Month: July 2013

Spanish Prime Minister Mariano Rajoy rules out stepping down after opposition leaders call for him to leave office due to a growing scandal over alleged illegal financing of the ruling People’s Party. Ciara Sutton reports.

Citigroup Inc reported a 26 percent rise in adjusted quarterly profit as stronger home prices reduced losses on mortgages and trading revenue rebounded.

Nothing like a little French wedding!Who wouldn’t want an intimate ceremony in France to kick off their new life with their loved one? Well, Halle Berry certainly wanted just that when she walked down the aisle with Olivier Martinez. The newlyweds reportedly first wed during a civil ceremony and then had a religious ceremony at Chateau des Conde in Vallery, France. And the event was kept small, especially for a celeb wedding, as they had about 60 guests in attendance

By CountingPips.com

The US dollar lost ground against most of the major currencies last week as the FOMC minutes and some dovish comments from Fed Chairman Ben Bernanke on the latest Fed tapering talk and presumed inevitability of the ending of the US Federal Reserve’s QE program helped to cool off the USD bull run. The FOMC minutes showed that some members are looking to see better jobs numbers out of the US before agreeing to cut the stimulus. This rhetoric dashed market expectations for continued US dollar strength and perhaps, more importantly, coincided with the market leaning heavily in favor of the US dollar which experienced a sharp reversal. The dollar selloff ultimately benefitted the US stock markets as they raced to new highs.

This week revolves around more comments from Fed Chairman Bernanke on Wednesday and Thursday as he speaks before both houses of US Congress. There are also other important events like the Chinese GDP report on Monday, the US consumer price index on Tuesday, Canadian interest rate decision on Wednesday and the eurozone G-20 finance ministers meeting on Friday.  See more economic event highlights below.

Highlights of Fundamental Economic Events Next Week

Monday, July 15

China — GDP report
China — retail sales
China — industry production
Switzerland — producer and import prices
United States — advanced retail sales
Canada — existing home sales
New Zealand — consumer price index

Tuesday, July 16

Australia — RBA minutes
United Kingdom — consumer price index
euro zone — consumer price index
euro zone — Germany zew survey
United States — consumer price index
United States — treasury net TIC flows
Japan — BOJ meeting minutes

Wednesday, July 17

Australia — Westpac leading index
United Kingdom — bank of England minutes
United Kingdom — jobless claims
Canada — interest rate decision
United States — housing starts/building permits
United States — Fed Bernanke speech to US House
United States — Fed reserve beige book

Thursday, July 18

United Kingdom — retail sales
United States — Fed Bernanke speech to the Senate
Switzerland — trade balance
United States — weekly jobless claims
United States — leading indicators
United States — Philadelphia Federal Reserve report

Friday, July 19

Euro zone — G-20 finance meeting
Canada — consumer price index
Canada — BOC inflation core

Written by Zac Storella, CountingPips Forex Blog & Currency Pair Research

By CountingPips.com

NZD/USD: The New Zealand dollar gained last week against the US dollar and closed the week over the 0.7750 level. This pair seems to be in consolidation mode around the 0.7750 level as the pair has not traded for any significant length of time under the 0.7700 price over the last four weeks. Only time will show whether the New Zealand dollar bulls can stem the tide and mount a comeback in the coming sessions. Important levels for the week start with the support level at 0.7750, the near-term resistance at the 0.7850 level in the 0.8000 level represents a major resistance level overhead.

Written by Zac Storella, CountingPips Forex Blog & Currency Pair Technical Analysis

By CountingPips.com

AUD/USD: The Australian dollar’s recent and sharp decline has cooled off over the last few weeks and hit a low last week around the 0.9000 major threshold. To start the week, support looks to come in at the 0.9000 major level and weekly resistance may top out around the 0.9250 level that has provided resistance selling over the past three weeks. This pair has been in freefall for some time now and only time will tell when a strong base of support materializes.

Written by Zac Storella, CountingPips Forex Blog & Currency Pair Technical Analysis

By CountingPips.com

USD/CAD: The dollar fell sharply against the Canadian dollar last week after closing the previous two weeks above the 1.0500 price level. This week prices will open right just below the 1.0400 level and may find the major 1.0500 level as a resistance level. Near term support for the pair to start the week is 1.0325 — 1.0350 area with the 1.0250 area looking below as a support level. Bullish price action will likely run into resistance at this 1.0425 — 1.0450 level before the 1.0500 comes into play.

Written by Zac Storella, CountingPips Forex Blog & Currency Pair Technical Analysis

The U.S. Securities and Exchange Commission heads to trial against Fabrice Tourre, 34, a former Goldman Sachs bond trader. Legal experts say it is the highest-profile trial to date stemming from the SEC’s investigation of the events leading up to the 2008 crisis and presents a chance for the SEC to hold an individual responsible at trial.

By CountingPips.com

USD/CHF: The US dollar declined against the Swiss franc last week to fall under the 0.9500 price level after three straight weeks of increases. The USD/CHF currency pair currently trades around the 0.9455 level and looks to see 0.9500 major level as near-term resistance. Further downward action this week will likely run into support at 0.9400 area and then at the 0.9300 area and 0.9250 level. If price climbs above the 0.9500, there will likely see heavy resistance at the 0.9600 major level. The MACD indicator shows a neutral to slightly bullish signal.

Written by Zac Storella, CountingPips Forex Blog & Currency Pair Technical Analysis

By CountingPips.com

USD/JPY: The US dollar fell against the Japanese yen last week for the first time in four weeks. The US dollar/yen pair failed to hold above the major 100.00 threshold, indicating a near-term bearish outlook. Looking ahead to this week, the 100 level can be looked to provide resistance for this pair as there should be heavy selling pressure into this level. Potential support will likely be seen at the 98.50 — 98.85 area within 97.50 support shaping up below. If this pair rebounds back above 100, look for resistance at the 101.25 — 101.50 area that has been the top of price action for the past two weeks. The weekly MACD indicator is favoring a bearish trend.

Written by Zac Storella, CountingPips Forex Blog & Currency Pair Technical Analysis