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22.07.2011
18:54
Dow -43.90 at 12680.51, Nasdaq +26.65 at 2861.08, S&P +1.06 at 1344.86

The S&P 500 holds small gains, but the Nasdaq has stretched to a new session for a gain of almost 1%. The Nasdaq's move comes as tech stocks push to a collective gain of 1.3%.

18:29
USD/CAD below highs

USD/CAD holds below earlier highs, printed after the release of a weak Canadian CPI data. CPI fell 0.7% in June and rose 3.1% on year-to-year base. Rate retreated from C$0.9530 to current C$0.9492.

18:03
Dow -29.55 at 12694.86, Nasdaq +21.48 at 2855.91, S&P +1.42 at 1345.22

The S&P 500 remains near the neutral line, even though the tech sector has pushed its way up to a 1.0% gain. Meanwhile, the Nasdaq is sitting at its session high, sporting an enviable gain.

17:47
GBP/USD holds tight

GBP/USD continues to hold within the narrow range a bit lower daily highs. Rate currently holds around $1.6311 in thin market. Resistance remains at $1.6340.

17:10
The US markets are mixed

The Wall Street appeared under pressure after the news about US debt ceiling. The NASDAQ received significant support from strong quarterly reports from Microsoft (MSFT) and Skyworks Solutions (SWKS).

Senate defeats House "Cut, Cap and Balance" budget plan. Senators voted 51-46. Sen Reid said the debt agreement is "not close" and no more Senate votes until Monday PM.

16:50
US focus: Market awaits for S&P and Moody's reaction

The dollar index rises after today’s huge drop. The dollar is supported by news that Senate rejected a House-passed plan that would raise the U.S. debt ceiling. 


The euro declined against dollar after European Union officials said that the contain of Greece’s debt crisis won’t be enough to solve all problems in eurozone.

Fitch Ratings said the part of the aid plan related to private-sector participation will constitute a “restricted default.” The markets await for S&P and Moody's view.

The yen fell against dollar as US Senate defeats House "Cut, Cap and Balance" budget plan.

The loonie weakened versus U.S. dollar from almost a three-year high after a government report showed the nation’s inflation rate slowed in June more than forecast and, thus, on concerns that the Bank of Canada will resume increasing borrowing costs.

 

15:50
TheBullionDesk on gold

Gold prices hold at $1607.00/oz  - on the high side of the day's range of $1584.13 to $1607.01. After posting a new life-high of $1609.51
Tuesday, the precious metal fell to a low of $1581 a day later as market players trimmed positions ahead of the EU Summit. But still managed to close around $1600. Gold consolidated Thursday. According to  James Moore, precious metals analyst at TheBullionDesk, "initial support is expected around $1585/$1575".

15:00
Eearly estimates for overall July payrolls are +80k (DB expects +50k, while Wrightson +30k).
14:46
Dow -38.98 at 12685.43, Nasdaq +2.81 at 2837.24, S&P -2.74 at 1341.06

Financials took pause in sliding (-0.6%). However, industrials have continued to slide from their opening levels (-1.1%).
The industrial sector's slide has been led by Caterpillar (CAT 104.47, -7.13), which has slumped in the wake of its latest quarterly report.

14:26
US: Republican Boehner saying was never close to agreement on Thursday.
14:17
EUR/JPY under pressure

The cross extends losses to Y112.35 as euro-dollar triggers stops in thin markets. Bids still remain at Y112.20/10 ahead of Y111.40/20

13:23
Before the bell:

U.S. stocks were poised for a lower open Friday, with futures losing momentum after Caterpillar released disappointing earnings.
U.S. stocks surged on Thursday, following news that European leaders reached an agreement to contain Greece's debt crisis. Fitch will place the Greek sovereign rating into 'Restricted Default' and assign 'Default' ratings to the affected Greek government bonds on the date that the offer period for the proposed debt exchange closes.
Companies: Before the bell, Caterpillar (CAT, Fortune 500) reported a profit of $107 million, a 30% increase from the second quarter of 2010. However, shares fell 7% in premarkets since the heavy equipment manufacturer fell short of Wall Street expectations.
Caterpillar earned $1.72 per share, slightly missing the $1.75 forecast from Thomson Reuters analyst consensus.
McDonald's (MCD, Fortune 500) beat Wall Street expectations with a surge in earnings of $1.35 per share, compared to $1.13 in year-ago quarter. Analysts had expected earnings of $1.28 per share, according to a consensus from Thomson Reuters. Shares rose 2% in premarket trading.
General Electric (GE, Fortune 500) reported operating earnings of $3.7 billion or 34 cents per share -- a jump of 17% from the year-ago quarter. Shares were up 1.2% in premarkets.
Former Dow member Honeywell (HON, Fortune 500) beat analyst estimates with second-quarter earnings of $1.02 per share. The company reported revenue of $9.1 billion, excluding $234 million from a newly discontinued operation. Shares fell about 1% in premarket trading.
Verizon (VZ, Fortune 500) reported earnings per share of 57 cents, topping analyst estimates by 2 cents.
World markets:

Oil for September delivery slipped 21 cents to $99.92 a barrel.
Gold futures for August delivery rose $14.90 to $1,601.90 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 2.98% from 3.01% late Thursday.

12:54
Orders desk:

EUR/USD
Offers: $1.4440/50, $1.4480, $1.4500
Bids: $1.4385/80, $1.4360/50, $1.4320, $1.4300

12:31
Canada: retail sales in May +0.1% m/m; e[-auto +0.5% m/m
12:26
European session:

The yen fell as stocks rallied worldwide on optimism European officials will contain the region’s debt crisis, damping demand for Japan’s currency as a refuge.

The yen slid from a four- month high versus the greenback after Japanese Finance Minister Yoshihiko Noda reiterated he’s watching markets closely because the currency’s moves have been “one-sided.” 
The dollar may rise on speculation President Barack Obama and Republicans are getting closer on an agreement to cut the U.S. budget deficit.
French President Nicolas Sarkozy reiterated support for the euro after a summit yesterday on Europe’s debt crisis closed, saying it’s an “irreplaceable” achievement of the region. He compared the transformation of the bailout to the creation of a “European Monetary Fund.”
The region’s 440 billion euro ($633 billion) European Financial Stability Facility will operate in the secondary markets, aid troubled banks and offer credit lines, European Union leaders said yesterday after the summit.

Greek two-year notes rallied, pushing the yield down 776 basis points to 26.05 percent, while the yield on benchmark German bunds, perceived as a refuge because of the nation’s AAA credit rating, rose two basis points to 2.89 percent. The MSCI Asia Pacific Index of regional shares rose 1.3 percent and the Stoxx Europe 600 Index added 0.8 percent.
The agreement was “better than expected,” said Geoff Kendrick, head of European currency strategy at Nomura International Plc in London. “It looks like you’ll get a bit of a relief rally and euro-Swiss goes higher.”
The euro was weaker against the dollar as German business confidence declined more than economists forecast to the lowest level in nine months in July.
The Ifo institute’s business climate index, based on a survey of 7,000 executives, declined to 112.9 from 114.5 in June. Economists forecast a drop to 113.7.
Fitch will place the Greek sovereign rating into 'Restricted Default' and assign 'Default' ratings to the affected Greek government bonds on the date that the offer period for the proposed debt exchange closes.
The dollar also rose against the yen following reports the White House is cutting a deal with House Republicans to boost the U.S. debt ceiling and reduce deficits by about $3 trillion over 10 years without immediate revenue increases.

12:08
Greek 10-year spread tightens 211bps to +1100bps -- level last seen April 20
12:06
European stocks trade higher Friday

Investors applauded a new rescue package for Greece and sweeping measures to tackle the euro zone debt crisis.


11:41
Germany Merkel: very confident private sector to fulfill Greek aid pledge
11:36
Fitch will place the Greek sovereign rating into 'Restricted Default' and assign 'Default' ratings to the affected Greek government bonds on the date that the offer period for the proposed debt exchange closes.
11:23
Option expiries for today's 1400GMT cut:

EUR/USD $1.4300, $1.4500
USD/JPY Y78.30, Y78.50, Y79.00, Y79.15, Y79.50
EUR/JPY Y115.00
GBP/USD $1.6200, $1.6140
USD/CHF Chf0.8300
AUD/USD $1.0775

10:40
EUR/JPY back to the middle of the day' range

The cross bounce of European session lows to Y113.15. Support seen at Y112.75/70 a break here opens Y112.20/10 (Tenkan line - Y112.17). On the topside Y113.52/66 Low 16 Jun/Kijun line & 50% of July pullback ahead of offers at Y113.80/85.

10:20
ECB's Nowotny: would be too optimistic to say Greek plan has solved all problems in eurozone
10:11
Germany Merkel: Expect similar Germany 2011 GDP growth as in 2010
09:57
ECB's Nowotny: ECB could accept defaulted bonds with EFSF guarantees
09:54
ECB's Nowotny: ECB could accept defaulted bonds with EFSF guarantees
09:00
EMU DATA: May sa industry new orders +3.6% m/m, +15.5% y/y
08:28
Option expiries for today's 1400GMT cut:

EUR/USD $1.4300, $1.4500
USD/JPY Y78.30, Y78.50, Y79.00, Y79.15, Y79.50
EUR/JPY Y115.00
GBP/USD $1.6200, $1.6140
USD/CHF Chf0.8300
AUD/USD $1.0775

08:27
Asian session: The euro headed for a weekly gain versus the dollar

The yen fell as stocks rallied worldwide on optimism European officials will contain the region’s debt crisis, damping demand for Japan’s currency as a refuge.

The euro headed for a weekly gain versus the dollar after European officials eased the terms of loans for cash-strapped nations and expanded aid for Greece. 
The yen slid from a four- month high versus the greenback after Japanese Finance Minister Yoshihiko Noda reiterated he’s watching markets closely because the currency’s moves have been “one-sided.” 
The dollar rose on speculation President Barack Obama and Republicans are getting closer on an agreement to cut the U.S. budget deficit.
French President Nicolas Sarkozy reiterated support for the euro after a summit yesterday on Europe’s debt crisis closed, saying it’s an “irreplaceable” achievement of the region. He compared the transformation of the bailout to the creation of a “European Monetary Fund.”
The region’s 440 billion euro ($633 billion) European Financial Stability Facility will operate in the secondary markets, aid troubled banks and offer credit lines, European Union leaders said yesterday after the summit.
South Korea’s won climbed to its strongest level in almost three years as the summit spurred demand for higher yields.

EUR/USD: the pair shown low in the field of $1.4380 then started to be restored.
GBP/USD: the pair shown low in the field of $1.6290 then started to be restored.
USD/JPY: the pair  grown in Y78.70  area.

At 0900GMT  EMU industrial orders data is due for May.
It is a light US data calendar for Friday with just the BLS data at 1400GMT and the Treasury Allotments By Class release at 1900GMT. The BLS 
will release two separate reports on Friday. Mass layoff activity in June could be higher as government job cuts continue, as well as some in 
manufacturing after supply chain disruptions slowed factory activity in  April and May. The numbers for state unemployment rates and payroll will 
give some detail to the national employment report, but should not  change the overall perceptions of conditions in the labor market.

08:20
Asia Pacific stocks close:

Nikkei   10,132 +121.72 +1.22%   
Hang Seng  22,445 +457.51 +2.08%   
S&P/ASX   4,603 +46.83 +1.03%   
Shanghai Composite  2,771 +4.90 +0.18%

08:19
Forex: Thursday's review

The dollar dropped against a basket of rival currencies on U.S. debt ceiling talks. In addition, the S&P reiterated the risk of a downgrade of U.S. debt within three months.
The euro hit the 2-week high versus the dollar on bets the European Financial Stability Facility may guarantee Greek bonds.
The Australia’s dollar rebounded and shows a steady growth.
The Canadian dollar rose for a third day versus its U.S. rival as today the Bank of Canada prompted investors to move forward the date of expected interest rate increases.
The yen gained after beating data from Japan Ministry of Finance, showing ¥70.737 billion ($897 million) trade surplus in June.

EUR/USD: on results of yesterday's session the pair  grown in  $1.4420 area .
GBP/USD: on results of yesterday's session the pair   grown in  $1.6310 area .
USD/JPY: on results of yesterday's session the pair  decreased in Y78.50 area .

At 0900GMT  EMU industrial orders data is due for May.
It is a light US data calendar for Friday with just the BLS data at 1400GMT and the Treasury Allotments By Class release at 1900GMT. The BLS 
will release two separate reports on Friday. Mass layoff activity in June could be higher as government job cuts continue, as well as some in 
manufacturing after supply chain disruptions slowed factory activity in  April and May. The numbers for state unemployment rates and payroll will 
give some detail to the national employment report, but should not  change the overall perceptions of conditions in the labor market.

08:01
German Jul Ifo Business Climate Index falls to 112.9
07:53
GERMANY FINMIN: Tax revenue growth remained strong in June
  • June federal tax revenue +9.6% y/y, 1H 2011 +10.9% y/y
  • 2011 federal net new borrowing likely to amount to around E30 bn
  • Economic momentum likely slowed markedly in 2Q
  • Export momentum likely to slow somewhat
07:36
Stocks: Thursday's review

On Thursday Asian markets ended session mixed
The markets were supported by results of a preliminary meeting of German Chancellor Angela Merkel and French President Nicolas Sarkozy in Berlin. The officials agreed a “common position” on a new bailout plan for Greece.
Chinese stocks appeared under pressure by its morning data as July China HSBC/Markit purchasing managers index sang to 48.9 from 50.1 in June. This is a 28-month low of the figure.
The IMF said that China also faced the risk of a possible property bubble and a decline in credit quality in the lending and forecasted the growth of China’s GDP of 9.5% by 2012.
The rise in banking shares came after media reports that Germany and France had reached a joint agreement on a Greek bailout deal ahead of the talks: National Australia Bank Ltd. added 1.28%, Commonwealth Bank of Australia climbed by 0.38%.
Shares of Fast Retailing Co. jumped 2.85% after Nomura lifted its earnings forecasts for the firm to reflect potentially lower cotton prices.
Shares of Aluminium Corp. of China Ltd. (-1.86%) and Jiangxi Copper Co. (-2.80%) sustained losses after the weak China PMI data.
Shares of LG Chem Ltd. (-6.5%) and Hynix Semiconductor Inc. (-2.3) plunged amid disappointing quarterly reports.
 
Despite weak quarterly report of Ericsson AB the major European stock markets soared on bets the European Financial Stability Facility may guarantee Greek bonds and better-than-expected results from Morgan Stanley MS.
Shares the largest maker of wireless networks Ericsson AB fell by 9.68% after the company reported profit that missed analysts' estimates;
Mobile-phone maker Nokia Corp. rallied 2.5% after the group swung to an operating loss of 487 million euros but said it’s making better-than-expected progress in a major restructuring plan.
Car makers dropped in the wake of the weak PMI data from China and Europe:  BMW dropped by 1.1%, Volkswagen AG lost 2.72%.
Pharmaceutical giant AstraZeneca PLC was another top performer, rising by 1.96% after the U.S. Food and Drug Administration approved its Brilinta anti-clotting drug.
Shares of companies of banking sector also closed higher: Barclays PLC +3.49%, Lloyds Banking Group PLC +5.90%. Morgan Stanley MS jumped by 10.59% after better-than-expected quarterly results.
 
Major US stock equities soared to 2-week highs on weakened concerns about EU debt crisis and a bundle of earnings reports from the largest US companies.
Financial sector surged by 2.4% as Morgan Stanley (+11.74%) announced better-than-expected quarterly report.
Technology sector (+0.8%) gained the least among others amid disappointing reports from Intel and Seagate.
SFN Group, Inc. (SFN) soared by 50.98% after Randstad Holding NV (RAND), the Netherlands-based human-resources company, said it will acquire staffing-services provider SFN Group Inc. for about $770 million.
MedcoHealth Solutions Inc. (MHS) added 6.28% as Express Scripts Inc. agreed to buy the pharmacy-benefits manager for $29.1 billion.
As for falling shares, the publisher of travel newsletters and websites Travelzoo Inc. (TZOO) shed 33.95% after posted lower-than-expected quarterly results.
According to released Labor Department's weekly report, the initial claims rose by 10,000 to 418,000 last week. Economists forecasted the figure's level of 411,000.

07:07
Tech on USD/JPY

Resistance 3: Y79.30 (Jul 15 and 20 high) 

Resistance 2: Y79.00 (Jul 21 high) 
Resistance 1: Y78.80 (session high) 
Current price: Y78.63
Support 1:Y78.20 (Jul 21 low)  
Support 2:Y78.00 (psychological mark)  
Support 3:Y77.10 (Mar 17 low)  
Comments: the pair receded from yesterday's low. The immediate support - Y78.20. Below losses are possible to Y78.00. The immediate resistance - Y78.80. Abvoe growth is possible to Y79.00.

07:04
Tech on USD/CHF

Resistance 3: Chf0.8275 (Jul 12 low, Jul 19 high)

Resistance 2: Chf0.8245 (Jul 21 high)
Resistance 1: Chf0.8190 (session high)
Current price: Chf0.8180
Support 1: Chf0.8140 (Jul 21 low)
Support 2: Chf0.8100 (Jul 18 low)
Support 3: Chf0.8075 (Jul 14 low)
Comments: the pair slightly grown. The immediate support - Chf0.8140. Below loss may extend to Chf0.8100. The immediate resistance Chf0.8190. Above is located Chf0.8245. 

06:35
Tech on GBP/USD

Resistance 3: $ 1.6440 (Jun 14 high)

Resistance 2: $ 1.6380 (38.2 % FIBO $1.6750-$ 1.5780)
Resistance 1: $ 1.6340 (Jul 21 high)
Current price: $1.6304
Support 1 : $1.6260 (38.2 % FIBO $1.6120-$ 1.6340)
Support 2 : $1.6230 (50.0 % FIBO $1.6120-$ 1.6340)
Support 3 : $1.6200 (area of Jul 14 high and 61.8 % FIBO $1.6120-$ 1.6340)
Comments: the pair is corrected after yesterday's growth. The immediate support - $1.6260. Below decrease is  possible  to $1.6230. The immediate resistance - $1.6340. Above growth is possible to $1.6380. 

06:33
Tech on EUR/USD

Resistance 3: $ 1.4580 (high of July)

Resistance 2: $ 1.4480 (resistance line from May)
Resistance 1: $ 1.4440 (Jul 21 high)
Current price: $1.4389
Support 1 : $1.4380 (session low)
Support 2 : $1.4330 (38.2 % FIBO $1.4140-$ 1.4440)
Support 3 : $1.4290 (50.0 % FIBO $1.4140-$ 1.4440)
Comments: the pair holds in area of high  reached yesterday. The immediate support - $1.4380. Below losses are possible to $1.4330. The immediate resistance $1.4440. Above growth is possible to $1.4480. 

06:00
Schedule for today, Friday, Jul'22'2011:

08:00 Germany IFO business climate index (July) 113.6 114.5

08:00 Italy Retail sales (May) adjusted -0.1% 0.4%
08:00 Italy Retail sales (May) Y/Y unadjusted - 2.5%
09:00 EU(17) Industrial orders (May) 0.8% 0.7%
09:00 EU(17) Industrial orders (May) Y/Y 10.1% 8.6%
11:00 Canada CPI (June) -0.2% 0.7%
11:00 Canada CPI (June) Y/Y 3.6% 3.7%
11:00 Canada CPI core (June) -0.1% 0.5%
11:00 Canada CPI core (June) Y/Y 1.8% 2.0%
12:30 Canada Retail sales (May) -0.3% 0.3%
12:30 Canada Retail sales excluding auto (May) - 0.0%

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