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Dow +51.43 at 12253.02, Nasdaq +4.19 at 2739.57, S&P +5.27 at 1310.41

Tonight's list of earnings announcements features the latest from Dow components IBM (IBM 165.36, -0.58) and Intel (INTC 19.84, +0.22). Fellow tech issue Yahoo! is also scheduled to unveil its latest quarterly results.
Tomorrow morning brings the latest from Altria (MO 26.17, -0.38), Freeport McMoRan (FCX 51.72, +1.11), and Wells Fargo (WFC 30.06, +0.54). Dow components United Technologies (UTX 82.34, +0.64) and AT&T (T 30.26, -0.05) are also due to report in the morning.

May NYMEX crude ended up $1.03 at $108.15.

Spot gold stands at $1496.25/oz, after printing a new life-time high at $1499.31. A test of $1500 has been envisioned for a while, with profit-taking expected to cap an initially rally. A push above $1500 would target the $1525.

EUR/USD rises

EUR/USD holds around $1.4340, but traders keep an eye on $1.4350. As noted, offers clustered around that level, a few stops above, but more supply at $1.4380/85.

Dow +37.54 at 12239.13, Nasdaq +1.89 at 2737.27, S&P +3.76 at 1308.90

The Dow and S&P 500 have worked their way up to their best levels in almost three hours. The gradual lift comes without any real source of leadership, though, so the gains could be susceptible to the challenge of sellers.

US focus: Euro rises on bets ECB will raise rates

The euro advanced against the dollar and yen on speculation the European Central Bank will raise interest rates further even as nations such as Greece struggle to contain sovereign-debt turmoil.
“The prospect of an ECB rate hike is in the forefront of people’s minds,” said John McCarthy, director of currency trading at ING Groep NV. “For the time being, the euro is receiving a boost from the prospect of higher rates.”
The ECB governing council member Nout Wellink said in Toronto the central bank’s April 7 interest-rate increase sent to investors an “extremely important” signal aimed at preventing expectations of higher inflation.
Germany’s purchasing managers’ index for manufacturing unexpectedly climbed to 61.7 this month from 60.9 in March, according to Markit Economics. The median forecast of economists was for a decrease to 60.

Europe’s shared currency has dropped 1.6% over the past week. Citigroup Inc. said it has established a bet the euro will decline against the dollar.
The Canadian dollar rallied against the greenback as a government report showed the annual inflation rate accelerated to a two-year high, exceeding all economists’ forecasts.
The consumer price index advanced 3.3% in March from a year earlier, compared with 2.2% pace of increase in the previous month, Statistics Canada reported. The median forecast of economists was for a 2.8% annual rate.
The Bank of Canada will hold the target rate for overnight loans between commercial banks at 1% during the second quarter and boost it to 1.5% during the third quarter, according to a survey.

Dow +21.61 at 12223.20, Nasdaq -4.71 at 2730.67, S&P +1.02 at 1306.16

Shares of Harley-Davidson (HOG 37.60, -2.11) have tumbled more than 5% to a new one-month low. The stock is among today's worst performers.
The dramatic downturn by HOG comes after the motorcycle manufacturer announced earnings of $0.51 per share for the latest quarter, but that came short of the Wall Street consensus of $0.53 per share.

OIL: Holding slight gains, remains up $0.53 at $107.65, still in the upper reaches of the day's $105.50/107.88 range thus far.
USD/JPY goes higher

USD/JPY holds around Y82.40 and remains above the earlier low near Y82.30. Bids in place at Y82.20/15. Stops mixed in below Y82.20.

ECB, Mersch: No compromising on ECB medium-term price stability mandate
ECB, Mersch: Spain different case from Ireland, Greece,Portugal
EUR/USD holds higher

EUR/USD holds at $1.4322 area with flows said very light. Euro still expected to find supply atop $1.4230 area, extending to $1.4350. Bids back at $1.4260/65.

GBP/USD holds tight

GBP/USD printed hourly highs on $1.6330 area ahead of the London fixing before stalled to $1.6318. Offers at $1.6330 were challenged. More supply likely around $1.6375/80 area.

Option expiries for today's 1400GMT cut:

EUR/USD  $1.4300
USD/JPY Y82.50, Y82.85
GBP/USD $1.6300
EUR/GBP stg0.8840
USD/CHF Chf0.9010
AUD/USD $1.0470-75, $1.0500, $1.0550

Dow +31.75 at 12233.34, Nasdaq +8.30 at 2743.68, S&P +3.14 at 1308.28
HSBC says the housing data show limited revival or gradual recovery.

"March housing starts and building permits improved, but housing activity remains soft."

Before the bell:

Investors were a little more confident Tuesday, following the previous session's sell-off, with U.S. stocks headed for a higher open.

Goldman Sachs and Johnson & Johnson both reported solid quarterly results before the opening bell.
Stocks cut some losses late Monday, but still finished the session sharply lower after Standard and Poor's cut its long-term outlook on U.S. debt to negative.
Economy: The Commerce Department announced that housing starts and building permits increased in March.
Housings starts jumped 7.2% to an annual rate of 549,000 in March while building permits climbed 11.2% to a rate of 594,000. Economists had expected a rate of 520,000 housing starts in March and 540,000 building permits.
Companies: Shares of Wall Street giant Goldman Sachs (GS) rose 1.5% after the firm reported a 21% drop in net income to $2.7 billion and said it sees "encouraging indications" for global economic activity.
Johnson & Johnson (JNJ) reported better-than-expected earnings and sales. The healthcare company, which has been plagued by recalls and lawsuits, has also been quietly growing its business. Shares rose more than 2% premarket.
After the market close Monday, Texas Instruments (TXN) reported first-quarter earnings that missed analysts' estimates, saying the earthquake in Japan impacted consumer demand and production during the quarter. Shares of Texas Instruments fell 2.3% in premarket trading.
After the bell Tuesday, technology giants Intel (INTC) and IBM (IBM) will report their results. Analysts are looking for Intel to earn 46 cents a share, while IBM is expected to post earnings of $2.30 a share.
Yahoo (YHOO) will also reporting earnings after the bell Tuesday.
World markets:

Oil for May delivery slipped 75 cents to $106.37 a barrel. Oil for June delivery, which becomes the active contract Wednesday, fell 1% to $106.68 a barrel.
Gold futures for June delivery rose $3 to $1495.90 an ounce.
The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 3.4% from 3.41% late Monday.

US: Mar housing starts +7.2% to 549k; permits +11.2% to 594k
European session:

The euro advanced against the dollar and the yen after a report showed German manufacturing growth unexpectedly accelerated, adding to speculation that the European Central Bank will raise interest rates further.
The unified European currency also rose against the Swiss franc and Australian dollar as Greece sold 13-week Treasury bills even after the nation’s two-year note yields rose to 20 percent amid concern that the country will eventually restructure its debt.
“The survey today confirmed a picture which has been in place that the core countries, such as Germany, are performing strongly and that will push interest rates higher,” said Lee Hardman, a currency strategist at Bank of Tokyo-Mitsubishi UFJ Ltd. “Although it’s debatable how far the ECB can go given the debt crisis, in the near-term the euro will be supported by interest-rate differentials.”
European Central Bank Governing Council Member Nout Wellink said the central bank’s April 7 interest rate increase sent to investors an “extremely important” signal aimed at preventing expectations of higher inflation.
While Wellink didn’t explicitly ratify market and economic forecasts that the ECB’s policy rate will rise a further 50 basis points this year to 1.75 percent, he made it clear the central bank will keep inflation control its main policy goal.

EUR/USD: the pair traded within the limits of $1.4200-$ 1.4315.
GBP/USD: the pair bargained within the limits of $1.6230-$ 1.6310.
USD/JPY: the pair bargained within the limits of Y82.30-Y82.70.
Spot Gold hits fresh record high at $1498.07
USD/CAD falls after strong CPI data

Drops through support at C$0.9625/20 to C$0.9595 as market reacts to release of stronger than expected CPI data. Next support seen at C$0.9585/80 with stops below. If triggered the area C$0.9560/45 may be tested. Key support lies around multimounth low C$0.9525.

CANADA: Mar CPI +1.1%% m/m, +3.3% y/y (Feb 0.3% m/m, 2.2% y/y)

Mar BOC core CPI +0.7% m/m, +1.7% y/y (Feb 0.2% m/m, 0.9% y/y)

CitiFX Techs have put out a short EUR/USD recommendation, going short at $1.4287, looking for at least $1.4030, placing a stops at $1.4390.
COMPANY NEWS: Bank of New York Mellon (BK) reported Q1 EPS ex-items of $0.54 vs. analysts' estimates for $0.57.
AUD/USD keeps positive mood

Running into offers as aussie hits $1.0506, with talk of middle Eastern demand now joined by corporate names. Some resistance seen towards $1.0520 with larger towards $1.0575/80.

FTSE +0.52% 5,901, CAC +0.51% 3,901, DAX +0.42% 7,056
Option expiries for today's 1400GMT cut:

EUR/USD $1.4200, $1.4300, $1.4375, $1.4430
USD/JPY  Y82.50, Y82.85, Y83.10, Y83.15, Y83.50
EUR/JPY Y121.80
GBP/USD $1.6300
EUR/GBP stg0.8840
USD/CHF Chf0.9010
AUD/USD $1.0470-75, $1.0500, $1.0550

Asian stocks close

Hang Seng -1.30% 23,520.62
Shanghai Composite -1.91% 2999.04
Nikkei   -1.21% 9,441

EMU: Purchasing Manager Index Services (Apr) 56.9; Purchasing Manager Index Manufacturing (Apr) 57.7
Asian session: The yen strengthened

The yen strengthened against all its major counterparts on concern Europe’s debt crisis is worsening and after Standard & Poor’s changed its credit outlook on the U.S. to negative.
Japan’s currency climbed for a fourth day versus the euro and the dollar before reports that economists said will show manufacturing in the euro area and the Philadelphia region slowed this month. The Australian and New Zealand dollars weakened as losses in commodities and stocks reduced demand for higher-yielding assets.
S&P yesterday put the U.S. government on notice that it risks losing its AAA rating unless policy makers agree on a plan by 2013 to reduce budget deficits and the national debt.
The cost of insuring Greek government debt rose to a record yesterday, with contracts indicating investors see a greater than 60 percent chance the nation will default within five years.
The Australian and New Zealand dollars declined as Asian shares dropped for a third day.

EUR/USD: the pair bargained within the limits of $1.4200-$ 1.4245.
GBP/USD: the pair bargained within the limits of $1.6230-$ 1.6270.
USD/JPY: the pair bargained within the limits of Y82.30-Y82.70.

This morning sees the release of the main European state flash PMIs manufacturing and services PMIs for April, including an early start with France at 0558GMT and then Germany at 0628GMT and the main EMU release at 0658GMT. France data is expected to edge lower to 55.0 and 60.0 for manufacturing and services PMIs respectively with Germany edging down to 60.0 and 59.5, while the EMU releases are also expected to edge down to readings of 57.0 and 56.8. Then, at 0800GMT, ECB current account data is due, followed at 0900GMT by EMU construction output, although this data is for February.

Forex: Monday's review

Yen and swiss franc gained as concerns grew that efforts to resolve Europe’s debt crisis may stall after election results in Finland showed gains for a euro-skeptic political group.
Finland’s Justice Ministry said support for the True Finns, whose leader Timo Soini says taxpayers shouldn’t have helped rescue Greece or Ireland, jumped to 19 percent in elections yesterday. A permanent bailout fund for indebted euro-area nations requires approval from all 17 members of the bloc.
Greece may not be able to avoid restructuring its debt before summer’s end, said Otto Fricke, the parliamentary budget spokesman for Chancellor Angela Merkel’s Free Democratic Party coalition partner.
The statement was supported by European Union spokeswoman Chantal Hughes who told reporters in Brussels today that “restructuring is not an option that’s on the table.” 
Later Greek official said restructuring is a matter of time. Greece ultimately will not be able to avoid restructuring its sovereign debt, an unnamed Greek government minister told the German daily Die Welt in an interview to be published Tuesday. 

EUR/USD: on results of yesterday's session the pair  decreased in around $1.4220.
GBP/USD: the pair   shown low in the field of $1.6160 then   returned back above a mark $1.6200.
USD/JPY: on results of yesterday's session the pair  decreased in around Y82.50.

This morning sees the release of the main European state flash PMIs manufacturing and services PMIs for April, including an early start with France at 0558GMT and then Germany at 0628GMT and the main EMU release at 0658GMT. France data is expected to edge lower to 55.0 and 60.0 for manufacturing and services PMIs respectively with Germany edging down to 60.0 and 59.5, while the EMU releases are also expected to edge down to readings of 57.0 and 56.8. Then, at 0800GMT, ECB current account data is due, followed at 0900GMT by EMU construction output, although this data is for February.

Germany: Purchasing Manager Index Manufacturing (Apr) 61.7; Purchasing Manager Index Services (Apr) 57.7
Stocks: Monday's review

Japan’s Nikkei 225 Stock Average declined for a second day after China raised reserve requirements for banks, fueling concern more tightening measures will curb demand in Japan’s biggest overseas market.
TDK Corp., a manufacturer of electronic parts which gets almost a third of its revenue from China, lost 3.7 percent. Komatsu Ltd. a maker of construction equipment that has benefited from China’s building boom, fell 1.2 percent. Canon Inc. sank 1.4 percent after the yen gained, clouding the earnings outlook for the camera maker, which gets about 80 percent of its sales overseas.

European stocks dropped the most in three weeks as Standard & Poor’s Ratings Service revised its credit outlook for the U.S. to negative and speculation escalated that Greece needs to restructure its debt.
The Wall Street Journal reported that the IMF regards Greece’s debt as unsustainable and the government should consider restructuring as early as next year. The newspaper cited three people familiar with the situation.
The cost of insuring Greek sovereign debt jumped 56 basis points to a record 1,211, according to CMA prices for credit- default swaps. That indicates there’s a 64.5 percent probability of default within five years.
Alpha Bank SA and Societe Generale SA led a selloff in banks, both dropping more than 3 percent. Salzgitter AG lost 5.1 percent after Goldman Sachs Group Inc. recommended that investors sell the German steelmaker. Synthes Inc. soared 5.6 percent after the company confirmed it has held talks about a possible takeover by Johnson & Johnson.

U.S. stocks slumped, sending benchmark indexes to their biggest declines in a month, after Standard & Poor’s Ratings Service cut the nation’s long-term credit outlook to negative.
S&P put a “negative” outlook on the U.S. AAA credit rating, assigning a one-in-three chance of a ratings cut in the next two years, because of rising budget deficits and debt.
Shares of companies most-tied to economic growth led the declines in the S&P 500. The Morgan Stanley Cyclical Index dropped 1.3 percent as 26 of its 30 stocks tumbled. Caterpillar Inc. and DuPont Co. sank at least 2 percent to help pace the declines in the Dow Jones Industrial Average. Exxon Mobil Corp. and Chevron Corp. dropped more than 1.6 percent amid concern that China’s efforts to cool inflation will hurt the economy.
The S&P 500 had rallied 4.9 percent this year through April 15 amid higher-than-estimated corporate earnings and government stimulus measures. The Fed and U.S. agencies have lent, spent or guaranteed about $8.2 trillion to lift the economy from the worst slump since the Great Depression

Tech on USD/JPY

Resistance 3:Y83.80 (Apr 15 high) 
Resistance 2:Y83.30 (Apr 18 high) 
Resistance 1:Y82.80 (resistance line from Apr 11) 
Current price: Y82.45
Support 1:Y82.20 (Apr 18 low)    
Support 2:Y81.50 (Mar 29 low)    
Support 3:Y80.70 (around of Mar  18-24 low)    
Comments: the pair bargains in the field of the reached low. The nearest support - Y82,20. Below losses are possible  to Y81.50. The nearest resistance - Y82.80. Above growth is possible  to Y83.30. 

Tech on USD/CHF


Resistance 3: Chf0.9100 (Apr 11 high)
Resistance 2: Chf0.8990 (Apr 13 high)
Resistance 1: Chf0.8960 (Apr 15 and 18 high)
Current price: Chf0.8949
Support 1: Chf0.8900 (Mar 14 low)
Support 2: Chf0.8800 (psychological mark)
Support 3: Chf0.8700 (psychological mark)
Comments: the pair bargains in former frameworks. The nearest support - Chf0,8900. Below loss may extend to Chf0.8800. The nearest resistance - Chf0.8960. Above is located Chf0.8990. 


Tech on GBP/USD

Resistance 3: $ 1.6370 (around of Apr 14-15 high)
Resistance 2: $ 1.6330 (Apr 18 high)
Resistance 1: $ 1.6270 (session high)
Current price: $1.6250
Support 1 : $1.6230 (session low)
Support 2 : $1.6170 (Apr 18 low)
Support 3 : $1.6690 (Apr 5 low)
Comments: the pair bargains in the field of $1.6250. The nearest support $1.6230. Below is possible testings of around $1.6170. The nearest resistance - around $1.6270. Above growth is possible to $1.6330. 

Tech on EUR/USD

Resistance 3: $ 1.4330 (50.0 % FIBO $1.4550-$ 1.4155)
Resistance 2: $ 1.4290 (38.2 % FIBO $1.4550-$ 1.4155)
Resistance 1: $ 1.4250 (session high)
Current price: $1.4222
Support 1 : $1.4150 (Apr 5 and 18 low)
Support 2 : $1.4060 (Apr 1 low)
Support 3 : $1.4020 (Mar 28 low)
Comments: the pair is consolidated after yesterday's falling. The nearest support $1,4150. Below losses are possible to $1.4060. The nearest resistance - $1.4250. Above growth is possible  to $1,4290.

Schedule for today, Tueday, Apr 19 2011:

07:28 Germany PMI (April) flash 60.0 60.9
07:28 Germany PMI services (April) flash 61.0 60.1
07:58 EU(17) PMI (April) flash 57.5 57.5
07:58 EU(17) PMI services (April) flash 57.0 57.2
08:00 EU(17) Current account (February) unadjusted, bln - -19.6
08:00 EU(17) Current account (February) adjusted, bln - -0.7
11:00 Canada CPI (March) 0.6% 0.3%
11:00 Canada CPI (March) Y/Y 2.8% 2.2%
11:00 Canada CPI core (March) 0.3% 0.2%
11:00 Canada CPI core (March) Y/Y 1.3% 0.9%
12:30 USA Housing starts (March), mln 0.515 0.479
12:30 USA Building permits (March), mln 0.540 0.517
23:50 Japan Trade balance (March) unadjusted, trln 0.680 0.654
23:50 Japan Tertiary activity index (February) -0.2% 2.1%

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