Daily Review 17-8-2012
Economic statistics indicating that the volume of EU investment in China fell in the first seven months of this year got declined for 2.7% comparing with last year . The volume of Chinese exports to the euro zone in the month of July was published at a rate of 16.2% . These statistics have led some analysts to question the ability of the Chinese economy to rise in fiscal third quarter, after growing at a slower pace in the fiscal second quarter in three years.
In Britain, the sales got increased , and contrary to expectations, in July this index was 0.3%, which predicts that the high consumption economy can come out of the crisis. Analysts had expected a decline in the sales rate of 0.1% as a result of the debt crisis in the region caused by the movement of the euro and the austerity measures adopted by most of the governments.
In the United States the number of Americans applying for a new government unemployment benefits got increased last week, but a measure of the general trend of decline in applications towards its lowest level in four years, which refers to the continuing recovery in the labor market.
In commodity markets, the prices of the gold rose by 1% after it received support from speculation that central banks might be ripe to launch more stimulus measures to boost growth with the U.S. data are mixed weakened expectations move is imminent in this direction for the Federal Reserve (Fed) and the limited price in a narrow range. The U.S. crude oil to rose by 1% after German Chancellor Angela Merkel pledged to President of the European Central Bank that is necessary to defend the euro zone in line with the European leaders, which has enhanced the oil and put pressure on the dollar and the brightest hopes in more economic stimulus measures.
European shares closed higher, approaching the highest level in 2012 caused by expectations of further stimulus measures to combat the global economic recession and ease the debt crisis of the euro zone. On Wall Street U.S. stocks closed with an increase after German Chancellor Angela Merkel vowed to head of the European Central Bank that she will do all that is necessary for the defense of the euro zone in line with what the European leaders, which has enhanced the oil and stocks on Wall Street:
NSDQ 1.04% ↑ S & P 0.71% ↑ DOW 0.65% ↑
EUR / USD
Rose pair euro dollar yesterday, more than 80 points after it said German Chancellor Angela Merkel that the President of the European Central Bank pledged in recent times because of all that is necessary for the defense of the euro area, and made the pair the highest level at 1.2373 while the lowest at 1.2256, the pair is trading at the level 1.2360, if the husband was able to break through key resistance at 1.2385, it is expected that the pair faces the next level of 1.2410, while breaking the 1.2310 level may postpone achieving these expectations.
The trading range for the day:
Resistance 1.2385 1.2410 1.2440
Support 1.2220 1.2250 1.2310
GBP / USD
Sterling rose against the dollar yesterday after the rate of the sales got increased contrary to expectations. In yesterday’s trading hit the highest level at 1.5742, while the lowest in 1.5635. Most likely the pair will try to test the resistance level at 1.5805, while braking the level of 1.5690 could postpone achieving these expectations.
The trading range for the day:
Resistance 1.5765 1.5805 1.5830
Support 1.5625 1.5655 1.5690
GOLD
Gold prices rose 1% after it received support from speculation to carry out stimulus procedures to boost the growth. In yesterday’s trading session the precious metal reached the highest level at 1618.17, while the lowest in the 1600.64,. Most likely, the gold will try to test the resistance level in 1623 while braking the level of 1605 could delay the achievement of these expectations .
The trading range for the day:
Resistance 1623 1630 1635
Support 1590 1600 1605
Oil WTI - Crude Oil
U.S. crude oil to rise by 1% after comments by German Chancellor Angela Merkel. The prices of crude oil futures were ranging between 95.70 and 93.89 dollars a barrel.
Most likely the oil will try to test the resistance level at 97.00 while braking the level of 93.90 could postpone achieving these expectations.
The trading range for the day:
Resistance 96.00 97.00 98.00
Support 92.65 5065 93.90
