EU talks with bankers proving difficult
Merkel and Sarkozy are reportedly negotiating directly with the private sector bankers and talks are being described as ‘difficult’. 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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