Post a Comment Stable Euro Japanese Finance Minister. The euro rose against the dollar after Japanese Finance Minister Taro Aso, said that the government would use foreign exchange reserves to buy debt securities issued by the ESM facility. Japan's Finance Ministry is preparing a purchase ESM on tenor 3 months on Tuesday. Japanese interest on bonds ESM is not new, since previous finance minister, Koriki Jojima also said the same thing last year, but the market reaction to the comments Mr. Aso indicated that investors pay more attention to policy decision makers today.
Observed so far stable pairing EURUSD at 1.3116, after a climb to the highest point at 1.3139 and intraday lows at 1.3104 daily. Technically, intraday bias remains neutral with a tendency for prices corrected down after a short rally, but still required penetration consistently below 1.3095 support to trigger further bearish pressure testing the next support area in the range of 1.3060. On the upside, only a penetration above 1.3150 area could only change the intraday bias to bullish targeting 1.3200 area.
Spanish Bond Issuance Will Add A total of 22 billion euros
Spain will increase post-maturity bonds as 22.2 billion euros (29 billion dollars) in 2013 to finance the country with the largest budget deficit in the euro zone's second. Total bond issuance will rise to 59 billion euros, compared with a target of 36.8 billion euros in 2012, said Inigo Fernandez de Mesa in Madrid today. Total gross issuance of bonds will reach 215 billion euros to 230 billion euros and 23 billion euros, including financing for Spanish state, he said.
U.S. Stock Index Futures Loyo Alcoa Ahead of Earnings Reports
U.S. stock market futures traded flat to be weakening on Tuesday as investors wait-and-see attitude ahead of Alcoa earnings report, which will mark the fourth quarter earnings reporting season. Observed so far DJIA index futures edged higher 0.01% at the level of 13.307, while the S & P 500 futs down -0.03%, at 1,455.00 and the Nasdaq futures are down -0.02% to trade at 2,717.50 level so far.
Investors will also be waiting for reports small business optimism index for December. Previous reports in the month of November was the smallest since March 2010. The Fed also will report the data consumer credit for the month of November, prior credit grew 6.2% driven by growth in student loans and loans for motor vehicles. Speech Richmond Fed President Jeffrey Lacker related economic outlook will also be a focus, before the reported rate of profit producer Alcoa closing session on Wall Street later that evening.
Gold Hold Up Ahead of ECB Meeting
Gold continue strengthening on Tuesday as the strengthening of Euro-related expectations that the ECB did not cut interest rates this week, and is also supported by physical gold demand is quite solid in Asia. Economists predict the ECB did not change its benchmark interest rate in the monetary policy meeting on Thursday, so prop up the single currency, while the U.S. dollar index weakened.
Separately, the physical gold market in Asia showed strong demand after the fall of the price of Gold has fallen sharply in the previous week to a range of $ 1.626 per troy ounce. Demand is also pretty solid anticipate Lunar New Year in China. Trading volume on the Shanghai Gold Exchange soared to record high levels to 19,504.8 kilograms, observed so far Gold spot price rose 0.27% at $ 1,651.14, after reaching its highest point at $ 1,657.28 and an intraday low of $ 1,647.03 daily.
Australia Trade Deficit Press AUDUSD
Australia's trade deficit was reported missed estimates as compared to the estimated 2637 billion USD -2.3 billion USD, while the worst level recorded in the last 5 years, due to a combination of weak commodity prices, a higher exchange rate and an increase in imports contributed to the overall deficit trade for 11 consecutive months.
Exports rose 1%, while imports increased by 2%. Analysts commented that the trade balance figures there is still hope to improve this year but remain in deficit territory. Aussie fell sharply as a result of this data, depressed below level 1.0500. Technically, pairing AUDUSD still stuck in trading range 1.0550 - 1.0450 in recent days, but the level of support is likely to be penetrated due to the trade deficit and the RBA rate expectations are likely to be lowered to weaken the exchange rate impact on the Trade Balance as rate decreased demand for commodities drastically.
Sterling overload Weak Economic Outlook
Sterling weakened in the London session, weighed down by a gloomy outlook for the UK economy. British Retailers Consortium data show retail sales growth slowed in late 2012. It must be quite worrying because the end of a golden period for retailers and can make investors worried about the weak recovery of the UK economy. Retail sales only please register a rise of 0.3% in December; less than the previous publications which increased 0.4%. GBP / USD is now trading 1.6100, not far from the level 1.6076 daily low"The focus now is how the sterling early indicators for the first quarter 2013," said Adam Cole, head of strategic RBC Capital Markets, who estimates that sterling will move sideways in the range of 1.60 - 1.63. Investors will certainly be looking forward to the UK trade balance data will be released tomorrow and BoE meeting on Thursday to seek further instructions will Britain's economic recovery momentum.
Observed so far stable pairing EURUSD at 1.3116, after a climb to the highest point at 1.3139 and intraday lows at 1.3104 daily. Technically, intraday bias remains neutral with a tendency for prices corrected down after a short rally, but still required penetration consistently below 1.3095 support to trigger further bearish pressure testing the next support area in the range of 1.3060. On the upside, only a penetration above 1.3150 area could only change the intraday bias to bullish targeting 1.3200 area.
Spanish Bond Issuance Will Add A total of 22 billion euros
Spain will increase post-maturity bonds as 22.2 billion euros (29 billion dollars) in 2013 to finance the country with the largest budget deficit in the euro zone's second. Total bond issuance will rise to 59 billion euros, compared with a target of 36.8 billion euros in 2012, said Inigo Fernandez de Mesa in Madrid today. Total gross issuance of bonds will reach 215 billion euros to 230 billion euros and 23 billion euros, including financing for Spanish state, he said.
U.S. Stock Index Futures Loyo Alcoa Ahead of Earnings Reports
U.S. stock market futures traded flat to be weakening on Tuesday as investors wait-and-see attitude ahead of Alcoa earnings report, which will mark the fourth quarter earnings reporting season. Observed so far DJIA index futures edged higher 0.01% at the level of 13.307, while the S & P 500 futs down -0.03%, at 1,455.00 and the Nasdaq futures are down -0.02% to trade at 2,717.50 level so far.
Investors will also be waiting for reports small business optimism index for December. Previous reports in the month of November was the smallest since March 2010. The Fed also will report the data consumer credit for the month of November, prior credit grew 6.2% driven by growth in student loans and loans for motor vehicles. Speech Richmond Fed President Jeffrey Lacker related economic outlook will also be a focus, before the reported rate of profit producer Alcoa closing session on Wall Street later that evening.
Gold Hold Up Ahead of ECB Meeting
Gold continue strengthening on Tuesday as the strengthening of Euro-related expectations that the ECB did not cut interest rates this week, and is also supported by physical gold demand is quite solid in Asia. Economists predict the ECB did not change its benchmark interest rate in the monetary policy meeting on Thursday, so prop up the single currency, while the U.S. dollar index weakened.
Separately, the physical gold market in Asia showed strong demand after the fall of the price of Gold has fallen sharply in the previous week to a range of $ 1.626 per troy ounce. Demand is also pretty solid anticipate Lunar New Year in China. Trading volume on the Shanghai Gold Exchange soared to record high levels to 19,504.8 kilograms, observed so far Gold spot price rose 0.27% at $ 1,651.14, after reaching its highest point at $ 1,657.28 and an intraday low of $ 1,647.03 daily.
Australia Trade Deficit Press AUDUSD
Australia's trade deficit was reported missed estimates as compared to the estimated 2637 billion USD -2.3 billion USD, while the worst level recorded in the last 5 years, due to a combination of weak commodity prices, a higher exchange rate and an increase in imports contributed to the overall deficit trade for 11 consecutive months.
Exports rose 1%, while imports increased by 2%. Analysts commented that the trade balance figures there is still hope to improve this year but remain in deficit territory. Aussie fell sharply as a result of this data, depressed below level 1.0500. Technically, pairing AUDUSD still stuck in trading range 1.0550 - 1.0450 in recent days, but the level of support is likely to be penetrated due to the trade deficit and the RBA rate expectations are likely to be lowered to weaken the exchange rate impact on the Trade Balance as rate decreased demand for commodities drastically.
Sterling overload Weak Economic Outlook
Sterling weakened in the London session, weighed down by a gloomy outlook for the UK economy. British Retailers Consortium data show retail sales growth slowed in late 2012. It must be quite worrying because the end of a golden period for retailers and can make investors worried about the weak recovery of the UK economy. Retail sales only please register a rise of 0.3% in December; less than the previous publications which increased 0.4%. GBP / USD is now trading 1.6100, not far from the level 1.6076 daily low"The focus now is how the sterling early indicators for the first quarter 2013," said Adam Cole, head of strategic RBC Capital Markets, who estimates that sterling will move sideways in the range of 1.60 - 1.63. Investors will certainly be looking forward to the UK trade balance data will be released tomorrow and BoE meeting on Thursday to seek further instructions will Britain's economic recovery momentum.
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