by Global Prime Analysts in Analyst Reports, Trade Ideas 14 May 2012
Australian Trade deficit widened to its biggest level in more than 2 ½ years as a rise in imports overshadowed gains in exports primarily from the mining industry. The Trade deficit increased to -1.578 Billion versus -754 Million the month prior.
Exports rose 2 percent to A$24.5 billion, led by an 8 percent gain in rural goods, today’s report showed. Imports advanced 5 percent to A$26.1 billion on a 20 percent gain in consumption goods. Overseas shipments were affected by weaker international demand and disruptions on the supply side such as industrial disputes in the coal industry.
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Another way to make a transfer of international funds is to add money to a card. Full post…
Euro remains generally firm before EU finance ministers meet in Copenhagen tomorrow to decide on the way to combine the temporary EFSF and ESM during the one year period of parallel run. It’s reported that according to a draft statement for the meeting, EU finance ministers are preparing to raise to total firepower of the bailout funds to as high as EUR 940. That including combining the EUR 500b ESM with EUR 200b committed by the EFSF. Additional EUR 240 from the EFSF could be tapped “in exceptional circumstances following a unanimous decision of euro-area heads of state or government notably in case the ESM capacity would prove insufficient”.
Is a major breakout on EUR/USD in the works? Maybe! Yesterday’s bullish close took the pair above a long-term falling trend line for the first time in months. But it isn’t in the clear just yet! So far, it has only managed to crawl a few pips above the line. Whether or not we’ll see the pair hit fresh highs will probably depend on how today’s daily candlestick will close.
With yesterday’s US House of Representatives move to temporarily extend the key payroll tax cut and other measures, the odds are rising that we ease quietly into the New Year, even if volatility may return quickly in January. US House clears way for tax cut extension The obstreperous US House of Representatives Republicans decided late yesterday that there was no further political capital to gain in continuing their objection to the Senate’s plan to extend the payroll tax cut that would have otherwise expired next week. It’ Full post…
The Australian Bureau of Resources projected that resource and energy earnings would break export records helping to spark a small short covering rally in AUD/USD in otherwise quite lackluster Asian trade.
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Dollar staged a strong rebound as Bernanke disappointed markets by refrained from giving any hints on QE3 in his testimony to Congress. Bernanke acknowledged that recovered continued by “pace of expansion has been uneven and modest by historical standards”. Employment growth is “likely to require stronger growth in final demand and production” and thus, Bernanke doesn’t expect “further substantial declines” in unemployment rate this year. Higher energy prices are expected to push up inflation temporary and reduce “consumers’ purchasing power.” But he emphasized that overall pace of increases in prices and wage growth will remain “subdued”. T
Let’s kick off the day with a potential bounce on GBP/USD’s 4-hour chart. Cable got rejected at the 1.5850 area, and it seems that it’s heading fast towards the 1.5750 handle. Look out for this area because not only is it near a minor psychological handle, it’s also a possible mid-channel support right between the 50% and 61.8% Fibs!