s debt crisis.

U.S. stocks advanced after the Standard & Poor’s 500 Index’s valuation fell to the lowest level of the year and concern over Europe’s debt crisis eased.
JPMorgan Chase & Co. (JPM) and Fifth Third Bancorp (FITB) paced gains in financial companies, rallying at least 1.4 percent, after European Central Bank President Jean-Claude Trichet signaled he may back Greek debt rollovers. Ford Motor Co. (F) added 0.7 percent as the automaker said global sales will rise 50 percent by 2015. Intel Corp. (INTC) rose 1.9 percent after Citigroup Inc. (C) said that a potential foundry relationship may be forming with Apple Inc. (AAPL)
The S&P 500 yesterday fell to the lowest level since March amid concern economic growth is slowing. Labor Department figures last week showed that payrolls grew at the slowest pace in eight months and the U.S. jobless rate unexpectedly climbed to 9.1 percent in May. A separate report last week showed that manufacturing expanded at the slowest pace in more than a year. Still, the S&P 500 rose 2.3 percent this year through yesterday.

07:39
Moody's: "The UK could lose its prized 'Aaa' credit rating if growth remains weak and the coalition government fails to meet its fiscal consolidation targets"
07:17
Tech on USD/JPY

Resistance 3: Y81.00 (Jun 3 high) 

Resistance 2: Y80.40 (area of Jun 6-7 high) 
Resistance 1: Y80.20 (resistance line from May 31) 
Current price: Y80.01
Support 1:Y79.70 (session low)  
Support 2:Y79.55 (May 5 low)  
Support 3:Y79.00 (area of Mar 18 low)  
Comments: the pair decreased. The immediate support - Y80.00. Below losses are possible to Y79.55. The immediate resistance - Y80.40. Above growth is possible to Y81.00. 

06:47
Tech on USD/CHF

Resistance 3: Chf0.8540 (38.2 % FIBO Chf0.8890-Chf0.8330)

Resistance 2: Chf0.8450 (Jun 2-3 high, МА (200) for Н1)
Resistance 1: Chf0.8390 (Jun 6-7 high)
Current price: Chf0.8361
Support 1: Chf0.8330 (Jun 6-7 low)
Support 2: Chf0.8300 (psychological mark)
Support 3: Chf0.8200 (psychological mark)
Comments: tech hasn't changed. The immediate resistance Chf0.8390. Above is located Chf0.8450. The immediate support - Chf0,8330. Below loss may extend to Chf0.8300. 

06:37
Tech on GBP/USD

Resistance 3: $ 1.6550 (May 31 high)

Resistance 2: $ 1.6490 (area of Jun 1 high,  resistance line from May 2)
Resistance 1: $ 1.6450 (resistance  line from May 31)
Current price: $1.6413
Support 1 : $1.6400 (session low)
Support 2 : $1.6320 (Jun 7 low)
Support 3 : $1.6290 (Jun 3 low)

Comments: the pair decreased. The immediate support $1.6400. Below  decrease is possible to $1.6320. The immediaete resistance - $1.6450. Above growth is possible to $1.6490. 

06:23
Tech on EUR/USD

Resistance 3: $ 1.4940 (May 4 high)

Resistance 2: $ 1.4750 (May 3 low)
Resistance 1: $ 1.4690 (Jun 7 high, session high)
Current price: $1.4654
Support 1 : $1.4640 (area of session low, support line from Jun 1)
Support 2 : $1.4560 (Jun 6-7 low)
Support 3 : $1.4450 (Jun 3 low)
Comments: the pair decreased at the morning. The immediate support $1,4640. Below losses are possible to $1.4560. The immediate resistance $1.4690. Above growth is possible to $1,4750. 

06:04
Schedule for today, Wednesday, Jun 08'2011:

06:00 Germany Current account (April) unadjusted, bln 12.0 19.5

06:00 Germany Trade balance (April) unadjusted, bln 14.9 18.9
09:00 EU(17) GDP (Q1) revised 0.8% 0.8%
09:00 EU(17) GDP (Q1) revised Y/Y 2.5% 2.5%
10:00 Germany Industrial production (April) seasonally adjusted 0.2% 0.7%
10:00 Germany Industrial production (April) not seasonally adjusted, workday adjusted Y/Y 10.0% 11.2%
18:00 USA Fed Beige book  
20:00 New Zealand RBNZ meeting announcement 2.50% 2.50%
23:50 Japan Real GDP (Q1) revised -0.9% -0.9%
23:50 Japan Real GDP (Q1) revised Y/Y -3.7% -3.7%

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