Daily Report

Report

Wednesday 23rd May 2012

Wednesday 23rd May 2012

ECONOMIC NEWS
Yesterdays Events
Euro-zone: The Consumer Confidence came at -19 vs -20 expected (values below 0 indicate pessimism). The German 10-yr Bunds yielded 1.468%. The euro fell to 1.2645 against the dollar in the overnight session. Top four banks in Greece to receive 18 billion euros cash injection by the end of the week. UK: The CPI y/y came at 3.0% vs 3.1% expected and 3.5% previously. Core CPI y/y came at 2.1% vs 2.2% expected. Public Sector Net Borrowing came at -18.8B vs -8.5B expected. IMF said that the BoE must stimulate growth and that it should consider more QE and possibly a rate cut. Japan: Fitch downgraded Japan to A+ from AA due to high debt levels. BoJ kept their monetary policies unchanged and are refraining from further monetary stimulus.

Todays Key Events

Euro-zone : EU Economic Summit will be discussing austerity, growth and Eurobonds. UK: BoE Minutes US: New Home Sales

Todays Calendar
Date Time 05/23/2012 00:50 05/23/2012 00:50 05/23/2012 00:50 05/23/2012 00:50 05/23/2012 01:00 05/23/2012 01:30 05/23/2012 02:00 05/23/2012 09:00 05/23/2012 09:00 05/23/2012 09:00 05/23/2012 09:30 05/23/2012 11:00 05/23/2012 11:00 05/23/2012 12:00 05/23/2012 13:30 05/23/2012 13:30 05/23/2012 13:30 05/23/2012 15:00
Bloomberg

Country JN JN JN JN AU AU AU EC EC IT UK UK UK US CA CA CA US

Event Merchnds Trade Balance Total Adjusted Merchnds Trade Bal. Merchnds Trade Exports YoY Merchnds Trade Imports YoY Conference Board Leading Index Westpac Leading Index (MoM) DEWR Internet Skilled Vacancies MoM Euro-Zone Current Account nsa ECB Euro-Zone Current Account SA Consumer Confidence Ind. sa Bank of England Minutes CBI Trends Total Orders CBI Trends Selling Prices MBA Mortgage Applications Leading Indicators MoM Retail Sales MoM Retail Sales Less Autos MoM House Price Index MoM

Month APR APR APR APR MAR MAR APR MAR MAR MAY MAY MAY MAY APR MAR MAR MAR

Survey ------------------

Actual ------------------

Prior -82.5B -621.3B 5.9 10.5 0 0.002 0.008 -5.9B -1.3B 89 -8 7 -0.004 -0.002 0.005 0.003

Daily Report

Wednesday 23rd May 2012

TECHNICAL OVERVIEW

SP500

If we see a continuation to the up side then the 1st target is the 1326.10 area. If we see a break to the down side the 1st target is a retest of the previous low at the 1288.10 area.

Daily Pivot Points

R3 R2 R1 PP S1 S2 S3 1341.53 1333.97 1322.63 1315.07 1303.73 1296.17 1284.83

Daily Report

Wednesday 23rd May 2012

TECHNICAL OVERVIEW

EURUSD

If this pair continues to the down side then and closes below 1.2645 then the 1st target will be the 1.2625 area. If it breaks to the up side the 1st target is the 1.2710 area.

Daily Pivot Points

R3 R2 R1 PP S1 S2 S3 1.2927 1.2871 1.2765 1.2709 1.2603 1.2547 1.2441

Daily Report

Wednesday 23rd May 2012

TECHNICAL OVERVIEW

GBPUSD
GBPUSD break below 1.57511 should find next support level @1.5695 area. RSI below 50% also confirming low momentum.

Daily Pivot Points

R3 R2 R1 PP S1 S2 S3 1.59294 1.58883 1.58221 1.57810 1. 57148 1.56737 1.56075

Daily Report

Wednesday 23rd May 2012

TECHNICAL OVERVIEW

USDJPY

As expected dollar yen made a high of 80.13 yesterday but could not sustain it. Close above 80.60 will take this pair to 84 levels. Break of 79.50 can take this pair towards the next support levels of 79 and 78.35.

Daily Pivot Points

R3 R2 R1 PP S1 S2 S3 79.82 79.65 79.56 79.39 79.30 79.13 79.04

Daily Report

Wednesday 23rd May 2012

TECHNICAL OVERVIEW

USDCHF

Only a break above the 0.9450 should we expect next resistance of @0.9900 levels.

Daily Pivot Points

R3 R2 R1 PP S1 S2 S3 0.96454 0.95681 0.95265 0.94492 0.94076 0.93303 0.92887