Month: June 2013

U.S. Stock Futures Fall, Seek Direction from Data. Singapore reprimands 20 banks after benchmark rate review. US stock market moves higher

This time, bond investors think a Fed pullback is real. Rupert Murdoch files for divorce from Wendi Deng. US stock market moves higher

U.S. Stock Market Rises After Three Days of Losses. Mortgage Rates Near 4% Barrier. US stocks edge lower as Japanese market slumps

Japanese Crash Mocks Central Bank Intervention. New Vatican bank head says mission is total transparency. RBS shares slump after shock ousting of CEO Hester. Clearwire Endorses Dish’s Sweetened Bid. NSA Director Says Data Programs Foiled Plots

New Vatican bank head says mission is total transparency. Stock futures fall on concern over scaling back of stimulus. Global stocks plunge on monetary worries. GM targeting investment grade rating ‘within the year’. U.S. prime money funds raise euro zone exposure in May: JPMorgan

Apple Looking at Bigger iPhone Screens, Multiple Colors. The ‘Enormous Problem’ Facing States. RBS CEO Hester to step down this year. Facebook Still Needs to Convince Investors It Cares. Global Tumult Grips Markets

Union Finance Minister P. Chidambaram at a press conference on Thursday said that the steps that were taken by the government in the last nine months to revive the economy are yielding significant results and the government is looking forward to more reforms in the coming days.

By CountingPips.com

The euro has continued its recent strength against the US dollar in the foreign exchange markets and reached its highest level since February in Wednesday’s trading. The European common currency has notched gains over the past three weeks against the American currency and is already on its way this week to close higher for a fourth consecutive week.

The EUR/USD currency pair reached a high level of 1.3358 in Wednesday’s trading and marked the highest trading exchange rate since February 20th. The pair found buying support under the 1.3300 level early on Wednesday and never really looked back to trade at approximately 1.3335 at the New York close of trading.

EUR/USD Daily Chart – This currency pair has now ascended above the 1.3300 level and, perhaps, with more upside buying momentum, can look to set its sights on the major levels of 1.3400 and 1.3500. First up, bullish momentum would likely see overhead resistance at the 1.3350 level before the 1.3400 comes into play. The 1.3500 price is a major psychological level and would likely bring heavy resistance and volatility if the trend extends that far.

Potential support levels on the downside to look out for are the 1.3250 — 1.3280 key support area and then the 1.3200 area which has acted as both support and resistance in the past. Falling under the 1.3200 level would be a bearish sign that this latest uptrend has run out of steam and possibly set up a retest of 1.3000.

Economic Events Coming Up:

Thursday, June 13

Australia — May employment data
Switzerland — producer price data
United States — retail sales data
Japan — Bank of Japan minutes
United States — weekly jobless claims

Friday, June 14

Euro zone — consumer price index
euro zone — employment data
United States — University of Michigan confidence survey
United States — current account
United States — producer price index

Written by Zac Storella, CountingPips Forex Blog

GM targeting investment grade rating ‘within the year’. Morgan Stanley again targets wealth management margins above 20 percent. U.S. prime money funds raise euro zone exposure in May: JPMorgan

Morgan Stanley again targets wealth management margins above 20 percent. U.S. prime money funds raise euro zone exposure: JPMorgan. HP CEO sees possible 2014 revenue growth; shares up. Daimler rolls out new S-Class Mercedes and new production chief. Rick Larsen: Boeing 787 grounding raised questions on FAA process