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EU Morning Report - Key post-EU summit week

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

2012-07-02 08:48:00

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The euro (EUR) commenced the week looking slightly fatigued by last week’s rise, following the unanticipated decisions taken during the latest EU summit. Nevertheless, this week is likely to prove itself at least as important. Today and on Wednesday, a series of Purchasing Managers’ Index (PMI) releases will showcase eurozone’s economic health. Furthermore, the European Central Bank (ECB) policy decision is due on Thursday and market participants are expecting a rate cut to 0.75%. Also, Eurozone finance ministers will meet again over the coming week. Finally, taking into consideration developments in the rest of the world, investors should await for a volatile string of sessions.

The US dollar (USD) appears stronger as markets open ahead of this week’s Independence Day bank holiday on Wednesday, July 4th and the non-farm payrolls (NFP) release on Friday. The Japanese yen (JPY) has been rising against the US dollar after the EU summit resolutions but it is very important to break and hold on above 80.00 for the pair’s upside potential.

Oil opened at 84.61 dollars a barrel from 84.67. Gold (XAU) opened at 1598.25 US dollars an ounce from 1596.94. Against the euro, gold rose to 1261.52 from 1247.68 an ounce. Silver (XAG) opened at 27.5226 dollars an ounce from 27.4365. Stay in tune throughout the day with foreign exchange bulltes!

Outlook	.	Pivot	Preference1	Sentiment2
.	EURUSD	1.2525	LONG @ 1.2525	44% of deals buy EUR
.	USDJPY	80.00	LONG @ 80.00	77% of deals buy USD
.	GBPUSD	1.5600	LONG @ 1.5600	48% of deals buy GBP
.	AUDUSD	1.0130	LONG @ 1.0130	44% of deals buy AUD
.	GOLD	1607	SHORT @ 1607	63% of deals buy GOLD
.	OIL	82.00	LONG @ 82.00	55% of deals buy OIL

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

Calendar	Currency	Time (GMT)	Event	Forecast
.	CHF	07:15	Retail Sales y/y in May	5.0%
.	EUR	09:00	Unemployment in May	11.1%
.	USD	14:00	ISM Manufacturing in June	52

.

Movers Shakers

AUDJPY

The Australian dollar (AUD) managed to perform a rebound against the Japanese yen (JPY) over the past week, and carried on with its monthly uptrend. The pair dropped to 79.31 on Monday and whipsawed for most of the week, but on Friday it managed to rise up to 81.93. This was 262 pips, a weekly rise - in percentage terms - of 3.3%. It will be interesting to see whether the pair will record higher highs.

. 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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