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EU Morning Report- All eyes on US Retail Sales and PPI figures

Autore: Written by Markos Solomou for Easy-Forex.com

2012-06-13 09:54:00

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The euro (EUR) was bound in a range between 1.2528 and 1.2442. Worries about Spain’s banking sector and its rising government bond yields continued to weigh on the single currency. Investors are preparing for the Greek election in the weekend where Greeks will decide whether they want to stay in the euro. Eyes are on the eurozone Industrial Production figures. Further weighing risk appetite is the lack of details about Spain’s bailout agreement to help its banks recapitalize increased fears about Madrid’s fast-rising public debts. Investors are turning their attention to Italy and the possibility to seek financial rescue because of its rising borrowing costs.

The US dollar (USD) weakened against a basket of currencies on expectations the Federal Reserve could embark on a third round of quantitative easing to support the ailing economy. Versus the safe haven Japanese yen (JPY), the greenback edged higher to 79.68 from 79.16 as investors remain cautious that the Bank of Japan may step in the markets to weaken the yen. As risk aversion in the market heightens, the yen appreciates increasing the pressure on the BoJ to intervene and also unveil additional stimulus measures. Attention shifts to the US Retail Sales as well as Producer Price Index for signs of an economic recovery in the world’s largest economy.

The British Pound (GBP) rose against the dollar to 1.5590 from 1.5453 supported by a weakening dollar. Yesterday’s Industrial and Manufacturing Production figures showed worse than expected figures but sterling appears to be correlated with UK bond yields.

Oil edged higher to 83.70 dollars a barrel from 81.10. Gold (XAU) jumped to 1617.55 dollars an ounce from 1586.24 and against the euro it rose to 1287.44 from 1279.31. Silver (XAG) edged higher to 29.03 dollars an ounce from 28.35. Stay in tune throughout the day with foreign exchange bullets!

Outlook		Pivot	Preference1	Sentiment2
	EURUSD	1.2540	SHORT @ 1.2540	43% of deals buy EUR
	USDJPY	79.10	LONG @ 79.10	39% of deals buy USD
	GBPUSD	1.5495	LONG @ 1.55505	56% of deals buy GBP
	AUDUSD	0.9880	LONG @ 0.9880	77% of deals buy AUD
	GOLD	1594.00	LONG @ 1594.00	77% of deals buy GOLD
	OIL	82.10	LONG @ 82.10	88% of deals buy OIL

1 data generated by Trading Central™, 2 data obtained from easy-forex Inside Viewer™

Calendar	Currency	Time (GMT)	Event	Forecast
	EUR	09:00	Industrial Production	-1.0%
	EUR	12:30	Producer Price Index	-0.6%
	EUR	12:30	Retail Sales	-0.2%

Equities	EUROPE				US				ASIA3
	FTSE 100	0.76%			S&P 500	1.17%			NIKKEI	0.60%
	DAX	0.33%			DJIA	1.31%			HIS	0.43%
	CAC	0.14%			NASDAQ	1.19%			CSI 300	1.17%

3 at the time of writing Please note that Forex trading (OTC Trading) involves substantial risk of loss, and may not be suitable for everyone. In no way is it a recommendation by easy-forex® for you to engage in any trade. The information provided is based on data generated by third party investment research providers. easy-forex® does not assume any liability as to the accuracy of such information. This information shall be used for reference only and it is not binding on easy-forex®. This is not an advertisement or a recommendation in engaging / binding you in any forex transactions.

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