EU talks with bankers proving difficult
Merkel and Sarkozy are reportedly negotiating directly with the private sector bankers and talks are being described as â€˜difficultâ€™. The banks are expected to present their latest counter-offer later today.
AUD/USD: Any rallies are classified as corrective, with the market still locked within a well defined downtrend. As such, we would expect to see the current bounce well capped below 1.0500 on a daily close basis in favor of the next major downside extension back towards and eventually below 0.9385. Ultimately, only a daily close back above 1.0550 would delay outlook and give reason for pause. A daily close back below 1.0315 confirms outlook and should accelerate declines. Rallies have stalled into the Ichimoku cloud to further confirm bias.
Mon 26 Jun
08:00 DE- IFO Survey Tue 27 Jun
14:00 US- CB Confidence Wed 28 Jun
14:30 US- EIA Crude Thu 29 Jun
12:30 US- weekly Jobless Claims
21:00 CN- NBS Fri 30 Jun
07:55 DE- Employment
08:30 UK- GDP
12:30 US- Core PCE Deflator
14:00 US- final University Of Michigan
Event Risk Agenda
EVENT RISK: MODERATE--
Monday-- 8:00 DE- IFO Survey. Well-established key sentiment survey for German economy. Tends to have a positive bias.
EVENT RISK: MODERATE--
Tuesday-- 14:00 US- Conference Board Consumer Confidence Survey. Long standing consumer sentiment survey for U.S. economy. No apparent bias.
EVENT RISK: MODERATE--
Wednesday-- 14:30 US- EIA Crude Supplies. Watch all the components as a group. Producers are all trying to support prices for their economic benefit. Correlations to other markets are light at the present time.
John M. Bland, MBA co-founding Partner, Global-View.com
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