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20.07.2011
18:39
EUR/USD:
The EUR/USD aims to to $1.4225 and so to the sessin high at $1.4240. Offers remain at $1.4250 area.
18:18
US Stocks are in red, but currently are recovering

To date 88 companies of S&P 500 have already reported earnings: 78% of them have beat expectations, according to Thomson Reuters.
Intel Corp. and American Express Co. are companies reporting earnings today.

The chairman of senate antitrust subcommittee Chair Herb Kohl called to block the AT&T's merger as it may hurt national competitors. Recently AT&T announced its plans to buy the T-Mobile USA division of Deutsche Telekom.

Today the main pressure today was US data on real estate market as before the bell the National Association of Realtors reported sales of single-family existing homes fell by 0.8%, the third consecutive monthly drop. The figure declined to 477K, down from analysts’ estimates of 494K and 481K in May.

Despite better-than-expected earnings from Apple Inc., it didn’t lead a new rally in Technology sector. In addition, Yahoo! Inc. (YHOO) disappointed investors as company's Q2 revenue was below analysts' expectations, as well as Hanesbrands Inc. (HBI).

Yesterday after hours President Barack Obama praised a bipartisan plan of to cut $3.7 trillion through tax hikes and spending cuts. He calls the Senate "gang of 6" proposal "broadly consistent".

Currently: Dow 12,594 +7 +0.05%, Nasdaq 2,821 -5 -0.19%, S&P 1,329 +2 +0.16%.

17:45
USD/CHF holds at Chf0.8197. In general rate set stable above strong support at Chf0.8180 (23.6% Fibo of Chf0.8520 - Chf0.8080).
16:47
CANADA's Carney: Europe has the sovereign debt problem
  • is in contact with EU/global financial authorities;
  • expects the weak US recovery remains;market takes an excessively short-term view when China GDP slows down;
  • expects US to solve debt ceiling impasse;
  • if US defaults, would be implications for financial markets, expects agreement, not default;
  • expect BOC rate hikes as economic slack pauses;
  • declined to give detailed guidance on rate hikes.
16:47
US focus: Loonie at 3-year pick

On Wednesday Canada’s dollar advanced to the highest since May 2 against the greenback as optimism that policy makers in Europe and the U.S. will address debt conflicts drove demand for higher-yielding assets.

The rate was supported after Bank of Canada Governor Mark Carney yesterday adjusted wording in a statement to suggest interest rate increases will happen as early as September.
Crude oil rose for a second day.
“We still like the Canadian dollar,” said Chris Walker, a currency strategist at UBS AG. “People are looking for reasons to buy it, even at these levels.”
Today in its Monetary Policy report the central bank said inflation will average 2.8% between July and September and slow to 1.9% in the second quarter of next year . The so-called core rate, which excludes energy and food prices, will peak at 2.1% in the first quarter of 2012.
The policy rate was kept at 1%, where it’s been since September.
Today's data showed Canadian wholesale sales increased 1.9% to C$47.6 billion ($50 billion) in May, the fastest rate in 18 months. The median was for a 0.1% rise.uch as 1.6 percent to $99.02 a barrel in New York.

16:36
CANADA's Carney: Europe has the sovereign debt problem
  • is in contact with EU/global financial authorities;
  • expects the weak US recovery remains;
  • market takes an excessively short-term view when China GDP slows down;
  • expects US to solve debt ceiling impasse;
  • if US defaults, would be implications for financial markets, expects agreement, not default;
  • expect BOC rate hikes as economic slack pauses;
  • declined to give detailed guidance on rate hikes.
15:21
CORPORATE NEWS: After the U.S. market close today the following companies will report Q2 results...

American Express Company (AXP) Q2 $0.99 expected eps vs $0.84 year ago;
E*trade Financial Corp (ETFC) Q2 $0.16 expected eps vs $0.12 year ago;
eBay Inc (EBAY) Q2 $0.46 expected eps vs $0.40 year ago;
SLM Corp (SLM) Q2 $0.42 expected eps vs $0.39 year ago.

15:04
ECB, Bini Smaghi: EFSF should be more flexibility to buy bonds.
15:03
ECB, Bini Smaghi: Greek restructuring would be a disaster and would be costlier for taxpayers.
14:49
CANADA, BOC's Monetary policy report: Real GDP at 2011 at +2.8%
14:46
CANADA, BOC's Monetary policy report: Total CPI inflation is expected to return to the 2% target by the middle of 2012.
14:35
US: EIA oil data for Jul 15 wk: crude stocks -3.7m to 351.7m bbl.
14:03
EMU: Consumer confidence down 1.1 point in July to -11.4
14:01
US: pace of existing home sales -0.8% to a 4.770 mln
14:00
Dow -8.59 at 12578.90, Nasdaq +8.98 at 2835.50, S&P +0.93 at 1327.66

Despite a positive tone to premarket trade, stocks have been hit with a flurry of selling at the open. That has left the broad market to slide to the neutral line.
Financials have been a source of early support, though. The sector is currently up 0.8%, which makes it the best performing group in early action. Bank stocks, collectively up 1.0% according to the KBW Bank Index, have underpinned the overall financial sector's strength this morning.

13:42
ECB STARK: Europe needs a constitution
13:39
ECB STARK: ECB will not change rules on collateral
13:22
Before the bell:

U.S. stocks were headed for early gains Wednesday as Apple's knockout results lifted the tech sector and speculation about a debt ceiling deal boosted the broader market.
U.S. stocks surged Tuesday, with the Dow staging its strongest one-day rally of the year after President Obama indicated he would support a plan to raise the debt ceiling that had been floated by a bipartisan group of senators.
Companies: Apple (AAPL, Fortune 500) reported blowout earnings after the bell Tuesday -- hitting all-time highs with its quarterly profit and revenue, with iPhone and iPad sales. Shares were up 4% premarket.
BlackRock (BLK, Fortune 500) reported earnings of $3.00 per share on $2.35 billion in revenue Wednesday, topping analyst estimates by 12 cents.
S&P member Altria (MO, Fortune 500) reported earnings per share of 21 cents, down 58% in the second quarter. Most of the decrease was attributable to a one-time leveraged lease transaction.
After the bell, Dow components American Express (AXP, Fortune 500) and chipmaker Intel (INTC, Fortune 500) will issue their quarterly results.
Yahoo (YHOO, Fortune 500) reported second-quarter earnings Tuesday evening that met Wall Street estimates. But the company reported weakness in display and search revenue, as well as a lower-than-expected outlook. Shares were off 1.4% in premarket trading.
Real estate site Zillow will make its public debut on the Nasdaq on Wednesday under the ticker "Z."
Economy: The National Association of Realtors will release its report on existing home sales for June.
World markets:

Oil for August delivery increased $1.25 to $98.75 a barrel.
Gold futures for August delivery dropped $13.30 to $1,587.80 an ounce. Gold prices settled at a record high of $1,603.50 an ounce on Tuesday.
Bonds: The price on the benchmark 10-year U.S. Treasury dropped, pushing the yield up to 2.93% from 2.89% late Tuesday.

12:38
ECB STARK: Governments must avoid selective default
  • EFSF should be able to buy bonds on secondary market.
12:28
European session:

The dollar fell to its weakest in almost a week against the euro as stocks rose amid speculation policy makers are moving closer to resolving a deadlock on U.S. borrowing and to finding an agreement on Europe’s debt crisis.
Spanish and Italian bonds rose a second day before French President Nicolas Sarkozy and German Chancellor Angela Merkel meet to seek common ground on tackling the region’s debt woes.
“Hope springs eternal,” said Sebastien Galy, a senior foreign-exchange strategist at Societe Generale SA in London. “Equities are probably going to continue to do quite well and since the main funding currency is the dollar, the net effect is going to be dollar-negative.”
Euro-area leaders are preparing for the second meeting in a month to hammer out a solution to the Greek debt crisis, which pushed the euro to $1.3837 last week, the lowest level since March. Sarkozy will dine with Merkel in Berlin today before the debt summit in Brussels tomorrow
The gathering could be a “make-or-break moment” for the euro region, Greek Prime Minister George Papandreou said in an interview.
The yield on 10-year Italian bonds fell 13 basis points to 5.60 percent and the Spanish 10-year yield was 14 basis points lower, at 5.96 percent.
Officials are considering steps previously rejected by Germany, including the use of precautionary credit lines, to prevent the crisis spreading, a person close to the talks said.

12:05
GERMANY FINMIN: Discussions on Greece aid progressing well
11:17
Fitch affirms Denmark rating at "AAA" with stable outlook
10:51
EU BARROSO: Leaders must agree private sector involvement terms
  • Leaders must agree new scope for EFSF;
  • Repair of european banking sector still needed
10:23
Option expiries for today's 1400GMT cut:

EUR/USD $1.4150, $1.4200, $1.4205, $1.4250, $1.4285
USD/JPY Y78.30, Y79.00, Y79.30, Y80.00, Y80.15
GBP/USD $1.5900
EUR/GBP stg0.8750
EUR/CHF Chf1.1450
AUD/USD $1.0650, $1.0660, $1.0750, $1.0770, $1.0800

10:10
Irish PM Kenny: tomorrow's debt summit will not deliver a full solution
09:48
Germany Industry Association: 2011 Germany GDP to be markedly above 3.0%
  • sees rising external shock risks;
  • Robust GDP growth also for 2012
09:45
Germany Industry Association: 2011 Germany GDP to be markedly above 3.0%
  • sees rising external shock risks;
  • Robust GDP growth also for 2012
09:29
FTSE 5,827 +36.52 +0.63%, CAC 3,720 +24.86 +0.67%, DAX 7,196 +3.48 +0.05%
09:17
Option expiries for today's 1400GMT cut:

EUR/USD $1.4000, $1.4075, $1.4205, $1.4250
USD/JPY Y78.30, Y79.00, Y79.30, Y80.00, Y80.15
GBP/USD $1.5900
EUR/CHF Chf1.1450
AUD/USD $1.0650, $1.0660, $1.0750, $1.0770, $1.0800

09:05
GBP/USD:

Recovery extends above the 76.4% retrace of the move down from Asia highs at $1.6142 to pre Minutes release lows at $1.6069 at $1.6125, which one trader suggests should open a move back toward the overnight  high. Offers seen in place from $1.6142 through to $1.6152 (76.4% of  the larger $1.6178/1.6069 move), a break to open a move toward $1.6178.

08:40
BOE Minutes:
  •  Most MPC See Near Term Tightening Less Likely;
  • 7 BOE MPC Voted for Unchanged Bank Rate; 2 for Hike;
  • BOE MPC Dale, Weale Voted for 25bps Rate Hike;
  • 8 BOE MPC Voted for Unchanged QE; Posen Voted for stg50bn Increase;
  • Most MPC: Recent Events Reduced Likelihood Near Term Tightening;
  • Most MPC: Weak Activity Likely to Last Longer Than Expected;
  • MPC Majority Made No Explicit Reference To QE;
08:19
Asia Pacific stocks close:

Nikkei 10,006 +116.18 +1.17% 
Hang Seng  21,972 +69.34 +0.32%  
S&P/ASX   4,550 +81.56 +1.83%  
Shanghai Composite  2,794 -2.78 -0.10%

08:19
Asian sesion: The euro kept a gain

The dollar maintained a two-day gain against the Swiss franc after President Barack Obama endorsed deficit-cutting measures as a step toward raising the debt ceiling and avoiding default.
Obama called the revival of the so-called Gang of Six proposal “good news.” 
The Australian dollar held onto yesterday’s advance before a report forecast to show sales of existing U.S. homes rebounded, supporting demand for higher- yielding assets. 
The euro kept a gain against the yen as European leaders prepare for a summit tomorrow on how to contain the region’s debt crisis. 

EUR/USD: the pair  shown low in  $1.4130  area then  restored. 
GBP/USD: the pair   decreased in $1.6100  area. 
USD/JPY: the pair  decreased in  Y79.00 area. 

The UK dominates early data Wednesday, with releases at 0830GMT including lending data, but more importantly the minutes of the latest Bank of England MPC meeting. The BOE's release of Trends in Lending at the same time may cast light on whether presently very tight credit conditions for SMEs and mortgage borrowers are easing. Expect the latter to show a continuing flat trend in mortgage approvals and mortgage lending.

08:19
Asian sesion: The euro kept a gain

The dollar maintained a two-day gain against the Swiss franc after President Barack Obama endorsed deficit-cutting measures as a step toward raising the debt ceiling and avoiding default.
Obama called the revival of the so-called Gang of Six proposal “good news.” 
The Australian dollar held onto yesterday’s advance before a report forecast to show sales of existing U.S. homes rebounded, supporting demand for higher- yielding assets. 
The euro kept a gain against the yen as European leaders prepare for a summit tomorrow on how to contain the region’s debt crisis. 

EUR/USD: the pair  shown low in  $1.4130  area then  restored. 
GBP/USD: the pair   decreased in $1.6100  area. 
USD/JPY: the pair  decreased in  Y79.00 area. 

The UK dominates early data Wednesday, with releases at 0830GMT including lending data, but more importantly the minutes of the latest Bank of England MPC meeting. The BOE's release of Trends in Lending at the same time may cast light on whether presently very tight credit conditions for SMEs and mortgage borrowers are easing. Expect the latter to show a continuing flat trend in mortgage approvals and mortgage lending.

08:05
Forex: Tuesday's review

On Tuesday the U.S. dollar shed against most of its rivals amid revived appetite for risky assets as stocks rose on better-than-expected company earnings. Partly the dollar dropped on hopes European officials will make progress toward a second bailout package for Greece as crucial factor to curb the region’s debt crisis.
The euro rallied against the dollar and rose from almost a record low versus the Swiss franc.
Lately market players concerned about possible spread of the EU debt crisis doubted that European leaders will solve the problem. 
But many official persons, in particular German Chancellor Angela Merkel and Greece Finance Minister Evangelos Venizelos, said about their confidence that the EU leaders will reach agreement on new financial assistance program for Greece. It should be noted that the EU summit is scheduled for Thursday, July 21.
Australia’s dollar also climbed amid renewed investor appetite for higher-yielding assets Another factor to rise was today’ dovish minutes from the Reserve Bank’s last meeting, reduced expectations that policy makers will increase interest rates to curb inflation. 
The Canadian dollar advanced to an 11-week high after the Bank of Canada left its rate at 1 percent the central bank’s policy statement.
Japan yen also gains.

EUR/USD: the pair  shown high above   $1.4200. Later the rate  decreased and  finished session in $1.4150  area.
GBP/USD: the pair shown high in  $1.6180 area. Later the rate decreased and  finished session in $1.6120 area.
USD/JPY: the pair  shown low in   Y78.80 area. Later the rate  grown and  finished session in Y79.20  area.
The UK dominates early data Wednesday, with releases at 0830GMT including lending data, but more importantly the minutes of the latest Bank of England MPC meeting. The BOE's release of Trends in Lending at the same time may cast light on whether presently very tight credit conditions for SMEs and mortgage borrowers are easing. Expect the latter to show a continuing flat trend in mortgage approvals and mortgage lending.

07:54
Stocks: Tuesday's review

Yesterday’ strength of yen put pressure on shares of Japanese exporters. The markets also fall amid continued concerns over unresolved U.S. and European debt problems
Canon , which receives more than three-quarters of its revenues from abroad, fell 2.8% and Honda Motor dropped by 2%.
Banks also suffered losses: Mitsubishi UFJ fell 2.5% and Mizuho Financial Group shed 2.3%.
Sony Corp. shed by 2.5% and Nintendo Co. plunged by 3.7%. As for auto makers, Honda Motor Co. lost 2%.
Banks retreated in line with losses for US and European peers on Monday: Mitsubishi UFJ fell 2.5 per cent to Y383 and Mizuho Financial Group shed 2.3 per cent to Y126.
Kansai Electric fell 3.3 per cent to Y1,393 after closing down one of its nuclear reactors due to a malfunction.
Japan’s Nikkei 225 Average shed 0.9 per cent to 9,889.72 on relatively slim volume of 1.5bn shares. The broader Topix index lost 0.7 per cent to 853.75,
European stocks gained, rebounding from a seven-month low, as companies from Novartis AG (NOVN) to International Business Machines Corp. reported earnings that beat estimates.Novartis, Europe’s second-biggest drugmaker by sales, climbed the most in three months. SAP AG (SAP) led a rally in technology companies after IBM boosted its forecasts. Nordea Bank AB (NDA) soared 5.7 percent after profit increased. Electrolux AB (ELUXB), the world’s second-biggest appliance maker, plunged the most in four years as results trailed projections.
IBM, the world’s biggest computer-services company, reported revenue that beat analysts’ estimates and boosted its full-year profit forecast late yesterday as companies bought more software and equipment. Thirty-one of the 36 companies in the Standard & Poor’s 500 Index that have reported results since July 11 topped per-share profit projections, data compiled by Bloomberg show.
President Barack Obama and congressional leaders are making little progress in debt-reduction talks after House Speaker John Boehner said all sides must settle for a smaller plan than the president seeks. Obama is holding his fifth round of public remarks on the debt in a week today as he presses lawmakers to reach an agreement to raise the $14.3 trillion U.S. borrowing ceiling before an Aug. 2 deadline.European Union government chiefs plan to meet for the second time in a month on July 21, aiming to break a deadlock over a new Greek rescue that has spooked investors. Spanish and Italian bonds yields surged yesterday, piling pressure on officials to end the turmoil. Spain sold 4.45 billion euros ($6.3 billion) of 12-month and 18-month bills today.
U.S. stocks rose, sending the Standard & Poor’s 500 Index rebounding from a three-week low, after International Business Machines Corp. (IBM)’s profit topped estimates and PresidentBarack Obama endorsed a plan to cut the federal deficit.
IBM, the biggest computer-services company, climbed 5.1 percent as technology shares had the biggest gains among 10 groups in the S&P. Coca-Cola, the largest soft-drink company, rose 3.6 percent after results beat estimates and the company said it plans to buy back shares. All 12 stocks in an S&P gauge of homebuilders advanced after U.S. housing starts increased to a five-month high. Bank of America Corp. (BAC) fell 2.3 percent after reporting the biggest quarterly loss in its history.
The S&P 500 declined 4.3 percent through yesterday from a three-year high in April amid speculation that the sovereign debt crisis in Europe is spreading across the region and concern that U.S. lawmakers will fail to reach a deal on raising the nation’s debt limit before the Aug. 2 deadline. The drop has left the gauge trading at 14.8 times reported earnings, the cheapest this month, according to data compiled by Bloomberg.
The S&P 500 has still rallied 93 percent since March 2009 as the Federal Reserve maintained a policy of record-low interest rates and emergency stimulus to spur growth in the world’s largest economy.
U.S. stocks extended gains as President Barack Obama backed a bipartisan plan to cut the federal deficit, spurring optimism that lawmakers will reach an agreement that will help the nation avoid default.
Obama called the revival of the so-called Gang of Six proposal “good news” that may help negotiations on the deficit and the federal debt ceiling progress. The plan is “a very significant step,” Obama said in remarks at the White House.

07:47
Tech on USD/JPY

Resistance 3: Y79.90 (high of american session on Jul 12) 

Resistance 2: Y79.60 (Jul  13-14 high) 
Resistance 1: Y79.30 (area of session high and Jul 15 high) 
Current price: Y78.93
Support 1:Y78.80 (Jul 19 low)  
Support 2:Y78.50 (Jul 12 and 14 low)  
Support 3:Y78.00 (psychological mark)  
Comments: essential changes hasn't occured. The immediate support - Y78.80. Below losses are possible to Y78.50. The immediate resistance - Y79.30. Above growth is possible to Y79.60.

07:02
Tech on GBP/USD

Resistance 3: $ 1.6260 (Jun 22 high)

Resistance 2: $ 1.6220 (resistance line  from May 2)
Resistance 1: $ 1.6180/90 (Jul 14 and 19 high)
Current price: $1.6110
Support 1 : $1.6100 (session low)
Support 2 : $1.6040 (Jul 19 low)
Support 3 : $1.6000/90 (Jul 18 low, 50.0 % FIBO $1.5780-$ 1.6190)
Comments: the pair holds at $1.6100 area. The imediate support - $1.6100. Below  decrease is possible to $1.6040. The immediate resistance - $1.6180/90. Above growth is possible to $1.6220. 

06:55
Tech on EUR/USD

Resistance 3: $ 1.4370 (Jul 7-8 high)

Resistance 2: $ 1.4280 (Jul 14 high)
Resistance 1: $ 1.4220 (Jul 19 high)
Current price: $1.4176
Support 1 : $1.4110 (low of american session on Jul 19)
Support 2 : $1.4070 (a minimum on July, 19th)
Support 3 : $1.4015 (a minimum on July, 18th)
Comments: the pair holds in a narrow range. The immediate support - $1.4110. Below losses are possible to $1.4070. The immediate resistance $1.4220. Above growth is possible to $1.4280. 

06:01
GERMANY DATA: Producer prices unexpectedly rose 0.1% on the month in June, though the annual gain still narrowed to 5.6%
05:57
Schedule for today, Wednesday, Jul'20'2011:

05:00 Japan  Leading indicators composite index (May) final - 99.8

05:00 Japan Coincident indicators composite index (May) final - 106.0
06:00 Germany PPI (June) 0.0% 0.0%
06:00 Germany PPI (June) Y/Y 5.5% 6.1%
08:30 UK BoE meeting minutes (06-07.07)  
14:00 USA Existing home sales (June), mln 4.94 4.81
23:50 Japan Trade balance (June) unadjusted, trln - -0.854

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