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Wednesday May 24, 2006 - 09:19:20 GMT
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ACM - www.ac-markets.com
By Marc Spaelti - ACM Senior Trader
Yesterdays News and Events:
Europe traded narrow ranges yesterday, unwilling to knock down the Euro from its highs, currencies traded near the top of the current trading range. Only in late New York did the Dollar find buyers to close the day at a low of 1.2785 against the Euro, 1.8780 against the British Pound.
Asia focused on USDJPY, having closed just above the important 111.55 level in New York, traders were quick to buy into the move and push the pair to a high of 112.65.
A report by the IMF released yesterday ignited the bullish Dollar move, saying that it would be appropriate for the BOJ to keep interest rates at zero for a while longer, while it waits for more economic data.
The US Senate Banking Committee testimony by the FED and US Treasury was fairly uninteresting in terms of its impact on financial markets, Bernanke drew much more attention when he called his informal statement to CNBC reporter Bartiromo from May 1st a lapse of judgement on his part, at the time he told her, that he was disappointed by the fact that the market believed he was dovish on inflation.
Todays Key Issues:
The German IFO Business Climate Index for May fared better then expected, dropping only 0.3 to 105.6, holding on to a sustained rise over the past few months.
UK 1st Quarter Total Business Investments are due shortly. After dropping 0.9% in Q4, expectations are for a 1% rise.
US Durable Goods orders are due at 12.30GMT, having risen a strong 6.4% in March, it is forecast to drop by 1.5% in April.
The Bank of Canada announces its rate decision today at 1pmGMT, analysts expect a 25bp rate hike to 4.25%
US April New Home Sales at 2pmGMT ought to slow to 1.15m units, down from 1.2m in March.
The Risk Today:
Daily EURUSD: So far, the Euros consolidation has only seen a minor correction down to 1.2700, this morning’s strong rise in early Europe brought the pair back to yesterday’s levels near the 1.2885 key resistance. A move through that level will spur additional rise towards the 1.2960 high and more, but for now we will maintain our view that further correction lies ahead, eventually taking the pair down to 1.2550ish. Short-term rising support at 1.2835, stronger support 1.2820, a dip through that is bearish for 1.2700 today.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.3000 S ||1.8960 S ||113.40 K ||1.2250 K |
|1.2960 S ||1.8885 K ||112.65 S ||1.2200 S |
|1.2885 K ||1.8850 S ||112.35 M ||1.2140 S |
|1.2850 ||1.8830 ||112.00 ||1.2070 |
|1.2820 M ||1.8760 M ||111.90 M ||1.2050 M |
|1.2760 S ||1.8700 S ||111.55 K ||1.2020 K |
|1.2700 S ||1.8580 S ||111.00 S ||1.1960 S |
|S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot |
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