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12.07.2011
19:30
Moody's cuts Ireland sovereign debt rating to junk bond rating of Ba1, 1 notch cut, and outlook remains negative.
18:53
Dow +51.05 at 12556.81, Nasdaq +0.64 at 2802.34, S&P +5.96 at 1325.45

Although the reaction wasn't immediate, stocks have been moving higher in response to verbiage in the minutes from the most recent FOMC meeting regarding the possibility of additional monetary policy stimulus. The climb has given the Dow and S&P 500 solid gains. The Nasdaq continues to lag its counter parts, but it has finally managed to poke into positive territory.

18:06
US: Jun 21-22 FOMC Minutes

Minutes outline possible exit procedures but immediately backtrack by saying Fed is "prepared to make adjustments to its exit strategy if necessary in light of economic and financial developments" - and indeed key data has weakened since the meeting. Bernanke's testimony Wed-Thur should explain this; note that prior released central-tends already showed weaker outlook. Mins say employment situation disappointed, show Greek worries about exposure here; also a number of members had inflation worries, but most said inflation bump-ups were transitory. FOMC had 'prudent planning' session on exit, said this did not mean it will begin soon, but outlined exit. 'Some' talked about add'l accommodation; 'others' saw less slack in slow growth/high inflation; several said labor mkt needs to reallocate and this reduces potential output, arguing that withdrawing accommodation could
begin sooner than expected under stagflation. 'A few' expressed uncertainty about efficacy of mon-policy but disagreed on implications. So FOMC remained split about moving forward.

18:00
FOMC: Prepared To Adjust Exit Strategy If Necessary
17:54
American focus:

The common currency pared losses against its major counterparts after Luxembourg Finance Minister Luc Frieden said selective default on Greek debt isn’t an option “envisaged” by euro-region finance ministers and Italian government bonds reversed losses. The yen reached its strongest level against the dollar since the Group of Seven nations jointly intervened to weaken the currency.
“The story all along has been that the euro-area authorities have been doing just enough to stop the fears from being a big issue in the short term, but not enough to stop them from being a big issue in the long term,” said Paul Robinson, the global head of foreign-exchange research at Barclays Plc in London. “The perceived likelihood of something going really badly wrong in the short run has increased quite significantly.”
The euro earlier dropped to the lowest level in four months versus the yen and the dollar after a meeting of European Union finance ministers failed to defuse the region’s escalating debt crisis.
The dollar erased gains versus the pound, Canadian dollar and Swedish krona after U.S. stock markets advanced after falling as much as 0.3 percent. The Standard & Poor’s 500 Index traded 0.2 percent higher.
The U.S. currency fell for a third day versus the yen before the Federal Reserve releases minutes today from its June meeting amid signs the nation’s recovery is faltering.

16:36
Dow +23.54 at 12529.30, Nasdaq -1.05 at 2800.65, S&P +2.64 at 1322.13

Both the Dow and S&P 500 have poked back into positive territory, but the Nasdaq has been unable to make any kind of gain at all this session. Semiconductor stocks have been a heavy drag on the tech-rich Nasdaq, but large-cap tech names like Google (GOOG 534.22, +6.94) and Cisco (CSCO 15.88, +0.44) have offered some support.
A few regional lenders, like Huntington Bancshares (HBAN 6.35, +0.02), have provided a modicum of support to the Nasdaq. Overall, though, financials make up the strongest performing sector this session. That has given the sector an enviable gain of 0.7%. Banks haven't really been the drivers of that move, however. Instead, buying interest in insurance and financial services providers like Hartford Financial (HIG 25.66, +0.56) has fueled the move.

15:54
EUR/JPY contained in a tight Y111.00/40 range.

On the topside offers remain at Y111.75/80 and Y112.25/30 ahead of Y112.80/90. On the downside bids sitting at Y110.85/80 a break to open Y110.25/20.

15:13
Dow -6.51 at 12499.25, Nasdaq -8.50 at 2793.20, S&P +0.50 at 1319.99

Commodities are mostly lower this morning with a only a select few in positive territory.
The energy markets are lower, excluding natural gas. Crude oil futures were in the red all morning, but have been steadily trending higher. Crude has now moved back near the unchanged line from its session low of $93.55/barrel; now at $95.14/barrel. Natural gas futures are currently up 0.6% at $4.30/MMBtu.
Precious metals are mixed with small gains in gold and silver showing losses. Gold rose as high as $1554.40/oz. earlier this morning and is now up 0.1% at $1551.50/oz. Silver is down 0.7% at $35.44/oz.
Corn futures opened higher a few minutes ago following this morning's USDA supply/demand report. Corn futures are currently up 7 cents (or 1.1%) at $6.40/bushel.

14:37
USD/JPY retreats

USD/JPY has settled into a broad Y79.00/Y80.00 range with rate currently holds around Y79.55. Bids towards the days lows Y79.20/10 with larger stops now sitting below Y79.00, which if triggered opens Y78.50. Offers seen at Y80.00, extending to Y80.80. Stops extending to Y81.00.

14:29
Dow +5.75 at 12511.51, Nasdaq -12.07 at 2789.63, S&P -0.24 at 1319.25

The Nasdaq has attempted to stabilize after sliding earlier amid a drop by tech stocks to a loss of 1.0%. Both tech and the Nasdaq are being weighed down by weakness in Novellus (NVLS 32.97, -2.80) shares, which have tumbled 8% even though the company posted an upside earnings surprise for its latest quarter.

14:13
IMF: Leaves German GDP forecast unch at +3.2% in 2011, +2.0% in 2012.
  • sees German HICP inflation +2.5% in 2011, +1.6% in 2012;
  • German deficit of 1.9%/GDP in 2011, 1.1% in 2012;

 

  • Germany's banking system has returned to broad stability.

 

14:03
Analysts at Nomura say Q2 real GDP is tracking +1.1%.
13:54
Analysts at Goldman say trade report "suggests some downside risk to our 2% forecast for Q2 GDP growth".
13:33
Option expires for NY cut

EUR/USD $1.4000, $1.4100
USD:JPY Y80.00, Y80.55, Y81.00

GBP/USD $1.5880, $1.5900

AUD/USD $1.0600, $1.0550, $1.0410

13:12
Before the bell: Investors concern about Italy

U.S. stocks were headed for another weak day Tuesday, as fears about the eurozone debt crisis spreading to Italy rattled investors' nerves.

Economy: The U.S. trade balance figures for May came in at $50.2 billion - far larger than a revised $43.6 billion in April. The trade deficit was also wider than the $44 billion expected by economists.
World markets: European stocks fell in morning trading. Britain's FTSE 100 shed 1.6%, the DAX in Germany retreated 2.0%, and France's CAC 40 tumbled 2.4%.
Asian markets ended the session sharply lower. The Shanghai Composite dropped 1.7%, the Hang Seng in Hong Kong tumbled 3.1% and Japan's Nikkei lost 1.4%.
Companies: After the closing bell Monday, Alcoa (AA, Fortune 500) reported a larger than expected gain in second-quarter sales but investors weren't impressed.
While Alcoa beat on sales, earnings were only in line with recently lowered analyst estimates. Shares slid more than 1% in premarket trading.
Bank shares were also under pressure, with Bank of America (BAC, Fortune 500), Wells Fargo (WFC, Fortune 500) and Citigroup (C, Fortune 500) all off a little more than 1%.
Shares of tech firm Microchip (MCHP) slumped 5.7%, after the company lowered its earnings guidance.
Shares of Novellus Systems (NVLS) fell 5%, after the company delivered disappointing quarterly results and guidance.

12:58
EUR/JPY set stable

EUR/JPY holds higher - now around Y111.65. Topside offers remain at Y112.25/30 and Y112.80/90. Support seen at Y111.30/25.

12:48
AUD/USD recovers

AUD/USD holds above resistance to a new session high of $1.0625. Stops through $1.0660 ahead of $1.0669 (55-daily MA)  with a break here to open $1.0680/90. On the downside bids of note at $1.0575/70 and $1.0555/50.


12:32
CANADA: May intl merch trade -C$0.814bln
12:31
US: May trade bal -$50.2b
12:20
EUR/JPY tracks euro-dollar's recovery to trade around Y111.44. Offers seen at Y111.75/80 and Y112.25/30. Support reverts to Y110.85/80, a break here opens Y110.25/20 ahead of option interest at Y110.00. Euro-yen trades Y111.43.
11:47
EU session review: Euro draggs lower on concern debt crisis spreading

Data released:
05:30     France     CPI (June) unadjusted    0.1%    0.1%    0.1%
05:30     France     CPI (June) unadjusted Y/Y    2.1%    2.1%    2.0%
05:30     France     HICP (June) Y/Y    2.3%    2.2%    2.2%
06:00     Germany     CPI (June) final    0.1%    0.1%    0.1%
06:00     Germany     CPI (June) final Y/Y    2.3%    2.3%    2.3%
06:00     Germany     HICP (June) final Y/Y    2.4%    2.4%    2.4%
08:30     UK     HICP (June)    -0.1%    0.2%    0.2%
08:30     UK     HICP (June) Y/Y    4.2%    4.5%    4.5%
08:30     UK     HICP ex EFAT (June) Y/Y    2.8%    3.4%    3.3%
08:30     UK     Retail prices (June)    0.0%    0.3%    0.3%
08:30     UK     Retail prices (June) Y/Y    5.0%    5.2%    5.2%
08:30     UK     RPI-X (June) Y/Y    5.0%    5.3%    5.3%
08:30     UK     Trade in goods (May), bln    -8.5    -7.2    -7.6 (-7.4)
08:30     UK     Non-EU trade (May), bln    -5.1    -4.2    -4.5 (-4.3)

The euro fell after a meeting of European Union finance ministers failed to defuse the region’s escalating debt crisis.
The 17-nation currency fell to a record low versus the Swiss franc as yields on Italian and Spanish debt surged for a second day.
European finance ministers yesterday said they were considering using bond buybacks to ease Greece’s plight as bond yields surged in Italy and Spain. The announcement came after talks with bondholders on a swap of maturing Greek debt for new securities ran into opposition from the European Central Bank.
International Monetary Fund Managing Director Christine Lagarde told reporters in Washington that the fund isn’t discussing details of a second bailout with the EU, and “nothing should be taken for granted” on Greece.

EUR/USD recovered to $1.3996 after earlier it fell to $1.3830.

GBP/USD fell to $1.5775 before rose back to $1.5852.

USD/JPY continued to recover, holding currently at Y79.72 after it earlier fell to Y79.16.

At 1230GMT, the international trade gap is expected to decrease to $42.7 billion in May. Import prices posted only a modest increase in the month, with imported petroleum prices actually down. The supply shortage of auto imports from Japan will likely appear in the data as well. Meanwhile, Boeing reported 28 deliveries to foreign buyers in May, up from 24 in April.

11:31
IMF, Lagarde: Greek aid package still "work in progress"
  • not yet discussing new Greek terms, volume, conditions;
  • can't take anything for granted on Greece package;
  • Italy facing market-driven issues; needs better growth;
  • stability fund can't react to mkts but must watch contagion risk;
  • IMF "not just a cash machine;" objective is stability;
  • warning of massive problems from US default.
11:30
IMF, Lagarde: Greek aid package still "work in progress"
  • not yet discussing new Greek terms, volume, conditions;
  • can't take anything for granted on Greece package;
  • Italy facing market-driven issues; needs better growth;
  • stability fund can't react to mkts but must watch contagion risk;
  • IMF "not just a cash machine;" objective is stability;
  • warning of massive problems from US default.
11:17
EU stocks fall

European equity markets suffered further heavy losses on Tuesday.
Italy extended its sharp losses, with the FTSE MIB index shedding 3 per cent to 17,862.74, taking its fall in the past three sessions to more than 11 per cent.
Banks were again the victims. The pace of selling steadied, however, leaving UniCredit down 1.7 per cent to €1.14, while Intesa Sanpaolo lost 2 per cent to €1.50. Insurer Generali lost 2.1 per cent to €12.77.
The biggest fallers on the pan-European FTSE Eurofirst 300, which lost 1.6 per cent to 1,079.65, included Austrian bank Raiffeisen International, down 5.3 per cent to €31.90, and Dutch insurer Aegon, which lost 3.6 per cent to €4.23. Germany’s Commerzbank fell 1.1 per cent to €2.67, having earlier struck a record low of €2.56.
Portugal’s PSI 20 index fell 3.1 per cent to 6,633.74, with bank Banif leading the losses, down 6.1 per cent to €0.56. Spain’s Ibex 35 lost 2 per cent, while the Athens General slid 2.6 per cent.



11:03
OPEC: Jun crude production was +520k bpd.
11:02
OPEC: forecasts '12 oil demand at 1.32m bpd, +1.36m from '11
10:50
EU focus: Euro recovers from record low vs Swiss franc

The euro recovered in early Europe after it was beaten down in Asia on Tuesday, plunging to a record low versus the Swiss franc and sinking to a four-month trough against the dollar on growing concerns that the euro zone's sovereign debt crisis was spreading.
Market participants were especially concerned about the debt of countries such as Spain and Italy, which came under strong selling pressure the day before.
"The market has become particularly concerned due to the sell-off in Italian bonds. A steep widening of the spread between Italian and German bonds is making the market worried," said Osamu Takashima, chief forex strategist at Citibank. "The market was to a certain extent expecting the problems in Greece to spread to Spain, but this drastic move in Italian bonds was very surprising."
The spread on the 10-year Italian bond yield over that of German bonds widened to above 300 basis points the previous day from about 180 bps at the start of the month.
Some traders said the euro came under pressure in Asia as IMF Managing Director Christine Lagarde failed to comment specifically on resolving Greece's problems.
Lagarde said the IMF and its European partners are not yet ready to discuss terms of a second Greek bailout, urging Athens to do more to deal with its debt crisis. Lagarde said Greece had taken important steps to cut its budget deficit but that they were not enough.
"I feel that the euro zone debt situation particularly deteriorated after Portugal was downgraded to junk status last week. The market again started to focus on the debt problem as being a problem for the whole region," said Kimihiko Tomita at State Street and Trust. "The fact that the euro broke decisively below $1.4 is significant. The most recent selling appears to be a bit too rapid, but the market could test the euro further in the short term given current sentiment," Tomita said.
European Union finance ministers meet later on Tuesday and are under the cosh to soothe market nerves ahead of Thursday's Italian bond auctions. Italy is aiming to raise 7.75 billion euros in the debt market, according to estimates from Barclays Capital.
The Bank of Japan kept monetary policy on hold.

10:34
EUR/USD recovers off traded lows at $1.3838 and currently challenges reported stops above $1.3940. Rate earlier triggered offers placed between $1.3930/35.
10:18
EUR/GBP holds around stg0.8818, recovering from session lows on stg0.8750. The move up in the cross seen pressing cable lower with bids ahead of $1.5800.
10:08
USD/JPY recovers

USD/JPY continues to recover trading Y79.65 as markets rebound from session lows at Y79.15. Offers in the market at Y79.90/00 a break opens Y80.10/20.

09:33
Option expiries for today's 1400GMT cut:

EUR/USD $1.4000, $1.4100
USD:JPY Y80.00, Y80.55, Y81.00
GBP/USD $1.5880, $1.5900
AUD/USD $1.0600, $1.0550, $1.0410

09:25
FTSE 5,829 -100.16 -1.69%, CAC 3,718 -89.81 -2.36%, DAX 7,069 -161.59 -2.23%
08:31
UK data:

HICP (June) -0.1% 

 
HICP (June) Y/Y 4.2% 
HICP ex EFAT (June) Y/Y 3.4% 
Retail prices (June) 0.0% 
Retail prices (June) Y/Y 5.0% 

08:22
Asian session:

Data:
Japan BoJ meeting announcement 0.00-0.10%

The euro fell to an almost four- month low versus the yen after the International Monetary Fund head said “nothing should be taken for granted” on Greece, stoking concern its debt crisis will spread to larger economies.
The 17-nation currency fell to a record low versus the Swiss franc before the Italian Treasury sells one-year bills today and as much as 5 billion euros ($7 billion) of bonds on July 14 amid surging yields on the nation’s debt. 
The yen and dollar rose against most of their major counterparts as Asian stocks extended a worldwide slump, spurring demand for refuge assets. Australia’s dollar weakened after an industry report showed business confidence declined to a six-month low.
The U.S.’s trade deficit widened in May to $44.1 billion from a revised $43.7 billion gap in the prior month, according to the survey median before the Commerce Department figures today. Payrolls expanded at the slowest pace in nine months in June, Labor Department data showed last week.

EUR/USD: the pair decreased and reached low in $1.3930 area.
GBP/USD: the pair decreased and reached low in $1.3930 area.
USD/JPY: the pair decreased and reached low in Y80.00 area.

US data starts at 1145GMT with the weekly ICSC-Goldman Store Sales data, while at 1230GMT, US Treasury Secretary Tim Geithner opens a conference on Women in Finance in Washington. Also at 1230GMT, the international trade gap is expected to decrease to $42.7 billion in May. Import prices posted only a modest increase in the month, with imported petroleum prices actually down. The supply shortage of auto imports from Japan will likely appear in the data as well. Meanwhile, Boeing reported 
28 deliveries to foreign buyers in May, up from 24 in April. 

08:15
Forex: Monday's review

The euro tumbled to a seven-week low against the dollar and slid versus the yen as rising Italian bond yields stoked concern Europe’s sovereign-debt crisis in deepening.
The euro fell to a record low against the Swiss franc as Austria’s Finance Minister Maria Fekter said Italy will be discussed today at the monthly gathering of euro-area finance ministers. 
Australia’s dollar weakened on speculation China will take further steps to cool growth, while Norway’s krone and Canada’s dollar declined as crude oil fell.
The dollar rose against all its major counterparts, excluding the franc and the yen as stocks and commodities slumped.

EUR/USD: on results of yesterday's session the pair decreased in $1.4040  area.
GBP/USD: on results of yesterday's session the pair decreased in  $1.5900  area.
USD/JPY: on results of yesterday's session the pair decreased in Y80.30 area.

US data starts at 1145GMT with the weekly ICSC-Goldman Store Sales data, while at 1230GMT, US Treasury Secretary Tim Geithner opens a conference on Women in Finance in Washington. Also at 1230GMT, the international trade gap is expected to decrease to $42.7 billion in May. Import prices posted only a modest increase in the month, with imported petroleum prices actually down. The supply shortage of auto imports from Japan will likely appear in the data as well. Meanwhile, Boeing reported 
28 deliveries to foreign buyers in May, up from 24 in April. 

08:15
Forex: Monday's review

The euro tumbled to a seven-week low against the dollar and slid versus the yen as rising Italian bond yields stoked concern Europe’s sovereign-debt crisis in deepening.
The euro fell to a record low against the Swiss franc as Austria’s Finance Minister Maria Fekter said Italy will be discussed today at the monthly gathering of euro-area finance ministers. 
Australia’s dollar weakened on speculation China will take further steps to cool growth, while Norway’s krone and Canada’s dollar declined as crude oil fell.
The dollar rose against all its major counterparts, excluding the franc and the yen as stocks and commodities slumped.

EUR/USD: on results of yesterday's session the pair decreased in $1.4040  area.
GBP/USD: on results of yesterday's session the pair decreased in  $1.5900  area.
USD/JPY: on results of yesterday's session the pair decreased in Y80.30 area.

US data starts at 1145GMT with the weekly ICSC-Goldman Store Sales data, while at 1230GMT, US Treasury Secretary Tim Geithner opens a conference on Women in Finance in Washington. Also at 1230GMT, the international trade gap is expected to decrease to $42.7 billion in May. Import prices posted only a modest increase in the month, with imported petroleum prices actually down. The supply shortage of auto imports from Japan will likely appear in the data as well. Meanwhile, Boeing reported 
28 deliveries to foreign buyers in May, up from 24 in April. 

08:05
Bank of Japan Governor Masaaki Shirakawa speaks at a post-policy board meeting press conference:
  • To watch European debt impact on forex rates 
  • Higher power costs could hurt capex, spending 
  • Still Think Q3 output to return to pre-quake 
  • Using BOJ's own seasonal adjustments in output
  • FY11 GDP fcast revised down due to carryover 
  • Still expect global econ to lead Japan recovery 
  • Japan capex solid, consumer sentiment up

07:43
Stocks: Monday's review

Japanese stocks fell by the most in two weeks as U.S. unemployment unexpectedly increased, clouding the outlook for the global economic recovery and for earnings at the country’s exporters.
Toyota Motor Corp. (7203), which counts North America as its largest market, dropped 0.7 percent after U.S. payrolls grew at the slowest pace in nine months. 
Canon Inc. (7751), a camera maker that gets more than 80 percent of its revenue outside Japan, slipped 1.4 percent after the yen strengthened. 
Elpida Memory Inc. (6665) plunged 13 percent on record trading volume after the maker of memory chips said it will sell 79.7 billion yen ($987 million) in shares and convertible bonds.
The Nikkei 225 Stock Average fell 0.7 percent to 10,069.53 at the 3 p.m. close in Tokyo. The broader Topix index slid 0.5 percent to 870.16. Both gauges fell by the most since June 27.
The Topix rose eight times out of the past 10 trading days, recovering about two-thirds of its losses since the March 11 earthquake, as manufacturers including Toyota restart factories ahead of schedule. In the last month, the Topix has been the best performer among the world’s 10 biggest stock indexes, rising 6.5 percent.
Stocks also declined following a report showing inflation in China, Japan’s biggest export market, accelerated to a three- year high of 6.4 percent in June. Some analysts said price gains may moderate in the second half of the year.

European stocks tumbled the most in seven weeks, led by banks and insurers, as contagion from Greece’s debt crisis threatened to spread to the bigger economies of Italy and Spain.
Italy’s FTSE MIB Index plunged the most in more than a year, entering a bear market as its slide from this year’s high exceeded 20 percent. UniCredit Spa (UCG) and Intesa Sanpaolo SpA (ISP) lost more than 6 percent and Germany’s Commerzbank AG (CBK) sank to a two- year low as a gauge of banks had the biggest two-day drop in 14 months. British Sky Broadcasting Group Plc (BSY) fell as the U.K. government referred its purchase by News Corp. to regulators.
China’s inflation accelerated to the fastest pace in three years in June, highlighting the challenge for policy makers of sustaining growth while taming prices. The consumer price index increased 6.4 percent, the National Bureau of Statistics said on July 9, exceeding the 6.2 percent median estimate of economists.
National benchmark indexes declined in all 18 western European markets today. Germany’s DAX lost 2.3 percent and the U.K.’s FTSE 100 fell 1 percent. Portugal’s PSI-20 Index plunged 4.3 percent and Spain’s IBEX 35 sank 2.7 percent. Italy’s FTSE MIB Index slid 4 percent, bringing the retreat since February to 21 percent.
UniCredit, Italy’s biggest bank, tumbled 6.3 percent to 1.15 euros. Intesa Sanpaolo, the second-largest, plunged 7.7 percent to 1.53 euros as it was downgraded to “neutral” from “overweight” at HSBC Holding Plc.
Fiat SpA (F) tumbled 5.4 percent to 6.86 euros as the carmaker was cut to “sell” at Societe Generale (GLE) SA. 

The near 2% drop suffered by US stock market this session was its worst single-day decline in more than a month. The aggressive sell-off came in response to concerns that the European Union is struggling to help countries in its periphery restore their financial health.
An emergency meeting during the weekend stirred speculation that European Union officials may be considering including Italy in any new bailout packages. Concerns about Italy's financial health began to intensify last week, as evidenced by the spike in yields there.
Worry that the EU remains so far from resolving the threats of countries in the region's periphery sank many of Europe's major bourses. Both France's CAC and Germany's DAX dropped more than 2% in their latest round of trade. Italy's FTSE fell 4%.
Such weakness imbued domestic stocks and prompted participants to sell any gains that they had scored during the course of the past couple of weeks. In turn, the broad-based S&P 500 dropped precipitously. It didn't really secure any support until it came into close contact with its 50-day simple moving average just below the 1320 line.
Financials fell the hardest. The sector's near 3% tumble came amid weakness in banks, insurers, and diversified financial services alike. Only a handful of stocks in the sector were able to limit their losses to less than 1%.
All 30 Dow components settled in the red. Alcoa (AA 15.92, -0.46) was one of the poorest performers ahead of its quarterly report, which marks the unofficial start to earnings season. A few other blue chips will report quarterly results later this week, but announcements won't begin in earnest for several more days.
The Dollar Index hit its best level since March as traders dumped the euro in pursuit of the relative safety offered by the greenback. At the end of the day the dollar was quoted with a 1.2% gain against a basket of competing currencies.
Gold had attracted strong buying interest in the early going, but the precious metal had to fight to settle with a gain. After gold prices had been up by about 1%, they retreated to the neutral line. The precious metal was able to rebound to $1549 per ounce for a 0.5% gain on the day.

07:28
Tech on USD/JPY

Resistance 3: Y80.50 (Jul 8 low) 

Resistance 2: Y80.40 (session high) 
Resistance 1: Y80.10 (Jul 11 low ) 
Current price: Y79.91
Support 1:Y79.85 (session lowinimum)  
Support 2:Y79.70 (low of June)  
Support 3:Y79.55 (low of May)  

Comments: the pair decreases. The immediate support - Y79.85. Below losses are possibvle to Y79.70. The immediate  resistance - Y80.10. Above growth is possible to Y80.40.

07:14
Tech on USD/CHF

Resistance 3: Chf0.8550 (Jun 15-16 high)

Resistance 2: Chf0.8520 (high of July)
Resistance 1: Chf0.8420 (МА (200) for Н1)
Current price: Chf0.8393
Support 1: Chf0.8330 (Jul 11 low)
Support 2: Chf0.8300 (Jul 30 low)
Support 3: Chf0.8275 (Jun 28 low)

Comments: the pair grown. The immediate resistance Chf0.8420. Above is located Chf0.8520. The immediate support - Chf0.8330. Below loss may extend to Chf0.8300. 

07:12
Tech on GBP/USD

Resistance 3: $ 1.6080 (Jul 8 high)

Resistance 2: $ 1.6040 (Jul 11 high)
Resistance 1: $ 1.5920 (session high)
Current price: $1.5863
Support 1 : $1.5850 (session low)
Support 2 : $1.5820 (Jan 31 low)
Support 3 : $1.5750 (Jan 25 low)

Comments: the pair decreased. The immediate support $1.5850. Below decrease is  possible to $1.5820. The immediate resistance - $1.5920. Above growth is possible to $1.6040. 

06:44
Tech on EUR/USD

Resistance 3: $ 1.4180 (38.2 % FIBO $1.4575-$ 1.3930)

Resistance 2: $ 1.4060 (session high)
Resistance 1: $ 1.3980 (Jul 11 low)
Current price: $1.3953
Support 1 : $1.3930 (session low)
Support 2 : $1.3910 (МА (200) for D1)
Support 3 : $1.3850 (Mar 15 low)

Comments: pair fell. The immediate support - $1.3930 area. Below losses are possible to $1.3910. The immediate resistance $1.3980. Abvoe growth is possible to $1.4060. 

06:01
GERMANY DATA: June HICP unrevised unch m/m, +2.4% y/y
05:56
Schedule for today, Tuesday, Jul'12'2011:

03:30 Japan  BoJ meeting announcement 0.00-0.10% 0.00-0.10%
06:00 Germany CPI (June) final 0.1% 0.1%
06:00 Germany CPI (June) final Y/Y 2.3% 2.3%
06:00 Germany HICP (June) final Y/Y 2.4% 2.4%
08:30 UK HICP (June) 0.2% 0.2%
08:30 UK HICP (June) Y/Y 4.5% 4.5%
08:30 UK HICP ex EFAT (June) Y/Y 3.4% 3.3%
08:30 UK Retail prices (June) - 0.3%
08:30 UK Retail prices (June) Y/Y 5.2% 5.2%
08:30 UK RPI-X (June) Y/Y - 5.3%
08:30 UK Trade in goods (May), bln -7.2 -7.4
12:30 USA International trade (May), bln -43.9 -43.7
23:01 UK Nationwide consumer confidence (June)

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