Daily i-forex-report-1 by epic research 06 may 2013
DAILY I FOREX REPORT6thMAY 2013WWW.EPICRESEARCH.CO +91 9752199966
WWW.EPICRESEARCH.CO +91 9752199966 Dollar Finds Support, S&P500 Still Struggling with1600 Mark Pound Climbs on aContinued Rise in UK PMIfor Services European CommissionLowers the Euro-zoneGrowth EstimateEuro Slammed by ECB Rate Cut,Threats for MoreThe European Central Bank (ECB) met economists’expectations for a 25 basis point benchmark rate cut,but they would also go further in their effort to providesupport to the region’s strained economy andfinancial system. Alone, lowering the key lending rateto 0.50 percent does little to further improve theEurozone’s health as there are clear issues withtransmitting the benefits of previous policy moves toperiphery economies (like Greece, Cyprus, Spain, etc)much less individuals and smaller businesses.Therefore, had the central bank simple taken thisstep, the euro may not have dropped. Yet, tumble itdid with EURUSD moving back to 1.3050 and EURGBPbouncing at 0.8400. To further show commitment,ECB President Draghi also lowered the marginallending rate 50 bps to 1.00 percent, noted that thegrowth outlook was tipped to the ‘downside’ and theywould remain open to negative rates on deposits.TRADING TIPS SELL EURUSD BELOW1.3062 tgs 1.3042/1.3022sl 1.3092 BUY USDJPY ABOVE 98.30tgt 98.50/98.70 SL 98.00 SELL GBPUSD BELOW1.5515 Tgt 1.5495/1.5475SL 1.5545HEADLINES
08:30GBP PurchasingManager IndexServices (APR)Medium 52.4 52.408:30GBP Official Reserves(Changes) (APR)Low $202M09:00EUR Euro-ZoneProducer Price Index(YoY) (MAR)High 0.6% 1.3%09:00EUR Euro-ZoneProducer Price Index(MoM) (MAR)Medium -0.2% 0.2%12:30LIVEUSD Change in Non-farm Payrolls (APR)High 150K 88K12:30USD UnemploymentRate (APR)High 7.6% 7.6%12:30USD Average HourlyEarning All Employees(MoM) (APR)Medium 0.2% 0.0%12:30USD Average HourlyEarning All Employees(YoY) (APR)Medium 1.9% 1.8%12:30USD Change in PrivatePayrolls (APR)Medium 160K 95K12:30USD Average WeeklyHours All Employees(APR)Low 34.6 34.612:30USD Change inHouseholdEmployment (APR)Low -20612:30USD Change inManufacturing Payrolls(APR)Low 5K -3K12:30USD Two-MonthPayroll Net Revision(APR)Low12:30USD UnderemploymentRate (U6) (APR)Low 13.8%14:00USD Factory Orders(MAR)Medium -3.0% 3.0%14:00USD ISM Non-ManufacutringComposite (APR)Medium 54.0 54.416:45USD Feds LackerSpeaks on theEconomy in VirginiaLowwww.epicresearch.co + 91 9752199966
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