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22.06.2011
19:20
Fed's head Ben Bernanke press-conference: Recovery is slowed dowd somewhat
  • partly slowdown is temporary, partly long-lasting;
  • monitoring Greece;
  • today Fed is in differnt position versus the QE2 beginning;
  • new jobs may not be created by sharp deficit cuts;
  • don't want defaults in any EMU country as it may roil the markets and weigh on US;
  • FOMC sees output gap remains quite large;
  • Core inflation will decline;
  • speaking about the phrase on "extended pperiodd" doesn't know the timing;
  • at least two or three FOMC's meetings till ending extended period;
  • Incoming statistics point to exit.
19:00
Economists at Pirepont: "FOMC statement means "There is little to no appetite to move policy in either direction in the near term".
18:47
Fed's Bernanke: Don't want defaults in any EMU country as it may roil the markets and weigh on US
  • FOMC sees output gap remains quite large;
  • Core inflation will decline;
  • speaking about the phrase on "extended pperiodd" doesn't know the timing;
  • at least two or three FOMC's meetings till ending extended period;
  • Incoming statistics point to exit.
18:30
Fed's head Ben Bernanke press-conference: Recovery is slowed dowd somewhat
  • partly slowdown is temporary, partly long-lasting;
  • monitoring Greece;
  • today Fed is in differnt position versus the QE2 beginning;
  • new jobs may not be created by sharp deficit cuts.


18:01
USD/CAD holds around C$1.9720 in a thin market. Rate trades a bit higher strong support at C$0.9705/00 (channel line from May 02).
17:45
Analysts at ClearView Economics say "today's FOMC result showed nothing".
17:27
US focus: Dollar little changed after FOMC

The dollar was little changed against the euro after the Federal Reserve said it will maintain monetary stimulus after completing a Treasury-purchase program because economic growth remains sluggish.
The greenback was little changed versus the yen as the Fed maintained its vow to keep interest rates low for an “extended period” after a second round of Treasury purchases failed to improve the economy.

The euro fell earlier versus most major currencies on speculation Greek Prime Minister George Papandreou will struggle to pass austerity measures, even after winning a confidence vote yesterday.
Papandreou will seek approval next week for a 78 billion-euro ($112 billion) package of budget cuts and asset sales to help ensure more financial aid from the European Union and the International Monetary Fund and stave off the threat of default.
The pound fell for the first time in four days against the greenback as minutes of the latest Bank of England meeting showed some policy makers saw a risk that more bond purchases may be required.
Fed Chairman Ben S. Bernanke holds a press conference later.

16:31
FOMC left rate unch at 0% - 0.25%, as expected
15:55
USD/CAD tries to recover, but still remains under pressure with bids placed ahead of C$0.9700.
14:50
EUR/USD holds below session highs - currently at $1.4425 after testing $1.4442 earlier. Stops between $1.4440/50 remain intact. Offers ahead of $1.4500.
14:33
Greek Opposition head says will vote against austerity measures
14:31
US: EIA oil data for Jun 17 wk: crude stocks -1.7m to 363.8m bbl.
14:15
US: April FHFA home price index +0.8% m/m; -5.7% y/y
14:14
Dow -20.96 at 12169.05, Nasdaq -2.85 at 2684.41, S&P -1.10 at 1294.42

The major market avrerages are down with narrow losses in the opening minutes of trade. Tech, which is the largest sector by market weight, is a drag after it offered leadership in the prior session; the sector is currently down 0.2%.
Utilities stocks are actually in the worst shape this morning. As a group, utilities plays are down 0.8%. Electric utilities like Duke Energy (DUK 18.64, -0.16) and American Electric (AEP 37.57, -0.31) have been the heaviest drags on the sector.

13:40
EFSF: Investor interest very strong in new 5-year issue
13:26
Before the bell:

U.S. stocks were poised to open little changed Wednesday, ahead of the Federal Reserve's latest interest rate decision.
Stocks rose Tuesday, as investors anticipated that Greek Prime Minister George Papandreou would win a confidence vote and be able to push ahead with more austerity measures.
After the closing bell, Greek lawmakers voted to support Papandreou's government. The win boosted the likelihood that the country will be able to secure a bailout package and avert a default.
But Tuesday's optimism shifted to caution early Wednesday, as investors awaited the Fed's latest interest rate decision. Most expect the Fed will keep rates steady but investors are keen to hear what Chairman Ben Bernanke has to say about the economy.
Economy: The central bank will conclude its two-day meeting on Wednesday, with the interest rate decision being announced at 16:30 GMT Bernanke's press conference starts at 18:15 GMT.
Companies: Shares of Adobe Systems Inc. (ADBE) slumped more than 5% in premarket trading. The software maker posted a 54% jump in second-quarter profit after the market close Tuesday, but issued a revenue outlook that fell short of expectations.
Carmax (KMX, Fortune 500) reported first-quarter earnings that widely beat expectations, sending shares of the company 8% higher before the opening bell.
Royal Phillips Electronics (PHG) warned that second-quarter profit would drop sharply and miss expectations. U.S.-listed shares of the electronics maker tumbled 13%.
Shares of BB&T Corp. (BBT, Fortune 500) climbed more than 1% after the company announced a third-quarter dividend of 16 cents late Tuesday. The company will release second-quarter earnings Wednesday morning.
FedEx (FDX, Fortune 500) reported earnings and sales that topped forecasts, and hiked its outook. That sent shares of the shipping company up 3% in premarket trading. Shares of rival UPS (UPS, Fortune 500) edged up 1.3%.
Bed Bath & Beyond (BBBY, Fortune 500) will report quarterly results after the market close Wednesday. The home decor retailer is expected to earn 62 cents a share.
World markets:

Oil for August delivery slipped 26 cents to $93.91 a barrel.
Gold futures for August delivery added 30 cents to $1,546.70 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 2.95% from 2.99% late Tuesday.

12:40
USD/JPY test Y80.00

Initial bids still at Y80.10/00, behind at Y79.95/90, a break opens Y79.70/65. Offers waiting at Y80.35/40.

12:09
European session:

The pound fell for the first time in four days against the dollar as minutes of the latest Bank of England meeting showed some policy makers saw a risk that more bond purchases may be required.
The euro declined against most of its major counterparts amid speculation Greek Prime Minister George Papandreou will struggle to pass additional austerity measures, even after winning a confidence vote last night.
Papandreou will seek approval next week for a 78 billion-euro ($112 billion) package of budget cuts and asset sales to stave off the threat of default.
“Markets are refocusing on the fact that the euro zone has dodged the bullet in terms of the confidence vote, but now we are looking forward to the austerity vote,” said Jeremy Stretch, executive director of foreign-exchange strategy at Canadian Imperial Bank of Commerce in London. “Whether the response will continue to be the case for the austerity measures next week is a little bit more questionable.”
The International Monetary Fund, contributor of a third of the bailout money for Greece and the two other euro-area countries that have received bailouts, Ireland and Portugal, has warned European Union leaders that a failure to take decisive action on the debt crisis risks triggering “large global spillovers.”
Gains by the dollar may be limited as the Fed ends a two- day policy meeting and Chairman Ben S. Bernanke holds a press conference. Policy makers will keep the benchmark at zero to 0.25 percent, where it’s been since December 2008.
The committee will “firm up” language around keeping borrowing costs low for an extended period and apply that to its balance sheet as well, BNP Paribas SA analysts led by New York- based Ray Attrill wrote in a note to clients.

11:45
Orders desk:

EUR/USD
Offers: $1.4420, $1.4440, $1.4480, $1.4500,
Bids: $1.4340, $1.4305/1.4290, $1.4275/70, $1.4250

11:09
BNP Paribas now sees BoE on hold through 2012
10:58
Nomura pushed its BoE rate hike forecast from August 2011 to February 2012
10:47
European shares retreated on Wednesday

Investors taking a cautious stance ahead of a meeting of the U.S. Federal Reserve that might provide cues about the central bank's next moves to support the economy.

 

10:17
GERMANY MERKEL: new Greek package to be adopted at EU meeting 3 July
10:00
GERMANY MERKEL: Always said private sector contribution must be voluntary
09:59
GERMANY MERKEL: Greece needs to accept tougher programme
09:53
GBP/USD remains under pressure

Cable extends losses to $1.6130. Bids seen into $1.6130 ahead of earlier reported stops below this level. A break to open a deeper move toward $1.6110/095.

09:28
FTSE 5,772 -0.05%, CAC 3,874 -0.09%, DAX 7,297 +0.15%
09:12
Option expiries for today's 1400GMT cut:

EUR/USD $1.4450, $1.4400, $1.4350, $1.4340, $1.4320, $1.4300, $1.4275, $1.4500

USD/JPY Y80.00, Y80.50, Y80.65, Y80.75
GBP/USD $1.6250, $1.6150, $1.6100, $1.6075
AUD/USD $1.0540, $1.0550, $1.0600, $1.0610, $1.0660

09:00
EMU DATA: April sa industry new orders +0.7% m/m, +8.6% y/y
08:43
GBP/USD drops to $1.6150

Drops to $1.6150 on market react to dovish BOE Minutes, reacting more to the accompanying comments than the vote outcome, which was as expected. Market had been expecting a dovish release so was seen well positioned for the release. 

08:34
BOE Minutes: Only 2 Vote For Hike; Idea of More QE Floated

7 BOE MPC Voted For Unchanged Bank Rate; 2 For Hike ;
BOE MPC Dale, Weale Voted For 25Bps Rate Hike ;
SOME MPC: More QE May Be Needed If Downside Inflation Risks Realized ;
BOE MPC Broadbent Voted For Unchanged Policy At First Meeting ;
Only two members of the Bank of England's Monetary Policy Committee voted to hike Bank Rate at the June meeting and the possibility of  further quantitative easing was mentioned by some members, the minutes showed.

08:04
Asia Pacific stocks close:

Nikkei  9,629  +1.79% 
Hang Seng   21,854  +0.02% 
S&P/ASX   4,533  +0.54%
Shanghai Composite   2,649  +0.11%

07:42
Asian session: The euro retreated

The euro retreated from its highest in a week after Greek Prime Minister George Papandreou won a confidence vote amid investor concern that the government will struggle to pass austerity measures to stave off default.

The dollar was 0.7 percent from an almost seven-week low against the yen before the Federal Reserve ends its policy meeting today amid signs the U.S. economy is slowing.
The dollar made little headway against the yen before the Federal Open Market Committee issues its interest-rate decision followed by Chairman Ben S. Bernanke’s press conference. Policy makers will keep the benchmark at zero to 0.25 percent, where it’s been since December 2008.
EUR/USD: the pair shown low in  $1.4340 area then restored.
GBP/USD: the pair shown low in $1.6200 area then restored.
USD/JPY: the pair holds on Y80.20-Y80.35.

EMU data: industrial orders for April, at 0900GMT. 

07:34
Forex: Tuesday's review

The dollar fell as stocks and commodities rose, reducing demand for a refuge as the Federal Reserve begins a two-day policy meeting.
The greenback weakened to the lowest versus the euro in almost a week. The shared currency rose as European leaders said a Greek default can be avoided amid speculation Prime Minister George Papandreou will win a confidence vote today. 
The euro rose as Greece’s Papandreou seeks to secure multiparty support for his government’s austerity measures. That is a condition for receiving aid needed to avoid a default. 
Greece needs parliamentary approval of a 78 billion-euro ($112 billion) package of budget cuts and asset sales.
The greenback remained weaker as National Association of Realtors data showed sales of existing homes decreased in May to the lowest level in six months.  Purchases of existing U.S. homes fell 3.8% to a 4.81 million annual pace last month, in line with estimates.
Meanwhile, economists forecast the Federal Open Market Committee will keep the benchmark interest rate at zero to 0.25 percent tomorrow, where it’s been since December 2008. 
Australia’s dollar declined after the nation’s central bank said domestic data had not added “any urgency” to the need for policy adjustment and it may be “prudent” to keep rates unchanged, according to minutes released today of a June 7 policy meeting.
The pound weakened as Bank of England Markets Director Paul Fisher said further bond purchases to stimulate the economy are possible.

EUR/USD: on results of yesterday's session the pair grown in $1.4400  area.
GBP/USD: the pair hold on $1.6160-$ 1.6250. 
USD/JPY: the pair hold on Y80.05-Y80.35. 

EMU data: industrial orders for April, at 0900GMT. 

06:52
Stocks: Tuesday's review

 

Japanese stocks rose, sending the Nikkei 225 Stock Average to its biggest gain in three weeks, on renewed confidence Greece will be rescued from a default that could destabilize Europe.
Nissan Motor Co., a carmaker that gets 15 percent of its revenue in the region, advanced 3.1 percent.
Aeon Co. jumped 3.8 percent after the Nikkei newspaper said profit at Japan’s second-largest retailer by market value increased 30 percent in the three months through May.
Kubota Corp. (6326), a maker of farm equipment that had delayed earnings forecasts because of damage from March’s earthquake, advanced 2.9 percent after saying profit will increase this year.
Among stocks that fell, Tokyo Electric Power Co., battling the worst nuclear crisis since Chernobyl, lost 2.9 percent to 305 yen, the most on the Nikkei.
Dainippon Screen Manufacturing Co., a maker of chip equipment, retreated 1.3 percent to 661 yen. JPMorgan Chase & Co. yesterday cut its rating on the company to “neutral” from “overweight,” citing higher costs for employment and research and development.
European stocks climbed the most in two months amid speculation that Greek Prime Minister George Papandreou will win a confidence vote that moves the nation a step closer to avoiding a default.
EFG Eurobank Ergasias SA (EUROB) led a rally in Greek banks, jumping 9 percent.
Misys Plc (MSY) surged 9 percent after the software provider said it has received a preliminary takeover approach.
Syngenta AG (SYNN) rose 3.6 percent after the chemical maker said sales growth in the second quarter has been “robust.”
Petropavlovsk Plc (POG) surged 7.6 percent to 729.5 pence, the biggest advance since November. The producer of gold in Russia said sales of the precious metal increased 64 percent through the first five months of this year as prices gained.
Nokia Oyj (NOK1V) rallied 3.9 percent to 4.21 euros, paring yesterday’s 4.3 percent selloff, after the company unveiled the N9 smartphone in Asia to fend off competition from phones powered by Google Inc.’s Android. The company will start shipping the product later this year.
SABMiller Plc (SAB) lost 3.6 percent after Australia’s Foster’s Group Ltd. rejected its $10 billion cash offer.
Stocks were solidly higher Tuesday, with technology shares leading gains, as investors waited for the confidence vote for Greek Prime Minister George Papandreou later tonight.
Company: Aloca (AA, Fortune 500), Caterpillar (CAT, Fortune 500) and DuPont (DD, Fortune 500) led the gains, with shares up more than 3%. Procter & Gamble (PG, Fortune 500) was the biggest laggard, down 1%.
Tech stocks also performed well, with AMD (AMD, Fortune 500), Priceline (PCLN), Western Digital (WDC, Fortune 500) and Netflix (NFLX) all up more than 3%. Research in Motion (RIMM) shares, which crumbled more than 20% last week, were up 8% in late-afternoon trading.
Economy: Existing home sales fell 3.8% to an annualized rate of 4.81 million in May, from a rate of 5 million in April, according to the National Association of Realtors. The figure was better than the 4.79 million pace economists had forecast.
The Federal Reserve Open Market Committee starts its two-day meeting Tuesday. The central bank's interest rate decision will be announced on Wednesday.

 

06:43
Tech on USD/JPY

Resistance 2: Y81.00 (Jun 3, 15 and 16 high) 

Resistance 1: Y80.70 (Jun 17 low) 
Resistance 1: Y80.40 (Jun 20 high) 
The current price: Y80.25
Support 1:Y80.00 (Jun 17-20 low)  
Support 2:Y79.70 (Jun 8 low)  
Support 3:Y79.55 (low of May)  

Comments: the pair bargains in former frameworks. The imediate resistance - Y80.40. Above growth is possible to Y80.70. The immediate support - Y80.00. Below losses are possible to Y79.70.

06:32
Tech on USD/CHF

Resistance 3: Chf0.8520 (Jun 20 high)

Resistance 2: Chf0.8470 (resistance line from Jun 16)
Resistance 1: Chf0.8430 (session high)
Current price: Chf0.8419
Support 1: Chf0.8400 (Jun 20-21 low)
Support 2: Chf0.8375 (support  line from Jun 7)
Support 3: Chf0.8330 (Jun 7 low)

Comments: essential changes hasn't occured. The immediate support - Chf0,8400. Below loss may extend to Chf0.8375. The immediate resistance Chf0.8430.  Above is located Chf0.8470. 

06:18
Tech on GBP/USD

Resistance 3: $ 1.6400 (resistance line from May 2)

Resistance 2: $ 1.6300 (61.8 % FIBO $1.6400-$ 1.6075)
Resistance 1: $ 1.6255 (Jun 21 high)
Current price: $1.6222
Support 1 : $1.6200 (area of session low)
Support 2 : $1.6150 (support line from Jun 16)
Support 3 : $1.6070 (May 24 and Jun 16 low)

Comments: the pair decreased. The immediate resistance - $1.6255. Above growth is possible to $1.6300. The immediate support $1.6200. Below  decrease is possible to $1.6150. 

06:03
Tech on EUR/USD

Resistance 3: $ 1.4550 (area of Jun 10 high, the top border of the channel from Jun 16)

Resistance 2: $ 1.4500 (area of Jun 14 high)
Resistance 1: $ 1.4430 (Jun 21 high)
Current price: $1.4373
Support 1 : $1.4350 (session low, support line from Jun 16 (the bottom border of the channel))
Support 2 : $1.4300 (Jun 21 low)
Support 3 : $1.4190 (Jun 12 low)
Comments: the pair decreased. The imeediate support $1,4350. Below losses are possible to $1.4300. The immediate resistance $1.4430. Above growth is possible to $1,4500. 

05:35
Schedule for today, Wednesday, Jun 22'2011:

08:30 UK BoE meeting minutes (08-09.06)  

09:00 EU(17) Industrial orders (May) 0.9% -1.8%
09:00 EU(17) Industrial orders (May) Y/Y 14.0% 14.1%
16:30 USA FOMC meeting announcement 0.00-0.25% 0.00-0.25%
18:15 USA Fed chairman press-conference

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