ZuluTrade Blog

Risk is overall a bit more friendly before the European open

Market View | Wednesday, June 6, 2012 4:20 AM GMT

Good Morning ,

 

- AUDUSD had a nice rally on the back of better than expected first quarter GDP

data (0.9738-0.9862). Risk is overall a bit more friendly before the European

open. German newspaper ''Die Welt'' reports Spain may receive a precautionary

credit line from the EFSF.

 

- Stocks: Nikkei+1.90 %, Hang Seng +1.26 %, Shanghai Composite

Dow Jones +0.22 %, S+P500 +0.57 %

 

- Spain mayreceive a precautionary credit line from the European Financial

Stability Facility to help prepare the country for a scenario where the

European debt crisis gets more turbulent, Germany's Die Welt newspaper

reported in a preview of a story that will run today, citing unidentified

people familiar with talks about the possible option.

 

- Spain hasn'tmade any requests for financial assistance and is working "very

hard" for fiscal sustainability and to restructure its banking industry,

EU Commissioner Rehn said. "We support Spain in its work in order torestore

and strengthen the resilence of the banking sector," he said.

 

- The head ofItaly's debt-management Agency, Maria Cannata, said it would take

at least 18 months to introduce joint euro bonds for the 17-nation currency

area and that previously sold debt would risk becoming "secondclass."

 

- Commerzbank AG,Germany's second- largest bank, had its credit rating cut one

level as Europe's deepening debt crisis prompted Moody's Investors Service to

downgrade seven lenders in the nation and three in Austria. Commerzbank was

reduced to A3. A review of Deutsche Bank AG will be concluded later, Moody's

said.

 

- Australia DataRecap          Period    Survey    Actual        Prior

* GDP qoq                            Q1       0.6 %      1.4%     0.6 % rev.

* GDP yoy                            Q1        3.3 %     4.3 %      2.5% rev.

 

- Federal ReserveBank of St. Louis President James Bullard said disappointing

job creation hasn't changed the U.S. economic outlook and the Fed should be

careful not to prompt borrowing by consumers with excessive debt.

 

- More monetaryaccommodation is necessary to help ensure U.S. economic growth

because there are still too many unemployed workers, and signs of

sustained price increases remain subdued, Federal Evans said late Tuesday. 

 

- Canadian PrimeMinister Stephen Harper said European countries need to

develop a "broader game plan" to solve the region's debt crisis.Harper, in

an interview with CBC Television, said European leaders are running out of

time to find definitive solutions to the crisis and lack a plan to address

"all the various eventualities" that may develop in coming months.

 

- United KingdomData Recap             Period    Survey   Actual    Prior

* BRC Shop Price Index yoy                May       1.5 %      1.5 %    1.3 %

* Lloyds Business Barometer              May          -          -21         26 

 

- New Zealand'sbudget deficit was NZ$1.42 billion narrower than forecast in

the 10 months through April as tax revenue exceeded expectations.

 

- 1430 US NonfarmProductivity Q1 F

- 1430 US Unit Labor Costs Q1 F

- 2000 US Fed Beige Book

- 1415 Fed Lockhart

- 1600 Fed Tarullo

- 2130 Fed Williams

- 1100 Eurozone GDP Q1

- 1100 Eurozone House Hold Cons Q1

- 1100 Eurozone Gross Fix Cap Q1

- 1100 Eurozone Govt Expend Q1

- 1200 Germany Industrial Production Apr

- 1345 ECB Interest Rate Announcement

- 1430 ECB Draghi

- 1030 UK Construction PMI May

 

   (CET)

 

Have a good day !

Comments are closed

Trading spot currencies involves substantial risk and there is always the potential for loss. Your trading results may vary. Because the risk factor is high in the foreign exchange market trading, only genuine "risk" funds should be used in such trading. If you do not have the extra capital that you can afford to lose, you should not trade in the foreign exchange market. Forex Brokers and ZuluTrade are compensated for their services through the spread between the bid/ask prices or there may be a cost to initiate a trade through the bid/ask spread. Signing up is totally free, and there is NO contract and NO monthly fees, ever.

This blog is for informational purposes only. This blog is not intended for distribution channels and may not be reproduced or distributed without the permission of Zulu Trade ltd or any of its affiliated entities (“ZuluTrade”). All opinions, news, prices or other information contained in this blog are provided as general market commentary and this report does not contain and it is in not to be considered in any circumstance as market analysis, offer or solicitation to buy or sell any financial instruments, personalized or general recommendation for any investment decision or investment strategy by ZuluTrade, in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information contained in this blog should not be construed as financial or investment advice on any subject matter. The financial instruments referred to herein may not be suitable for all investors and any investments on such financial instruments requires the assessment by each investor and its counsels of the investor’s investment characteristics, including the investment risks which the latter is willing to assume. This blog has been based on information which has been made public, obtained from sources believed to be reliable, but it has not been verified by ZuluTrade. No representation or warranty (expressed or implied) is made as to the accuracy, completeness, correctness, timeliness or fairness of the information or opinions herein, all of which are subject to change without notice. No responsibility of liability whatsoever of howsoever arising is accepted in relation to the contents hereof by ZuluTrade or any of its directors, officers, employees. Further, no representation is being made that any results will be achieved, and past performance is not indicative of future performance.