Ramon Ramirez

FXstreet.com (San Francisco) - EUR/USD again traded in choppy consolidation mode Thursday, and hit a 7-day high as it traded in range between 1.2230 and 1.2322, finishing the North American session virtually unchanged from its starting price at 1.2278. The pair seems to be unable to find direction and, as Valeria Bednarik, Chief Analyst at FXstreet.com notes of the 4-hour chart, “a succession of higher lows point for an upward extension, although price needs to break mentioned resistance, to gather enough bullish momentum,” she comments. “At this point, sellers will retake the lead only on a break of the yearly low at 1.2161.” So far in early Asia, EUR/USD sits unchanged around the 1.2275 area. The analyst identifies at support levels at 1.2250, 1.2230 and 1.2200, while resistance levels lie at 1.2310, 1.2340 and 1.2385

Forexpros - The dollar fell against the yen in Asian trading on Thursday as investors sold the greenback despite strong housing data out of the U.S. Healthy U.S. earnings out of the U.S. sent Asian equities rising, which further fueled demand for the yen. In Asian trading on Thursday, USD/JPY hit 78.57, down 0.28%, up from a session low of 78.52 and off a high of 78.80. The pair was likely to find support at 78.52, the earlier low, and resistance at 78.80, the earlier high. U.S. housing starts jumped 6.9% in June to a seasonally-adjusted annual rate of 760,000 units, a near four-year high and well above expectations for a gain of 5.2% to 745,000 units. Housing starts for May were revised up to 711,000 units from a previously reported 708,000 units. Building permits issued in June dropped 3.7% to a seasonally adjusted 755,000, worse than expectations for a decline of 2.4% to 765,000. Building permits issued in May totaled 784,000. The dollar would normally rise on such data but held steady as investors avoided the greenback to wait and see weekly jobless claims hit the wire later Thursday. Investors therefore snatched up positions in yen and later in Asian stocks. Meanwhile earnings came in better-than-expected for many companies in the U.S., especially those in the technology sector, including IBM, Yahoo! and Intel, which fueled demand for Asian equities. The yen was up against the pound and up against the euro, with GBP/JPY down 0.24% and trading at 123.06 and EUR/JPY down 0.22% and trading at 96.58. Later Thursday, Japan will release its All Industries Activity Index, which measures the monthly change in overall production by all sectors of the Japanese economy. Also on Thursday, the U.S. will release data on initial jobless claims as well as numbers on existing home sales and manufacturing activity in the Philadelphia area.

FXstreet.com (Barcelona) - USD/SGD is currently dealing with fresh 8-week lows at 1.2577 bids, -0.57% lower from previous Asia-Pacific open yesterday, and about the same for the week, amid a USD mild sell-off across the board at the moment. According to Catherine.Tan from IFR Markets: “USD/SGD to continue towards the 1.2585 61.8% fibo support”, the analyst says, adding: “USD/SGD will likely extend fall to 1.2545 (15 May low) on breach below 1.2585.” The RSI in dailys already reads 33. Immediate support to the downside shows at April 11 lows 1.2562, followed by May 09 highs at 1.2548, and April 19 highs/May 15 lows at 1.2535/41. For the upside, closest resistance comes at July 03/05/11 lows at 1.2608, followed by May 17 lows at 1.2627, and Friday's lows at 1.2633. Get Your Winnig Strategies For FREE!!

Forexpros - The New Zealand dollar fell against its U.S. counterpart on Tuesday after inflation rates came in weaker than expected in the South Pacific country. NZD/USD hit 0.7971 in Asian trading on Tuesday, down 0.10%, up from a session low of 0.7963 and off from a high of 0.7976. The pair sought to test support at 0.7937, the low of July 16, and resistance at 0.7988, the high of July 16. Statistics New Zealand reported earlier that the country's consumer price index rose to a seasonally adjusted 0.3% in the second quarter of this year, down from 0.5% in the preceding quarter. Analysts had expected the inflation rate to rise 0.5% in the quarter. The quarterly inflation rate was the lowest in 12 years. The news spared talked the Reserve Bank of New Zealand will grow increasingly likely to keep interest rates low, which was bearish for the country's currency. Weak retail sales in the U.S. capped the U.S. dollar's gains against its New Zealand cousin. The Commerce Department reported U.S. retail sales dropped by a seasonally adjusted 0.5% in June, far worse than market calls for a 0.2% gain. The softer-than-expected numbers came in wake of a 0.2% decline in May and marked the first time retail sales had dropped in three consecutive months since late 2008. Core retail sales, which are stripped of automobile sales, contracted for a second consecutive month, dropping 0.4%, defying market expectations for a gain of 0.1%, after falling by 0.4% in May. The New Zealand dollar, meanwhile, was down against the yen and down against its Australian counterpart, with NZD/JPY losing 0.09% to 62.87 and AUD/NZD up 0.17% at 1.2867. Federal Reserve Chairman Ben Bernanke is due to speak before Congress later Tuesday, which will serve as the pair's chief steering current later in the day.

FXstreet.com (Córdoba) - The euro bounced strongly after hitting a fresh 2-year low of 1.2162 at the beginning of the American session weighed by rumors the ECB could implement negative deposit rates in September. However, EUR/USD was firmly rejected from those lows and climbed more than 80 pips in a matter of minutes, helped by the positive opening in Wall Street. At time of writing, EUR/USD is quoting at the 1.2230/40 zone, now up 0.3% on the day. The 100-hour SMA at 1.2250 should offer immediate resistance, followed by 1.2295 and 1.2330. On the downside, supports could be faced at 1.2200, 1.2160 and 1.2150. There is chatter Eastern European CB, the big buyer in EURUSD, is smashing market higher amid thin liquidity.

Forexpros - Gold prices traded lower in Asian trading on Thursday, dipping after the Federal Reserve released the minutes of its latest monetary policy meeting that showed no new inclination to stimulate the U.S. economy. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded down 0.06% at USD1,574.75 a troy ounce, also a session low and down from a high of USD1,576.85 a troy ounce early during the session. Gold futures were likely to test support at USD1,566.95 a troy ounce, the low from July 11, and resistance at USD1,601.25, the high from July 10. In the U.S. on Wednesday, the Federal Reserve released the minutes of its June 19-20 monetary policy meeting, revealing that voting members remain willing to stimulate the economy via credit easing measures if needed, but made no real signal if the U.S. central bank were more inclined to do so despite a string of weak economic indicators. Monetary stimulus tools, including quantitative easing, weaken the dollar in an effort to spur recovery. Gold and the dollar trade inversely from one another, and talk the Fed is increasingly likely to loosen policy sends the dollar falling and gold rising. The dollar shot up on news of the Fed's stance on intervening appeared largely unchanged, with a few voting members ready to stimulate but most willing to step in only if the economy takes a more pronounced turn to the south. "A few members expressed the view that further policy stimulus likely would be necessary to promote satisfactory growth in employment and to ensure that the inflation rate would be at the Committee's goal," the Federal Reserve said in the minutes released in the U.S. on Wednesday. "Several others noted that additional policy action could be warranted if the economic recovery were to lose momentum, if the downside risks to the forecast became sufficiently pronounced, or if inflation seemed likely to run persistently below the Committee's longer-run objective." Elsewhere on the Comex, silver for September delivery was up 0.11% and trading at USD27.053 a troy ounce, while copper for September delivery was down 0.06% and trading at USD3.426 a pound.

FXstreet.com (Barcelona) - The U.S. dollar has weakened against its Swiss rival during the morning of European trading after the mixed results in Germany and Switzerland Monday. After achieving a daily maximum in the region of 0.9801 earlier today, the pair has since fallen and is negotiating around the area of 0.9764 at the present. According to the recent reports out of Germany, Imports (MoM) and Exports (MoM) in May grew +6.3% (vs. a consensus of +1.3%) and 3.9% (vs. a consensus of +0.5%) respectively. The Trade Balance (May) gave a result of € 15.6B in May, against expectations of € 15.8. Finally, the index of Unemployment Rate in Switzerland yielded a figure of 2.7% in June, against forecasts of 2.9%. According to the technical analysts ICN.com, "Momentum indicators are trading in overbought areas and that might cause heavy volatility and possible downside corrections." Presently, the cross is falling -0.32% below its opening price level. The next short-term supports are located at 0.9750, 0.9700, and finally 0.9680. On the upside, a penetration of 0.9820 would expose the resistances of 0.9865 and 0.9900.

Zerohedge 'The world has gotten itself into too much debt. There are creditors that expect to be paid, and debtors that are having an increasingly difficult time making their coupon payments. No amount of political or policy intervention is going to change that reality.' (fxstreet)

where are the journals mate?

Forexpros - Gold prices fell in Asian trading Wednesday as the market viewed a eurozone bailout fund approved for Spain to prop up its banks with increasing skepticism. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded down 0.24% at USD1,609.95 a troy ounce. Gold hit at a low of USD1,608.85 a troy ounce and a high of USD1,613.55 a troy ounce during the session. Gold futures were likely to test support at USD1,600.55 a troy ounce, the low of June 10, and resistance at USD1,618.65, the high from June 12. Gold tends to trade inversely from the dollar, often tracking the euro and equities markets in recent months. Early in Asian trading on Wednesday, the dollar dipped on residual talk the Federal Reserve may not rule out stimulating the economy via quantitative easing, which are bond buybacks from banks designed to jolt the economy and fuel jobs demand, with a weaker greenback as a side effect. The euro was down on fears that a EUR100 billion bailout arranged by the eurozone for Spain to recapitalize its debts won't do enough to solve Spain's broader economic ills. Gold rose and fell amid the conflicting data, before finally trading lower with the euro on sentiment that even if the Federal Reserve does move, the European debt crisis will continue to send investors moving to the safety of the U.S. dollar. Elsewhere on the Comex, silver for July delivery was down 0.45% and trading at USD28.818 a troy ounce, while copper for July delivery was down 0.30% and trading at USD3.341 a pound.

FXstreet.com (Barcelona) - After climbing as high as 1.2522, the single currency has returned to trade back below the 1.2500 mark,, with increasing yields in Spanish debt markets and widening spreads in CDS weighting on sentiment. The financial aid directed to the Spanish banking system has become just a memory by now, as market participants are closely watching the evolution of the bonds market and the Greek elections on Sunday are growing in importance. EUR/USD is now up 0.22% at 1.2494, facing the next resistance at 1.2528 ahead of 1.2567 them 1.2610 and 1.2672 On the other hand, support levels lie at 1.2435 followed by 1.2426 then 1.2405 and 1.2386

looks interesting.. :)

The European single currency is set to close the week down around 0.9% against the greenback, as EUR/USD hovers above the 1.2400 figure ahead of the closing bell this Friday in North America, poised to record its fifth consecutive week of losses. EUR/USD managed to touch a new 23-month low as it trades a broad daily range between 1.2286 and 1.2454; at the time of writing, the pair is moving to the top of the range, last at 1.2435 vs. 1.2364 late Thursday. Overall though, the USD remains strong as the global growth outlook deteriorates and uncertainty in Europe takes its toll on risk sentiment. As Volatility and uncertainty continues to rise, safe haven yields like German bonds have fallen to record levels. “Until there is some relief to the uncertainty that surrounds Europe, financial markets are likely to continue removing exposure to Europe,” says Camilla Sutton, CFA, CMT, Chief Currency Strategist at Scotiabank. From a technically perspective, the outlook is bearish as an RSI of 18 pushes EUR/USD well into oversold territory, says Ms. Sutton; “but major signals [remain] in sell territory and [the] downward trend [is] strong. Ignore RSI.” In the week ahead, more light may be shed on the possibility of the Fed to take more action in the way of QE3 after a disappointing May nonfarm payrolls report earlier today, which showed that the US economy only added 69k jobs on month and rose the unemployment rate to 8.2%.

Forexpros - Gold futures came off the lowest levels of the day during U.S. morning trade on Wednesday, following disappointing data on U.S. pending home sales, though lingering fears that the euro zone’s debt crisis is deepening weighed on the precious metal. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,543.85 a troy ounce during early U.S. morning trade, shedding 0.45%. It earlier fell by as much as 1.15% to trade at USD1,532.55 a troy ounce, the lowest since May 16, when prices fell to a 2012 low of USD1,526.95. Gold futures were likely to find near-term support at USD1,526.95 a troy ounce, the low from May 16 and resistance at USD1,585.65, the high from May 28. Gold prices found some support after the National Association of Realtors said its pending home sales index tumbled by 5.5% in April, confounding expectations for a modest 0.1% decline. The downbeat data renewed expectations that the Federal Reserve could embark on a third round of monetary easing to boost growth in the world’s largest economy. Gold investors will be closely watching U.S. data in the second quarter for clues as to the likelihood of a fresh round of monetary easing, which could potentially hurt the dollar and support gold. But prices remained lower as the precious metal tracked movements in the euro. Gold tends to trade together with the euro, so any weakness in the single currency can lead investors to cash in their bullion positions to realize a higher profit in their local currency. In addition, European investors are also more likely to sell their gold when the euro depreciates against the dollar to earn a higher profit on their currency position by taking profit on their dollar-denominated bullion position. The single currency came under pressure from concerns over the situation in Spain, where rising bond yields, the growing costs of bank rescues and a recession hit economy fuelled fears that Madrid will be forced to seek an international bailout. The yield on Spanish 10-year bonds climbed to 6.7% earlier Wednesday, approaching the critical 7% threshold that preceded bailouts in Greece, Ireland and Portugal. Jitters regarding Spain have worsened in recent sessions, after Bankia, the country’s fourth-largest lender, said last week it needed EUR19 billion in state aid to shield itself from bad loans. Meanwhile, fears over a Greek exit from the euro zone reemerged after an opinion poll showed anti-austerity party Syriza in the lead ahead of the June 17 election. The likelihood of Greece leaving the euro has been growing since early May, when anti-bailout political parties deprived pro-austerity parties of a majority at the polls. Also Wednesday, Italy’s Treasury auctioned EUR5.73 billion of 5-and 10-year bonds in an auction which met with lackluster investor demand, while borrowing costs rose sharply, indicating that concerns over Spain and uncertainty over the outcome of elections in Greece next month are having a negative impact on Italy. Some market participants noted that heavy losses in stocks and other commodities markets accelerated gold’s sell-off, as traders were forced to sell their gold holdings to raise cash to cover losses elsewhere. In October 2008, gold prices tumbled 18% as turmoil in global financial markets led to losses in global equity and commodity markets. The precious metal rallied 23% in the next two months. Gold futures had briefly cut losses after the European Commission said the euro zone must move towards a banking union, consider eurobonds as well as the direct recapitalization of banks from its permanent bailout fund to regain investor confidence. Elsewhere on the Comex, silver for July delivery fell 0.55% to trade at USD27.63 a troy ounce, while copper for July delivery plunged 2% to trade at USD3.393 a pound.

FXstreet.com (San Francisco) - USD/CHF pushed above the 0.9600 mark Tuesday to reach a fresh multi-month high of 0.9636, a level not seen since 16 Feb 2011. Most of Today’s major news has focused on rumors of a Chinese stimulus package, the Spanish banking sector, an earthquake in Italy and ongoing European uncertainty. In this environment the USD is broadly bid, as market sentiment is driven lower, helped by Egan Jones’ rating downgrade of Spain. USD/CHF trades at 0.9612 ahead of the closing bell in New York, poised to record a 0.4% gain on the day. On the Swiss fundamental front, UBS's Consumption index for Apr improved to 1.41 from 1.20, but a disorganized breakup of the eurozone remains the single greatest threat to the Swiss economy. Resistance lies at 0.9773 (6 Feb high) while, immediate support is noted at 0.9575.

FXstreet.com (Barcelona) - EUR/USD is ending the Asian trade in the middle of a new round of panic selling on risk aversion, with USD index at fresh 20 month highs around 82.40, USD stronger even against Yen. EUR/USD sits near session lows at 1.2526 as last, 7 pips above mentioned lows, and 11 above fresh 2012 lows made yesterday. All local markets trade in the red except Kospi about flat, and gold also at session lows $1552. The London session ahead shows a soft agenda all day long, previous a 3-day weekend in most parts of the world, including Europe and the US with markets closed on Monday. Gfk German consumer climate will be out at 06:00 GMT, followed by Italian retail sales at 08:00 GMT and no major EU sovereign debt auctions on schedule. Chatter on Eurobonds will also probably give some headlines, as one from Bloomberg from this morning in Europe: “Monti: can get Germany back euro bonds,” the news agency said. Immediate support to the downside for EUR/USD comes at very recent session and yesterday lows, lowest for 2012 and since July 2010 at 1.2517/14, followed by July 06 2010 lows at 1.2478, and June 06 2010 highs at 1.2467. For the upside, closest resistance comes at Thursday's lows 1.2544, followed by recent session's highs 1.2553 and yesterday's highs 1.2620.

Forexpros - Gold prices were up in Asian trading on Tuesday, extending Monday's gains in edgy trading on talk global leaders remained committed to keeping Greece in the eurozone. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded up 0.23% at USD1,592.35 a troy ounce. Gold traded at a low of USD1,592.15 a troy ounce and hit a high of USD1,594.55 a troy ounce during the session. Gold futures were likely to test support at USD1,542.85 a troy ounce, the low on May 17, and resistance at USD1,601.75, the high from May 10. World leaders representing the Group of Eight large industrialized economies recently stated they would do what it takes to keep Greece in the eurozone, including U.S. President Barack Obama and German Chancellor Angela Merkel. German Finance Minister Wolfgang Schaeuble, himself a vocal supporter for imposing austerity measures on Greece in exchange for bailout money, assured the world Germany and France would do everything necessary to help Greece remain in the currency zone. The news sent the euro rising, which brought gold up with it despite a rising dollar. Talk that Japan will take new steps to weaken the yen to boost exports also sent gold rising, although choppy trading showed the yellow metal's gains may be short-lived. Greece is headed for parliamentary elections on June 17 and expectations persist that leftist political parties opposing austerity measures such as tax hikes and spending cuts will take power and abandon belt-tightening measures, which could mean an end to rescue funding and an end to Greece's membership in the eurozone. Such fears have sent gold's traditional hedge, the dollar, climbing in the past. Elsewhere on the Comex, silver for July delivery was up 0.63% and trading at USD28.500 a troy ounce, while copper for July delivery was down 0.11% and trading at USD3.527 a pound.

FXstreet.com (San Francisco) - AUD/NZD has drifted south to touch a 4-day low of 1.2915, with the market ignoring news of a dairy market oversupply of milk; New Zealand’s Fonterra cut its 2012/13 dairy forecast payout for the year as it had been expected - falling dairy prices undermines NZD fundamentals. The pair is at 1.2915 vs. 1.2955 in early trading, threatening to push lower. Short term support is noted at 1.2885 (22 March high), with resistance seen at 1.2934 (yesterday’s low).

FXstreet.com (Barcelona) - An improved mood in the Asian session has seen overstretched bearish trends on risk currencies taking a turn higher. EUR/USD is nearing 1.2750 from levels below 1.2700 in NA trade. AUD/USD has also jumped to 0.9950 from 0.9870 in the last European session. The market has been a one way street favouring the USD lately, courtesy of a potential fracture of the EZ as Greece edges closer to the abyss, however, techical market dynamics appear to finally outweigh the fundamentals in Asia. S&P futures are also moving higher, helping underpin risk currencies. EUR/USD, which has been offered merciless since breaking its old range at 1.2950, saw a basing pattern taking shape at 1.2680 early US trade, just over 50 pips away from beckoning last Jan lows at 1.2625/30. The highly liquid EUR/USD has been on a crusade to higher ground since the NY close though, now approaching 1.2750/60, where sellers may be noted. Should the correction pick up momentum, the pair may enjoy a no congestive zone of 50+ pips until reaching 1.2810/20, May 14 swing low. Further up, earlier in the week above 1.2900 was a re-sell zone, so it should be noted a 'value area' again for sellers. On the downside, support at 1.2680 is the next hurdle to take out before Euro bears launch a final attack to 1.2625 Jan lows. Below, the round number 1.2500 may come into play.

FXstreet.com (Barcelona) - Some analysts have been pointing out to a sideways trading range at 79.70/80.07, from which the USD/JPY seems to be having trouble in breaking. Leading Economic Indicators in Japan have risen from 96.0 (revised from 90.3) to 96.6, lower than general consensus of 97.0. Today, the pair was lifted up to 79.94 only to lose it all again towards 79.71. From this support area, the cross is bouncing ahead of the European opening. “We would currently allow for further slippage to 79.15/78.90 (61.8% retracement and the 55 week ma), where we would expect the market to stabilize and recover”, wrote Commerzbank analyst Karen Jones.

FXstreet.com (Barcelona) - From 49.3 in April, analysts were expecting economic optimism to rise to 50.3, but actual data for May points to a drop to 48.5. Earlier in the American morning, (small) business optimism index by NFIB had risen to 94.5 in April, from 92.5 in March.

The American session saw the USD/JPY jittering on the US labor market data release, with less payrolls than expected (+115K) and a falling unemployment rate to 8.1%, especially due to a decline in the civilian labor force. After touching a high at 80.39, the pair fell down below 80.00 psychological level and has printed its low at 80.80, where it is currently trading. Mataf.net analysts point to resistances at 80.55, 81.40 and 81.75, On the downside, supports might act at 80.10, 79.70 and 79.35.

Having been rising since yesterday’s European session low, at 1.3208, the EUR/USD kept on going till today and was just capped at 1.3278, almost 1-month high. Profit taking has thrown the pair down by 20 pips, to 1.3258. Deltastock analysts don’t expect much more upside from the EUR/USD. “The uptrend is still intact and yesterday's slide to 1.3210 support has proven to be a corrective one, so the focus is still set on 1.3290 dynamic resistance”, wrote Stoyan Mihaylov, analyst at Deltastock.com, expecting a reversal below 1.3300 for a slide towards “the lower boundary of the prolonged range, at 1.30+”.

The Treasury of the United States of America is considering issuing a new type of financial instrument: floating rate debt. The Treasury had already considered this idea back in the early ninetees but it never decided to implement it. The move comes at an odd time, given that interest rates have never been so low and that everybody is trying to do the opposite: lock the low rates. The Wall Street Journal reports that some analysts believe that the move is not odd at all, and that it actually makes sense. The Treasury wishes to reduce its reliance on short-term bills, which is why it has been issuing more long term debt, pushing the weighted average maturity of the U.S. debt to 62.4 months at the end of 2011 from 49 months 3 years earlier. The US federal government can issue a 10 year bond with a yield of 1.92% as opposed to the 0.09% yield for 3 month notes. Although the 10 year yield is at an all-time low, it is still cheaper to borrow at 0.09%. By issuing floating rate debt, the Treasury would be able to borrow for longer periods while benefiting from the low interest rates. It would be actually doing the opposite of locking interest rates by locking the money for longer periods and paying a floating yield on the meantime. But of course, if rates start to go up, so would the rate on this new type of instrument. The WSJ adds that countries such as Italy and the UK are big issuers of floating rate debt and that it expects strong demand for such products in the US.

The single currency rose 0.30% against sterling after the announcement of the latest figures for the UK's PMI. The purchasing managers index came out worse than expected, dropping to 50.5 (instead of 51.5) from 51.9. Yesterday, the EMU's CPI came short of expectations at 2.6% while the M3 money supply grew more than expected, reaching YoY growth of 3.2%. Retail sales in the EMU's biggest economy, Germany, have grown MoM and YoY by 0.8% and 2.3%, respectively. At the same time, S&P downgraded 16 Spanish banks, which could push a sell off on the euro. The pair is currently trading at 0.8180, below 0.8504 (200 SMA), facing resistance at 0.8170, ahead of 0.8186 and 0.8210, according to Fxstreet.com pivot points on technical tools. On the downside, there is support at 0.8130, before 0.8106 and 0.8090.