Tuesday, October 11, 2011

DailyMarkets.com - Forex – Dollar Broadly Higher As Slovakia Vote Eyed

DailyMarkets.com - Forex – Dollar Broadly Higher As Slovakia Vote Eyed


Forex – Dollar Broadly Higher As Slovakia Vote Eyed

Posted: 11 Oct 2011 02:37 AM PDT

Forexpros – The U.S. dollar was broadly higher against its major counterparts on Tuesday, as investors awaited a vote by Slovakia to ratify an expansion of the euro zone’s rescue fund.

During European morning trade, the greenback was up against the euro, with EUR/USD shedding 0.38% to hit 1.3588.

Slovakia is to be the last of the euro zone’s 17 members to vote on a deal to enhance the size and powers of the European Financial Stability Fund but deep divisions within the government on the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Crude Oil Futures Drop As Slovakia EFSF Vote In Focus

Posted: 11 Oct 2011 02:26 AM PDT

Forexpros – Crude oil futures were down for the first time in six days on Tuesday, pulling back from a two-week high as the U.S. dollar strengthened ahead of a closely-watched vote by Slovakia on expanding the powers of the euro zone's bailout fund later in the day.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at USD84.56 a barrel during European morning trade, slumping 0.99%.

It earlier fell by as much as 1.4% to trade at a daily low of … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


European Stocks Down Ahead Of Slovak Vote; DAX Slides 0.88%

Posted: 11 Oct 2011 02:14 AM PDT

Forexpros – European stock markets were sharply lower on Tuesday, ending a four-day rally as investors eyed Slovakia’s parliamentary vote to ratify an expansion of the euro zone’s rescue fund.

During European morning trade, the EURO STOXX 50 fell 0.87%, France's CAC 40 dropped 0.88%, while Germany's DAX 30 slid 0.88%.

Slovakia is the last of the euro zone’s 17 members to vote on a deal to enhance the size and powers of the European Financial Stability Fund.

All of the euro zone states … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Bank Indonesia Cuts Interest Rate 25bps To 6.50%

Posted: 11 Oct 2011 02:02 AM PDT

Indonesia’s central bank, Bank Indonesia, dropped the BI reference rate 25 basis points to 6.50% from 6.75%.  Bank Indonesia Governor, Darmin Nasution, said: “We are bringing the policy rate to a level that is more reasonable,” further noting “we saw the 6.75 percent rate as too high, unless we estimated inflation next year to be very high.”  Nasution also noted the impact of global conditions; ”The global crisis has not hit our real sector except for the financial market,” … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex – GBP/USD Extends Losses After U.K. Manufacturing Data

Posted: 11 Oct 2011 01:58 AM PDT

Forexpros – The pound extended losses against the U.S. dollar on Tuesday, falling to a fresh daily low after weaker-than-expected manufacturing data underlined concerns over the faltering U.K. economy.

GBP/USD hit 1.5613 during early European trade, the daily low; the pair subsequently consolidated at 1.5619, shedding 0.30%.

Cable was likely to find support at 1.5526, Monday's low and resistance at 1.5688, Monday's high and a seven-day high.

Earlier in the day, official data showed … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Gold Futures Edge Lower Ahead Of Slovakia EFSF Vote

Posted: 11 Oct 2011 01:49 AM PDT

Forexpros – Gold futures edged lower on Tuesday, pulling back from a 12-day high ahead of a vote by Slovakia on expanding the powers of the euro zone's bailout fund, while strong physical demand in Asia provided support.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,663.25 a troy ounce during late Asian trade, slumping 0.45%.

It earlier fell by as much as 0.6% to trade at a daily low of USD1,660.85 a troy ounce.

Investors … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


U.K. Manufacturing Production Falls More-than-expected

Posted: 11 Oct 2011 01:38 AM PDT

Forexpros – Manufacturing production in the U.K. fell more-than-expected in August, declining for the third consecutive month, official data showed on Tuesday.

In a report, the U.K. Office for National Statistics said that manufacturing production fell by 0.3% in August, worse than expectations for a 0.1% decline.

July's figure was revised to a 0.2% drop from a previously reported 0.1% increase.

Year-on-year, manufacturing production rose at an annualized rate of 1.5%, below expectations … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex – USD/JPY Inches Up As Market Sentiment Remains Fragile

Posted: 11 Oct 2011 01:34 AM PDT

Forexpros – The U.S. dollar inched higher against the yen on Tuesday, as market sentiment remained brittle ahead of a vote by Slovakia on expanding the powers of the euro zone's bailout fund later in the day.

USD/JPY hit 76.76 during late Asian trade, the daily high; the pair subsequently consolidated at 76.72, inching up 0.07%.

The pair was likely to find short-term support at 76.33, the low of September 28 and resistance at 77.07, the high of October 5.

Investors remained cautious … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex – NZD/USD Slides As Risk Appetite Wanes

Posted: 11 Oct 2011 01:24 AM PDT

Forexpros – The New Zealand dollar was lower against its U.S. counterpart on Tuesday, pulling away from an eight-day high ahead of a vote by Slovakia on expanding the power of the euro zone’s bailout fund.

NZD/USD hit 0.7798 during early European trade, the daily low; the pair subsequently consolidated at 0.7805, easing down 0.42%.

The pair was likely to find support at 0.7676, Monday’s low and resistance at 0.7956, the high of September 27.

Later in the day, Slovakia was to be the last … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex – AUD/USD Off 2-week High Ahead Of EFSF Vote

Posted: 11 Oct 2011 01:06 AM PDT

Forexpros – The Australian dollar was lower against its U.S. counterpart on Tuesday, pulling back from a 12-day high after rallying on Monday boosted by hopes of a fresh deal to stem the debt crisis in the euro zone.

AUD/USD hit 0.9925 during late Asian trade, the daily low; the pair subsequently consolidated at 0.9939, shedding 0.48%.

The pair was likely to find support at 0.9975, the low of September 27 and resistance at 1.0078, the high of September 22.

Investors remained cautious ahead … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Asia Stocks Jump On China Bank Move; Nikkei Gains 1.95%

Posted: 11 Oct 2011 12:48 AM PDT

Forexpros – Asian stock markets rose sharply on Tuesday, as shares in Chinese lenders surged after China's state-owned investment company bought bank stocks, while shares in Japanese exporters lifted the Nikkei to a three-week high.

During late Asian trade, Hong Kong’s Hang Seng Index rallied 2.35%, Australia's ASX/200 Index climbed 0.65%, while Japan's Nikkei 225 Index jumped 1.95% after being closed Monday.

China's state-run Central Huijin Investment Corporation said late Monday … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex – EUR/USD Steady After Monday’s Rally On Debt Deal Hopes

Posted: 11 Oct 2011 12:28 AM PDT

Forexpros –
Forexpros – The euro was steady against the U.S. dollar on Tuesday, holding onto Monday's huge gains after a pledge by France and Germany to unveil a plan to contain the debt crisis in the euro zone.

EUR/USD hit 1.3658 during late Asian trade, the daily high; the pair subsequently consolidated at 1.3649, inching up 0.05%.

The pair was likely to find support at 1.3377, Monday's low and resistance at 1.3797, the high of September 21.

The euro posted the largest one-day gain … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex Trading: Eur/Usd From A Daily Perspective

Posted: 10 Oct 2011 11:38 PM PDT

 
Eur/Usd is currently trading just below the 38.2% fibo (1.3677) of move down from 8/29 high of 1.4548 to 10/3 low of 1.3166. The pair has failed in recent trade to make a clean break above as 1.3700, which has been a formidable level of resistance. A break above should send the pair higher, with 1.3790-00 acting as next level of … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex – EUR/USD Down During The Asian Session

Posted: 10 Oct 2011 10:55 PM PDT

Forexpros – The Euro was lower against the U.S. Dollar on Tuesday.

EUR/USD was trading at 1.3639, down 0.02% at time of writing.

The pair was likely to find support at 1.3242, Thursday's low, and resistance at 1.3698, Monday's high.

Meanwhile, the Euro was up against the British Pound and down against the Japanese Yen, with EUR/GBP gaining 0.22% to hit 0.8727 and EUR/JPY falling 0.001% to hit … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex – GBP/USD Down In Asian Trade

Posted: 10 Oct 2011 10:25 PM PDT

Forexpros – The British Pound was lower against the U.S. Dollar on Tuesday.

GBP/USD was trading at 1.5626, down 0.27% at time of writing.

The pair was likely to find support at 1.5272, Thursday's low, and resistance at 1.5689, Monday's high.

Meanwhile, the British Pound was down against the Euro and the Japanese Yen, with EUR/GBP gaining 0.26% to hit 0.8730 and GBP/JPY falling 0.26% to hit … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Crude Oil Vulnerable At Key Resistance, Gold Bracing For Fed Minutes

Posted: 10 Oct 2011 10:11 PM PDT

Talking Points

Crude Oil Vulnerable at Key Resistance as Risk Appetite Faces Major Headwinds
Gold, Silver Look to Fed Minutes to Guide Price Action with QE3 Probability Clues

WTI Crude Oil (NY Close): $85.41 // +2.43 // +2.93%
Crude oil continues to track broad-based risk sentiment trends, with prices still showing a strong correlation with the S&P 500. The WTI contract soared yesterday along with the benchmark stock index, but thin trading volumes – the lowest in three weeks – cast … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


September Tax Revenues In Oklahoma Jump 14.5% From Increased Hiring And Strong Oil Production

Posted: 10 Oct 2011 09:06 PM PDT

“Tax collections in Oklahoma grew at a double-digit rate in September for the second straight month compared with receipts for the same period a year ago. Total collections for the state’s general revenue fund, the principal funding source for state government, were $526.2 million in September, which was $66.5 million, or 14.5 percent, above collections for the same month in 2010. 

For the first quarter of this fiscal year, tax collections registered a 12.1 percent growth. Total … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex – Dollar Rises In Mid-day Asian Trade

Posted: 10 Oct 2011 08:13 PM PDT

Forexpros –
Forexpros – The U.S. dollar moved higher against its major counterparts in Asian trade Tuesday, as investor hopes for progress on European debt were lifted by commitments from French and German leaders to strengthen euro-zone financial institutions.

In mid-day Asian trade, the greenback was higher against the euro, with EUR/USD retreating 0.11% to hit 1.3626.

Over the weekend, German Chancellor Angela Merkel and French President Nicolas Sarkozy, said they had agreed to … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex Trading: USD/HKD Unable To Close Above 7.78049 (yet)

Posted: 10 Oct 2011 07:53 PM PDT

After breaching above the 0.0% line at 7.78049, the pair hasn't been able to have an hourly close above this level yet. Two consecutive closes higher would be a bullish signal for the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex – USD/JPY Fractionally Lower In Mid-day Asian Trade

Posted: 10 Oct 2011 07:37 PM PDT

Forexpros –
Forexpros – The U.S. dollar moved modestly lower against the Japanese yen in Asian trade Tuesday, as a commitment from French and German leaders to strengthen the region's banks cooled enthusiasm for the safe-haven greenback.

In mid-day Asian trade USD/JPY hit 76.62, the day's low; the pair subsequently consolidated at 76.66, slipping 0.03%.

The pair was likely to find support at 76.10, the low of September 22, and resistance at 77.21, last Monday's high.

Over the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Singapore Stock Market Update For Tuesday 11 October

Posted: 10 Oct 2011 07:19 PM PDT

Market continues its rally, with exporters and technology firms posting notable gains. US market jumps as France and Germany pledge to do everything necessary to support Europe’s banks. Market is showing signs of recovering as 2600 is seen as a good support level.

Most blue chips are turning from bearish to bullish too. However, please be cautious that transition period is choppy. We will prefer to wait for a consolidation to set in before a new rally begins. Sentiment for now neutral, biased … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Asian Stocks Advance In Early Trade; Nikkei Up 2.1%

Posted: 10 Oct 2011 07:06 PM PDT

Forexpros –
Forexpros – Asian stocks moved higher in Tuesday trade, lifted by the overnight rise on Wall Street and renewed hopes for action to ward off the spread of debt contagion in the euro-zone.

During early Asian trade, Hong Kong's Hang Seng Index rose 0.02% to 17,711.10, Japan's Nikkei Index added 2.1% to 8,786.22, while Australia's S&P/ASX 200 climbed 0.8% to 4,234.50.
The Topix Index of all shares listed on the first section of the Tokyo Stock Exchange, gained 1.9% to … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Forex – AUD/USD Lower In Early Asian Trade

Posted: 10 Oct 2011 06:30 PM PDT

Forexpros –
Forexpros – The Australian dollar moved lower against the U.S. dollar Tuesday, following an announced agreement by European leaders on measures to recapitalize the region's faltering banks.

AUD/USD hit 0.9966 in early Asian trade, the day's low; the pair subsequently consolidated at 0.9968, declining 0.22%.

The pair was likely to find support at 0.9488, last Wednesday's low, and resistance at 1.0292, the high of September 21.

Over the weekend, German Chancellor Angela … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Just In Time For Halloween

Posted: 10 Oct 2011 06:20 PM PDT

Although there’s no obvious connection between these three charts (and accompanying commentary), together they paint a frightening picture of where things stand in today’s America:
The average Joe is falling further and further behind
“Household Income Trends During the Recession and Economic Recovery” (Sentier Research)
Real median annual household income has fallen significantly more during the economic recovery period from June 2009 to June 2011 than during the recession lasting from … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Crude Oil Retreats In Early Asian Trade

Posted: 10 Oct 2011 05:54 PM PDT

Forexpros –
Forexpros – Crude oil futures moved lower in Asian trade Tuesday, falling back from earlier gains on hopes for a new package of measures to recapitalize Europe's ailing financial institutions.

On the New York Mercantile Exchange light, sweet crude futures for November delivery traded at USD85.51 a barrel during early Asian trade, falling 0.27%, after hitting a daily high of USD85.94.

Over the weekend, German Chancellor Angela Merkel and French President Nicolas Sarkozy, said … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


ESRX Is A Sell, Plus E-Mini Levels

Posted: 10 Oct 2011 05:48 PM PDT

Express Scripts ($ESRX) has been trending steadily lower the last five months, dropping over 40% during this stretch, but more downside action could still be seen. Here's why..

Sell the Rips
While Express Scripts has trended lower the last five months, it has done so within the framework of a well-mannered downtrend. Well-structured trends allow market professionals to time great entries by trading pullbacks within the trend.
In essence, every rally within a downtrending market becomes a … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


Gold Continues Rise In Early Asian Trade

Posted: 10 Oct 2011 05:19 PM PDT

Forexpros –
Forexpros – Gold futures extended gains in Asian trade Tuesday, on renewed hopes for action on Europe's sovereign debt crisis while a weaker dollar helped spark enthusiasm for the precious metal.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,681.65 a troy ounce during early Asian trade, adding 0.27%, after hitting a low of USDS1,673.35.

Over the weekend, German Chancellor Angela Merkel and French President … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


No Signs Of Capitulation From Sentiment Models

Posted: 10 Oct 2011 01:35 AM PDT

After the difficult September that we saw in equities and other risky assets, it isn’t surprising that investor sentiment has tilted to the bearish side. The latest AAII sentiment survey shows the bull-bear spread at -10.47%. This was an improvement from the previous week and much better than the -22.67% reading two weeks ago.

The chart below from Schaeffer’s Research tells the story. Despite the tick up in bullish sentiment, there are more bears than bulls. This would normally be interpreted … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards


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