Intra-Day Market Moving News & Views & data to be released today
15 Sep 2014
EUR/USD -..... The single currency moved in choppy fashion in fairly thin Asian trading due to closure of financial markets in Japan. Despite opening higher in NZ, failure to re-test Fri's near 1-week high of 1.2980 (intra-day top was 1.2979) prompted selling by st specs, price retreated to 1.2950.
Although range trading is expected to continue, Fri's erratic rise abv 1.2963 res to 1.2980 suggests recent short-covering activities wud continue as Fri's release of CFTC data showed for the 1st time in 15 months, euro shorts pared their short positions. Bids are noted at 1.2950-40 n more below with some stops touted below 1.2900. On the upside, offers are tipped at 1.2980/90 with stops reported building abv the psychological 1.3000 level.
A piece of Reuters news which came out after Fri's close worth noting:
ECB President Mario Draghi promised on Fri the central bank planned asset purchase programme wud be "big" but stressed that only structural reforms by govts could revive the moribund euro zone economy.
Draghi told a news conference following a meeting of FinMins in Milan, "our balance sheet is expected to move towards the size it had at the start of 2012." He declined to give an estimate on the size of the ABS programme, saying "we know it's going to be big, but we are hesitant to give a number now".
Draghi believed recovery was continuing, even though it was "fragile, uneven and weak". However, with interest rates now at their "lower bound", he stressed that it was now up to govts to reform their economies to improve their ability to grow.
"No matter what monetary or even fiscal stimulus can be decided, we won't see much growth coming from these measures ... if there are no serious structural reforms," the ECB chief said.
On Friday closing, the single currency jumped to 1.2979/80 in thin New York trading, however, selling interest there caped euro's upside n price retreated to around 1.2940. Offers are now tipped at 1.2975/80 n more at 1.2990. On the downside, bids are located at 1.2925-20 n more at 1.2910.
This week will see the release of U.K. Rightmove house prices, Swiss producer or import price, eurozone Eurostat trade, U.S. New York Fed manufacturing, capacity utilization, industrial and manufacturing output on Monday.
Australia's RBA meeting minutes, U.K. CPI, PPI and RPI, Bank of England quarterly bulletin, Germany's ZEW current conditions and economic sentiment, U.S. core PPI final demand, Canada's manufacturing sales, U.S. Redbook, overall net capital flows on Tuesday.
New Zealand's current account, Bank of England minutes, U.K. average earnings, claimant count unemployment, ILO unemployment, Swiss ZEW investor sentiment, eurozone inflation, U.S. core CPI, CPI, current account, NAHB housing market index, FOMC rate decision and monetary policy statement on Wednesday.
New Zealand's GDP, Japan's import, export and trade balance, China's house prices, Swiss trade balance and interest rate decision, U.K. retail sales, CBI trends, U.S. building permits, housing starts, initial jobless claims, Philly Fed business index on Thursday. U.K. Independence referendum.
Germany's producer prices, eurozone current account, Canada's core CPI, CPI inflation and wholesale trade and U.S. leading index on Friday.
15 Sep 2014
EUR/USD -..... The single currency moved in choppy fashion in fairly thin Asian trading due to closure of financial markets in Japan. Despite opening higher in NZ, failure to re-test Fri's near 1-week high of 1.2980 (intra-day top was 1.2979) prompted selling by st specs, price retreated to 1.2950.
Although range trading is expected to continue, Fri's erratic rise abv 1.2963 res to 1.2980 suggests recent short-covering activities wud continue as Fri's release of CFTC data showed for the 1st time in 15 months, euro shorts pared their short positions. Bids are noted at 1.2950-40 n more below with some stops touted below 1.2900. On the upside, offers are tipped at 1.2980/90 with stops reported building abv the psychological 1.3000 level.
A piece of Reuters news which came out after Fri's close worth noting:
ECB President Mario Draghi promised on Fri the central bank planned asset purchase programme wud be "big" but stressed that only structural reforms by govts could revive the moribund euro zone economy.
Draghi told a news conference following a meeting of FinMins in Milan, "our balance sheet is expected to move towards the size it had at the start of 2012." He declined to give an estimate on the size of the ABS programme, saying "we know it's going to be big, but we are hesitant to give a number now".
Draghi believed recovery was continuing, even though it was "fragile, uneven and weak". However, with interest rates now at their "lower bound", he stressed that it was now up to govts to reform their economies to improve their ability to grow.
"No matter what monetary or even fiscal stimulus can be decided, we won't see much growth coming from these measures ... if there are no serious structural reforms," the ECB chief said.
On Friday closing, the single currency jumped to 1.2979/80 in thin New York trading, however, selling interest there caped euro's upside n price retreated to around 1.2940. Offers are now tipped at 1.2975/80 n more at 1.2990. On the downside, bids are located at 1.2925-20 n more at 1.2910.
This week will see the release of U.K. Rightmove house prices, Swiss producer or import price, eurozone Eurostat trade, U.S. New York Fed manufacturing, capacity utilization, industrial and manufacturing output on Monday.
Australia's RBA meeting minutes, U.K. CPI, PPI and RPI, Bank of England quarterly bulletin, Germany's ZEW current conditions and economic sentiment, U.S. core PPI final demand, Canada's manufacturing sales, U.S. Redbook, overall net capital flows on Tuesday.
New Zealand's current account, Bank of England minutes, U.K. average earnings, claimant count unemployment, ILO unemployment, Swiss ZEW investor sentiment, eurozone inflation, U.S. core CPI, CPI, current account, NAHB housing market index, FOMC rate decision and monetary policy statement on Wednesday.
New Zealand's GDP, Japan's import, export and trade balance, China's house prices, Swiss trade balance and interest rate decision, U.K. retail sales, CBI trends, U.S. building permits, housing starts, initial jobless claims, Philly Fed business index on Thursday. U.K. Independence referendum.
Germany's producer prices, eurozone current account, Canada's core CPI, CPI inflation and wholesale trade and U.S. leading index on Friday.
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