CitiFX: Euro is set to continue reducing

Technical analysts CitiFX note that, while the euro / dollar showed a return above the neckline double top at around $ 1.3837, the pair did not manage to overcome the resistance around $ 1.3970, and last week was closed below $ 1.3837. They pay attention to the fact that this correction was a response to allegations of increasing dollar liquidity, and the main drivers euro remained unchanged. Current consolidation seems to have come to an end, and expect to resume CitiFX downward trend and development of the decline in direction of $ 1.3150.

Canadian dollar loses appeal

The Canadian currency touched a minimum of one month against the dollar, helped by the newly exacerbated concerns about the fact that Greece could be left without regular financial support. As noted by one analyst RBC Capital Markets, the attractiveness of the dollar as a reliable asset increases. He adds that the market participants the impression that European leaders are unable to work out a solution. This negatively affects the confidence of investors. The Canadian dollar lost against American rival 1.4% and touched a mark of C $ 0.9922, which was the biggest daily loss from the tenth of August. The current dollar / Canada C $ 0.9897.

Euro / dollar. comments dealers

In the European single currency trading involves interest of market participants. A new wave of demand for euro / dollar pair can recover from the earlier achieved a minimum of $ 1.3634 to $ 1.3670 area. According to one of the dealers, the nearest pair of resistance is located on the approach to $ 1.3680. This level previously played a supporting role, but now represents a 61.8% correction of the downward movement of $ 1.3707 to $ 1.3634. If the pair will test the $ 1.3680 it will be able to return to the maximum of the early European session at $ 1.3707. Current euro / dollar $ 1.3666.

Barclays Capital on the pound / dollar

The British currency is losing ground after the euro / dollar, while trying to test support, which runs at stg0.8670. However, market participants believe that while the pair holds above the fifty-seventh figure, where the rate of $ 1.5702 represents a 76.4% $ 1.5685/1.5755 motion correction, we should expect recovery pair. Strong interest in buying the pound / dollar seen in the $ 1.5685/65. Meanwhile, analysts at Barclays Capital is recommended to keep a couple of short positions and sell it to rise to $ 1.5790 with a stop above $ 1.59. The current rate of the pound / dollar $ 1.5723.

Key options expiring today

Key options expiring today at 18.00 Moscow time:
Euro / dollar: $ 1.3800, $ 1.3700, $ 1.3500, $ 1.3450
Dollar / yen: Y77.00
Euro / yen: Y105.00, Y104.00
GBP / USD: $ 1.1.6000
Dollar / Franc: Chf0.8950
Australian dollar: $ 1.0250, $ 1.0320, $ 1.0400

Euro / yen. comments dealers

Euro / yen during the European trading session within a narrow range. Couple tries to form the basis of one hundred and fifth figure after a small fall to Y104.96. However, according to one of the dealers, the future of the pair is largely dependent on movements in the euro / dollar. Immediate support for the euro / yen is at Y104.90. Interest in buying a pair also remains at Y104.50/55, and potentially in Y103.90. Activation of the bears can be expected in the Y105.70/75, then Y106.50/55. Satisfactory Ofer are near the maximum in Thursday's Y107.00. Current exchange rate euro / yen Y105.16.

Indecision Germans around the world goes around comes around

Monetary union was futile stunt, but Germany, Europe's largest country, is unwilling to accept the consequences.
Does Germany want to be part of a united Europe? We ask ourselves this silly question at first glance, because the fate of Europe depends precisely on this country. As the main engine of growth for the European economy, it is able to save or destroy the euro. Germany also can leave a futile attempt to impose its monetary discipline and life itself and other countries to leave the eurozone. This act has become an attraction incredible altruism, and perhaps the best that the Germans might do to their neighbors. But the Germans torn by terrible contradiction: on the one hand, the political elite still clinging stranglehold over discredited the idea of ​​European unity and solidarity, on the other hand - ordinary Germans, who do not understand why they are forced to subsidize the reckless actions of unruly neighbors. Country is paralyzed. Trapped in its history, the country's leaders do not see the solutions that will help put an end to the chaos, formed by the crisis of sovereign debt and banking sector. Indecision Germany not only threatens the well-being of Europe, but throughout the world as a whole, as evidenced by the increase in anxious mood among U.S. and Chinese policymakers.

A soul mate for Obama

Political leaders so predictable! If things are not going well at home, you need to flee abroad for a while, poulybatsya there, shake hands with foreign colleagues and to change the subject. Perhaps Obama was thinking about just this reliable, time-tested strategy, planning a visit to Australia, perhaps the most remote country from Washington. And yet, it is unlikely he and Prime Minister of Australia Julia Gillard will be able to evade the topic unconvincing leadership, undermines not only the internal economy of their countries, but also the world economy as a whole. Gillard and Obama are remarkably similar. Both - the stars of the pre-election trailers. The first woman Prime Minister of Australia and the first black U.S. president - they both promised to change the political atmosphere in their capitals. Both men are attractive and often cause people in a primitive and inexplicable dislike anything, both face stiff opposition, which cynically trampled into the dirt all their undertakings. Both have to confront the press, which then elevates them, then descends from heaven to earth. Obama tries in vain to push through Congress at least some law and economics, among those poised on the brink. Gillard also can not achieve their policies and thus risk missing a unique opportunity to get the most from the boom in the mining sector and to prepare for the fact that the resources will sooner or later run out. Their opponents are so mad that they forgot their own slogans. Gillard can not get the support of a law on refugees, although in the summer of 2010, before she became prime minister, parliament would gladly took it. Opposition leader Tony Abbott is now fiercely opposed to the emissions trading system that is so actively supported several years ago.

Pasatelnaya boat for release

n July, Silvio Berlusconi, Italian Prime Minister and a master of escape, lit the first spark of market panic about the public debt in Italy, promising to reduce the already small package of measures to reduce the deficit. He had to backtrack because of the riots. But the threat, which he puts a single currency, emerged when he was involved the finances of the country into further chaos, breaking through in the last two budget plans gap of 4-5 billion euros. These plans were created in order to pull the country out of the predicament in which it is the last couple of months. Italy was faced with two problems, and subjected the single currency more at risk than any other peripheral euro area countries: support for Italian bonds by the European Central Bank, which since mid-August they bought some $ 30 billion euros, as well as a plan to reduce the budget deficit at 45.5 billion euros to be executed in exchange for the ECB. When Berlusconi made the announcement on 12 August, investors have decided that in addition to strange amendment, the same plan will be presented before Parliament. But in Italy, nothing is immune from change, and 29 August Berlusconi modified package, giving up what he liked least of all - additional tax for the richest Italians by the private sector. (Embarrassed, multimillionaire president of Ferrari, Luca di Montezemolo, has offered to pay more tax, saying: "You must begin to ask about the most wealthy people"). Berlusconi has reduced the amount that should have been to local mayors and governors, to ease their anger.

Bears on the euro again more active

Euro / dollar is losing ground rapidly. Pair fell below the thirty-eighth and touched the figure of $ 1.3775. According to one dealer, the reduction of the single currency contributed to the fall of U.S. stocks, as well as a new wave of concern about the situation in the euro area. Euro / dollar continues to stay within the range of tradable today. Interest in buying a pair is stored in the field of $ 1.3750 and the pair is able to provide enough solid support. Current euro / dollar $ 1.3784.

The Canadian currency was in pole position

Canadian currency this week strengthened against most of its major competitors, fueled talk that the national financial conditions and banking system to attract the interest of investors in the market turmoil. On the ninth of September the Canadian currency has strengthened against the dollar by 1.3%, and also rose against the Mexican peso and Brazilian real. According to one currency strategists Deutsche Bank, currently harriers - one of the few that benefit from the uncertain market sentiment. He adds that the fundamentals are demonstrated by Canada, is strong enough compared to the rest of the G7. During the U.S. session, the dollar / Canada is trading in a narrow range. The current rate of a pair of C $ 0.9830.

Barlays Capital of the situation in the euro / dollar

Euro / dollar firmly entrenched in the thirty-eighth figure. Upward momentum the pair gave an interest in buying accounts from the semi-official, seen in the field of $ 1.3795. Currently, the euro / dollar again makes an attempt to get close to $ 1.3820. According to analysts of Barlays Capital, in the short term, any attempt to strengthen the pair to be used for sale. They add that the recent spike pair is corrective in nature, and believe that the euro / dollar rate will not be able to break above $ 1.4040 area, where the line is the 200-day moving average. Current euro / dollar $ 1.3810.