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News and European Economic Review (UK)

Sterling Limited Reaction in Asia; House Prices UK

Monday, June 20, 2011

Sterling looks to give a little reaction to the latest data related to the UK which showed that UK housing prices is at its highest level since the GFC.

Sterling is currently at 1.6160 area when the currency is moving in the range of 1.6177 and 1.6148 in Asia.

Current support levels in the range of 1.6103, 1.6085 and 1.6060. Resistance level is now at the level of 1.6210, 1.6235 and 1.6267.

News and European Economic Review (Greece)

European finance ministers meet this monday

Monday, June 20, 2011

Greek debt remains a concern, as European finance ministers are to resume negotiations on Monday night.

The finance minister is likely to perform only authorization for a loan of 6 billion euros to help the Greeks in terms of bonds, rather than the requested 12 billion Euros, in order to maintain the pressure to cut debt, said Belgian Finance Minister Didier Reynders.

"In any situation, we will release the necessary funds in the near future," said Reynders told reporters before a meeting in Luxembourg.

Greek Prime Minister summoned the officials to accept measures to avoid economic meltdown, reportedly Sean Lee of Forex Live.

News and Overview of the European Economic Zone

Europe Agrees Failed "Bailout" Greece

Monday, June 20, 2011

Europe failed to agree on a loan payment to avoid flushing the Greece of failing to pay debts (default). This condition is also pressing the Prime Minister of Greece George Papandreou for immediate budget cuts in the middle of the demonstrations that roiled the country.

At a meeting early yesterday, the Minister of Finance in Europe to force Greece to issue regulations governing the trimming budget deficits and selling state assets. They did not decide whether Greece will get a full loan worth 12 billion euros, equivalent to 1.7 billion dollars promised in July as part of the bailout last year with a total value of 110 billion euros.

"We really urge the Greek government to complete its obligations at the end of this month, so we can feel confident that all debts can be met," said Luxembourg Prime Minister Jean-Claude Juncker.

As a result, decisions on additional bailout package three years and have yet to be decided until early July.

Crude oil closed lower, down 6 percent in a week

Friday, June 17, 2011

U.S. crude oil futures fell more than 2 percent on Friday due to concerns about Greece's debt and the slow U.S. economic growth so that the pressure of oil prices.

Crude oil prices fell 6.3 percent in the week, the biggest weekly decline since the commodity-experienced sell-off in early May.

The euro rose for a second day against the dollar on hopes that Greece will get a new aid package needed to avoid a default that could disrupt global markets.

But Friday night, the euro trimmed its profits against the dollar after Moody's downgraded Italy's credit rating and puts the country on possible further downgrade.

A separate report on Friday showed U.S. consumer sentiment deteriorated this month, although the size of future economic activity rose May, strengthening the image of the U.S. economic recovery is faltering.

On the New York Mercantile Exchange, July crude oil fell $ 1.94, or 2.04 percent, to settle at $ 93.01 a barrel, its lowest close since February 18 closing at $ 86.20. The highest intraday Friday is $ 95.40 and $ 91.84 in the 200-day average front-month crude oil moving at $ 92.22.

News and Review Economic Zone Asia (China)

China Flood Alert, 555,000 Displaced Persons

Friday, June 17, 2011

China to deploy troops to help flood victims and increase disasters standby for several days after rain caused more than half a million people in central provinces and south to evacuate.

More than 555,000 people were displaced in seven provinces and one municipality after the rain has recently hit the areas that are dry causing floods and landslides in the Yangtze River basin, said the official China Daily newspaper.

State media reported until Thursday afternoon, flooding caused by rain four days recently killed 19 people and seven others missing in the provinces of Anhui, Zhejiang, Jiagxi, Hubei, Hunan, Sichuan and Guizhou and Chongqing municipalities.

China increases standby to disasters to the highest level four, and the government called the flooding in some areas, such as Zhejiang province Qianting River region as the worst since 1955.

Two levees were breached in the province on Thursday flooded the two towns and 21 villages, Xinhua news agency said.

Official death toll from floods and landslides since June 3 has not increased since Wednesday, while state media say at least 105 people were killed and 65 people missing.

The weather experts warned Thursday that in the next few days of rain could cause more harm, including in the southwest area. Rainfall is not expected to decline until Sunday.

In Jiangxi province in the east, the troops helped evacuate 122,400 people from low-lying areas, news agency China News Service (CNS), on Thursday.

State media did not give the number of troops deployed to aid relief efforts for the victims of flood and landslide.

In Hubei province, central China, heavy rains two days ago caused a landslide that caused six people missing and blocked Pingdu River, forcing 2,000 people displaced by the dikes hit by landslides and debris.

News and Overview of the European Economic Zone

Fed Meeting Overshadowed European Debt Crisis

Friday, June 17, 2011

Economic development of the weaker European countries will probably overshadow the two-day policy meeting by the Federal Reserve, which could explain the attitude of the U.S. central bank about the need for further measures to stimulate the sluggish recovery.

The Federal Open Market Committee (FOMC), the Fed's policy setting panel, is expected to make an announcement at 01:15 on Thursday morning, which was quickly followed by a press conference by Fed Chairman Ben Bernanke.

BNP Paribas said they expect the Fed meeting to prove a negative for the dollar.

"With the FOMC this week may be to maintain a dovish stance and use the language of 'extended period' in both interest rates and balance sheet, the more visible U.S. dollar weakness," wrote currency strategist at BNP Pariba to clients, as quoted by Reuters.

But they added that the dollar could regain traction when the Greek situation gets worse and risk sentiment weakened.

The dollar fell 0.7% to 80.00 yen, and was on track to decline 0.3% during the week.

U.S. consumer sentiment deteriorated this month amid renewed concerns about the economic outlook and as gloom about job and income prospects remain, data showed on Friday night.

The U.S. economic calendar next week include existing and new home sales, durable goods orders, and the rate of economic growth in the first quarter end.

News and European Economic Review (UK)

GBP / USD Potential to Form 'Double Bottom'

Friday, June 17, 2011

The weakening pound from a high position in the area of ​​1.6170 in early Asian session seems to have found support around 1.6100, which catapulted the GBP / USD on the London trading session to touch a high level of new fresh daily at 1.6187, and potentially form a pattern of "double bottom".

Currency pairs are seen struggling in the 1.6170/80 resistance zone (daily high / level tintra-day), with subsequent resistance may be found at 1.6225 (June 16 high) and 1.6275 (intra-day level). Meanwhile, the nearest support level at 1.6080/00 ​​area? (June 16 low / low daily), and then at 1.6055 (May 20 low) and 1.5935 (low March 23).

Days of recovery efforts has the potential to form a "double bottom" at the level of 1.6100 with resistance at 1.6170/80 can be seen as a reversal point of intervention, which if breached may push the currency pair is heading the resistance zone at 1.6275.

News and Overview of the European Economic Zone (Greece)

Euro Up On Optimism Greece

Friday, June 17, 2011

The euro rose for the second consecutive day against the dollar on Friday and next week could be extended gains on hopes that Greece will get a new aid package needed to avoid a default that could disrupt global markets.

The leaders of Germany and France said on Friday they have united on a Greek rescue deal that would include private sector participation on a voluntary basis. The euro has been hampered in recent weeks by a dispute between Germany and the European Central Bank, supported by France.

Prudence is still covered, analysts said, with euro zone finance ministers are scheduled to meet on Sunday and Monday, which will be followed by a summit of EU leaders next week. Greek Cabinet, which in the reshuffle on Friday, will face a vote of confidence on Tuesday night.

The euro reached a session high Mahadana 1.4335 on trading platform, before falling back to 1.4303, up 0.7%. But still down 0.2% on the week.

Euro reducing some gains after Moody's placed the credit ratings on review for possible Italian downgrade, heightening fears of contagion crisis.

Commissioner of Economic and Monetary Affairs Commissioner Olli Rehn said the EU's euro zone finance ministers will decide on Sunday to disburse emergency loans to Greece next stage in early July and decided the new bailout duration of three years on July 11.

Try to Limit Decrease Gold Crisis

Thursday, June 16, 2011

Gold weakened due to the strengthening dollar, but fears the worsening debt crisis, euro zone may limit the decline as investors worried towards the completion of Greece's debt problems. Prime Minister of Greece will flatten the cabinet when the euro-zone finance ministers signaled the impossibility of a bailout agreement is reached at a summit next week.

"Investors are skeptical of the new Greek government will be able to convince the population of drastic austerity policies. However, budget cuts are needed and can not be postponed," said Ong Yi Ling, an analyst at Phillip Futures. "Until the Greeks produced a plan that can maintain debt sustainability, help may not come down. With the increasing risk of default then the gold and the dollar can be strong together."

"The strengthening dollar hurt gold, and profit-taking was also seen in precious metals," said an analyst at VTB Capital, Andrey Kryuchenkov. "However, gold continues to be supported by the uncertainty of the debt crisis of Europe. If the situation in Europe worsened then gold could rally back to test the record achieved in May."

From the technical side, gold is still trapped in a bearish channel. 1519.35, the lowest price June 2, will be the closest support which would open opportunities penetration testing lowest prices yesterday 1514. The highest price today, 1530.80, will become resistant that if passed could take gold reach 1534.50, the highest price June 16.

News and Review Economic Zone Asia (China)

China Back Buy Oligasi U.S.

Thursday, June 16, 2011

China to buy U.S. bonds in April to $ 7.6 billion, re-selling of the action of the previous five months, according to the U.S. Treasury department released yesterday.

China's holdings rose to $ 1,153 trillion in April, compared to March of 41 145 billion, making it the largest holder of U.S. government bond holdings, according sebuat monthly report from the Treasury International Capital.

Meanwhile, ownership of Hong Kong for U.S. bonds rose to $ 122.4 billion in April, up from $ 122.1 billion in March.

Ownership in the UK also rose to 4333 billion in April, where the previous year of $ 325.2 billion in March.

News and Overview of the European Economic Zone (UK)

Sterling Still Bearish trapped situation, careful Retail Sales Today

Thursday, June 16, 2011

Sterling fell nearly 200 points against the dollar due to poor reports UK retail banking division and rising jobless claims. British Finance Minister, George Osborne supported the separation of retail banking from investment banking. Sterling is quite distressed by reports of the separation of retail and investment banking unit of UK and this reduces the competitiveness of UK financial institutions in the global arena.

Sterling performance worsened after data showed unemployment claims rise in Britain as many as 19 600 for the month of May, worse than expected 7100. April jobless claims were also revised higher from 12,400 to 16,900. It certainly made it clear how vulnerable the UK's economic recovery, so give a reason for the Bank of England not to change monetary policy in the near future.

In Technical Showing Bearish Sterling still trapped situation, Laporang data which was released today will show whether the sterling will be worse off or even strengthened. Retail sales data today is the data that memiilki High Impact against this currency

News and Overview of the European Economic Zone

Wellink Add Agony Euro

Thursday, June 16, 2011

The euro continued to be a target of selling to this day. Increasingly strong pressure correction after Wellink, a member of the European Bank's Governing Council and the Financial Stability Board (FSB), issued a startling comment. He considered that the amount of funds the European ideal is two times higher than it should.

Other major currencies has been consolidated after being exposed to the action risk aversion. However, investors estimate the debt issue will bring Greece before the Euro continues to drop the European session.

The euro recovered slightly to 1.4200, but heavy selling pressure brought the currency to a level of 1.4115. Movement down on two upcoming sessions is to test 1.3920/50 area. According to Valeria Bednarik, Analyst Leader FXstreet.com

News and European Economic Review (Greece)

Greece worsen European Market Sentiment

Thursday, June 16, 2011

European stock exchanges slipped to second consecutive session on Thursday with the banking sector led, as investors avoid risky assets amid the European Union's inability to reach agreement on bailout Greece on the brink of bankruptcy.

Eurostoxx 50 index slid about 1%, while the German DAX and French CAC index fell by respectively 1.07% and 1.35%. In Britain, the FTSE losing 1.26% in the first 2 hours of trading.

Greece is still the main focus of the market on Thursday. While the euro zone officials seem still not able to find a resolution to save Greece from the default, which also impact on small countries other euro zone, amid concerns about the consequences of the possible bankruptcy of the Mediterranean countries.

The banking sector led the fall on Thursday following the emergence of concerns about their exposure in Greece, plus the panic over the consequences of the crisis spread to other countries that are most likely host a regional.

US Dollars loeded Gold

Wednesday, June 15, 2011

Gold slipped in early London session, weighed down the strengthening of the dollar after Moody's threatened to cut the French bank's credit rating. The fall in oil prices also gave a negative sentiment for gold is also used as a hedging instrument for inflation. Nevertheless, long-term outlook for gold remains bright even UBS optimistic about 1600 years to achieve this gold.

"For the short term, gold is still difficulty penetrating resistance 1550. Letup purchase physical gold in Asia also worsen sentiment. Gold may test again if it closed in 1500 under 1512, "said Ronald Leung, director of Lee Cheong Gold Dealers." weakening of gold is temporary. Demand for precious metals as safe haven assets will rise in the midst of the worsening debt crisis and the high euro-zone inflation in China and India, two countries of the world's largest gold consumer, "said Tom Pawlicki, an analyst at MF Global.

From the technical side, gold is still trapped in the bearish channel. 1519.35, the lowest price of 2 June, will be support. The penetration level will open the opportunity to 1514.60, the lowest price May 26 and 1511.10, the lowest price June 13. If gold had passed through 1527.30, the highest price today, it can be tested in 1532 and 1537 (Fibonacci 50% and 61.8% of the fall of June 6 to 13 June.

News and Reviews Economic Zone of Asia (Japan)

Tokyo Stock End Higher on Weak Yen; Utilities Up, Tepco +32%

Wednesday, June 15, 2011

Tokyo stock market rose on Wednesday in choppy trade, with Tokyo Electric Power surged 32%, leading the utility to be the best performing sector for two consecutive times.

The Nikkei Stock Average rose 26.53 points, or 0.3%, to 9574.32 after 1.1% gain Tuesday. The broader Topix index of all Tokyo Stock Exchange First Section issues added 1.79 points, or 0.2% to 824.65, with 23 of 33 subindexes Topix ended in positive territory.

Slight gains in U.S. stocks overnight, along with a simple weak yen, helping stocks higher since the opening, but profit-taking quickly erase many gains in the mid-morning. The index fluctuated in and out of positive territory through the rest of the day.

Players say they are waiting for further trading cues from a series of U.S. macroeconomic data to be released over the next few days.

"Technical ceiling Nikkei 9600 will be difficult to penetrate unless something stands out in terms of news or surprising data out," said Tatsunori Kawai, head of strategy at kabu.com Securities.

Tokyo Electric Power back into the spotlight after a powerful rally Tuesday, closed at the top-level limit of Y329 to a profit of 32%. total volume of 352 million shares Tepco's is the second highest in history, and consists of nearly 18% of the total volume of all the TSE first section.

"Stocks react bullishly as fears of delisting of the disappeared," said Kenichi Hirano, operating officer at Tachibana Securities. "

Nicholas Smith ahlis equity strategy based in Tokyo says that although buying interest suddenly rose yesterday, the fact that electricity rates may be allowed to ride does not always mean that Tepco are good stocks to invest. "Ultimately, I'd be surprised if the government allows pemeuang shares to pocket cash while companies that are not managed properly," he said.

Other utilities continue to benefit from bullish sentiment to revive Tepco. Chugoku Electric Power rose 3.3% at Y1, 190, while Tohoku Electric Power added 1.7% to Y921.

Honda Motor also closed up 2.0% to Y2, 990 as investors seek recovery company in the second half of fiscal year. firm prediction of decreased 63% in fiscal 2011 net income, delivered after the market close Tuesday, is considered conservative.

"We still think Honda will benefit from the recovery of the U.S. market and essentially complete model changes," wrote analyst at Nomura Securities in a note clients Kunugimoto Masataka, acknowledged that Honda has achieved is more difficult than its competitors with a shortage of supply.

Elpida Memory closed up 1.5% up at Y1, 002 after the company said it has developed a new memory chip that consumes less power when the gadget phone is in sleep mode. "Every technology associated with smartphones and tablet is an incentive to buy," said Toshiyuki Kanayama Monex market analyst. He added that investors also bought back shares after the stock down 12% from late May until Tuesday amid worries about the outlook for the price of dynamic random access memory chips (DRAM).

Nikkei 225 September futures closed up 50 points, or 0.5%, in 9580 at the Osaka Securities Exchange.

News and Reviews European Economic Zone (France)

Food Moving Consumer Price Stronger French May

Wednesday, June 15, 2011

French consumer prices rose 0.1% in May from April, as food prices just keep rising and receding energy prices down, national statistics agency Insee said Thursday.

Consumer prices for the month of May in the second-largest economy, the euro zone in accordance with the expectations of economists, while the annual data slightly below the estimate rose 2.1%, according to Dow Jones Newswires survey of economists.

From the previous year, consumer price index (CPI) rose 2.0% in May, slightly less than 2.1% increase recorded in April, Insee said.

Energy prices fell 1.3% from the previous month, as prices of oil products fell sharply in the -2% in the previous month. However, from May 2010 still increased by 11.3% and 13.8% respectively

Prices of manufactured goods fell 0.1% in the month, with the price of health products and other manufacturing down, and clothing and footwear rose 0.2%.

News and Reviews European Economic Zone (Switzerland)

Producer Price Index, the Swiss Import May weakened

Wednesday, June 15, 2011

Swiss producer and import prices fell 0.4% in May this year due to weaker prices for local products and pharmaceutical chemicals, data released on Wednesday (15 / 6) shows.

Producer and import price index for May fell 0.2% from the previous month, the Swiss statistical office said.

The average estimate of four economists was the fall of 0.2% this year and up 0.1% this month, according to Dow Jones Newswires survey.

News and European Economic Review (Greece)

Continue to Interfere Greek Euro Performance

Wednesday, June 15, 2011

The euro slumped after Europe failed to reach an agreement to settle the debt crisis of the Greek and Moody's to lower the threat rating of the French bank. Euro-zone finance ministers failed to reach agreement on the involvement of private investors in the provision of bail-out Greece. Investor anxiety rose after Moody's threatened to lower the rating of BNP Paribas, Societe Generale and Credit Agricole the risk of crisis due to the large Greek-debt. Sentiment was also exacerbated by the Financial Times reported that Germany plans to help Greece to the euro-zone government forced to give extra funds? 20 billion for the financial sector.

"The problem, debate the involvement of private investors in a scheme rescue has not reached an agreement and this makes investors nervous," said Teppei Ino, an analyst at Bank of Tokyo-Mitsubishi UFJ. Greek rescue uncertainty has encouraged hedge funds to boost the euro bearish bets through put options. "There's a euro buying put options for the long term," said a Japanese trader interviewed by Reuters. "The position of Strikes in the range of $ 1.40 with a tenor of one to two months. Hedge funds seem to be ready to buy back the greenback. "

Still, the dollar rally will be limited by concerns about the failure of Congress Rev the U.S. debt limit.

Federal Reserve Chairman, Ben Bernanke, warned the U.S. could lose the AAA rating and the status of the dollar as a reserve currency if the debt problem is not resolved soon.

Tap Oil Monthly Lowest Point

Tuesday, June 14, 2011

Crude futures tumbled around -0.29%, approaching $ 97 per barrel level as fears of high oil reserve stock but demand is weak.

Saudi Arabia as the world's largest oil producer, said it would continue to raise output despite failing to persuade OPEC members do the same. Despite this additional crude oil from Saudi Arabia has not been equal in quality to the oil supply from Libya.

Predictions of global oil demand is still expected to rise in the second half of this year, but the difference is with the rate of demand in the U.S. rose only moderately. Moreover, the U.S. economy still slumped along with ratings downgrade fears Greece add to the global economic gloom in the short term.

News and Reviews Economic Zone of Asia (China)

Nikkei +1.1% On New Credit Scheme BOJ, China CPI Data

Tuesday, June 14, 2011

The Nikkei Stock Average rose 1.1% at 9556.24, extending gains from the closing of 9463.18 midday, as investors welcomed a new line of credit under credit growth scheme announced by the BOJ and follow the relief that China's CPI in May out exactly in line with expectations market.

"Political confusion is a negative factor for foreign investors, but the BOJ seems to have a clear vision about what needs to be done," said Hideyuki Ishiguro of Okasan Securities, classifying resistance index in 9700 for the week.

All 33 subindexes Topix higher with Tokyo Electric Power is now up 23% at Y245 at high volume.

Among China-related stocks, Hitachi rose 2.6% at Y1, 708, Komatsu rose 1.1% to Y2, 315, and Fanuc rose 1.2% at Y12, 290. TDK rose 3.5% to Y4, 440 on Credit Suisse upgrade to outperform.

News and Reviews European Economic Zone

European Stock Height; Mining Association Up

Tuesday, June 14, 2011 15:19

European stock markets rose Tuesday, with mining stocks leading the gains after China's consumer inflation data due in accordance with expectations, showing the country's central bank has little reason to tighten monetary policy further in the near future.

China's consumer inflation for May was 5.5%, accelerating from 5.3% in April, close to economists forecasts. In addition, China's industrial production index rose 13.3% in May, just above estimates of 13.2%, while retail sales rose 16.9% from the previous year.

The second release of data suggesting a gradual moderation in activity, strengthen investor confidence that China will be able to avoid both landing hard and aggressive policy tightening, said RBC Capital Markets. This helped the mining sector after strong gains over the reading of Chinese alleviate concerns about the slowdown in the latest global demand.

At 0745 GMT, the index of basic mining European Stoxx 600 rose 0.9% to 551.47. Overall, Europe's Stoxx 600 rose 0.6% at 270.37. London's FTSE 100 index 0.4% higher at 5794.27, Frankfurt's DAX index 1.0% higher at 7163.44, while the Paris CAC-40 rose 0.7% at 3835.89.

Data from China could be a catalyst to help stem the tide of market losses, said IG Markets. "Recently, it was very difficult to predict the market reaction to Chinese data ... Hopefully with this data, plus a further bargain hunting, just limiting the market needs to help overcome last fall," he added.

In addition, investors are encouraged by news that Bank of Japan policy board has decided to extend credit facilities to make cheap loans available for the growth of corporate sector through the banks.

News and Reviews European Economic Zone (UK)

UK Inflation At 4.5% Fixed May

Tuesday, June 14, 2011

British annual inflation unchanged at 4.5% in May, according to latest figures from the Office for National Statistics (ONS), Tuesday (14 / 6). That figure is in accordance with market expectations.

ONS said the fall in inflationary pressures from the transport service sector is offset by increased pressure from the food sector and non-alcoholic beverages.

Pound firm with such data, continue to trade up about 0.2% against the dollar at $ 1.6397.

News and Reviews European Economic Zone (UK)

Sterling on the Range Strong

Tuesday, June 14, 2011

Sterling was still perched firmly on the strong range in the morning session Tuesday after overnight rebound against the U.S. dollar and touched a high level for more than a week against the Euro.

Strengthening mainly triggered by fears the euro zone debt and investors' anticipation of inflation data today are expected to show an increase.

The annual inflation rate (CPI y / y) is expected to remain at 4.5% in May. When the results of the release appears above those levels, might provide impetus for the Sterling, although according to analysts rebound will not last long unless the investors believe that if the BoE will respond by raising interest rates.

However, the anxiety of the fragility of the British economy making sterling is still vulnerable to falling back.

Technical analysts say the movement is constant under the MA-100 indicator at $ 1.6246 would bring sterling down toward $ 1.6055 and then $ 1.6000 levels indicated that a moving average MA-200.

News and Reviews Economic Zone of Asia (Japan)

Japan Machinery Orders Down April Unforeseen

Monday, June 13, 2011

Japan's core machinery orders fell 0.2% in April from a year earlier and 3.3% from March, Japan's Cabinet Office said Monday morning. Economists surveyed by Dow Jones Newswires had forecast an increase of 1.2% from March.

This data is considered a key indicator of corporate capital spending in Japan, but very volatile. Orders excluding the core to the vessel and to large power equipment.

Monthly data for March are surprisingly rose, despite the earthquake and tsunami that month, marking a 2.9% increase when the economists expect a decrease of 9.6%

Anxiety Growth Oil Press

Monday, June 13, 2011

Oil prices fell as investors worried about world energy demand amid fears of slowing U.S. economic growth and China, two of the largest consumer of oil. Data this week may show U.S. retail sales decline and slowdown in China's industrial production. Asian stock markets even weaker, extended losses last week.

"The weak global economic data weighed on oil prices," said Ken Hasegawa, senior Newedge. "I'm worried about the stock market continue to decline." Meanwhile, a Bloomberg survey showed 54% of respondents predicted oil prices will weaken this week. 34% expect higher oil prices and the rest is estimated there will be no significant price changes.

Technical analysis of oil show is now testing the lower boundary triangle pattern with a 97.72, the lowest price of June 7 as support. But the daily closing price below the lower limit of the triangle pattern, 98.00, will maintain a bearish bias.