FxBriefs Daily Wrap Up: Europe

Having trouble viewing this email? Click here to view in your browser. Forward this newsletter to a friend. EUROPE WRAP UP: May 31, 2013 FXBriefs European Wrap… all rather ‘risk off’ into the month-end following Visco’s comments MPC’s Posen says BOJ is doing the right thing ECB’s Visco says ECB’s ready to intervene again on rates, will consider all measures to maintain current credit conditions. UK April Mortgage approvals 53,710 Italian adjusted April unemployment 12% EU Commissioner Rehn- EU states must use their extensions to implement structural reforms Today’s orderboard ECB’s Kranjec- Eurozone still in crisis and it’ll take time to get out of it Swiss May KOF leading indicator rises to 1.10 German retail sales fall -0.4% m/m in April, but rise 1.8% y/y ITO sees room for yen to fall to 110.00 Was this email forwarded to you? Sign up to start receiving your own copy and download a free report. FxBriefs Home | Browse Topics | Free Reports | Economic Calendar | About | Unsubscribe HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. ADVISORY WARNING: FxBriefs.com provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect's individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FxBriefs.com specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any FxBriefs.com dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. FxBriefs.com expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results. Copyright © 2013 FxBriefs.com

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• Eurozone unemployment rate april: 12.2% vs 12.2% exp
• Eurozone inflation flash april: y/y 1.4 % vs 1.4% exp
• May Italian CPI 1.2% vs 1.2% exp y/y
• Nikkei futures dominate again as USDJPY falls through 100.50
• ECB’s Visco says ECB ready to intervene again on rates
• April UK M4 Money supply +0.3% vs -0.9% prior m/m
• April UK Consumer credit 0.524bn vs 0.4bn exp
• CHF and CAD orders
• Itlalian unemployment rate april: 12% vs 11.6% exp
• AUDUSD pops 0.9600
• Yen buyers around driving all pairs lower
• Trading Ideas 31 May
• AUDUSD also under pressure at 0.9628
• Cable under early pressure at 1.5208
• ECB’s Kranjec says Eurozone still in crisis
• European equity markets open lower overall
• Swiss KOF indicator may: 1.1 vs 1.08 exp
• French consumer spending april:m/m -0.3% vs -0.6% exp
• French producer prices april: -0.9% vs -0.2% exp
• EURUSD orders

Eurozone unemployment rate april: 12.2% vs 12.2% exp Posted: 31 May 2013 02:00 AM PDT 12.1% prev

Eurozone inflation flash april: y/y 1.4 % vs 1.4% exp Posted: 31 May 2013 02:00 AM PDT 1.2% prev

May Italian CPI 1.2% vs 1.2% exp y/y Posted: 31 May 2013 02:00 AM PDT Prior 1.1% m/m 0.1% vs  0.1% exp. Prior 0.0% CPI (EU norm) y/y 1.3% vs 1.4% exp. Prior 1.3% EU norm m/m 0.0% vs 0.1% exp. Prior 0.3%

Nikkei futures dominate again as USDJPY falls through 100.50 Posted: 31 May 2013 01:43 AM PDT Key level now breached followed by a quick run down to 100.30 as stops were triggered adding weight to pressure  on other pairs Nikkei futures getting slapped again More support seen at 100.20 and 100.00. A move below 99.80 has to freak out some yen bears surely

ECB’s Visco says ECB ready to intervene again on rates Posted: 31 May 2013 01:37 AM PDT That’ll be why we’re seeing the drop. Urges common eurozone budget, financial support for reforms in member states and suggests joint debt issuance on a trial basis. Italian banks are at risk of being in difficulty due to sovereign debt crisis Some Italian bank shareholders must be ready to dilute stakes and accept mergers. Says Italy reforms have slackened in past year. Not painting a very good picture is he?

April UK M4 Money supply +0.3% vs -0.9% prior m/m Posted: 31 May 2013 01:30 AM PDT Y/Y vs 0.3% prior

April UK Consumer credit 0.524bn vs 0.4bn exp Posted: 31 May 2013 01:30 AM PDT Prior  0.5bn. Revised to 0.594bn Mortgage lending 0.875bn vs 0.5bn exp. Prior 0.4bn. Revised to 0.473bn Mortgage approvals 53.71k vs 54.5k exp. Prior 53.5k. Revised to 53.67k A tick up in lending with mortgage lending seeing a decent increase even with mortgage approvals dropping.

CHF and CAD orders Posted: 31 May 2013 01:14 AM PDT Morning all. USD/CHF Offers: 0.9570, 0.9600, 0.9635, 0.9640 Bids: 0.9520, 0.9500 with stops below USD/CAD Offers: 1.0360, 1.0370 Bids: 1.0290, 1.0285, 1.0270 EUR/CHF Offers: 1.2460, 1.2465, 1.2480 Bids: 1.2420, 1.2400 stops below

Itlalian unemployment rate april: 12% vs 11.6% exp Posted: 31 May 2013 01:01 AM PDT 11.5% prev Ouch. EURUSD a little higher at  1.3040 though

AUDUSD pops 0.9600 Posted: 31 May 2013 12:45 AM PDT I warned of pressure on this pair just now Buy orders at 0.9620 and 0.9600 blitzed Low post 0.9598  currently 0.9607

Yen buyers around driving all pairs lower Posted: 31 May 2013 12:42 AM PDT USDJPY testing 100.50 again after good names seen adding supply so far EURJPY 130.95 from 130.86 lows  AUDJPY 96.54 EURUSD 1.3026   GBPUSD 1.5194  AUDUSD 0. 9600

Trading Ideas 31 May Posted: 31 May 2013 12:19 AM PDT As the session gets underway on a day that promises to give us a few thrills n spills let’s have your thoughts and ideas here to share with our wonderful  fellow ForexLive followers! Reasons welcome as always

AUDUSD also under pressure at 0.9628 Posted: 31 May 2013 12:16 AM PDT Down from 0.9685 Asian highs to test Asian lows of 0.9626 Support seen at 0.9620 and larger at 0.9600

Cable under early pressure at 1.5208 Posted: 31 May 2013 12:14 AM PDT Down from session highs of 1.5240 Talk out there that the pound will not be benefitting from month-end flows and could be under pressure particularly vs commodity currencies Stop-loss selling seen on GBPUSD below 1.5195. Low so far 1.5204. currently 1.5210

ECB’s Kranjec says Eurozone still in crisis Posted: 31 May 2013 12:07 AM PDT on the wires from Slovenia’s central bank governor Marko Kranjec says will take some time yet for Eurzone to recover Slovenia not out of the woods.. still has more to do expects the external auditors to confirm Bank of Slovenia’s figures on non-performing loans are correct EURUSD currently a little lower at 1.3035

European equity markets open lower overall Posted: 31 May 2013 12:04 AM PDT FTSE -0.1% DAX -0.2% CAC40 -0.1% IBEX -0.1% FTMIB +0.3%

Swiss KOF indicator may: 1.1 vs 1.08 exp Posted: 31 May 2013 12:01 AM PDT 1.02 prev Not a game changer  USDCHF 0.9540  EURCHF 1.2435

French consumer spending april:m/m -0.3% vs -0.6% exp Posted: 30 May 2013 11:48 PM PDT +1.3% prev A weaker collection of data but euro shrugging it off  EURUSD 1.3042

French producer prices april: -0.9% vs -0.2% exp Posted: 30 May 2013 11:46 PM PDT 0.0% prev y/y +0.6%

EURUSD orders Posted: 30 May 2013 11:45 PM PDT A quiet start to the day but it’s month-end so we should allow for all scenarios!  currently 1.3038 Sellers  1.3060,1.3070,1.3080,1.3100,1.3120,1.3130,1.3150,1.3190,1.3200 Buyers 1.3030,1.3020,1.3000,1.2980,1.2950,1.2930,1.2910,1.2900

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