UK CPI Jumps, ZEW Drops, Gold Capped, Cable Supported
http://www.ashraflaidi.com/forex-news/?a=3664
November 13, 2012 08:16 ET
:
UK consumer inflation at five month high; German and EZ ZEW
disappointed; Italy reached a full take up. US calendar contains only
second tier reports today. AUDUSD remains in progress while 1 of 2
EURUSD hit all targets and the other in progress. More on gold and
GBPUSDs triple confluence support in the final 2 paragrapghs.
USD
lost all its gains in the ongoing session across the board except JPY.
European equities are losing around 0.4% and the relative strength
winner is EUR while JPY is the weakest.
The IMF said it is
against Eurogroup's deal to give Greece additional two years to reach
budget targets and that more talks are needed. EU finance ministers
gather in Brussels today for their monthly meeting and the focus is
likely to remain on Greece. Next Eurogroup meeting is on 11/22-23.
UK
consumer inflation rose sharply in October reaching 2.7% from 2.2% on
annual basis. Rising tuition fees and food costs pushed the CPI to the
highest level in five months. Core CPI rose to 2.6% which is the highest
level in nearly a year. The BOE doves will have a harder time pushing
more QE through in December and should tomorrow's labor market data
disappoint, fears of upcoming deflation could rise. GBPUSD rose from
1.5860s to 1.5910 while EURGBP fell to 0.7969 before bouncing to 0.7995.
ZEW
economic sentiment indices for November disappointed. German ZEW
declined further to -15.7 from -11.5 and the Eurozone counterpart fell
to -2.6 from -1.4. EURUSD fell to 1.2661 but later bounced to 1.2710s.
Italy
reached a full take up as it sold 12 month BOTs totaling EUR 6.5 bln.
The average yield declined to 1.762% from 1.941% and bid to cover was
little changed at 1.76 from 1.77. Italian 10 year yield pushed to 5.07%
and now trades around 5.02%.
The US data calendar is limited to
IBD/TIPP economic optimism index that is due at 10:00 am ET and that is
expected to edge lower in November to 53.8 from 54.0. Federal budged
balance is due at 2:00 pm that is anticipated to show USD 113.5 bln
deficit in October from USD 75 bln surplus seen September.
1 of 2
gold trades in the Premium Insights remain in progress as the weekly
trendline from the October high remain intact at 1738, coinciding with
the 55-DMA and the previous support from the September base.
GBPUSD
stabilizes near the triple confluence support of 100 DMA, 200 DMA and
50% retracement of the rally from the 1.5410 low to the 1.6304 high at
1.5860. 1 of 2 EURUSD dual trades hit all targets, the 2nd in progress.
USDJPY stopped out. 1 of 2 CADJPY stopped out, the other in progress.
AUDUSD remains in progress. EURJPY stopped out. GBPUSD hit all targets.
EURGBP stopped out. (stopped out by 20 pips). 1 gold short stopped out
after missing final limit by $3 and the other short remains in progress.
1 silver in progress. 1 oil long stopped out. DIRECT ACCCESS
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http://ashraflaidi.com/ products/ sub01/ Patrik Urban
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