HotForex Blog

Fears of Greece exit from the Eurozone continue to put weight on the Euro. FOMC Meeting Minutes due today.

HotForex — Wed, 16 May 2012 07:02:46 +0000

Yesterday EURUSD continued its down move and closed at 1.2737 after Greek political leaders failed to form a ruling coalition, raising the fears of possible exit from the Eurozone. At the start of the European session the pair received support after reports indicated more than expected growth in Euro-zone largest economy, Germany. Gains were lost after Greek President Karolos Papoulias meeting with political leaders in Athens failed to produce a government. Yesterday in Greece, a 436 million Euro 10 year note matured and was reportedly repaid by the Greek government. In Germany, on a seasonally adjusted basis, the gross domestic product (GDP) rose 0.5 percent for first three months of 2012. Support for the EURUSD is seen at 1.2711 and resistance is seen at 1.2868. The Inside View indicator on HotForex shows that 71 percent of the traders are long on the EURUSD.

GBPUSD

The Cable continued to move lower in yesterdays session and closed at 1.5993. The UK Chancellor of the Exchequer, George Osborne, at a meeting of EU finance ministers in Brussels, stated that economies across Europe including Britain are being damaged by uncertainty over the future of the Euro-zone rather than austerity measures. Today we have a set of high impact releases from the United Kingdom starting with the Claimant Count Change. Ahead in the session investors eyes will be focused on the BOE Inflation Report and the speech of Mervyn King. Support for the GBPUSD is seen at 1.5964 and resistance is seen at 1.6049. The Inside View indicator on HotForex shows that 83 percent of the traders are long on the GBPUSD.

USDCHF

The pair continues its rising trend closing at 0.9431. In the US, advance retail sales rose 0.1 percent in April, compared to a 0.7 percent growth in March. Investors are awaiting the ZEW Economic Expectations release from Switzerland. Support for the USDCHF is seen at 0.9334 and resistance is seen at 0.9445. The Inside View indicator on HotForex shows that 81 percent of the traders are short on the USDCHF.

Important releases and events

GBP: Claimant Count Change; Unemployment Rate; BOE Gov King Speaks; BOE Inflation Report;

EUR: CPI y/y; Core CPI y/y; ECB President Draghi Speaks

CHF: ZEW Economic Expectations

USD: Building Permits; Housing Starts; Capacity Utilization Rate; Industrial Production m/m; Mortgage Delinquencies; Crude Oil Inventories; FOMC Meeting Minute

Euro continues to trade lower on Greece fears. Headlines from Europe and the United States on tap.

HotForex — Tue, 15 May 2012 07:13:21 +0000

Yesterday EURUSD continued its down move and closed at 1.2829 as the final talks about forming a new government and avert another election ended without any progress. Fears that the country is on its path to bankruptcy and an exit from the Eurozone still exist. Industrial Production m/m in the Eurozone dropped with 0.3 percent against the market forecast of a 0.4 percent rise. Adding to the negative sentiment Moody’s Investors Service has warned that Spanish banks would remain vulnerable to rising loan delinquencies and cut the credit rating of 26 Italian banks. In bond auction Spain sold 2.9 billion Euro in short term debt. Italy raised 5.25 billion Euro with its three year benchmark at an average 3.91 percent yield. Today we have series of economic data from the Eurozone due on the calendar. Investors will be focused on the German ZEW Economic Sentiment. Support for the EURUSD is seen at 1.2819 and resistance is seen at 1.2902. The Inside View indicator on HotForex shows that 63 percent of the traders are long on the EURUSD.

GBPUSD

The Cable rose yesterday closing at 1.6100. The pair remains steady ahead of the UK Trade Balance data due to be released today. Support for the GBPUSD is seen at 1.6058 and resistance is seen at 1.6122. The Inside View indicator on HotForex shows that 51 percent of the traders are short on the GBPUSD.

AUDUSD

Yesterday the pair continued its down move and closed at 0.9970. Earlier today the Reserve Bank of Australia in minutes of its May 1 policy meeting, stated that lower than expected inflation, weak economic growth and domestic home loan rate hikes formed the case for a bigger than expected 50 basis point cut in interest rates at the start of the month. Support for the AUDUSD is seen at 0.9954 and resistance is seen at 1.0035. The Inside View indicator on HotForex shows that 55 percent of the traders are short on the AUDUSD.

Important releases and events

EUR: French Prelim GDP q/q; German Prelim GDP q/q; French Prelim Non-Farm Payrolls q/q; Italian Prelim GDP q/q; German ZEW Economic Sentiment; Flash GDP q/q; ZEW Economic Sentiment; ECOFIN Meetings

GBP: Trade Balance

USD: Core CPI m/m; Core Retail Sales m/m; Retail Sales m/m; CPI m/m; Empire State Manufacturing Index; TIC Long-Term Purchases; Business Inventories m/m

New traders Room is going Live!

HotForex — Mon, 14 May 2012 09:51:05 +0000

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Euro continues to go down on Greek political crisis

HotForex — Mon, 14 May 2012 07:45:32 +0000

EURUSD continued to move lower on Friday closing at 1.2919. The single European currency came under pressure after the rating agency Fitch warned that it would place the ratings of all Eurozone member countries on review pending possible downgrades, if Greece was to exit the euro zone as a result of its current crisis. Over the weekend the Greek political leaders tried to reach an agreement on government formation, but once again they failed. The Greek President Karolos Papoulias is set to continue discussions with political party leaders today on forming a national unity government. In the Asian session the pair was trading lower than its Friday close and the current price action is still below the 1.29 level. Support for the EURUSD is seen at 1.2879 and resistance is seen at 1.2971. The Inside View indicator on HotForex shows that 63 percent of the traders are long on the EURUSD.

GBPUSD

The Cable fell on Friday and closed at 1.6069. The output price inflation on annual basis in the UK showed 3.3 percent in April. The input price inflation fell to 1.2 percent y/y. In the Asian session the pair is trading lower than its Friday close, currently around 1.6065. Support for the GBPUSD is seen at 1.6058 and resistance is seen at 1.6141. The Inside View indicator on HotForex shows that 71 percent of the traders are long on the GBPUSD.

AUDUSD

The pair continued its downside move on Friday closing at 1.0026. In the Asian the pair continued to trade lower and briefly broke the parity level before returning back around the 1.0020 levels. Data released earlier today showed that the Australian Home Loans m/m showed an increase of 0.3 percent in March. Support for the AUDUSD is seen at 1.0006 and resistance is seen at 1.0081. The Inside View indicator on HotForex shows that 51 percent of the traders are short on the AUDUSD.

USDCHF

The pair continues its upside move. Today we have two important fundamental events from Switzerland which will give the potential direction of USDCHF. Investors will look for cues from the releases of the PPI m/m and the speech of the President of SNB Thomas Jordan which is due later today. Support for the USDCHF is seen at 0.9275 and resistance is seen at 0.9325. The Inside View indicator on HotForex shows that 81 percent of the traders are short on the USDCHF.

Important releases and events

CHF: PPI m/m; SNB Chairman Jordan Speaks

EUR: Industrial Production m/m; Italian 10-y Bond Auction

Series of high impact releases from on the economic calendar due today.

HotForex — Thu, 10 May 2012 07:17:25 +0000

EURUSD fell to its lowest level since January 23 as ongoing uncertainty surrounding Greece’s next parliament dampens risk appetite. There are talks that another elections may need to take place next month. The risk that the new government will be formed by the parties who are against the austerity measures and can potentially force Greece to exit the Eurozone remains. EURUSD fell to levels below 1.2920 following the slow growth of the German exports in March. During the Asian session the pair is trading at 1.2930. Investors will be watching the ECB Monthly Bulletin, also the headlines from the United States. High volatility is expected in the late hours of the European session when the US releases take place. Support for the EURUSD is seen at 1.2923 and resistance is seen at 1.3012. The Inside View indicator on HotForex shows that 56 percent of the traders are long on the EURUSD.

GBPUSD

The Cable fell to levels around 1.6075 in the yesterday’s European session following the strength of the US dollar. Eyes on the investors will be on the heavy calendar from the United Kingdom today. Bank of England Monetary Policy and the Manufacturing Production m/m are due to be released today. Most likely BOE will leave the interest rate on hold, but the question will be whether to add more stimulus to its existing 325 billion pounds of bond purchases. Support for the GBPUSD is seen at 1.6086 and resistance is seen at 1.6155. The Inside View indicator on HotForex shows that 71 percent of the traders are short on the GBPUSD.

AUDUSD

The pair dropped closer to parity yesterday as Greece’s new parliament talks remain standstill. Critical for the direction of the AUDUSD are the local employment figures as well as the US data due later today. Investors should also keep in their eyes the Chinese trade balance release which will be released in sometime today. Support for the AUDUSD is seen at 1.0033 and resistance is seen at 1.0133. The Inside View indicator on HotForex shows that 55 percent of the traders are short on the EURUSD.

Important releases and events

EUR: French Industrial Production m/m; ECB Monthly Bulletin

GBP: Manufacturing Production m/m; Asset Purchase Facility; Official Bank Rate; MPC Rate Statement; NIESR GDP Estimate

CAD: Trade Balance

USD: Trade Balance; Unemployment Claims; Import Prices m/m; Fed Chairman Bernanke Speaks; Federal Budget Balance

Political uncertainty in the Eurozone is putting weight on the Euro.

HotForex — Wed, 09 May 2012 08:08:05 +0000

Yesterday EUR/USD dropped again closing at 1.2993, as the politicians in Greece struggle to form a new government. Concerns that Greece might leave the Eurozone are raising. German Industrial Production m/m rose above expectations to 2.8 percent, but that’s not helping the single European currency. Yesterday the Executive Board member of ECB Joerg Asmussen, stated that the central bank would not renegotiate Greece’s bailout package and that the nation must adhere to its fiscal commitments if it wants to remain in the Eurozone. Greece debt agency PDMA sold 1.3 billion Euro of six month T-bills at a bond auction yesterday with yield rising to 4.69 percent, from 4.55 percent at the previous auction on April 10. Support for the EURUSD is seen at 1.2955 and resistance is seen at 1.3042. The Inside View indicator on HotForex shows that 65 percent of the traders are long on the EURUSD.

USDCAD

The pair jumped above parity as risk appetite faded due to the political uncertainty in Europe. The Housing starts in Canada reached 245000 units in April. Today we don’t have any important releases from Canada due on the calendar and the trading trends on the pair will be driven by the releases from the United States. Support for the USDCAD is seen at 0.9952 and resistance is seen at 1.0021. The Inside View indicator on HotForex shows that 66 percent of the traders are short on the USDCAD.

GBPUSD

The Cable fell again yesterday closing at 1.6149. BRC Retail Sales Monitor y/y stated that retail sales in the United Kingdom fell 3.3 percent y/y. That’s the biggest decline since March 2011. Support for the GBPUSD is seen at 1.6126 and resistance is seen at 1.6193. The Inside View indicator on HotForex shows that 69 percent of the traders are short on the GBPUSD.

Important releases and events

GBP: 30-y Bond Auction

USD: Crude Oil Inventories; FOMC Member Pianalto Speaks; 10-y Bond Auction

Annual budget release from Australia on tap

HotForex — Tue, 08 May 2012 07:31:15 +0000

Aussie strengthened yesterday following a series of positive economic data in Australia. Building Approvals m/m rose 7.4 percent in March, while Retail Sales m/m rose 0.9 percent. NAB Business Confidence jumped to 4 in April, compared to 3 in March. Currently the pair is trading around the 1.0160 levels. Today we have the Annual Budget release due from Australia. Support for the AUDUSD is seen at 1.0109 and resistance is seen at 1.0219. The Inside View indicator on HotForex shows that 57 percent of the traders are short on the AUDUSD.

EURUSD

EURUSD rose yesterday after coming under pressure after the outcome of elections in Greece and France during the weekend. Neither of the two pro-bailout parties secured enough votes to form a majority in parliament, as voters favored smaller parties who had campaigned against the government austerity program, while in France, President Nicolas Sarkozy was defeated by socialist candidate, Francois Hollande, who has promised to rework the debt deals. Before the recovery the pair broke the psychological level at 1.30. Euro received support after German factory orders grew 2.2 percent March. Today we have the German Industrial Production m/m and the speech of the president of the European Central Bank Mario Draghi due from the Eurozone. Support for the EURUSD is seen at 1.2955 and resistance is seen at 1.3066. The Inside View indicator on HotForex shows that 56 percent of the traders are long on the EURUSD.

GBPUSD

The Cable rose yesterday closing at 1.6193. CEBR cautioned that unemployment in most parts of the UK is likely to rise over the next five years. Data released this morning showed that the RICS House Price Balance in the UK fell to -19 in April. We don’t have other releases from the United Kingdom due to today. Support for the GBPUSD is seen at 1.6143 and resistance is seen at 1.6198. The Inside View indicator on HotForex shows that 69 percent of the traders are short on the GBPUSD.

Important releases and events

EUR: German Industrial Production m/m; ECB President Draghi Speaks

AUD: Annual Budget Release

CAD: Housing Starts

USD: FOMC Member Lacker Speaks

Disappointing US payrolls on Friday. Swiss and Canadian data due today.

HotForex — Mon, 07 May 2012 07:15:12 +0000

Only 115000 jobs in the United States were added in April versus 160000 expected. The unemployment rate fell from 8.2 percent to 8.1 percent after positive back revisions. The release caused some confusion in markets before judgment was passed. Lower Eurozone manufacturing activity added to the negative market tone. Results from the elections that took place in Europe were announced. France has a new (socialist) president, and Greece’s two main parties (Pasok and New Democracy) combined are projected to have only a one seat majority. Support for the EURUSD is seen at 1.2955 and resistance is seen at 1.3098. The Inside View indicator on HotForex shows that 64 percent of the traders are long on the EURUSD.

AUDUSD

The pair continued its move south on Friday and closed at 1.0174. Two releases from Australia came out during the Asian session. Building Approvals m/m came out with an increase of 7.4 percent and Retail Sales m/m increased with 0.9 percent. Currently the pair is trading lower than its Friday close around the 1.0134 level. Support for the AUDUSD is seen at 1.0109 and resistance is seen at 1.0198. The Inside View indicator on HotForex shows that 60 percent of the traders are long on the AUDUSD.

GBPUSD

The Cable is trading lower than its Friday close following the strength of the US dollar across the board. There is a Bank Holiday in the United Kingdom today. Support for the GBPUSD is seen at 1.6114 and resistance is seen at 1.6186. The Inside View indicator on HotForex shows that 64 percent of the traders are short on the GBPUSD.

USDCAD

The pair made another move up on Friday after the US data releases getting closer to the parity level again. In the Asian session USDCAD moved up around 30 pips touching the 0.9985 levels. Today we have the Building Permits m/m due from Canada. Expectation are for 0.5 percent decrease. Support for the USDCAD is seen at 0.9910 and resistance is seen at 0.9985. The Inside View indicator on HotForex shows that 56 percent of the traders are long on the USDCAD.

Important releases and events

CHF: Foreign Currency Reserves; CPI m/m

EUR: Sentix Investor Confidence; German Factory Orders m/m

CAD: Building Permits m/m

EURUSD dropped as Spanish bond yields rose. US Non-Farm Payrolls on focus of the investors today.

HotForex — Fri, 04 May 2012 07:46:01 +0000

EURUSD dropped yesterday after the president of the European Central Bank Mario Draghi indicated that the economic outlook in the Eurozone was subject to downside risks. More pressure on the pair came after reports showed that Spanish five year bond yields rose to 4.96 percent from 3.69 percent. The PPI in the Eurozone rose rose 0.5 percent m/m in March. The only important release from the Eurozone today is the Retail Sales m/m. Expectations are for 0.1 percent increase. Currently the pair is consolidating around the 1.3150 area. Support for the EURUSD is seen at 1.3121 and resistance is seen at 1.3179. The Inside View indicator on HotForex shows that 54 percent of the traders are short on the EURUSD.

AUDUSD

The pair continues to grind lower after the Reserve Bank of Australia has announced the results of its meeting that was held today. RBA downgraded the economic growth forecasts for the current year as weak labor market during the first quarter, beside drop in the inflation rates, supported the bank to cut the interest rates by 50 basis points to 3.75 percent in May. Support for the AUDUSD is seen at 1.0248 and resistance is seen at 1.0310. The Inside View indicator on HotForex shows that 55 percent of the traders are short on the AUDUSD.

USDCAD

The pair rose yesterday after the ISM-non-manufacturing index in the US fell to 53.5 in April, compared to 56.0 in previous month. The price action today is expected to be determined by the US NFP data and the Ivey PMI release from Canada. Support for the USDCAD is seen at 0.9835 and resistance is seen at 0.9892. The Inside View indicator on HotForex shows that 81 percent of the traders are long on the USDCAD.

Important releases and events

EUR: Retail Sales m/m

GBP: Halifax HPI m/m

USD: Non-Farm Employment Change; Unemployment Rate; Average Hourly Earnings m/m; FOMC Member Williams Speaks

CAD: Ivey PMI

ECB Interest rate decision, ECB Press conference and US Unemployment claims are the main headlines today

HotForex — Thu, 03 May 2012 07:25:51 +0000

The Eurozone manufacturing PMI released yesterday fell to 45.9 from 47.7 in March. The Unemployment rate in the Eurozone released also yesterday increased to new record high in March. Both of the releases drove the EURUSD lower and the pair closed at 1.3154. The Ratings agency, Standard & Poor’s raised its long-term foreign and local currency debt ratings on Greece to ‘CCC/C’ from ‘Selective Default’. ECB Interest rate decision and ECB Press Conference are scheduled to be released today and will likely receive increased market attention. Support for the EURUSD is seen at 1.3130 and resistance is seen at 1.3220. The Inside View indicator on HotForex shows that 51 percent of the traders are long on the EURUSD.

GBPUSD

The Cable remains lower after construction sector activity in the UK expanded at a slower pace in April.The Construction PMI fell to 55.8 in April, compared to 56.7 in March. Bank of England reported that number of mortgages approved in March totaled 49,860, compared to 49,029 approvals in February. Mervyn King the BOE Governor stated that inflation in Britain is too high and the nation’s economic recovery is slower than expected. He also said that the central bank is prepared to take measures to boost the banking reforms and economic growth. Support for the GBPUSD is seen at 1.6159 and resistance is seen at 1.6246. The Inside View indicator on HotForex show that 77 percent of the traders are short on the GBPUSD.

AUDUSD

The AUDUSD declined in the Asian session after disappointing Non-Manufacturing PMI in China. Another release showed that AiG performance of services index in Australia fell to 39.6 in April, compared to 47.0 in previous month. Support for the AUDUSD is seen at 1.0287 and resistance is seen at 1.0355. The Inside View indicator on HotForex shows that 55 percent of the traders are short on the AUDUSD.

Important releases and events

EUR: Minimum Bid Rate; ECB Press Conference

GBP: Nationwide HPI m/m; Services PMI

USD: Unemployment Claims; Prelim Nonfarm Productivity q/q; Prelim Unit Labor Costs q/q; ISM Non-Manufacturing PMI; FOMC Member Williams Speaks; FOMC Member Lockhart Speaks