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EU Morning Report - Focus on the EU summit

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

2012-06-25 08:59:00

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The euro (EUR) commenced the week looking fragile, as the markets warm up for eurozone’s summit. Investor’s optimism, if any, over the forthcoming meeting on the 28th and 29th of June should be expected to be delicate. This is partly due to the lack of clear decisions by the leaders of Germany, Spain, Italy and France following their meeting in Rome on Friday. They agreed on an objective to pull together a growth fund worth EUR 130 billion but did not provide more details. Newspapers in Greece are reporting that the troika inspectors, due to visit Greece on today, have now put off their visit for a week as Prime Minister Samaras and Finance Minister Rapanos are recovering from ill-health. It is very likely that the two mean will not attend the eurozone summit on Thursday and Friday.

The US dollar (USD) appears strong as markets open with moderate risk aversion and a relatively lackluster financial calendar. The Japanese yen (JPY) has been falling against the US dollar since opening and it is very important to hold on above 80.00. The pair is likely to rebound off that figure but if it breaks through then there is way for lower lows.

Oil opened at 79.71 dollars a barrel from 79.77. Gold (XAU) opened at 1569.25 US dollars an ounce from 1571.85. Against the euro, gold rose to 1250.89 from 1249.06 an ounce. Silver (XAG) opened at 26.6520 dollars an ounce from 26.8870. Stay in tune throughout the day with foreign exchange bulltes!

Outlook	.	Pivot	Preference1	Sentiment2
.	EURUSD	1.2515	LONG @ 1.2515	37% of deals buy EUR
.	USDJPY	80.00	LONG @ 80.00	97% of deals buy USD
.	GBPUSD	1.5655	SHORT @ 1.5655	33% of deals buy GBP
.	AUDUSD	1.0100	SHORT @ 1.0100	38% of deals buy AUD
.	GOLD	1583	SHORT @ 1583	66% of deals buy GOLD
.	OIL	78.75	LONG @ 78.75	51% of deals buy OIL

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

Calendar	Currency	Time (GMT)	Event	Forecast
.	USD	14:00	New Home Sales in May	0.346 mil
.	-	-	-	-
.	-	-	-	-

Movers Shakers

XAGUSD

Silver (XAG) performed a spectacular dive against the US dollar (USD) over the past week, after it failed to break above the downtrend line connecting the daily highs of the past 3 months. The pair recorded a high at 28.8650 on Monday but kept on falling for the rest of the week closing at 26.5685. This was 229 pips, a weekly drop - in percentage terms - of 7.93%. It will be interesting to see whether the pair will record lower lows or manage to rebound.

. 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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