Daily review 09/08/12
Daily review 09/08/12
News
Germany recorded a decline in the volume of commercial exchanges in June for the second time in three months. Exports decreased by 1.5% while imports shrink at rate of 3%.Statistics are warning that the crisis began to affect the biggest economic power in the euro zone.
In France, contrary to the expectations of the French President Francois Hollande, for economic growth, there is a decline in fiscal second quarter rate of 0.1%, after rigid cutting in the first quarter. French central bank warns of the possibility of recession in France with the decline in consumption in the .industrial and service sectors and low PMI.
In Britain, reducing the Bank of England's central forecast for economic growth this year to near zero instead of the forecast growth rate of 0.8% in May, the quarterly inflation report of the bank showed lack of growth in 2012, compared to expectations a year ago, growth of 2% this year.
The recession in the British economy has worsened in the period from April to June with production falling by 0.7% according to the latest figures released late last month.
The unemployment rate fell in Australia in July to 5.2%, as the economy continues to show vitality, and added the labor force 14,000 more jobs last month, according to the Australian Bureau of Statistics.
The government’s data showed on Wednesday that U.S. crude stocks fell more than expected last week, despite the rise in imports and increase of the rate of refinery utilization. U.S. Energy Information Administration stated that crude oil stocks excluding strategic reserves fell 3.7 million barrels in the weekend on the third of August.
In commodity markets, gold prices fell in Europe with exposure to euro sales to reap profits and falling stock markets and the rush to risk the day before its momentum after data showed a decline in German exports and imports
The U.S. crude oil closed slightly lower in volatile trade on Wednesday cutting three sessions of gains and related transactions during the record U.S. crude hit a three-month low after data showed U.S. crude stocks.
European shares closed near their highest level in four months on Wednesday as gains than the mining and banking losses associated with stock cars and oil continues to wait for further action from central banks to stimulate the global economy.
On Wall Street U.S. stocks closed down most of the slightly higher:
NSDQ 0.15% ↓ S & P 0.06% ↑ DOW 0.05% ↑
EUR / USD
In yesterday’s trading , the pair got decreased for more than 50 points caused by the Euro sales to reap profits and falling stock markets and the rush to risk the day before its momentum after the German data showed the decline in exports and imports. EUR/USD reached the highest level at 1.2400 while the lowest at 1.2326, the pair is trading at the level of 1.2380. If the pair succeed to break through the key support at 1.2325, it is expected to face the next level of 1.2290, while breaking the 1.2390 level may postpone achieving these expectations.
The trading range for the day:
Resistance :1.2390 1.2415 1.2440
Support: 1.2270 1.2290 1.2325
GBP / USD
Sterling rose against the dollar yesterday for more than 50 points, and achieved the highest level in the level of 1.5675 , while the lowest in the 1.5571.
Most likely the pair will try to test the resistance level at 1.5730, while braking the level of 1.5615 would delay the achievement of these expectations.
The trading range for the day:
Resistance: 1.5700 1.5730 1.5745
Support: 1.5545 1.5570 1.5615
GOLD
The gold dropped because of Euro sales to reap profits and falling stock markets and the rush to risk and return and is making some gains in the round of the U.S.. The precious metal reached the highest level at 1616.55, while the lowest in the 1603.09.
Most likely , the gold will try to test the resistance level in 1625 while braking the level of 1605 may postpone achieving these expectations.
The trading range for the day:
Resistance: 1618 1625 1630
Support: 1590 1600 1605
Oil WTI - Crude Oil
The U.S. crude oil slightly dropped in volatile trading yesterday. In trading the WTI made movement ranging between 94.66 and 92.78 dollars a barrel.
Most likely the oil will try to test the resistance level in 96.00 while the penetration in the level of 92.80 could postpone achieving these expectations.
The trading range for the day:
Resistance 94.60 96.00 97.60
Support 90.60 91.50 92.80
