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20.04.2011
18:10
Dow +166.96 at 12433.79, Nasdaq +48.54 at 2793.51, S&P +15.53 at 1328.15

Stocks continue to sport impressive gains, but the major averages have slowly drifted lower during the course of the past couple of hours.
Financials had some difficulty attracting buyers this morning, but were able to bounce off of the flat line to trade modestly higher. However, the sector has since forfeited that gain so that it is now back at the flat line. Diversified banks have been a considerable burden to the sector following the latest report from Wells Fargo (WFC 28.61, -1.46). Earnings from Wells Fargo were slightly better than expected, but the firm's revenue figure disappointed.

17:22
Dow +194.09 at 12460.84, Nasdaq +54.78 at 2799.75, S&P +18.61 at 1331.23

Intel (INTC 21.10, +1.24) remains a top performer in the Dow, following the firm's pleasing quarterly report. Fellow blue chip IBM (IBM 165.81, +0.41) had an upside earnings surprise of its own, but the stock only recently pushed into positive territory. As for AT&T (T 30.17, -0.14), the stock only had a brief stay in positive territory after it posted an upside earnings surprise this morning.

16:57
American focus:

The euro advanced for the first time in four days against the yen and gained versus the dollar on speculation the European Central Bank will raise interest rates further even as nations such as Greece struggle to contain sovereign-debt turmoil.
The 17-nation euro rose as a boost in German manufacturing outweighed Greece’s record two-year note yield above 20 percent. The cost of insuring Greek government debt rose to a record yesterday, with contracts indicating investors see a greater than 60 percent chance of default within five years. Greece’s two-year yield rose 39 basis points to a record 20.73 percent.
The ECB governing council member Nout Wellink said yesterday 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.
“The ECB’s message has been very clear, which is that they want to continue to raise interest rates,” Kathy Lien, director of currency research at the online trader GFT Forex in New York. “That in conjunction with positive data is helping to keep the euro propped.”
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 iwas for a decrease to 60. A reading above 50 signals an expansion.

16:18
AUD/USD posted new high

Aussie stalled around $1.0691, with resistance seen ahead of a $1.0700 barrier. The pair holds currently at $1.0678. Traders note that the barrier at $1.06 didn't prevent the break and the $1.07 barrier is unlikely to contain a new push higher.

16:00
Dow +187.93 at 12454.68, Nasdaq +54.16 at 2799.13, S&P +18.00 at 1330.62

Stocks recently eased lower, but they have since reclaimed those gains. Support remains widespread.
Even though stocks are still in such strong shape, Treasuries really haven't suffered intense selling. Rather, the benchmark 10-year Note is only down a handful of ticks so that its yield is back up near 3.40%. Some knee-jerk selling earlier this week came in response to news that analysts at S&P issued a negative outlook on the AAA rating of U.S. debt, but Treasuries were quick to recover as cooler minds regarded the announcement as something less than surprising given that U.S. debt levels have been at dizzying heights for quite a while.

15:29
EUR/USD around $1.4500
EUR/USD trades a bit higher $1.4500, holding within the $1.4500/50 area. Stops below $1.4490 area with more suggested sub $1.4470 should losses extend.


14:42
BMO on existing home sales

BMO says Mar existing home sales at +3.7% to 5.10m was better than expected "but was unable to erase February's deep loss." The March gain "was led by single-family homes (+4%) followed by condos (+1.6%)."

14:31
US: Apr 15 wk EIA oil data: crude stocks -2.3m to 359.3m bbl.
14:01
US: Mar exist home sales +3.7% to saar 5.10m
13:54
EUR/JPY trades volatile

EUR/JPY kicked lower as euro-dollar and dollar-yen receive joint kicks. Cross tumbles from Y120 to Y119.25. Widening Greek spreads cited by traders along with some profit taking. Cross has since bounced back to Y119.85.

13:42
Option expiries for today's 1400GMT cut,

EUR/USD $1.4200, $1.4220, $1.4230, $1.4300, $1.4310, $1.4350, $1.4400, $1.4460, $1.4500
USD/JPY Y82.00, Y82.05, Y83.00, Y83.15, Y83.50, Y83.75
GBP/USD $1.6300, $1.6290, $1.6150, $1.6100
EUR/GBP stg0.8900USD/CHF Chf0.9050, Chf0.9100
CHF/JPY  Y93.75
AUD/USD $1.0500
AUD/JPY Y89.00

13:25
Before the bell: Techs set to lead stock rally

Strong earnings from the technology sector have investors in high spirits Wednesday, with expectations of a strong start to the trading session.
Tech leaders Intel (INTC, Fortune 500), IBM (IBM, Fortune 500) and Yahoo (YHOO, Fortune 500) all beat Wall Street estimates when they reported their latest quarterly earnings after the close Tuesday.
In premarket trading, Yahoo shares surged 4%, Intel rose 6% and IBM slipped 1%.

Companies: Technology investors are eagerly awaiting results from Apple (AAPL, Fortune 500), which reports after Wednesday's closing bell.
Apple earnings are expected to jump to $5.35 a share, bolstered by sales of the Verizon iPhone and the iPad.
United Technologies (UTX, Fortune 500) reported quarterly earnings of $1.11 per share, up 19% from a year earlier. The aerospace and machinery maker's stock jumped nearly 3% in premarket trading.
Another Dow component, AT&T (T, Fortune 500), posted higher net income that was in line with expectations. The phone service provider edged higher in premarket trading.
Wells Fargo (WFC, Fortune 500) reported quarterly net income of $3.8 billion, up 48% from a year earlier. The stock dipped 1.8% in premarket trading.
Economy: The National Association of Realtors will report the latest existing home sales a half hour after the opening bell. Economists are looking for existing home sales to rise by 5 million annualized units.
The Energy Information Administration will report its latest data on U.S. crude oil inventories.


12:38
GBP/USD holds higher

GBP/USD printed a new session high on $1.6398, with triggered stops above $1.6390 before profit taking counted the move. Minor offers seen in place between $1.6400/05, a break to expose stronger resistance at $1.6420/30.


12:16
EU session review: Pound falls after VHC minutes

Data released:
06:00     Germany     PPI (March)    0.4%    0.7%    0.7%
06:00     Germany     PPI (March) Y/Y    6.2%    6.5%    6.4%
      UK     BoE meeting minutes (06-07.04)

The pound slumped against the euro as minutes of April’s Bank of England meeting indicated most policy makers thought the past month’s data indicated a weaker economy, damping prospects for interest-rate increases.
Policy makers voted 6-3 to keep the benchmark rate at a record low 0.5%, judging support for the economic recovery should take precedence over tackling inflation. Andrew Sentance maintained his call for an increase to 1%, while Martin Weale and Spencer Dale wanted a move to 0.75%.
“Markets should be a little surprised to find no further members voted for an increase in rates,” said Neil Jones at Mizuho Corporate Bank Ltd. “The pound is being sold as a reflex action by disappointed bulls.”
Data released since the meeting has showed U.K. inflation unexpectedly slowed in March for the first time in eight months.

EUR/USD continues morning rally to a daily highs above $1.4500. But rate failed to break above the resistance at $1.4545 and retreated to $1.4501.

GBP/USD fell after VHC minutes to the lows around $1.6306 before corrected back up to $1.6390. rate remains under pressure.

USD/JPY holds within the Y82.70/90 range.

US data starts at 1400GMT with Existing Home Sales, which are expected to rise to a 5.00 million annual rate in March after falling
9.6% in February. The supply of homes for sale has dipped in recent months as sales improved, but the reverse was true in February. US data rounds off with the weekly Crude Oil Stocks data at 1430GMT.

11:50
EUR/GBP sets stable

EUR/GBP sets stable a bit lower session highs on stg0.8877, holding around stg0.8865/70. Traders note that the stg0.8900 level holds the strike of a decent sized option expiry for today's NY cut and could provide some attraction. Resistance remains between stg0.8877/85, with further offers seen placed toward the strike level.

11:35
USD/CAD probes C$0.9500

USD/CAD challenges option barrier at C$0.9500 and printed session lows at C$0.9498 with rate holding heavy. Next support seen at C$0.9485/80, a break to expose C$0.9430.

11:17
AUD/USD refreshed highs

AUD/USD refreshed highs on $1.0688 amid aussie-yen rising to Y88.46. Reports earlier of cross aussie buying from a major German name on behalf of hedge funds. Aussie dollar trades $1.0674/76.

11:00
GBP/USD corrects higher


GBP/USD extends recovery off post BOE MPC minute react lows of $1.6309 to a new highs on $1.6389 after failing to trigger the reported stops palced above $1.6390. Rate trades back around $1.6380. A break of $1.6390 to open a move toward $1.6400/05 ahead of $1.6420/30.

10:31
EU focus: Euro surges, yen faces renewed pressure

The euro and commodity currencies such as the Australian dollar rebounded on Wednesday.
Gains in U.S. and European shares on upbeat corporate results helped soothe market sentiment after nerves were rattled on Monday by S&P's warning on U.S. credit ratings and on fears that Greece will have to restructure its debt.

While those problems remain unresolved, the moves showed investors continue to favour higher-yielding currencies.
The yen got no help from data showing that Japan logged a smaller-than-expected trade surplus in March and that exports fell more than expected year-on-year, in a sign of the disruptions caused by a massive earthquake and tsunami that struck Japan's northeast on March 11.
Pound recovery from Monday's low has been capped, weighed by BoE minutes, which have failed to show any intention to "normalize" monetary policy in the short -term.
The BoE Monetary Policy Committee voted 6 to 3 to leave the Bank Rate at 0.5% all time low, which makes no change from the previous meeting, despite admitting the risk of inflation accelerating at an annual pace beyond 5% in the near-term.


10:17
GOLD:

Gold remains bullish and rose again to a new all time high of $1505.60 amid a plummeting dollar, soaring equities and Crude oil. Resistance seen towards $1510 and $1525.

09:57
EUR/GBP holds near highs

EUR/GBP extends recovery to stg0.8875 and retreats a bit. Next resistance noted between stg0.8880/85, a break to open a move toward stg0.8900 ahead of stronger interest at stg0.8920/25. Dovish MPC Minutes push UK rate hike expectations back to November and continues to drag the pound.

09:43
EUR/USD probes $1.4500

EUR/USD breaks above minor resistance at $1.4480 and currently challenges $1.4500/05 ahead of stronger interest placed between $1.4520/30 ($1.4521 2011 high posted Apr 13).

09:26
FTSE +1.88% 6,008, CAC +1.71% 3,975, DAX +2.20% 7,194
09:17
Option expiries for today's 1400GMT cut

EUR/USD $1.4200, $1.4220, $1.4230, $1.4300, $1.4310, $1.4350, $1.4400, $1.4460, $1.4500
USD/JPY Y82.00, Y82.05, Y83.00, Y83.15, Y83.50, Y83.75
GBP/USD $1.6300, $1.6290, $1.6150, $1.6100
EUR/GBP stg0.8900
USD/CHF Chf0.9050, Chf0.9100
CHF/JPY  Y93.75
AUD/USD $1.0500
AUD/JPY Y89.00

08:48
Asian stocks close

Hang Seng +1.6%   23,896.10

Shanghai Composite +0.27%  3,007.04
Nikkei  +1.76% 9,607

08:39
BOE MPC votes 6:2:1 to maintain Bank Rate at 0.5%

 

  • MPC Splits Same Way; 
  • Hawkish Line Dropped
  • Dale, Weale Vote For 25bps Hike
  • Sentance Votes For 50bps Rise
  • No Change Camp Do Not Repeat Hike Case Strengthening Line
The BOE's Monetary Policy Committee split four ways at its April meeting. Spencer Dale and Martin Weale again voted for a 25bps hike and Andrew Sentance continued his call for a 50bps rise. Dale and Weale described the decision as "finely balanced".
08:29
Asian session:

The pound rose against the dollar for a second day before the Bank of England publishes the minutes of its last policy meeting.
Britain’s currency weakened versus the euro. Policy makers voted on April 7 to leave the benchmark interest rate at a record low 0.5 percent, judging support for the economic recovery should take precedence over tackling the fastest inflation in more than two years.
The Australian dollar rose to a record after a German report showed producer prices gained and before U.S. data that may show home sales increased, adding to signs the global recovery is gathering momentum.
Australia’s currency advanced for a second day against the greenback after a government report showed prices increased for the South Pacific nation’s exports, giving the central bank more reason to raise interest rates. The Australian and New Zealand dollars strengthened versus the yen as gains in commodities, which comprise more than half of the nations’ exports, spurred demand for higher-yielding assets.
Canada’s dollar advanced the most against its U.S. counterpart in two months and its debt declined as inflation accelerated the most since September 2008, spurring bets the Bank of Canada may resume raising borrowing costs.

EUR/USD: the pair grown above a mark $1.4400. 
GBP/USD: the pair become stronger in around $1.6360. 
USD/JPY: the pair shown high in the field of Y83.10 then decreased in around Y82.80.

The minutes of the latest Bank of England MPC meeting, in April, are due for release at 0830GMT along with the latest Trends in Lending data. Analysts do not expect any change in the split seen in March, where five 
voted for unchanged policy. Posen's unchanged rate decision also came with a call for a further stg50 billion of QE, while Sentance voted for a 50bps hike and Weale & Dale looked for a 25bps hike. At this meeting, 
the MPC would have had a preview of the March inflation data, which fell back unexpectedly.

US data starts at 1100GMT with the weekly MBA Mortgage Application Index data and continues at 1400GMT with Existing Home Sales, which are expected to rise to a 5.00 million annual rate in March after falling 
9.6% in February. The supply of homes for sale has dipped in recent months as sales improved, but the reverse was true in February. US data rounds off with the weekly Crude Oil Stocks data at 1430GMT.


07:58
Forex: Tusday's review

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 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.

EUR/USD: on results of yesterday's session the pair grown in around $1.4330. 
GBP/USD: on results of yesterday's session the pair  grown above a mark $1.6300. 
USD/JPY: the pair bargained within the limits of Y82.30-Y82.80.

The minutes of the latest Bank of England MPC meeting, in April, are due for release at 0830GMT along with the latest Trends in Lending data. Analysts do not expect any change in the split seen in March, where five 
voted for unchanged policy. Posen's unchanged rate decision also came with a call for a further stg50 billion of QE, while Sentance voted for a 50bps hike and Weale & Dale looked for a 25bps hike. At this meeting, 
the MPC would have had a preview of the March inflation data, which fell back unexpectedly.

US data starts at 1100GMT with the weekly MBA Mortgage Application Index data and continues at 1400GMT with Existing Home Sales, which are expected to rise to a 5.00 million annual rate in March after falling 
9.6% in February. The supply of homes for sale has dipped in recent months as sales improved, but the reverse was true in February. US data rounds off with the weekly Crude Oil Stocks data at 1430GMT.


 

07:33
Stocks: Tuesday's review

Japanese stocks fell for a third day, sending the Topix to its lowest level in a month, after Standard & Poor’s cut the U.S. long-term credit outlook to negative, fueling concern the global economic recovery will slow.
Toyota Motor Corp. (7203), the world’s biggest carmaker, slid 3.1 percent.
Canon Inc. (7751), the world’s biggest camera maker, slid 1.8 percent 3,555 yen.
Fanuc Corp. (6954), a manufacturer of factory robots which earns about 80 percent of revenue overseas, lost 1.8 percent to 12,890 yen.
Exporters also declined after the yen rose against the dollar and euro for a fourth day, as investors flocked to safer assets on concern Europe’s debt crisis is worsening and after the downgrade to U.S. credit-rating outlook.
Tokyo Electric Power Co., operator of the crippled Fukushima nuclear plant, sank 4.3 percent after the utility said two of its reactors are still too radioactive to allow workers inside.
TDK Corp. (6762), the largest maker of magnetic heads for disk drives, tumbled 7.6 percent after brokerages said a possible buyout of one of its customers could hurt sales.
Isuzu Motors Ltd. (7202), Japan’s largest maker of light trucks, gained 1.9 percent to 324 yen after Deutsche Bank AG initiated coverage of Isuzu with a “buy” rating and set the stock price estimate for 12 months at 450 yen.
Upbeat corporate results helped European shares to rebound on Tuesday from hefty falls a day earlier, led by strong sales figures from luxury goods groups.
Robust quarterly earnings bolstered confidence in the corporate outlook, with better-than-expected sales helping luxury firms Burberry (BRBY.L) and LVMH (LVMH.PA) gain 6 and 5 percent.
Upbeat results from manufacturing bellwether SKF (SKFb.ST) helped alleviate worries about the impact of rising raw material prices on industrial firms' margins, with the world's top bearings maker rising 6.4 percent to the top of the leaderboard.
Despite the gains in equities, some caution about the euro zone's debt troubles prevailed in wider financial markets, with growing talk that Greece would have to restructure its debt lifting short-dated Greek bond yields.
The Greek banking index .FTATBNK rose 1.2 percent after hefty falls in the previous session, though the index trades around its lowest levels since early 1997.
Stocks posted modest gains on Tuesday, following Monday's sharp selloff, as investors' attention turned to corporate earnings and the latest housing reports.
Johnson & Johnson (JNJ, Fortune 500) was the top performer on the Dow, with shares rising more than 3.5%, after the company reported better-than-expected sales and earnings. Alcoa (AA, Fortune 500), Caterpillar (CAT, Fortune 500) and DuPont (DD, Fortune 500) wer other big gainers.
Traveler's (TRV, Fortune 500) was the biggest drag on the blue-chip index, falling 1.4%.
Shares of Harley Davidson (HOG, Fortune 500) sank nearly 5%, making it the S&P 500's biggest loser on disappointing earnings, while the Nasdaq was weighed down by Seagate Technology (STX), which reported an 82% drop in quarterly profit.
Investors also focused on commodities, with oil climbing more than $108 a barrel, and gold striking $1,500 an ounce for the first time ever.
Stocks logged their biggest decline in a month Monday, after investors were spooked by the outlook for U.S. debt getting slashed by Standard & Poor's.
Economy: The Commerce Department said housing starts and building permits both increased more than expected 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.
Homebuilders rose on the news, with Pulte Homes (PHM) shares rise 5% and KB Homes (KBH) shares up 3% among others.
Companies: Shares of Wall Street giant Goldman Sachs (GS, Fortune 500) fell 1.3%. The firm reported a 21% drop in net income to $2.7 billion, and said it sees "encouraging indications" for global economic activity.
Texas Instruments (TXN, Fortune 500) shares fell 0.7%, after the company reported first-quarter earnings that missed analysts' estimates late Monday. The company cited the earthquake in Japan, saying it impacted consumer demand and production during the quarter.

06:51
Tech on USD/JPY

Resistance 3:Y84.30 (Apr 13 high) 
Resistance 2:Y83.80 (Apr 15 high) 
Resistance 1:Y83.10 (session high) 
Current price: Y82.91
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 grown. The nearest resistance - Y83.10. Above growth is possible to Y83.80. The nearest support - Y82,20. Below losses are possible to Y81.50.  

06:36
Tech on USD/CHF

Resistance 3: Chf0.9200 (Apr 7 high)
Resistance 2: Chf0.9100 (Apr 11 high)
Resistance 1: Chf0.9010 (Apr 19 high)
Current price: Chf0.8979
Support 1: Chf0.8940 (Mar 19 low)
Support 2: Chf0.8900 (Mar  14 low)
Support 3: Chf0.8700 (psychological mark)
Comments: the pair decreased. The nearest support - Chf0,8940. Below loss may extend to Chf0.8900. The nearest resistance - Chf0.9010. Above is located Chf0.9100. 

06:34
Tech on GBP/USD

Resistance 3: $ 1.6460 (Jan'2010 high)
Resistance 2: $ 1.6430 (Apr 8-11 high)
Resistance 1: $ 1.6370 (around of Apr 14-15 high)
Current price: $1.6341
Support 1 : $1.6310 (session low)
Support 2 : $1.6230 (Apr 19 low)
Support 3 : $1.6170 (Apr 18 low)
Comments: the pair grown. The nearest resistance - area $1.6370. Above growth is possible to $1.6430. The nearest support $1.6310. Below is possible testings of around $1.6230. 

05:52
Tech on EUR/USD

Resistance 3: $ 1.4580 (high of 2010)
Resistance 2: $ 1.4520 (Apr 12-13 high)
Resistance 1: $ 1.4410 (session high)
Current price: $1.4391
Support 3 : $1.4330 (session low)
Support 2 : $1.4200 (around of Apr 19 low)
Support 3 : $1.4150 (Apr 5 and 18 low)
Comments: the pair grown. The nearest resistance - $1.4410. Above growth is possible to $1,4520. The nearest support $1,4330. Below losses are possible to $1.4200.

05:30
Schedule for today, Wednesday, Apr 20 2011:

06:00 Germany PPI (March) 0.7% 0.7%
06:00 Germany PPI (March) Y/Y 6.5% 6.4%
08:30 UK BoE meeting minutes (06-07.04)  
14:00 USA Existing home sales (March), mln 5.00 4.88
14:30 USA EIA Crude Oil Stocks change 1.627M

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