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24.06.2011
19:04
Dow -87.72 at 11962.28, Nasdaq -28.72 at 2658.03, S&P -11.71 at 1271.93
18:17
Dow -73.19 at 11976.81, Nasdaq -26.32 at 2660.43, S&P -10.35 at 1273.15

Stocks cut their losses and currently hold above their session lows. The Dow is leading the way up among its counterparts. The Dow's relative strength is largely owed to gains by blue chips like Kraft (KFT 34.51, +0.25) and DuPont (DD 51.56, +0.24).

17:37
US focus: Euro weakens on Greece

The euro fell amid speculation a Greek austerity plan and a European Union pledge to stabilize the region’s economy won’t resolve its sovereign-debt crisis.
The yen, Swiss franc and dollar rose as a lawmaker from Greece’s ruling Pasok party said he hasn’t decided to vote for the country’s new fiscal measures and Italian bank stocks slumped amid concern the crisis may spread.
“Greece concerns and Italian banks are what the market is focusing on,” said Camilla Sutton, head of currency strategy at Bank of Nova Scotia. “Everyone is just reacting to headlines. News from Europe will outweigh any economic data that comes out in the next few weeks.”
The shared currency weakened as Italy’s two largest banks, UniCredit SpA and Intesa Sanpaolo SpA, led a drop in bank stocks in Milan. Trading in both firms’ shares was briefly suspended after breaching limits on intraday swings.
Moody’s Investors Service said yesterday it may downgrade 13 Italian banks. The firm said last week Italy’s ratings may be cut because of slowing economic growth and the potential for Europe’s debt crisis to drive up borrowing costs.
The euro earlier rose after the Ifo institute said its business climate index for June increased to 114.5 in June from 114.2 in May.
The 17-nation currency headed for its third weekly decline against the dollar, the longest losing streak since February. It fell for a third week against the yen.
The Australian dollar gained against most major peers after Reserve Bank of Australia Assistant Governor Philip Lowe said that the nation’s biggest mining boom in a century risks accelerating inflation.
RBA Governor Glenn Stevens held the benchmark rate at 4.75% this month for a sixth straight meeting.




17:26
Gold gets down

Gold breaks below the psychological $1500 level for the first time since ay 20 ($1486.95 low that day) after breaking below its 55-day MA at $1513. The precious metal topped out at a life high of $1575.79 May 2 and then fell to a low of $1462.40 May 5. Currently gold holds at $1499.75/oz, near the day's low of $1498.93 and down from an overnight high of $1525.41.

16:58
Wall Street: S&P in focus

The S&P 500 tested its 200-day MA on June 16 and again June 23 but managed to close well above that level. Traders Friday wonder if the third time will be the charm in terms of a break lower. The S&P last closed below its 200-day (which comes in at 1263.49 Friday) in mid Sept 2010.

15:32
EUR/USD tries to recover

EUR/USD holds around $1.4179, just off the dip low around $1.4160. Rate remains heavy with some demand at $1.4160. Below there rate may test a few stops below $1.4125 area and then - below $1.4100/10 zone.

14:57
OIL: Analysts believe the decision by the world's major oil consumers to release 60 million barrels of oil into market as "risky" and confident it is just a short-term solution.
14:16
Barclays: durables data were encouraging

"The core capital goods orders measure, which strips out the volatile defense and aircraft components, was up 1.6% (well above our forecast) and was revised up to -0.8% from -2.6% in March.

13:54
CIBC on durables

CIBC says +1.9% May durables orders were stronger than expected. "Capital goods orders ex aircraft, a barometer of future capital spending, also came in above expectation at 1.6%."

13:33
Before the bell:

Stocks were headed for a flat open as investors digested reports on U.S. gross domestic product and durable goods orders.
Futures pulled back from an earlier rise that was fueled by an austerity agreement reached among Greek leaders, the European Union and IMF.
Economy: The Commerce Department's final reading on first-quarter GDP came in at 1.9%. Economists had expected GDP to remain steady at the previous revision of 1.8%.
Durable goods orders rose 1.9% in May, slightly higher than the 1.5% increase economists had been expecting. That's an improvement from April's downwardly revised 2.7% decline in orders.
World markets:


Companies: Shares of Southern Union (SUG) jumped 15% in premarket trading, after Williams (WMB, Fortune 500) offered to buy the pipeline company for $39 per share in cash. That tops Energy Transer Equity's (ETE, Fortune 500) earlier bid for the company.
Oracle (ORCL, Fortune 500) reported earnings after the bell Thursday. While earnings were in line with expectations, the company's software division struggled. Shares of Oracle slipped more than 3% in premarket trading.
Micron Technology's (MU, Fortune 500) weak earnings results sent shares of the company tumbling 12% before the opening bell.
Shares of ConAgra Foods Inc. (CAG, Fortune 500) slumped more than 3% in premarket trading, after the food company reported disappointing fourth-quarter earnings Thursday. The company said its bottom line is being hit by rising food prices and that profits in the current quarter are expected to decline.
Newell Rubbermaid's (NWL, Fortune 500) stock jumped more than 3% after the company named former Unilever (UN) executive Michael Polk as its new chief executive. Polk will succeed Mark Ketchum, who is retiring but will remain a director.
Other notable premarket movers included Public Storage (PSA), Scripps Networks (SNI), and Comcast (CMCSA, Fortune 500). Tiffany and Co. (TIF), First Solar Inc. (FSLR) and Radio Shack (RSH, Fortune 500) were down more than 1% before the opening bell.
Oil for August delivery gained 23 cents to $91.25 a barrel.
Gold futures for August delivery fell $1.30 to $1,519.20 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury edged higher, yielding 2.91%

12:58
Goldman: US economy growth at stall speed - less that +2%.
12:32
US: Q1 real GDP final at +1.9%
12:31
US: May durables orders +1.9%, ex transport +0.6% and ex defense +1.9%
12:27
European session:

The euro weakened against the yen and the Swiss franc amid speculation a European Union pledge to stabilize the region’s economy won’t resolve a sovereign-debt crisis.
The 17-nation currency rose against the dollar after the Ifo index of German business confidence unexpectedly increased, curbing demand for the safety of U.S. assets. EU leaders vowed to stave off a Greek default as long as Prime Minister George Papandreou pushes through a package of austerity measures next week. European Central Bank Executive Board member Jose Manuel Gonzalez-Paramo said the end of the crisis won’t happen soon.
“The ball is in Greece’s court and it’s difficult for the market to rally until we know it has won the point,” said Steve Barrow, London-based head of research for Group-of-10 currencies at Standard Bank Plc in London. “Our favorite way to play the euro weakness would be short euro against the Swiss franc.”
EU leaders urged Greece to pass a package of budget cuts and vowed to do what’s needed to meet the country’s financing needs, the group said in a statement in Brussels yesterday. Greek lawmakers must approve the 78 billion-euro package in a vote next week, a condition for receiving a fifth loan payment under an existing bailout and for future financing. Failure to secure aid would push Greece to the brink of default, with the country needing the funds to cover 6.6 billion euros of maturing bonds in August.
European finance chiefs will decide on July 3 whether Greece has met conditions for its next aid payment.

12:04
Orders desk:

EUR/USD
Offers: $1.4230/35, $1.4260/65, $1.4280, $1.4320/25, $1.4340/50
Bids: $1.4190, $1.4165/60, $1.4150, $1.4125/20, $1.4075/65

11:40
Germany, Merkel: expect eurogroup to agree Greek aid July 3
11:39
Germany, Merkel: confident Greek parliament to approve new measures
11:38
Germany, Merkel: expect eurogroup to agree Greek aid July 3
11:37
Germany, Merkel: confident Greek parliament to approve new measures
11:23
Option expiries for today's 1400GMT cut:

EUR/USD $1.4300, $1.4250, $1.4200, $1.4100
USD/JPY Y79.00, Y79.50, Y79.90, Y80.00, Y80.20, Y80.50, Y80.70-75, Y81.00
EUR/JPY Y113.65, Y115.50, Y116.00
GBP/USD $1.5900, $1.6200
GBP/JPY Y130.00
AUD/USD $1.0500, $1.0575, $1.0600, $1.0700
AUD/JPY Y85.15, Y82.50

10:37
Greek PASOK Lawmakers Robopoulos & Athanasiadi may vote against austerity plan next week.
10:13
China MOF cuts import tariffs on gasoline, diesel, textiles, metals to "promote balanced trade"
10:08
ECB GONZALEZ-PARAMO: despite signs of recovery, crisis not over soon
10:07
ECB GONZALEZ-PARAMO: short-term interest rates still very accommodative
09:54
BOE King: eurozone debt crisis most immediate stability risk
09:49
BOE Posen: See plenty of dangers due Greece and bailout
  • Germany's big trade surpluses problem for EMU;
  • Need to recapitalize European private banks;
  • Banks' exposure makes us vulnerable to Greece.
09:27
FTSE 5,766 +1.62%, CAC 3,862 +1.95%, DAX 7,265 +1.61%
09:14
Option expiries for today's 1400GMT cut:

EUR/USD $1.4200, $1.4100
USD/JPY Y79.00, Y79.50, Y79.90, Y80.00, Y80.20, Y80.50, Y80.70-75, Y81.00
EUR/JPY Y113.65, Y115.50, Y116.00
GBP/USD $1.5900, $1.6200
GBP/JPY Y130.00
AUD/USD $1.0500, $1.0575, $1.0600, $1.0700
AUD/JPY Y85.15, Y82.50

09:00
GBP/USD break above $1.6000

Break above $1.6000 provides added momentum to take rate through  Asian high at $1.6030 ahead of $1.6050/55.

08:34
EUR/USD rose in $1.4240 area after data

Recovery off pre Ifo release lows of $1.4197 extends to $1.4248 but seen meeting resistance on the approch toward $1.4250. A break here to allow for a move on toward $1.4265 ahead of $1.4280 


08:20
Asia Pacific stocks close:

Nikkei   9,679  +0.85%   
Hang Seng  22,172  +1.90%  
S&P/ASX   4,508  +0.17%   
Shanghai Composite  2,746  +2.16%

08:00
GERMANY: Jun Ifo business sentiment 114.5
07:46
Asian session: The euro was set for a third weekly decline against the dollar

The euro was set for a third weekly decline against the dollar, the longest streak in four months, before European Union leaders conclude a summit in Brussels today on financing needs for debt-saddled Greece.

The shared currency sank against most of its major peers this week before a report that may show a drop in business confidence in Germany, the euro-area’s biggest economy. 
The dollar was poised for its first weekly gain versus the yen in more than a month before U.S. data forecast to show orders for durable and capital goods rose in May. 
Australia’s dollar rose as gains in stocks supported demand for higher-yielding assets.

EUR/USD: the pair   decreased in  $1.4220 area.
GBP/USD: the pair  decreased in $1.5960  area.
USD/JPY: the pair holds on Y80.40-Y80-60.

Likely another day of Greece related headlines, as the EU leaders summit continues. At 0800GMT the main release if the German June IfO report. The US calendar starts at 1200GMT, with the release of the May 2011 building permits revision is released. The main data release is due at 1230GMT, with the release of May 2011 Durable Goods Orders and the first quarter GDP revision. The pace of GDP growth is expected to be revised up slightly to +2.0% for the third estimate of the first quarter. The chain price index is expected to be unrevised at +1.9%. The ISM manufacturing index is released at 1400GMT and is expected to fall to a reading of 53.0 in June after falling in May, according to advance forecasts.

07:41
Forex: Thursday's review

The dollar rose against most of its 16 major counterparts after Federal Reserve Chairman Ben S. Bernanke signaled yesterday that the central bank won’t add to stimulus measures that could erode the value of the currency.
The Fed’s $600 billion program of U.S. debt purchases, its second round of quantitative easing, ends this month.
The euro fell versus the greenback as European Central Bank President Jean-Claude Trichet said the debt crisis threatens to infect banks. Currencies of oil-exporting countries, such as Canada’s dollar, tumbled after the International Energy Agency said it will release oil from emergency stockpiles. 
The Swiss franc rose against all of its major peers, reaching a record against the euro, amid concern the global economy will falter.
A report showed European services and manufacturing growth slowed in June more than economists forecast, adding to signs the economy is losing momentum. A composite index based on a survey of euro-area purchasing managers fell to 53.6 from 55.8 in May, London-based Markit Economics said.
Applications for jobless benefits in the U.S. rose 9,000 in the week ended June 18 to 429,000, the Labor Department said today. Purchases of new houses fell in May for the first time in three months, dropping 2.1 percent to a 319,000 annual pace, Commerce Department data showed today in Washington.
The euro dropped amid concern Greek Prime Minister George Papandreou will face difficulty in getting parliamentary approval for budget cuts and asset sales needed to qualify for more aid.
European leaders meet today in Brussels for a two-day summit on Greece. German Chancellor Angela Merkel told reporters they’ll reaffirm a time-line for assistance to Greece hammered out by euro-area finance ministers. The finance chiefs will decide on July 3 whether Greece has met conditions for its next aid payment.

EUR/USD: the pair  shown low in $1.4130 area. Later the rate  restored and finished session in $1.4260  area

GBP/USD: the pair shown low in $1.5930 area. Later the rate restored and finished session in $1.6000  area

USD/JPY: the pair holds on Y80.30-Y80-80.

Likely another day of Greece related headlines, as the EU leaders summit continues. At 0800GMT the main release if the German June IfO report. The US calendar starts at 1200GMT, with the release of the May 2011 building permits revision is released. The main data release is due at 1230GMT, with the release of May 2011 Durable Goods Orders and the first quarter GDP revision. The pace of GDP growth is expected to be revised up slightly to +2.0% for the third estimate of the first quarter. The chain price index is expected to be unrevised at +1.9%. The ISM manufacturing index is released at 1400GMT and is expected to fall to a reading of 
53.0 in June after falling in May, according to advance forecasts.

06:52
Tech on USD/CHF

Resistance 3: Chf0.8520 (Jun 20 high)

Resistance 2: Chf0.8440 (Jun 23 high, resistance line from Jun 16)
Resistance 1: Chf0.8390 (session high)
Current price: Chf0.8379
Support 1: Chf0.8360 (Jun 23 low)
Support 2: Chf0.8330 (area of Jun 6, 7 and 22 low)
Support 3: Chf0.8300 (psychological mark)

Comments: the pair holds in  Chf0.8380 area. The immediate resistance Chf0.8390. Above is located Chf0.8440. The immediate support - Chf0,8360. Below loss may extend to Chf0.8330.  

06:36
Tech on EUR/USD

Resistance 3: $ 1.4440 (Jun  21-22 high)

Resistance 2: $ 1.4320 (61.8 % FIBO $1.4440-$ 1.4125)
Resistance 1: $ 1.4280 (session high)
Current price: $1.4260
Support 1 : $1.4230 (session low)
Support 2 : $1.4125 (Jun 17 and 23 low)
Support 3 : $1.4100 (support line from May 23)

Comments: the pair receded from yesterday's low. The immediate support $1,4230. Below losses are possible to $1.4125. The immediate resistance $1.4280. Above growth is possible to $1,4320. 

06:00
Schedule for today, Friday, Jun 24'2011:

08:00 Germany  IFO business climate index (June) 113.1 114.2

12:30 USA Durable goods orders (May) 1.5% -3.6%
12:30 USA Durable goods orders excluding transportation (May) 0.4% -1.5%
12:30 USA Durable goods orders excluding defence (May) - -3.6%
12:30 USA GDP (Q1) final Y/Y 1.8% 1.8%
12:30 USA PCE price index (Q1) final - 3.8%
12:30 USA PCE price index ex food, energy (Q1) final - 1.4%

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