Your forexlive.com ENewsletter

---

• Eurozone trade balance march: EUR + 22.9 bln vs +10.4 bln prev
• April EZ inflation -0.1% vs -0.1% exp m/m
• Cameron love part II
• Gold continues its slide
• Fed’s Plosser says he does not see other central banks acting aggressively if Fed starts to exit QE
• USDJPY orders
• March Italian trade balance €0.607bn vs €0.380bn prior
• GBPUSD orders
• Cameron gets some German love
• EURUSD orders
• AUD/USD 0.9800 barrier in play
• European stock open 16 May
• March French industrial investment -4 vs -1 prior
• USD/JPY sees short covering
• Nikkei closes down 0.39% but still above 15,000 on late rally
• Fed’s Plosser: Fed should get out of mortgage backed assets
• AUD/USD breaks out long term trend line
• Early London sells AUD/USD
• Some early dollar buying into the new day
• Trading ideas 16 May

Eurozone trade balance march: EUR + 22.9 bln vs +10.4 bln prev Posted: 16 May 2013 02:04 AM PDT

April EZ inflation -0.1% vs -0.1% exp m/m Posted: 16 May 2013 02:00 AM PDT Y/Y  1.2% vs 1.2% exp. Prior 1.2% Ex food & energy 0.0% vs 0.1% exp. Prior 1.5% m/m. Y/Y 101% vs 1.0% exp Ex tobacco 1.1% from 1.7% prior y/y Ex food, energy, alcohol & ciggies 1.0% vs 1.5% prior y/y As expected. Mario Draghi gives a huge sigh of relief

Cameron love part II Posted: 16 May 2013 01:57 AM PDT Looks like poor beleaguered PM, David Cameron is getting some more cuddles, this time from the public. In the latest MORI poll Labour’s lead over the Tories has slipped to 3% and an eight month low. The election is obviously a long way off but that won’t stop the politicians screwing every angle on each other and with membership of the EU being front and centre, the market is going to be very susceptible to politicians guff informed opinions.

Gold continues its slide Posted: 16 May 2013 01:35 AM PDT and puts additional pressure on the aussie dollar Gold now posted 1370 and capping AUDUSD rallies. Immediate support on the not so shiny stuff at 1369 coincides with the 0.9800 barrier so let’s see if they both hold or pop. Currently 1371.20 and 0.9809

Fed’s Plosser says he does not see other central banks acting aggressively if Fed starts to exit QE Posted: 16 May 2013 01:24 AM PDT Just out on reuters Mr Plosser spouting forth once more suggesting that the US is better placed than others to take its finger off the printing button either that or he’s hoping they don’t come looking for him and his pals down a dark alley!

USDJPY orders Posted: 16 May 2013 01:18 AM PDT This pair remains in the 101.80-102.80 range and enough action within to satisfy both camps. currently 102.47 we wait to see whether pair has enough fresh buyers to take it through 103.00 Sellers 102.60,102.80,102.90,103.00,103.10,103.30,103.50 Buyers 102.10,102.00,101.90,101.80,101.50

March Italian trade balance €0.607bn vs €0.380bn prior Posted: 16 May 2013 01:03 AM PDT Global trade bal €3.237 bln vs  €1.086bn prior

GBPUSD orders Posted: 16 May 2013 12:54 AM PDT Various option  expiries to potentially influence this pair but I hope some you sold into that rally to 1.5273 yesterday after Merv King’s final flurry and the subsequent bounce from the lows to 1.5250. Good demand seen at 1.5175 though so this pair remains an opportnity for both bulls and bears. Sellers  1.5230,1.5250,1.5265,1.5280,1.5300,1.5330,1.5350 Buyers 1.5190,1.5175,1.5155,1.5130,1.5100

Cameron gets some German love Posted: 16 May 2013 12:51 AM PDT Ze mighty German government put it’s weight behind behind a campaign to keep Britain in Europe last night. Top officials described the possibility of the UK leaving as “a disaster for all parties” Of course it wasn’t completely a blanket case of supporting the UK as Berlin see the UK ‘s membership of the EU as central to it’s priorities in reversing Europe’s economic declines and to counter protectionist pressures in France and other countries. David Cameron survived the EU referendum vote as the motion to “regret” the lack of an EU vote bill in the Queens speech was defeated by 277 to 131 votes. The surprise came as the number of Tories voting for the motion came in at 114, a greater show of euroscepticism than was expected. From the Guardian and BBC

EURUSD orders Posted: 16 May 2013 12:40 AM PDT Good day everyone, Apart from the Aussie action it looks like a quiet start but I’m sure it will all kick off again at some point soon enough ! I wish you all a profitable session Here’s the first of the orderboards. Nothing of real note at this stage apart from the large option expiry at 1.2950 Sellers  1.2885,1.2900,1.2930,1.2950,1.2980,1.3000 Buyers  1.2850,1.2825,1.2800,1.2775,1.2750

AUD/USD 0.9800 barrier in play Posted: 16 May 2013 12:28 AM PDT Should we get down that way, which is looking a distinct possibility, our little spies tell us there is a barrier to be protected. No size on it at the moment.

European stock open 16 May Posted: 16 May 2013 12:07 AM PDT FTSE flat Dax -0.2% Cac -0.4% Ibex -0.1% FTSE MIB -0.2% A quick look at the bonds (10′s) Italy 4.005% -0.014bp Spain 4.320% -0.027bp Portugal 5.4% -0.010bp Greece 8.781% +0.099bp Ireland 3.52% flat Germany 1.376% -0.002bp

March French industrial investment -4 vs -1 prior Posted: 15 May 2013 11:46 PM PDT French  Q1 non farm payrolls -0.1% vs -0.2% prior (revised to -0.3%) French wages rise 0.7% in Q1

USD/JPY sees short covering Posted: 15 May 2013 11:42 PM PDT Short term shorts were said to have covered in that small rallyette. As Eamonn pointed out earlier there are exporter offers at 102.70-80 and option related orders ahead of 103 with stops above. Bids are said to be solid at 102 and lower and mixed in with stops at 101.80 Mike will have the full order board a little later when he clocks on.

Nikkei closes down 0.39% but still above 15,000 on late rally Posted: 15 May 2013 11:30 PM PDT Closes at 15037.24 -58.79pts.

Fed’s Plosser: Fed should get out of mortgage backed assets Posted: 15 May 2013 11:23 PM PDT Just hitting the wires We don’t predict asset bubbles well Have to be conscious about impact of zero rates FOMC focussed on unemployment rate CB’s shouldn’t react to markets Markets should be reacting to CB’s

AUD/USD breaks out long term trend line Posted: 15 May 2013 11:21 PM PDT The break of 0.9870 has pushed us below the long term 2011/2012 trend line. Having tried and failed yesterday to commit to a break this move looks to have legs. As per usual my timing is rubbish and I would have liked to sell it at around 0.9860 for the break. I’m going to hope that we get a small bounce off the lows here and get a sell in around 0.9850 with a stop at 0.9920 More to follow…

Early London sells AUD/USD Posted: 15 May 2013 11:09 PM PDT Stops hit through 0.9860 and 0.9850 push the pair down a low of 0.9832 Exporter bids seen starting at 0.9820 down to 0.9800.

Some early dollar buying into the new day Posted: 15 May 2013 11:01 PM PDT Just as London sit’s down to a new session USD/JPY is on the front foot with a 20 pip rise Can’t see any news behind the moves. I mentioned to Eamonn earlier that I would have expected more of a reaction to the better Japanese GDP figures overnight. Maybe we are seeing the reaction to it as traders hit their desks. GBP & EUR v JPY are following the move while both cable and the euro give a little ground.

Trading ideas 16 May Posted: 15 May 2013 10:55 PM PDT It seems like Europe is having a lie in today with very little early action. So while it’s quiet let’s have all you ideas for the day ahead. As usual you can tell us how you trades are going also. And as a Brucie bonus I’m going to chuck in a poll EUR/USD 1.2750 or 1.2950. Euro bulls get a 20 13 tick head start for their recent pain.

You are subscribed to email updates from ForexLive To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610