Your forexlive.com ENewsletter

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• Top Chineses economic official investigated for corruption
• USDJPY orders
• AUDUSD orders
• EUR/USD: 200 dma dictating the play
• GBPUSD orders
• EURJPY orders
• Senior IMF offficial says Italy and Germany have now completed most of their fiscal adjustment
• EURUSD orders
• ECB’s Visco says he sees merit in negative depo rates
• Trading Ideas 13 May
• Swiss retail sales march: y/y -0.9% vs -0.8% exp
• European equity markets have a mixed opening
• Schaueble says Slovenia does not need a bail-out
• BOF forecasts the French economy will grow +0.1% q/q in Q2
• Nikkei 225 closes +1.2% at 14,782.21
• USDJPY lower again but buyers expected in the dip
• Cyprus and Greece expected to get approval for bail-out funds later today
• AUDUSD lower again after weaker Chinese data
• Chinese fixed investment april: y/y +20.6% vs +21% exp
• Chinese retail sales april y/y: 12.8 % vs +12.8% exp

Top Chineses economic official investigated for corruption Posted: 13 May 2013 02:00 AM PDT In China? I don’t believe it!! Deputy head of the national development and reform commission, Liu Tienan is being probed for “disciplinary violations” says the BBC. Lou Changping who is deputy editor of well known  Caijing magazine accused Tienan of corruption back in December. He said the official was involved in questionable financial deals, fabricated his academic record and threatened to kill a former mistress. New Chinese president Xi Jinping (or one of his robot clones) has been running a high profile anti corruption drive.

USDJPY orders Posted: 13 May 2013 01:53 AM PDT Barrier option interest at 102.25 capped the rally in Asia after the post-G7 kneejerk rally. Buy orders at 101.50 have held the dip so far. currently 101.80 Sellers 101.90, 102.00,102.25*,102.50*,103,00* ( all barrier option related) Buyers 101.50,101,20,101.00,100.80,100.50

AUDUSD orders Posted: 13 May 2013 01:43 AM PDT This pair failed in an earlier rally above 1.00  after weaker than expected Chinese data blew a hole in its balloon. currently 0.9982 Sellers 1.0020,1.0050,1.0080,1.0090,1.0100,1.0150 Buyers 0.9960, 0.9950,0.9925,0.9900,0.9885

EUR/USD: 200 dma dictating the play Posted: 13 May 2013 01:35 AM PDT Following Friday’s breakdown through the 200 dma we find ourselves below the level today and looking pretty weak. The break through the option barrier at 1.2950 didn’t illicit any sort of follow through and the profit takers strolled in late in the day and took the edge off the losses. 1.2950 is the sticking point once again today with further option related  trading here also. The downside still seems favourable from here and the closest level of any note is the 55 wma at 1.2880. A break and close of that level opens the trap door to the late March/early April lows at 1.2750. So far there has been no semblance of a bounce and what little there has, has been sold into again this morning. The bears are in control and looking convincing. We will need to re-take 1.3000 to put them under any sort of pressure and if we do the the 200  H4ma stands in the way of further gains at 1.3018. From there the 38.2 fib from the dollar move on the 8th May comes in at 1.3033. I don’t hold much to such a short term fib but if the sellers want to stay in control it’s these levels they are likely to use just on the back of this main move down. With no data until the US retail sales these levels may well keep us defined until later. When all is said and done we still remain in the well trodden 1.29/1.32 range, despite the shocks and dramas. Just when we think we’re going to break one way or another we get a reverse. That suggests two possibilities. 1. There’s no real interest in the market to go in either direction or 2. There some big money playing the edges We know the giant panda likes his DNT’s so don’t rule this out as a reason for the ranging.

GBPUSD orders Posted: 13 May 2013 01:32 AM PDT Going nowhere fast at 1.5360 but with good sell interest seen between 1.5400-20 and buyers lining up below 1.5300 we could be trapped inside for a while yet. Sellers 1.5380,1.5400,1.5420,1.5450,1.5485,1.5500,1.5525 Buyers 1.5335, 1.5320,1.5300,1.5285,1.5265,1.5250

EURJPY orders Posted: 13 May 2013 01:24 AM PDT With USDJPY capping above 102 and the euro getting slapped by Visco comments this pair has understandably been on the back foot this morning so far, but holding above  buying interest at 131.50. currently 131.82 after 131.57 lows Sellers 132.20, 132.50,132.70,133.00, 133.50 Buyers 131.50, 131.25,131.00,130.80, 130.50

Senior IMF offficial says Italy and Germany have now completed most of their fiscal adjustment Posted: 13 May 2013 12:53 AM PDT but France still has some work to do So says the IMF’s  Carlo Cottarelli, head of the fiscal affairs division, speaking at a conference in Milan He further warns that Fiscal adjustments should take place at an adequate speed. You have to avoid to overdo fiscal adjustment otherwise you will choke off the economy.

EURUSD orders Posted: 13 May 2013 12:43 AM PDT After that Visco-induced dip to 1.2953 here’s what’s out there at the moment Sellers 1.2990, 1.3000,1.3020,1.3050,1.3080, 1.3100 Buyers 1.2945, 1.2935,1.2900,1.2880,1.2850

ECB’s Visco says he sees merit in negative depo rates Posted: 13 May 2013 12:30 AM PDT EURUSD down to 1.2960 in s flash speaking on CNBC says ECB may cut the depo rate to negative if the economy needs further help says there may well be unintended consequences but they have the ability to deal with those EURUSD back at 1.2965 after 1.2953 lows

Trading Ideas 13 May Posted: 13 May 2013 12:29 AM PDT Ok one and all , it’s that time of day when you get chance to share your trading ideas and thoughts with your fellow ForexLive readers. As usual reason welcome but not obligatory

Swiss retail sales march: y/y -0.9% vs -0.8% exp Posted: 13 May 2013 12:21 AM PDT +2.4% prev Slightly worse than expectations but CHF little moved. USD CHF 0.9561 after holding above 0.9950 in its dip so far this morning  EURCHF 1.2416

European equity markets have a mixed opening Posted: 13 May 2013 12:12 AM PDT FTSE  0.0% DAX 0.0% CAC40 -0.1% IBEX +0.1% FTMIB -0.1%

Schaueble says Slovenia does not need a bail-out Posted: 12 May 2013 11:57 PM PDT but does need some ” painful reforms” The German fin min speaking on radio just now and reported by reuters

BOF forecasts the French economy will grow +0.1% q/q in Q2 Posted: 12 May 2013 11:34 PM PDT latest monthly business survey from the Bank of France has this as a first estimate april business climate indicator for industrial sector rises to 94 vs 93 prev april business climate indicator for services sector unchange at 88 The survey shows some degree of stabilization after months of deterioration EURUSD a little higher at 1.2988

Nikkei 225 closes +1.2% at 14,782.21 Posted: 12 May 2013 11:04 PM PDT highest since jan 2008

USDJPY lower again but buyers expected in the dip Posted: 12 May 2013 11:00 PM PDT We’ve seen another little dip in this pair to 101.54 but there is talk of decent buying interest at 101.50, 101.25 and 101.00 Currently 101.59

Cyprus and Greece expected to get approval for bail-out funds later today Posted: 12 May 2013 10:55 PM PDT The Eurozone fin mins meet later to approve the first tranche of bailout funds for Cyprus, and the latest for Greece The BBC carries this story

AUDUSD lower again after weaker Chinese data Posted: 12 May 2013 10:38 PM PDT As the data comes in under expectation so the Aussie dollar does a turn-around too AUDUSD back down to 0.9983. AUJPY 101.58

Chinese fixed investment april: y/y +20.6% vs +21% exp Posted: 12 May 2013 10:34 PM PDT +20.9% prev

Chinese retail sales april y/y: 12.8 % vs +12.8% exp Posted: 12 May 2013 10:33 PM PDT +12.6% prev

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