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DAILY I FOREX REPORT16thMAY 2013WWW.EPICRESEARCH.CO +91 7316642300
WWW.EPICRESEARCH.CO +91 7316642300 Dollar Rallies Despite BlowOut S&P 500 Drive, BeCareful Euro and Pound Drop to 2-Week Lows Against the USDollar USD Benefits From Flight toSafety- JPY Traders Eye 1QGDPBritish Pound: BoE Raises Growth Outlook-Supports Inflation-Targeting FrameworkThe British Pound rallied to 1.5271 as the Bankof England (BoE) raised its growth forecast forthe U.K., and the short-term rebound in thesterling may gather pace in the days ahead asmarket participants scale back bets for morequantitative easing.Indeed, Governor Mervyn King struck upsupport for the inflation-targeting frameworkas the BoE sees a modest and sustainablerecovery in Britain, but it seems as thoughthere’s growing concerns surrounding thecentral bank’s credibility as price growth isexpected to hold above the 2% over the policyhorizon. In turn, we should see the MonetaryPolicy Committee slowly move away from itseasing cycle, and the central bank may lay outa tentative exit strategy in the coming monthsas the region turns to growth.TRADING TIPS SELL EURUSD BELOW1.2870 TGT 1.2850/1.2830SL 1.2900 BUY USDJPY ABOVE 102.65TGT 102.85/103.05 SL102.35 BUY GBPUSD ABOVE1.5280 TGT 1.5300/1.5320SL 1.5250HEADLINES
01:30CNY China AprilProperty PricesMedium02:00CNY Conference BoardChina April LeadingEconomic IndexLow06:00EUR EU 25 New CarRegistrations (APR)Low -10.2%09:00EUR Euro-ZoneConstruction Outputs.a. (MoM) (MAR)Low -0.8%09:00EUR Euro-ZoneConstruction Outputw.d.a. (YoY) (MAR)Low 0.8%12:30CAD Bank CanadaConsumer Price IndexCore (YoY) (APR)High 1.2% 1.4%12:30CAD Consumer PriceIndex (YoY) (APR)High 0.9% 1.0%12:30CAD Bank CanadaConsumer Price IndexCore (MoM) (APR)Medium 0.2% 0.2%12:30CAD Consumer PriceIndex (MoM) (APR)Medium 0.2% 0.2%12:30CAD Consumer PriceIndex (APR)Low 122.912:30CAD Consumer PriceIndex s.a. (MoM) (APR)Low 0.1%12:30CAD Core CPI s.a.(MoM) (APR)Low 0.2%12:30CAD Wholesale Sales(MoM) (MAR)Low 0.4% 0.0%13:55USD U. of MichiganConfidence (MAY P)Medium 77.6 76.414:00USD Leading Indicators(APR)Medium 0.2% -0.1%14:00USD Revisions toFactory Orders ReportLow17:45USD FedsKocherlakota,Riksbanks IngvesSpeak in ChicagoLowSatMay 1815:00USD Feds BernankeDeliversCommencementSpeech at Bard CollegeLow
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