Weekly review 11-15/6/12
Wall Street trading week will open today when investors are expected to respond to breaking news from Europe, where Spain became the fourth country that gets financial assistance from the EU.
Conversely, investors will continue to track developments in Greece, which could leave the Eurozone after the parliamentary elections in the country, to be held on June 17.
Significant flow of data will be announced this week, including import and export figures for May, sentiment for small business owners, producer price index and weekly claims for unemployment.
Investors will wait for Apple's developer conference .
Last Friday Wall Street trading week signed in the sharpest weekly increase since the beginning of 2012, this - after the S & P500 fell by 6.3% in May due to increased uncertainty in markets.
The main news of this week, is Spain's rescue package - which became the fourth state (after Portugal, Ireland and Greece) requesting external assistance from the EU.
EU officials confirmed after a conference of two and a half hours on aid of 100 billion euros to the Spanish government, in favor of the support in the weak banking system.
In the U.S., investors will respond to the rating agency S & P reaffirmed yesterday the credit rating of the largest economy in the world ("AA +"), leaving the negative outlook that means- possibility of downloading it in the next 90 days.
S & P noted negatively the state of the labor market, and emphasized that he poses a risk to its current credit rating.
Although Federal Reserve Chairman Ben Bernanke did not hint last week about a third bond purchases program, some analysts believe that actually the words of deputy chairman of the Fed - Jeannette Wallen - made it clear that there may be "adjustments" in the monetary policy of the central Bank.
A lot of macro data will be published in the macro arena, including export and import prices (Tuesday), PPI, retail sales data and business inventories index (Wednesday).
On Friday - manufacturing activity index of the Empire State Index, industrial production and consumer sentiment index.
Technical review
EUR / USD:
EUR/USD trading at -1.2632 an increase of 0.93% in writing.
The pair may find support at 1.2616 today low and resistance at- 1.27.
Meanwhile, the Euro gain strength against the British Pound and against the Japanese Yen, when the -EUR/GBP add a 0.40% to 0.8119 and –EUR/JPY add 1.03% to 100.49.
GBP/USD:
The British Pound gains strength against the U.S Dollar today, trading at 1.5550 an increase of 0.51%.
The pair may find support at 1.5502 today low and resistance at 1.5599 Thursday high.
Meanwhile, the British Pound weakens against the Euro and gain strength against the Japanese Yen, while the EUR/GBP add a 0.40% to 0.8119 and the GBP/JPY add 0.66% to 123.75.
USD/CAD:
The U.S Dollar weakens against the Canadian Dollar today, trading at 1.0210 a decrease of 0.54%.
The pair may find support at 1.02 and resistance at 1.0294 Thursday high.
Meanwhile, the U.S Dollar weakens against the Euro and against the British pound, while the EUR /USD add 0.93% to 1.2632 and the GBP/USD add 0.51% to 1.5550.
WTI- Crude Oil:
The WTI gain strength today, trading at 85.97 an increase of 1.25%.
May find support at 85.48 today low and resistance at 87.00 Thursday high.
