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2012-09-20 02:38 GMT
HSBC Manufacturing PMI still in contraction at 47.8
The HSBC Flash China Manufacturing PMI registered a 2-month high of 47.8 in September from 47.6 in August, Markit Economics reported Thursday. This reading signals that the manufacturing sector in China remains in contraction (above 50.0 indicates industry expansion, below indicates contraction).
For the London session ahead the Spanish sovereign 10 year bond auction will take center stage, as yields have been below 6% for last few days, and previous auction reached a 6.65% final yield. France will also sell up to € 10B in different maturities starting at 08:50 GMT. In the macro data EUR related front Germany will release its PPI figures at 06:00 GMT, followed by French PMIs at 06:58 GMT, German PMIs at 07:28 GMT, Netherlands consumer confidence and unemployment 2 minutes later, EU PMIs at 07:58 GMT, and Italian industrial orders 2 minutes later.
FOREX CALENDAR
2012-09-20 07:28 GMT | Germany. Markit Manufacturing PMI (Sep) Preliminar
2012-09-20 08:30 GMT | United Kingdom. Retail Sales (YoY) (Aug)
2012-09-20 12:30 GMT | United States. Initial Jobless Claims (Sep 15)
2012-09-20 14:00 GMT | United States. Philadelphia Fed Manufacturing Survey (Sep)
FOREX NEWS
2012-09-20 04:35 GMT | EUR/JPY moves downhill, regional bourses deep in red
2012-09-20 04:31 GMT | EUR/USD holding above 1.30
2012-09-20 03:22 GMT | AUD/JPY pressured, Asian stocks weigh
2012-09-20 00:37 GMT | USD/JPY: expect slide to continue below 78.20 – V.Bednarik
FOREX TECHNICAL ANALYSIS:
MARKET ANALYSIS – Intraday Analysis
Today we expect increase of volatility due to the many macroeconomic data releases. The Germany market Manufacturing PMI release at 07:28 GMT is the next news in focus for Eurozone. Local high, formed yesterday at 1.3085 (R1) is acts now as next immediate resistance level today. Brake here is required to enable stronger market action, targeting 1.3131 (R2) and 1.3173 (R3). At the moment instrument is moving towards to our next support level at 1.2298 (S1). If it breaks below it, we expect further downgrade towards to next targets at 1.2945 (S2) and 1.2900 (S3).
MARKET ANALYSIS – Intraday Analysis
Decline into the negative territory yesterday initiated selling pressure and GBPUSD dropped below the suggested support level at 1.6218. Technically, pair is set for new targets achievement. On the upside, next resistance locates above the today’s high at 1.6239 (R1). Break here would suggest next target at 1.6274 (R2) and any further rise would then be limited to 1.6311 (R3). However, successful retest of our next support level at 1.6181 (S1) would suggest a pullback expansion towards to targets at 1.6144 (S2) and 1.6109 (S3). In focus UK Retail Sales for August at 08:30.
MARKET ANALYSIS – Intraday Analysis
The pair is under the process of recovering. Our bearish medium term outlook will remain in place while USDJPY trades below the resistance at 78.46 (R1). Break here might change market structure and determine medium term uptrend development. In such scenario we would suggest next targets at 78.73 (R2) and 79.01 (R3). Though, today we expect that the pair continues to extend its bearish pressure and face next support level at 77.88 (S1). Break here is required to extend easing towards to 77.62 (S2) and 77.37 (S3) in perspective.
Source: FX Central Clearing Ltd, (https://www.fxcc.com/)