Browsing all articles from October, 2012
Oct
31

USD/CAD D1 Technical October 31

As we said the rate is in over buy zone, yesterday USD/CAD got a pull back from 1.0022 level and dropped 50 pips. We are expecting the pair will remain bearish and will face support 0.9960. If pair break its support it will move towards south and target 0.9920 level.
High impact News of GDP m/m can change the scenario.

Oct
31

GBP/USD D1 Technical October 31

D1 and 4H chart are showing strong upside trend for GBP/USD. Pair will face 1.6142 key level today, break out of this level will allow Cable to move upside and target 1.6180 strong resistance. If  GBP/USD manages to give a closure above 1.6180 level. It will indicate a strong bullish strength for the pair.

 

Oct
31

EUR/USD D1 Technical October 31

The key level 1.2880 is providing a strong support to the pair. Today pair will face resistance 1.3020. Bollinger bands are showing buy signals for the pair. If  EUR/USD manages to break through 1.3020 it will go further upside and target 1.3070-80 level.

Oct
31

Hurricane Shifting presidential election Campaign as Democrats Point to Early Lead

Hurricane previously shifting the final days of the presidential election race and potentially disturbing early voting from Ohio to Virginia prior to it makes landfall along the US East Coast on Thursday.

Both Republican challenger Mitt Romney and President Barack Obama have altering their campaign schedules and canceled appearances for the coming several days in Virginia which is one of the most closely challenging states in the presidential election.

President Barack Obama delay Washington monitoring release efforts, Romney faced the challenge of annoying to demonstrate his presidential credentials without emerging insensitive to the millions of Americans affected by the hurricane.

An event Kettering in Ohio,  that was initially intended as a campaign event features US Senator John McCain, the 2008 Republican presidential candidate, was rapidly converted into a storm relief event, with Romney making comments influencing Americans to show liberality in helping the East Coast.

The White House had also made clear that the president plans to spend a significant amount of his time away from the campaign trail during the coming days, as he observe the federal government’s reaction to the storm.

President Barack Obama stated Hurricane is a serious and big storm and urged those affected to take this very seriously and pursue the local officials and guidance of state.

Republican challenger Mitt Romney, who is encountering to win the key swing state of Ohio in the November 6 election, stated that he had advising to some of the governors in the affected areas and they talked regarding a lot of people having hard times.

Oct
31

Hurricane One Of The largest storms Strike’s US, Threatens $20 Billion in Economic Damage

Hurricane is shaping up to be one of the largest storms ever to strike the US however even with the severe damage that is probable the blow to the economy is seen as short term. Economic tax is floating to exceed $20 billion following the major Atlantic storm slammed into the Eastern US, damaging offices and homes and flooding subways in America’s most inhabited city.

Mark Zandi, chief economist at Moody’s Analytics said that the GDP in the region among Washington and New York totaling to some $2.5 trillion, so every day the region’s economy is halted amounts to regarding $10 billion in lost output.

Peter Morici at the University of Maryland estimates that Hurricane will cause about $35 billion to $45 billion in losses and damages however then be pursue by as much as $36 billion in recovery spending. He further said that damage reasoned by last year’s Hurricane Irene totaled as much as $20 billion.

Charles Watson, research and development director at Kinetic Analysis Corp., a hazard research company in Silver Spring Maryland said that the total would consist of insured losses of about $8 billion. Much of the residual tab will be picked up by states and cities to repair infrastructure, such as New York City’s tunnels and subways.

The US economy grew 2 percent in the third quarter of 2012 climbing up from previous in the year however still a weak figure, as consumer spending assist to compensate a annoying pullback in business investment.

Bill Keogh, president of Eqecat Inc., an Oakland, California based provider of catastrophic risk models said, it is actually difficult to tell at this stage since the system is still moving, however it will be between the 10 to 15 most damaging storms and perhaps the top three in the Northeast following Agnes and Irene from 1972.

Watson, of Kinetic Analysis said that according to the Insurance Information Institute, Katrina was the nation’s most expensive natural disaster with an expected $41.1 billion in insured property losses and heavy losses to public infrastructure.

Oct
31

US Stock Markets to Reopen on Wednesday, Following Longest Storm Outage Since 1888

US equity markets will revive on Wednesday following the greatest weather associated shutdown in more than a century, restarting following the New York Stock Exchange was spared by Hurricane on Sunday as it swept through New York Oct. 29.

Foremost US stock exchanges supposed to revive on Wednesday following Sandy, the worst storm to strike New York in almost 75 years closed trading for two days.

Larry Leibowitz, the chief operating officer stated that the conclusion was announced in report by Nasdaq OMX Group Inc. (NDAQ) and NYSE Euronext strike the Global Markets Inc. The NYSE’s command center are operating on backup power and will keep using it if essential all week. Trading was canceled for four straight days in the wake of the Sept. 11 of 2001, terror attacks and the New York exchange close for seven days in 1933 during President Franklin Delano Roosevelt’s bank holiday.

NYSE Euronext (NYX.N) stated that the New York Stock Exchange would reopen as usual, while it was organized to switch to fully electronic trading if required. Nasdaq OMX’s Nasdaq Stock Market was also to be working on Wednesday, while were BATS and Direct Edge Exchanges.

Larry Leibowitz, chief operating officer of NYSE Euronext said that he have a green light.

Arthur Levitt, the former chairman of the Securities and Exchange Commission stated that the NYSE required a superior backup plan. All of the US stock market operators took part in coordinated testing on Tuesday for trading on NYSE’s backup system. The implement was also expected at allowing member trading firms, several of which are operating on backup systems themselves owed to problems from the storm, an prospect to make sure they are ready for Wednesday.

US stock exchanges initially had planned to open markets on Monday, however they ultimately responded to pressure from firms concerned regarding employee safety, as well as the failure to see markets function effectively at light staffing it was the first time in 27 years that exchanges closed because of bad weather.

Oct
30

USD/CAD D1 Technical October 30

USD/CAD is in bearish mood today. Pair has resistance at 1.0045 level and support near 0.9980 key level. The price action on 0.9980 is important to watch. Break out of this level will give more strength to USD/CAD to dropped further. keeping in mind the rate is still on the top of first bollinger showing over buy zone for the pair.

Oct
30

AUD/USD D1 Technical October 30

After getting support from 1.0324 level, pair will face resistance 1.0407. Bollinger bands are showing buy signals for the AUD/USD. If pair manages to give a closure above 1.0410 level. It will allow Aussies to move upside and target 1.0450-60 level.
Lately High impact News of Buliding Approvals m/m can affect the moment of AUD/USD.

Oct
30

EUR/USD D1 Technical October 30

EUR/USD has support at 1.2880 and resistance at 1.2980. As long as 1.2880 level is not broken the assumption of upward movement remain intact.The price action on 1.2880 should be watch carefully break through this level will take the pair  southward and target 1.2850-30 respectively.
High impact News can change the scenario. News like Italian 10-y Bond Auction.

Oct
30

GBP/USD D1 Technical October 30

Near term outlook  for the Cable is bearish. Today pair will face support at 1.6000 level. Yesterday closure below the second bollinger indicating, the pair is under pressure. If  GBP/USD manages to break 1.6000 key level and give a closure below this level, it will allow the pair to move further downward.