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EU Morning Report - Spanish banks bailed out

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




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The euro (EUR) commenced the week with noticeable buying pressure following the developments in the eurozone over the weekend break. The monetary union’s 17 governments agreed, via their Finance Ministers, to lend EUR 100 billion to Spain. These resources will be employed to assist the nation’s government in its efforts to recapitalize its banks. The detail that there were no strings attached to these funds, further enhanced investors risk appetite. Nevertheless, market participants should be aware that the additional borrowing by Spain will worsen its debt-to-GDP ratio. Meanwhile in France, the Socialist party let by French President Hollande, is tipped to win the 289 seats needed for majority in the first round of their legislative elections.

The US dollar (USD) appears weak as markets open with heightened risk appetite. Elsewhere, economic data released in China for the past month were mixed. The Consumer Price Index (CPI) came out soft at 3%, industrial production grew by 9.6% and the retail sales growth fell to 13.8% from 14.1% year-to-year. Nonetheless, the trade data exceeded forecast with exports growing by 15.3% and imports by 12.7%.

Oil opened at 86.13 dollars a barrel from 85.38. Gold (XAU) opened at 1600.33 US dollars an ounce from 1593.23. Against the euro, gold rose to 1273.05 from 1265.68 an ounce. Silver (XAG) opened at 28.9100 dollars an ounce from 28.4905. Stay in tune throughout the day with foreign exchange bulltes!

. Pivot Preference1 Sentiment2
. EURUSD 1.2545 LONG @ 1.2575 46% of deals buy EUR
. USDJPY 79.10 LONG @ 79.10 54% of deals buy USD
. GBPUSD 1.5500 LONG @ 1.5510 57% of deals buy GBP
. AUDUSD 0.9880 LONG @ 0.9880 50% of deals buy AUD
. GOLD 1575 LONG @ 1575 90% of deals buy GOLD
. OIL 84.30 LONG @ 84.30 86% of deals buy OIL
1 data generated by Trading Central™, 2 data obtained from easy-forex Inside Viewer™ .
Currency Time (GMT) Event Forecast
. EUR 06:45 French Industrial Production m/m in April
0.1%
. - - - -
. - - - -
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Movers Shakers
AUDJPY Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} The Australian dollar (AUD) produced a spectacular rebound against the Japanese yen (JPY) over the past week, after a false breakout through the 74.75 support area. After recording a low at 74.43, 10 days ago, over the past week the pair opened at 75.28 and surged up to 78.82. This was 354 pips, a staggering weekly rise - in percentage terms - of 4.7%. It will be interesting to see whether the pair will continue this rebound or break through lower lows.
. 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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