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Old 09-07-2010, 08:20
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Default 08/07/10

[COLOR="Green"]ICAP: in August Australian rates will be raised [/COLOR]
Australian currency climbed to one-week maximum versus US dollar. Aussie advanced as the growth of country’s employment beat the forecast exceeding it in 3 times. Australia’s employment rolls increased in June by 45,900, while the economists surveyed by Bloomberg News were looking forward only to 15,000 gain.
Labor market improvement may raise inflation pace. According to the Reserve Bank of Australia’s estimate, inflation is likely to exceed its target. As a result, economists at ICAP Australia Ltd. in Sydney are sure that Australian central will lift up interest rates possibly in August.
Strategists at Australia & New Zealand Banking Group Ltd. in Sydney claim that the country’s economy keeps extending and the positive growth dynamics will help Australia since there are poor advance prospects for the world’s economy and make the national currency benefit.

[COLOR="green"]Bank of Tokyo-Mitsubishi: euro won't exceed $1.30 level[/COLOR]
Analysts at Bank of Tokyo-Mitsubishi UFJ Ltd. in London claim that the single currency may stop gaining as it’s getting close to a very strong resistance made by euro’s 16% decline since December at $1.2750.
As a result, the specialists believe that European currency won’t manage to get above $1.30 level. Bank of Tokyo-Mitsubishi is bearish on euro in the long-term. According to the analysts, the common currency will possibly drop below parity with the greenback if Greece or had to restructure its debt or one of the euro zone countries left the monetary block.

[COLOR="green"]KBC Bank: EUR/USD will gain above 1.2454[/COLOR]
Analysts at KBC Market research Desk claim that the pair EUR/USD is gaining strength as it managed to climb to the 2-month maximum at 1.2695 zone.
The specialists note that the single currency’s now approaching the key resistance at 1.2695/ 1.2702 area representing daily channel top of December maximum/broken daily flag bottom of year’s minimum). KBC expects that while euro’s trading above 1.2454 the pair will grow.
Support is found at 1.2601 (daily short-term MA), 1.2566/1.2553 (daily envelope bottom/hourly reaction minimum), 1.2479/1.2467 (this week’s minimum/previous reaction maximum) and 1.2419/1.2405 (weekly envelope bottom/daily Medium Term Moving Average/ break-up hourly).

[COLOR="green"]Goldman Sachs: Aussie will rise to 95 Canadian cents[/COLOR]
Economists at Goldman Sachs Group Inc. claim that Australian dollar may gain against Canadian one as Australia will benefit from Chinese economic growth, while Canada may be affected by the slowdown of US economy.
As a result, the specialists advise investors to buy Aussie looking forward to its advance to 95 Canadian cents. It’s necessary to place stops below 88.5 Canadian cents.
According to Goldman forecast, Australian central bank will raise its key rate from the current level of 4.5% by 25 basis points in 2010 and 75 basis points more in 2011.

[COLOR="green"]Commerzbank: dollar may rise to 90.60[/COLOR]
Technical analysts at Commerzbank AG claim that the greenback may strengthen to 90.60 yen if it manages to hold above support area between 87.15 representing December 2008 and January 2009 minimums and 87.00 yen that is 78.6% Fibo retracement of the growth from November 2009 to May 2010. The pair USD/JPY may climb to 89.23/89.93 where 38.2% and 50% Fibo retracements of the decline from the June maximum are found.

[COLOR="green"]RBC: Bank of England won’t raise the rate[/COLOR]
British pound declined versus the single currency falling to the 2-week minimum. It happened under the impact of negative economic data that means that the pace of UK economic growth’s getting down affected by government spending reduction.
According to Halifax, UK house prices lost 0.6% in June. Manufacturing production added 0.3% in May after April decline by 0.8% but turned out to be below expectations of 0.5% increase.
Currency strategists at Royal Bank of Canada claim that the tightening of the fiscal policy discouraged the expectations of interest rate hike. Bloomberg survey shows that economists expect that the Bank of England’s benchmark interest rate will be left at the current minimal level of 0.5%.

[COLOR="green"]IMF: global growth forecast’s up[/COLOR]
The International Monetary Fund lifted up its forecast for the growth of the world’s economy in 2010 from 4.2% according to April prediction to 4.6%. Such advance will be the most significant since 2007.
The Fund specialists noted that the advance in the first half was above expectations. The risks to the recovery became higher due to the European crisis and are compensated by growth pace of such countries as Brazil, China and India. Among advanced economies the United States and Canada are regarded as best performers.
The IMF underlines that the most important now is to restore financial market’s confidence without affecting economic rebound.

[COLOR="green"]On-line analytics from FBS always is available on: http://www.fbs.com/analytics/news_markets[/COLOR]
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