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13.06.2011
19:14
Dow +17.18 at 11969.09, Nasdaq +0.98 at 2644.71, S&P +2.27 at 1273.25

Stocks head into the final hour of trade clinging to modest gains. Market supported by financials (+1.0%) and techs (+0.2%) with some pressure from energy (-1.2%).

18:57
EUR/CHF rises

EUR/CHF holds around Chf1.2085 area on the back of EUR/USD strength. Earlier rate printed lows around Chf1.2004. Area of Chf1.2000 still seen to hold a barrier, apparently well-defended, with stops sub Chf1.1980.

18:28
Dow +36.58 at 11988.69, Nasdaq +5.69 at 2649.42, S&P +4.12 at 1275.13

Stocks continue to recover and currently the blue chips hold around session highs. Financials have been a source of leadership in recent action (+1.0%). Energy stocks are off of their sesson lows, but the sector continues to be a drag (-1.0%).

17:54
EUR/USD holds higher despite the S&P's downgrade of Greece to 'CCC' from 'B' with a negative outlook. Currently euro holds around $1.4380 with bids still near $1.4350.
17:33
Precious metals:

Gold and silver refreshed session lows in the wake of the Greece ratings downgrade but have recovered slightly since then. Gold trades $1523.25, almost $2 off its low, silver trades at $35.15, a dime off its low.

17:15
GREECE: S&P downgraded Greece to 'CCC' from 'B' with a negative outlook.
16:52
US focus: Euro falls to record low versus Franc

The euro slid to a record low versus the Swiss franc as concern increased that European leaders may not be able to find common ground on a Greek bailout.
European Central Bank President Jean-Claude Trichet and German Finance Minister Wolfgang Schaeuble are at odds about whether Greek bondholders should be compelled to incur losses in the nation’s second bailout in 14 months.

The dollar dropped against most of its counterparts before a report this week forecast to show U.S. retail sales declined in May.  Retail sales in the U.S. fell 0.5% in May, the first drop since June. The Commerce Department will release the report June 14.
Luxembourg’s Prime Minister Jean-Claude Juncker, who leads the group of euro-area finance ministers, said that any bailout for Greece must include “voluntary” investor participation. Juncker is trying to bridge the gap between Germany’s Schaeuble, who wants Greek bondholders to accept longer maturities of up to seven years on the debt, and Trichet, who said imposing losses on creditors would be akin to a default.
New Zealand’s dollar fell after its second-biggest city was struck by aftershocks of the February earthquake.
The yen weakened versus most of its major peers after a report showed Japan’s factory orders declined 3.3% in April from March, when they rose 1%, the Cabinet Office said today.

16:09
EUR/USD holds around $1.4374 in thin market. Bids remain at $1.4350, extending to $1.4320.
15:38
Dow +31.71 at 11983.62, Nasdaq +4.20 at 2647.93, S&P +3.44 at 1274.42

The Nasdaq recently retreated to the neutral line, but later it bounced off of. The Nasdaq's recent bounce has been led by the likes of Microsoft (MSFT 23.95, +0.25), Dell (DELL 15.63, +0.16), and Oracle (ORCL 31.56, +0.38). In contrast, Akamai (AKAM 29.13, -0.32) is a source of weakness; the stock's descent in recent weeks has left it to test its 52-week low.

15:02
EUR/USD retreats

EUR/USD currently holds around $1.4377. Offers were mentioned arpound there, extending to $1.4405 with stops positioned above. Rate printed session high on $1.4403.

14:39
EUR/USD challenges 55-daily MA at $1.4400. Offers were mentioned arpound there, extending to $1.4405 with stops positioned above.
14:17
AUD/USD tries to extend rebound

Having broken above intraday resistance at $1.0570 the pair is struggling to make any meaningful topside gains with next level of resistance at $1.0590/$1.0600. Traders report this level taking on significance having supported the rate three times in early June on the move lower. Stops sit above $1.0600.

13:53
Dow +55.48 at 12007.39, Nasdaq +13.71 at 2657.44, S&P +5.99 at 1276.97

Stocks are up solidly in the first few minutes of trade. Buying interest is relatively broad, but energy (+0.8%), industrials (+0.7%), and materials (+0.6%) are garnering the most interest. Utilities (-0.1%) and consumer staples stocks (unch.), both defensive oriented, are struggling to establish any upward momentum this morning.
Outside of equities, Treasuries are under pressure. As such, the yield on the benchmark 10-year Note is back at 3.00%. The TED spread is currently just shy of 0.2.
Meanwhile, the dollar continues to drift along with a 0.3% loss against a collection of competing currencies.

13:19
Before the bell:

U.S. stocks were headed for a modestly higher open Monday, following a six-week losing streak that's been led by fears of an economic slowdown.
U.S. stocks tumbled Friday, with each of the three key indexes falling more than 1%, and the Dow ending below 12,000 for the first time in months. Overall, the Dow has fallen 3.7% since the beginning of June and the Nasdaq erased all of its gains for the year.
No major U.S. economic data is on tap Monday, but two corporate deals announced before the opening bell could drive early gains.
The rest of the week brings a data-heavy schedule with retail sales and consumer prices reports among the bigger drivers.
Companies: VF Corp. (VFC, Fortune 500), the maker of Wrangler and The North Face brands, said early Monday it is buying Timberland Co. (TBL) for $43 per share, creating a $10 billion apparel and footwear company. Shares of Timberland climbed more than 40% in premarket trading.
Shares of Wendy's/Arby's Group (WEN) jumped nearly 7% after the restaurant chain agreed to sell Arby's to a private equity group led by Roark Capital Group. Wendy's will retain an 18.5% ownership interest in the Arby's business.
Meanwhile, Honeywell (HON, Fortune 500) announced plans to acquire EMS Technologies (ELMG) for $491 million in cash.
New York Attorney General Eric Schneiderman has launched a new probe into Bank of America's (BAC, Fortune 500) mortgage securities and related foreclosures, the Huffington Post reported Monday.
Investors appeared to shrug off the news. Shares of Bank of America edged higher in premarket trading as did other banks, including JPMorgan Chase (JPM, Fortune 500), Goldman Sachs (GS, Fortune 500) and Wells Fargo (WFC, Fortune 500).
Shares of Gilead Sciences (GILD, Fortune 500) fell more than 3% after the company disclosed late Friday that the Department of Justice was investigating certain manufacturing and quality practices.
World markets:


Oil for July delivery slipped $1.03, or 1%, to $98.26 a barrel.
Gold futures for August delivery fell $1.20 to $1,528 an ounce. Silver and copper prices both declined more than 1% as well.
The price on the benchmark 10-year U.S. Treasury edged slightly lower, pushing the yield up to 2.99% from 2.97% late Friday.

12:28
European session: franc is on the rise

The euro slid to a record low versus the Swiss franc and stayed within a cent of its weakest level this month against the dollar on concern European leaders may be unable to find common ground on a Greek bailout.
European Central Bank President Jean-Claude Trichet and German Finance Minister Wolfgang Schaeuble are at odds over whether Greek bondholders should be compelled to incur losses in the nation’s second bailout in 14 months.
“The focus has returned to Greece, which brings up a number of downside risks to the euro due to all the uncertainty about the bailout package,” said Chris Walker, a foreign- exchange strategist at UBS AG in London. “The euro will get some support from rate-hike expectations over the longer term, but we’re likely to see some weakness in the next few weeks.”
Luxembourg’s Prime Minister Jean-Claude Juncker, who leads the group of euro-area finance ministers, said in an interview on Radio Berlin-Brandenburg today that any bailout for Greece must include “voluntary” investor participation. Juncker is trying to bridge the gap between Germany’s Schaeuble, who wants Greek bondholders to accept longer maturities of up to seven years on the debt, and Trichet, who says imposing losses on creditors would be akin to a default.

New Zealand’s dollar weakened after quakes with magnitudes of 5.2 and 6.0 struck near Christchurch, according to the U.S. Geological Survey. In February, Christchurch was devastated by a magnitude-6.3 temblor that killed more than 180 people and closed the central business district.


EUR/USD: the pair traded within $1.4320-$ 1.4390 range.
GBP/USD: breaks above $1.6300 and extends recovery to $1.6320. The move seen meeting sell interest placed between $1.6320/25. A break here to open a move on toward $1.6350
USD/JPY: the pair found the base at Y80.20, before gained back to Y80.40.


President Trichet speaking at the LSE today at 14:00 GMT.

12:02
Oreders desk:

EUR/USD:
Offers: $1.4400/05, $1.4420/25, $1.4450, $1.4500
Bids: $1.4350, $1.4325/20, $1.4300, $1.4280, $1.4250

11:41
GBP/USD breaks above $1.6300

Breaks above $1.63 and extends recovery to $1.6320. The move seen meeting sell interest placed between $1.6320/25. A break here to open a move on toward $1.6350

11:34
JPM on US economy

JPM reminds US government fiscal consolidation is coming due to deficits and "The outcome of any fiscal consolidation will partly depend on movement in the dollar and interest rates." JPM calls for a mid-year rebound in manufacturing and says this will boost the budget and economy.

10:23
Option expiries for today's 1400GMT cut:

EUR/USD $1.4300, $1.4335, $1.4500
USD/JPY Y79.80, Y80.65, Y80.90, Y81.00, Y81.80
GBP/USD; $1.6300, $1.6485, $1.6500
EUR/GBP stg0.8840
USD/CHF Chf0.8500
AUD/USD $1.0615, $1.0600, $1.0400

10:00
GBP/USD got support at $1.6250

Cable has met support on the approach to $1.6250, with bids seen around the 50% retrace of the recovery from Asian lows of $1.6215 to $1.6285. A break of $1.6250 to open a deeper move toward $1.6235/30 (76.4%) ahead of the overnight low at $1.6215. Resistance seen at $1.6285, a break to open a move toward $1.6300/20.


09:24
FTSE 5,770 +0.08%, CAC 3,803 -0.07%, DAX 7,052 -0.25%
09:05
Option expiries for today's 1400GMT cut:

EUR/USD $1.4300, $1.4335, $1.4500
USD/JPY Y79.80, Y80.65, Y80.90, Y81.00, Y81.80
GBP/USD $1.6300, $1.6485, $1.6500
EUR/GBP stg0.8840
USD/CHF Chf0.8500
AUD/USD $1.0615, $1.0600, $1.0400

08:15
Asian session: The yen fell

The yen fell to a one-week low against the dollar on speculation the Bank of Japan will introduce more stimulus measures to support economic growth.

The yen weakened versus most of its major peers after a report showed Japan’s machinery orders unexpectedly dropped in April following a record earthquake the previous month.
New Zealand’s dollar sank after a series of temblors shook Christchurch today. 
New Zealand’s dollar weakened after quakes with magnitudes of 5.2 and 6.0 struck near Christchurch, according to the U.S. Geological Survey. In February, Christchurch was devastated by a magnitude-6.3 temblor that killed more than 180 people and closed the central business district.

EUR/USD: the pair trading on $1.4320-$ 1.4360 area.
GBP/USD: the pair trading on $1.6215-$ 1.6245 area.
USD/JPY: the pair shown high at Y80.69 then receded.

President Trichet speaking at the LSE today at 14:00 GMT.

08:06
Asian stock close:

Nikkei 9,448  -0.70%

Hang Seng 22,449  +0.13%

Shanghai Composite 2,700  -0.18%

07:52
Stocks: Weekly review

Japan’s Nikkei 225 Average was helped by bargain-hunting demand for exporters after it touched an 11-week low on Monday, when markets across much of the rest of the region were closed.
After reaching the 9,359.78, it rebounded to end Friday’s session at 9,514.44, a gain of 0.2 per cent over the five sessions.
Nissan Motor gained 1.9 per cent on Friday to Y793, while Olympus rose 2.8 per cent to Y2,614. But Kansai Electric fell 1.4 per cent to Y1,180 on reports that its planned bond issue would be delayed because of market volatility.
The Shanghai Composite index edged up 0.1 per cent on Friday to 2,705.14, taking its loss over the holiday-shortened week to 0.8 per cent.
Hong Kong’s Hang Seng index was 0.8 per cent weaker on Friday, taking its retreat since the start of the trading week on Tuesday to 2.3 per cent.
Notching up another weekly loss, its sixth in a row, the FTSE Eurofirst 300 fell 2 per cent to 1,089.55 over the five sessions.
Banks took a beating, particularly those with significant exposure to the possibility of Greek restructuring.
National Bank of Greece lost 9.5 per cent over the week to €4.75. French banks, which have a larger exposure to Greece than any other country, were all lower over the week. Crédit Agricole lost 4.8 per cent to €10.07, while Société Générale shed 4.7 per cent to €39.05.
UBI shares fell 10.4 per cent to €4.29.
Mediobanca, meanwhile, was sold on concerns that as underwriter to several rights issues, it may be left with any overhanging stock. It fell 7 per cent during the week to €7.02.
Germany’s Commerzbank, which has just raised €5.3bn in a capital hike to help repay state aid, fell 5 per cent to €3.07.
Steelmaker ThyssenKrupp was the leading stock on the Eurofirst 300 by a wide margin, up 7.7 per cent over the week to €35.29. Carmakers BMW and Volkswagen climbed 3.4 per cent to €62.34 and 1.8 per cent to €117.95 respectively, while their Eurofirst peers registered losses.

Wall Street tumbled into its sixth consecutive week of losses, helped lower by financial stocks as investors continued to turn from risk assets on worries about the strength of the US economy.
The S&P 500 index was down 2.2 per cent over the five-day period, the sixth consecutive week of losses on the index. The last time there were six straight weeks of losses was in June and July 2008. The last time there were more than six in a row was in February and March 2001.
In corporate news, Goodyear Tire & Rubber, the largest tyre company in the world, agreed to sell its global wire business to Hyosung Corporation for $50m.
The news sent shares in the company down 6.7 per cent to $14.99, making it the worst-performing stock on the S&P 500 index.
This helped dip the Dow Jones Industrial Average below 12,000 for the first time in three months.
The index lost 1.4 per cent to 11,952.06, down 1.6 per cent over the week. The Nasdaq Composite fell 1.5 per cent to 2,643.73, retreating further into negative territory for the year. The index was down 3.3 per cent over the week and is 0.3 per cent lower for the year.
The S&P financial index was down 2.2 per cent over the week.
Bank of America fell 4.3 per cent over the week to $10.80 while Citigroup was down 4.8 per cent to $37.92.
Energy also had a roller-coaster ride over the week, rallying on Wednesday due to firmer oil prices as Opec failed to reach an agreement to raise output.
But overall, the sense that the global economy was slowing left the S&P energy index down 2 per cent despite higher energy prices.
Peabody Energy, the US coal group, was down 5.8 per cent to $55.33 while Hess fell 5.3 per cent to $72.85.
The energy sector has been the second-worst performing sector after financials over the last six weeks, falling 9.2 per cent.

07:16
Forex: Weekly review

The euro fell sharply from a one-month high against the dollar this week, failing to gain traction after the European Central Bank signalled that it would raise interest rates in July.
The euro staged a brief rally on Thursday after Jean-Claude Trichet, ECB president, used the words “strong vigilance” to describe the central bank’s stance towards inflation risk after its policy meeting, a phrase that in the past has signalled a rate rise at the ECB’s next meeting.
The euro reversed its gains, however, in what analysts described as a “buy the rumour, sell the fact” move given that so many investors were expecting the signal from Mr Trichet.
Indeed some said that the signal for a likely July rate rise left investors clear to focus on Greece’s debt problems and the continued squabbling between eurozone central bankers and finance ministers.
The euro, which hit a one-month high of $1.4696 ahead of the ECB meeting, lost 1.9 per cent to $1.4358 against the dollar over the week, fell 2 per cent to Y115.10 against the yen and was 0.7 per cent weaker at £0.8847 against the pound.
Sterling lost ground elsewhere, however, as warning from rating agency Moody’s over the UK’s triple A credit status knocked confidence in the currency.
A drop in UK industrial production also weighed on the pound. Over the week, the pound fell 1.2 per cent to $1.6226 against the dollar and lost 1.3 per cent to Y130.10 against the euro.

06:57
Tech on USD/JPY

Resistance 3: Y81.80 (May 31 high) 

Resistance 2: Y81.00 (Jun 3 high) 
Resistance 1: Y80.70 (session high) 
Current price: Y80.48
Support 1:Y80.10 (support line from Jun 8)  
Support 2:Y79.70 (Jun 8 low)  
Support 2:Y79.55 (May 5 low)  

Comments: the pair grown. The immediate resistance - Y80.70. Above growth is possible to Y81.00. The immediate support - Y80.10. Below losses are possible to Y79.70.

06:47
Tech on USD/CHF

Resistance 3: Chf0.8610 (50.0 % FIBO Chf0.8890-Chf0.8330)

Resistance 2: Chf0.8540 (38.2 % FIBO Chf0.8890-Chf0.8330)
Resistance 1: Chf0.8470 (session high)
Current price: Chf0.8454
Support 1: Chf0.8430 (support line from Jun 9)
Support 2: Chf0.8390 (Jun 10 low)
Support 3: Chf0.8330 (Jun 6-7 low)

Comments: the pair grown. The immediate resistance Chf0.8470. Above is located Chf0.8540. The nearest support - Chf0,8430. Below loss may extend to Chf0.8390.

06:28
Tech on GBP/USD

Resistance 3: $ 1.6380 (Jun 10 high)

Resistance 2: $ 1.6320 (Jun 10 intraday high)
Resistance 1: $ 1.6245 (session high)
Current price: $1.6228
Support 1 : $1.6215 (session low, Jun 10 low)
Support 2 : $1.6130 (May 15 low)
Support 3 : $1.6060 (May 24 low)

Comments: the pair trading in a narrow range. The immediate support $1.6215. Below decrease is possible to $1.6130. The immediate resistance - $1.6245. Above growth is possible to $1.6320. 

06:08
Tech on EUR/USD

Resistance 3: $ 1.4690 (61.8% FIBO $1.4990-$ 1.4320, Jun 10 high, Jun 6 low)

Resistance 2: $ 1.4460 (38.2 % FIBO $1.4990-$ 1.4320)
Resistance 1: $ 1.4360 (session low)
Current price: $1.4342
Support 1 : $1.4320 (session low, Jun 10 low)
Support 2 : $1.4250 (61.8 % FIBO $1.3970-$ 1.4690)
Support 3 : $1.4070 (May 26 low)
Comments: the pair trading in a narrow range. The immediate  support $1,4320. Below losses are possible to $1.4250. The immediate resistance $1.4360. Above growth is possible to $1,4460. 

05:54
Schedule for today, Monday, Jun 13'2011:

14:00 EMU ECB President Trichet Speaks

 
23:01 UK RICS House Price Balance -20% -21%

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