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  1. #1
    AceTraderFX is offline Senior Member
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    Smile *** AceTrader Daily Market Review ***

    Market Review - 22/04/2013 23:03GMT

    Yen gains on short-covering


    The greenback's recent rally against the Japanese yen stalled ahead of April's 4-year high at 99.95 and the key option barrier at 100.00. The pair was pressured in New York morning due to the weak U.S. existing home sales.

    The greenback opened higher in New Zealand and rose to session high at 99.89 in Australia after the G20 gave Japan the nod to its aggressive monetary easing policies and continued to trade sideways throughout Asia. However, dollar met good resistance ahead of the key 100 barrier option, price fell to an intra-day low at 98.98 in New York morning due to long-liquidation together with the weak U.S. existing home sale and then traded narrowly in U.S. afternoon.

    U.S. existing home sales in March dropped by 0.6% to 4.92M, weaker than the forecast of 5.01M.

    Although the single currency opened higher and rose to 1.3093 in New Zealand due to cross-buying of eur/jpy, price retreated to 1.3054 ahead of Asian open. Despite a brief rebound to 1.3084 in Asian morning, euro retreated again on expectations of a possible interest rate cut from the European Central Bank and dropped to an intra-day low at 1.3015 in New York morning. Later, price pared intra-day losses and rebounded to 1.3069 in New York afternoon.

    The British pound remained under pressure in New Zealand and dropped to session low at 1.5202, however, price rebounded to 1.5246 in Asian morning before retreating again to 1.5211 in early European morning. Later, cable strengthened on speculation UK will avoid a triple-dip recession and rose to an intra-day high at 1.5274 at New York midday.

    In other news, ECB Vice-President Vitor Constancio said 'ECB interest rate cut is always a possibility, depends on information.'

    On the data front, Chicago Fed nation activity index in March came in at -0.23, prior reading is revised to 0.76.

    Data to be released on Tuesday:

    Australia conference board leading index, China HSBC manufacturing PMI, Swiss trade balance, France business climate, manufacturing PMI, services PMI, Germany manufacturing PMI, services PMI, EU manufacturing PMI, services PMI, Italy consumer confidence, UK PSNCR, PS net borrowing, Canada retail sales, U.S. redbook retail sales, house price index and new home sales.

  2. #2
    jamal is offline Junior Member
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    Default

    Market review for 22.04.13: The ex-president of Italy, 87 -year-old man, Mr. Napolitano was re-elected for a second term.

    http://www.forex-metal.com/affiliate/44992/1

  3. #3
    AceTraderFX is offline Senior Member
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    Smile Euro falls on weak German data : April 24, 2013

    Market Review - 23/04/2013 22:45GMT

    Euro falls on weak German data


    The single currency tumbled against the greenback on Tuesday after poor German manufacturing and services PMI raised concerns about the eurozone economy, reviving speculation that the ECB could cut interest rates.

    Earlier in Asia, although the single currency retreated to 1.3037 in Asian morning on risk aversion due to the drop in Chinese HSBC manufacturing PMI, euro briefly rebounded to session high at 1.3085 in early European morning, due partly to the release of better-than-expected France manufacturing PMI. However, price swiftly pared intra-day gains and tumbled after release of poor German manufacturing and services PMI, hitting an intra-day low at 1.2973 in European morning. Later, price staged a recovery to 1.3028 in New York morning due to the rise in U.S. equities before stabilising.

    On the data front, China HSBC manufacturing PMI dropped to 50.5 from 51.6 previously. France Manf. in Apr PMI came in at 44.4, better than the forecast of 44.1. German manufacturing PMI in Apr was 47.9, worse than the forecast of 49.0; German Services PMI came in at 49.2, weaker than expectation of 51.0.

    Versus the Japanese yen, the greenback came under selling pressure after slow Chinese manufacturing growth triggers risk aversion and dropped to an intra-day low at 98.49 in European morning. However, dollar pared intra-day losses and rose to session high at 99.53. Despite a brief but sharp spike down to 98.59 after a 'bogus' report on the Associated Press Twitter account that there were 2 explosions in White House, price quickly recovered to 99.35 on the denial of any such incident.

    The British pound also retreated to 1.5255 in Asian Morning on risk aversion before falling further to an intra-day low at 1.5196 in European morning. However, cable pared intra-day losses and rebounded to 1.5288 in New York morning due partly to cross-buying of sterling versus euro (eur/gbp fell from 0.8569 to 0.8511) before stabilising near 1.5250 in New York afternoon.

    In other news, Bank of Italy official says 'sees downside risks to official gov't GDP forecasts of -1.3% in 2013, +1.3% in 2014; must avoid any doubt over breaching 3% GDP deficit limit in 2013.'

    Data to be released on Wednesday:

    New Zealand RBNZ rate decision, Australia CPI, Germany import price index, Ifo business climate, Ifo current assessment, UK BBA mortgage advances, CBI industrial trends, U.S. durable goods, ex. transport and ex. defense.

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