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    - The Euro-zone was preparing for a potential Greek exit from the Euro and would provide 50B euros to help Greece. Euro-zone leaders failed to agree on Eurobonds. - UK retail sales unexpectedly declined 2.3%, the biggest drop in two years, while most members of the Bank of England's policy committee wanted to keep further stimulus on hold for now. - US new home sales came in higher than expected and housing prices increased more than expected as well. China's flash manufacturing PMI declined slightly.

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    - The Euro-zone was preparing for a potential Greek exit from the Euro and would provide 50B euros to help Greece. Euro-zone leaders failed to agree on Eurobonds. - UK retail sales unexpectedly declined 2.3%, the biggest drop in two years, while most members of the Bank of England's policy committee wanted to keep further stimulus on hold for now. - US new home sales came in higher than expected and housing prices increased more than expected as well. China's flash manufacturing PMI declined slightly.

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    22 views6 pages

    Conomic EWS: Yesterday's Events

    Uploaded by

    api-145402281
    - The Euro-zone was preparing for a potential Greek exit from the Euro and would provide 50B euros to help Greece. Euro-zone leaders failed to agree on Eurobonds. - UK retail sales unexpectedly declined 2.3%, the biggest drop in two years, while most members of the Bank of England's policy committee wanted to keep further stimulus on hold for now. - US new home sales came in higher than expected and housing prices increased more than expected as well. China's flash manufacturing PMI declined slightly.

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    of 6

    Daily Report

    Thursday 24th May 2012

    ECONOMIC NEWS
    Yesterdays Events
    Euro-zone: According to Reuters the Euro-zone officials were preparing for the Greek exit from the Euro-zone. If Greece exits, it would be given 50B euros to help it on its way out. The Euro-zone leaders failed to reach an agreement regarding the Eurobonds at the EU Economic Summit yesterday. UK: Retail sales came at -2.3% vs -0.8% expected, this is the biggest slowdown in two years. The BoE Minutes, published yesterday, showed that 8 out of 9 members of the MPC want to put further stimulus on hold. The Minutes also indicated that further monetary stimulus could be added if the UK economy warrants it. US: New Home Sales came at 343K vs 335K expected and HPI m/m came at 1.8% vs 0.4% expected. China: HSBC Flash Manufacturing PMI came at 48.7 vs 49.3 in the previous month.

    Todays Key Events


    Euro-zone : German final GDP q/q, German and French Flash Manufacturing PMI ECB: President Draghi speaks.

    UK: Revised GDP q/q US: Core Durable Goods Orders m/m, Unemployment Claims

    Todays Calendar

    Date Time 05/24/2012 00:50 05/24/2012 00:50 05/24/2012 00:50 05/24/2012 00:50 05/24/2012 02:00

    Country JN JN JN JN AU

    Event Japan Buying Foreign Bonds Japan Buying Foreign Stocks Foreign Buying Japan Bonds Foreign Buying Japan Stocks CBAHIA House Affordability Bank of Japan Monthly Economic Report GDP nsa (YoY) Domestic Demand Exports Capital Investment Government Spending Construction Investment Imports Private Consumption GDP s.a. (QOQ) GDP wda (YoY) Own-Company Production Outlook Production Outlook Indicator

    Month May-18 May-18 May-18 May-18 1Q

    Survey ------

    Actual ------

    Prior ----58.5

    05/24/2012 06:00 05/24/2012 07:00 05/24/2012 07:00 05/24/2012 07:00 05/24/2012 07:00 05/24/2012 07:00 05/24/2012 07:00 05/24/2012 07:00 05/24/2012 07:00 05/24/2012 07:00 05/24/2012 07:00

    JN GE GE GE GE GE GE GE GE GE GE

    1Q F 1Q 1Q 1Q 1Q 1Q 1Q 1Q 1Q F 1Q F

    -----------

    -----------

    -0.10% -0.80% 1.10% 0.10% 1.90% -0.30% -0.20% ---

    05/24/2012 07:45 05/24/2012 07:45

    FR FR

    MAY MAY

    ---

    ---

    -4 -14

    Bloomberg

    Daily Report

    Thursday 24th May 2012

    TECHNICAL OVERVIEW

    SP500

    If we see a break to the down side the 1st target is the 1298.65 area. If we see a break to the upside the 1st target is the 1317.55 area.

    Daily Pivot Points


    R3 R2 R1 PP S1 S2 S3 1345.33 1332.07 1320.63 1307.27 1295.83 1282.47 1271.03

    Daily Report

    Thursday 24th May 2012

    TECHNICAL OVERVIEW

    EURUSD

    If this pair continues to the down side then 1st target is the 1.2350 area. If we see a retracement the 1st target is the 1.2650 area.

    Daily Pivot Points


    R3 R2 R1 PP S1 S2 S3 1.2792 1.2740 1.2650 1.2598 1.2508 1.2456 1.2366

    Daily Report

    Thursday 24th May 2012

    TECHNICAL OVERVIEW

    GBPUSD
    A test and bounce from 1.5645 is expected towards the recent highs of 1.5775 With all oscillators pointing towards oversold.

    Daily Pivot Points


    R3 R2 R1 PP S1 S2 S3 1.58332 1.57999 1.57391 1.57058 1. 56450 1.56117 1.55509

    Daily Report

    Thursday 24th May 2012

    TECHNICAL OVERVIEW

    USDCHF

    Possible Pull back towards 0.9500 and continued move towards the upside is expected.

    Daily Pivot Points


    R3 R2 R1 PP S1 S2 S3 0.97056 0.96387 0.95993 0.95324 0.94930 0.94261 0.93867

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