Monday, May 30, 2011

DailyMarkets.com - Oil Updates: Cuba Discovery And Tax Cuts In Alaska

DailyMarkets.com - Oil Updates: Cuba Discovery And Tax Cuts In Alaska

Oil Updates: Cuba Discovery And Tax Cuts In Alaska

Posted: 30 May 2011 07:03 AM PDT

1. Could the 50-year United States embargo against Cuba finally be lifted after the discovery of an enormous oilfield in Cuban waters (20 billion barrels, with drilling to start within the next few months)? 

2. Alaska Govornor Sean Parnell said he plans to continue to “vigorously pursue” tax-cuts for oil companies as a way to boost production in the state.  Hope Sen. Max Baucus is paying … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

EUR Tests 1.43, Market Eyes Greece For Direction

Posted: 30 May 2011 07:01 AM PDT

We come into this weekend with the EUR/USD having manged to pare the losses it has suffered the previous Friday (May 20th), rallying from a low of 1.3970 to test the 1.43 level.
Here's a look at the EUR/USD pair (hourly period) taken at around 9:40AM ET (13:40 GMT)

We opened the week with a move to a new high at 1.4320, but since then have moved back below the 1.43 area. The question is if the EUR can hold on to its gains from last week, and even extend them, as the EUR's rally was more … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Two More Questions

Posted: 30 May 2011 06:52 AM PDT

1. If ticket scalping laws that make it illegal to sell a ticket to a concert or sporting event above face value are a good idea, shouldn’t selling a coin, bond, car, or house above face value, sticker price or list price also be illegal as well?  If not, why not? 

2. Name the main arguments in favor of selling a coin, bond, car or house above face value/list price.  Aren’t all of them equally good arguments for allowing people to selling tickets above face … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

FX Headlines: Euro Slides In Thin Trading Conditions

Posted: 30 May 2011 06:43 AM PDT

The Euro slid slightly in thin trading conditions as traders differed to broader market trends, with concerns about the ability of Greece to remain solvent dominated headlines amid two holidays that closed equity markets and trading desks in the United Kingdom and the United States.

Fundamental Headlines
• Euro Weakens on Greek Debt Concerns – Bloomberg
• Italy is No Greece; Foreign Debt is Low: Unicredit CEO – CNBC
• No UK Rate Rise Until Recovery Secured, Bank Told – CNBC
• Germany … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – USD/CAD In Narrow Range After Strong Canada GDP Data

Posted: 30 May 2011 06:42 AM PDT

Forex Pros – The U.S. dollar remained in a tight range against its Canadian counterpart in thin trade on Monday, after government data showed that Canada&rsquo;s first-quarter economic growth accelerated to the fastest pace in a year.<br /><br />USD/CAD clawed back up from 0.9749, the pair&rsquo;s lowest since May 25 to hit 0.9774 during early U.S. trading hours, easing up 0.02%.<br /><br />The pair was likely to find support at 0.9730, the low of May 23 and … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Gold Futures Steady At 3-week High In Holiday-thinned Trade

Posted: 30 May 2011 06:31 AM PDT

Forex Pros – Gold futures held steady at a three-week high in holiday-thinned trade on Monday, as lingering concerns over a Greek sovereign debt default boosted the safe haven appeal of the precious metal.&nbsp;&nbsp;&nbsp; <br /><br />On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,538.35 a troy ounce during U.S. morning trade, easing up … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex Trading: EURUSD Steady But Now Down On The Day

Posted: 30 May 2011 06:14 AM PDT

The EURUSD moved higher on the opening but has been below those level since. The price low dipped below and old trendline on the hourly chart (see chart above) but the price moved back higher. In the latest hour, the price dipped below the support line again in the European morning session, but it is more from time moving on, rather than extreme market selling.
The market is steady within a narrow range. The low came in at 1.4256. The high came in at 1.43207.  The 65 pip range would … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – EUR/JPY Slides Amid Concerns Over Greek Debt Uncertainty

Posted: 30 May 2011 05:58 AM PDT

Forex Pros – The euro slid to a session low against the yen on Monday, as ongoing uncertainty over a possible restructuring of Greek sovereign debt put a damper on demand for the single currency.<br /><br />EUR/JPY hit 115.22 during European afternoon trade, the session low; the pair subsequently consolidated at 115.45, shedding 0.19%.<br /><br />The pair was likely to find support at 114.45, last Thursday&rsquo;s low and short-term resistance at 116.37, the high … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex Trading: USDCAD Maintains Firm Support. Tests 100 Hour MA

Posted: 30 May 2011 05:47 AM PDT

The Canada GDP on a quarterly annualized basis came in a touch weaker than expected although the MoM was a bit better.  What balanced that out was the prior month was down by 0.1%. So the MoM data balanced out.
The Current Account for the 1st quarter meanwhile was much weaker at -8.9B from -7.2B expected. The combination has forced the USDCAD higher. The pair has good support against the floor trendline and the 200 hour MA (green line in the chart above).  Those levels come in at … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Canada’s Q1 Current Account Deficit Narrows Less-than-expected

Posted: 30 May 2011 05:42 AM PDT

Forex Pros – Canada&rsquo;s current account deficit narrowed less-than-expected in the first quarter of 2011, official data showed on Monday.<br /><br />In a report, Statistics Canada said the country&rsquo;s current account deficit narrowed to a seasonally adjusted CAD8.9 billion, compared to a deficit of CAD10.3 billion in the previous quarter, whose figure was revised from a deficit of CAD11.0 billion.<br /><br />Analysts had expected Canada&rsquo;s … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Canada GDP Rises More-than-expected In March

Posted: 30 May 2011 05:37 AM PDT

Forex Pros – Canada’s gross domestic product rose slightly more-than-expected in March, official data showed on Monday.<br /><br />In a report, Statistics Canada said gross domestic product rose by a seasonally adjusted 0.3% in March, after contracting 0.1% in February, whose figure was revised from a decline of 0.1%. <br /><br />Analysts had expected Canada&rsquo;s GDP to rise by 0.2% in March.&nbsp; <br /><br />Canada&rsquo;s economy grew at … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – Dollar Broadly Higher In Quiet Holiday-thinned Trade

Posted: 30 May 2011 05:16 AM PDT

Forex Pros – The U.S. dollar was broadly higher against its major counterparts on holiday thinned trade on Monday, as uncertainty over how Greece’s debt crisis will be resolved weighed on investor sentiment.<br /><br />During European afternoon trade, the greenback was up against the euro, with EUR/USD shedding 0.30% to hit 1.4276.<br /><br />Concerns over a Greek sovereign debt default lingered as European Union and International Monetary Fund officials prepared a … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – Pound Steady Against Dollar In Quiet Holiday Trade

Posted: 30 May 2011 04:41 AM PDT

Forex Pros – The pound was steady against the U.S. dollar on Monday, trading close to the session low as bank holidays in both the U.K. and the U.S. contributed to thin volumes and quiet trading.<br /><br />GBP/USD hit 1.6459 during European early afternoon trade, the session low; the pair subsequently consolidated at 1.6468, shedding 0.24%.<br /><br />Cable was likely to find support at 1.6377, Friday&rsquo;s low and resistance at 1.6573, the high of May 4.<br … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex – EUR/USD Lower As Greek Debt Uncertainty Weighs

Posted: 30 May 2011 03:50 AM PDT

Forex Pros – The euro remained lower against the U.S. dollar on Monday, as ongoing uncertainty over how Greece&rsquo;s sovereign debt crisis will be resolved dampened demand for the currency.<br /><br />EUR/USD hit 1.4258 during European late morning trade, the daily low; the pair subsequently consolidated at 1.4287, shedding 0.23%.<br /><br />The pair was likely to find support at 1.4124, Friday&rsquo;s low and resistance at 1.4422, the high of May 11.<br … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Crude Oil Likely To Decline While Gold Gains On Soft US Economic Data

Posted: 30 May 2011 03:27 AM PDT

Commodities – Energy
Crude Oil Consolidation to Yield to Renewed Selling
WTI Crude Oil (NY Close): $100.59 // +0.36 // +0.36%
Prices continue to consolidate below the 38.2% Fibonacci retracement of the drop from the May 2nd high at $102.35. A break above this boundary exposes the 50% level at $104.73. Broadly speaking, anything shy of that keeps the overall structure broadly bearish. Near-term support stands at the psychologically significant $100 figure, followed by the 5/6 low at $94.65.
A … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards

Forex News – Light Volumes Fuel Volatility

Posted: 29 May 2011 10:36 PM PDT

By ForexMansion.com
 
The mixture between caution and holidays in both UK and US, will keep the broad markets volatile today. Volumes will be lighter than normal in the currency and commodity markets, and full volumes will return only on Tuesday.
There will be a complete lack of data from Europe, the UK and the United States today. Therefore sentiment will be driven by the outlooks surrounding the European debt crisis and the global economic recovery.
However the data expected for this … [visit site to read more] or compare Best Credit Cards and Balance Transfer Credit Cards
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