Euro against major currencies...
EUR/USD 0/- We will prefer to sell rallies to 1.2370 for push back to 1.2280. Stop are above 1.2410.
EUR/JPY EUR vs JPY is natural, We See support at 110.10 holding. Ranging 110.0-111.30. 2010-06-27 20:53:52
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Advanced G-20 Countries economies will aim to halve deficits by 2013 and start to stabilize their debt-to-output ratios by 2016, the group said in a statement yesterday after a meeting in Toronto Canada. G-20 Leaders said nations can move at their own pace and also pledged to fulfill existing stimulus plans.
G-20 leaders responded to the European debt crisis with deficit-reduction targets and agreed to pursue higher capital requirements for banks once economic recoveries take hold.
Today morning European session start with Sweden’s household lending and trade data followed by the series of German states reporting CPI data for June 2010.
Major Economic and Forex Market Headlines - Previous Session
- China May 2010 Leading Index out at 103.44 vs. 104.36 prior
- United Kingdom June 2010 Home-track Housing Survey out at +0.1% m/m, 2.1% y/y vs. 0.2%/2.0% prior respective.
- Japan May 2010 Retail Trade out at +2.8% y/y vs. +4.8% expected and 4.9% prior
- Japan May 2010 Large Retailers’ Sales out at -4.0% vs. -2.9% expected and 0.5% prior
- NZ June NBNZ Business Confidence out at 40.2 vs. 48.2 prior
- USA Q1 2010 Final GDP out at 2.7% vs. 3.0% expected and 3.0% previously
- vs. 3.5% expected and 3.5% previously
- USA June Michigan Confidence out at 76.0 vs. 75.5 expected and 75.5 prior
The G-20 has to bridge a gap between leaders such as German Chancellor Angela Merkel who favor budget cuts and USA President Barack Obama who want to focus on growth.
G-20 leaders are poised to endorse targets to tackle deficits while giving nations flexibility on when to start balancing their books, according to officials with knowledge of drafts of the final statement.
G-20 Leaders will agree today on the need to cut deficits, while urging countries with the most precarious fiscal positions to accelerate their plans, according to the officials who declined to be identified by name because a final version of the statement hasn’t been completed.
“I’m not optimistic about the exports this year,” said Yu Jianhua, a Ministry of Commerce director general, after a press conference during the Group of 20 meetings in Toronto. “It’s essential for exporters to cut cost and keep their share in the world trade market.”
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 2.7 percent in the first quarter of 2010, (that is, from the fourth quarter to the first quarter), according to the "third" estimate released by the Bureau of Economic Analysis.
In the fourth quarter of 2009, real GDP increased 5.6 percent. the GDP estimate released today is based on more complete source data than were available for he "second" estimate issued last month. In the second estimate, the increase in real GDP was 3.0.
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Major Currencies Daily Heat Table
Daily Currencies Heat Table Update: Daily GMT +5:00
Daily Gold, Oil and Silver Futures...
Gold is leading again. Buy at the break of 1244.450 targeting 1251. Sell below 1290.
Buy on dips towards 18.66 targeting 18.76.
Sell at the break of 76.03 targeting 75.65.
Monetary Policy Focus
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US Dollar Index Chart
Forex Sentiment Indicator
Central Banks Interest Rates
|EMU / EURO||1%|
G-20 Economy & Updates!
Pakistan Economic Indicators
|Per Cap Income||$1046|
|Monthly|| July |
|Trade Balance||$-1.15 bln|
Weekly August 18, 2009
|Reserves|| $11.846 bln |