среда, 17 июля 2013 г.

EUROPEAN session review: investors wait for Bernanke’s testimony


Data released (actual, consensus, previous):                            
08:30    UK    GBP    Bank of England Minutes              
08:30    UK    GBP    BOE MPC Vote Unchanged    9        9         
08:30    UK    GBP    Claimant Count Change (Jun)    -21.2K    -8.0K    -16.2K 
08:30    UK    GBP    Claimant Count Rate (Jun)    4.4%    4.5%    4.5%         
08:30    UK    GBP    ILO Unemployment Rate (3M) (May)    7.8%    7.8%    7.8%    



The USD trades a touch firmer versus most of its major competitors ahead of Federal Reserve Chairman Ben Bernanke's semiannual testimony before the Congress. 

Bernanke will testify before lawmakers at 14:00GMT, with investors looking for any hints of when the central bank plans to begin tapering its bond-buying program.


EURO:


The pair has been stuck between 1.3120 and 1.3160 as markets head towards the key event of the week: Bernanke’s semi-annual testimony. 

EUR/USD is now losing 0.09% at 1.3145 with the next resistance at 1.3174 (high Jul.16) followed by 1.3208 (high Jul.11) and then 1.3255 (high Jun.21). On the flip side, a breach below 1.3122 (MA30d) would bring 1.3100 (psychological level) and finally 1.3078 (MA200d).



POUND:
Data released in UK showed positive developements on the jobs market and the minutes of the Bank of England’s July meeting showed the Monetary Policy Committee voted 9-0 to keep its bond-purchase target at 375 billion pounds. 
Previously 6-3 in favour Carney was widely expected to be voting in favour of further easing. 

GBP/USD is currently quoted at $1.5211. Resistance is near $1.5220 (Jul 11 high), then - at $1.5300. Minor support comes at $1.5080, then - at $1.5020 (Jul 15 lows) and $1.4780 (Feb 28’2010 lows).



YEN:
Yen eased some what agains the US dollar ahead of Bernanke’s speech. 
USD/JPY remains under Y100.00. Support comes at recent lows on YY98.20. Below support comes at Y97.77/70, ahead of Y97.00 (June 25 low). Initial resistance comes at Y99.70-Y100.00, then - at  Y101.00 and Y101.50.

DATA AHEAD:



US   Fed's Beige Book will be published at 18:00 GMT.


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