Standard Chartered: short-term New Zealand dollar against the Australian dollar to go short - institutions Perspective - Global Exchange Network

Thursday, Standard Chartered Bank foreign exchange strategy team released research report said that although the New Zealand dollar against the Australian dollar to do more than the past month has been a clear underlying transaction, and they also favor a strategy based. But the short term, the existence of the New Zealand dollar against the Australian dollar to go short the opportunity. This is because on the one hand, the market in the New Zealand dollar against the Australian dollar to do more than the number of too many. The IMM data showed last week, Australian dollar longs increased by 57,454 contracts, reaching a high level, is doing more than the New Zealand dollar positions several times. It also supports short-term investors in the past two months continued to do more New Zealand dollar against the Australian dollar cross point of view. Standard Chartered Bank also believes that the market has been over to see Air New Zealand interest rate outlook. Market price has to digest the next 12 months, cut interest rates 116 basis points expected. With the New Zealand Government announced Thursday a major financial incentives, so that the surplus will be significantly reduced, the New Zealand dollar further delay the prospect of a rate cut. Netherlands Bank of Australia chief currency strategist Greg Gibbs referred to completely go short New Zealand dollar also faces another problem: the dollar last week against major currencies in general depreciation of other commodity currencies have strengthened in the past month, and the Chicago Mercantile Exchange Milk prices have already begun improving. %26quot;We agree with the New Zealand dollar in the next year behind the overall point of view, but next week at the impact of budget proposals before the end, not short-selling New Zealand dollars.%26quot; Greg Gibbs said that he expected the New Zealand dollar against the U.S. dollar may rise to 0.7900 or 0.7935 before the high point. Standard Chartered Bank technical analysis is expected in coming months will cross the New Zealand dollar against the Australian dollar fell to 1.1787 to 1.1638 range, and may even be dropped 1.1454. All customers should squaring the Australian dollar against the New Zealand dollar long positions, short-term and begin to go short. Friday the dollar won breakthrough in 1000 to 1032 range, Standard Chartered Bank said the next target in the October 2005 record high of 1062.3 on the point of view, the dollar downturn continues, the U.S. dollar against South Korea Yuan in the next few months is expected to rise to 1100 to 1133, the customer should be the following bargain hunting in 1030, particularly 1000 to 970 range, and holders of more than 1100 to 1078 and sold.

Short-term dollar weakness is the central line of distribution opportunities - institutions Perspective - Global Exchange Network

May 22 dollars because of the early jobless claims to reduce the number of accidents and rebound, slightly down on the 23rd. -- As at 16:37 on May 23, from six foreign exchange constitute the dollar index at 72.14, the euro against the dollar temporarily at 1.5732, 1.5731 than on the 22nd of the small increase the dollar against the yen at 103.74, down 30 points. The remaining roughly stable currency performance. On the 23rd afternoon announced a number of European data, the results of a limited impact on the exchange rate. On the 23rd night the United States will announce second-hand housing data, estimates will be some fluctuations in foreign exchange markets. Eurozone data weak At 16:00 on May 23, the euro zone published in May purchasing managers (PMI) index for the manufacturing industry 50.5 percent, roughly in line with expectations, but the PMI index for the service sector 50.6 percent, weaker than the expected 51.7. Italy April non-EU trade deficit of 1.782 billion euros a year ago deficit of 1.35 billion euros, but the value of better-than-forecast deficit of 1.81 billion euros. Some earlier, data published Piandan France, France April consumer spending down 0.8 percent ring, and is forecast by 0.5 percent. In other areas, the United Kingdom, also on May 22 announced many important data, such as GDP, but data are either in line with expectations, either good or bad balance, the British pound little too much reaction. The data released before the euro was down, but basically no reaction after the announcement, the euro exchange rate also slightly stronger. Stronger euro on the one hand and market the euro exchange rate than the full confidence of relevant, on the other hand, New York crude oil electronic disk happened in the Elevated for the euro provided support. Ditto time, New Zealand oil July contract rose to 132 U.S. dollars / barrel, or about 1 percent. Currently the market for a few hours after the release of the data more pessimistic about second-hand housing is generally believed that the United States in April of second-hand housing sales to record low of 4.85 million. If the estimated time indicators in line with expectations, the dollar or short-term rebound, as may be to do bad. May 26 the United States as %26quot;Memorial Day%26quot;, some market-day suspension, the market is very thin trade, but also Europe, the United States did not announce any important economic indicators, U.S. housing data for the next two days set the tone. May 22 dollars up with the market expectations for a U.S. interest rate increase will be the end of the relevant, because the Fed interest rate meeting minutes strengthen the year-end interest rate increase may be, but on May 22 his speech, Paulson also provided some support. U.S. Treasury Paulson said: %26quot;The United States supports a strong dollar policy, and the U.S. dollar will eventually reflect the sound fundamentals of the U.S. economy.%26quot; Currency hidden turning point opportunities It is clear that the dollar recent lower support mainly from traders bet the Federal Reserve will end interest rate increase, but the support is not strong, because some traders believe that U.S. dollars even if the interest rate increase may not be up number, such as the Osaka Securities ( OkasanSecuritiesCo.) Bonds and foreign exchange dealer TsutomuSoma said: %26quot;The dollar this week may continue to experience the pressure, the U.S. economy-there is no bright spot, I will not simply because the Fed may not continue to cut the signal while the dollar was Optimistic. %26quot; Dollar is another factor affecting oil prices, because high oil prices will not only bring stagflation for the U.S. pressure, but also enable the euro zone rate cut not only raising interest rates, which will suppress dollars, while the dollar fell after oil prices More may be added in the form of self-strengthening cycle. Eurozone inflation rate is the ideal two percent, but the latest situation in the euro zone inflation rate of 3.6 percent during the year inflation will likely remain at 3 percent or more, making the original then there are the point cut in interest rates may completely disappear. Last month, the Reuters survey of 82 analysts, 64 expected ECB rate cut before the end, but interest rate futures show that this may not. To some extent, do more dollars for the part of a %26quot;gambling%26quot; oil prices will soon fall, although it may also be profitable, but profit or limited space. The author believes that the current betting dollars can be, because from the various signs, the United States may give OPEC some %26quot;color%26quot; to see. I think its very small chance of success, but from the perspective of the game, you can still shots, because if the United States put pressure on the event successful, the dollar rose, but if unsuccessful the dollar will not be or how many. Another reason is that the global economy at a standstill edge, high oil prices will sooner or later the economic downturn, will eventually crack down on resource requirements, copper and other commodities have been exposed, symptoms of copper seems to have Powei of suspicion.

Central investment trust on May 26, chief dealer Notes - institutional perspective - Global Exchange Network

See map of weeks, although the level of 1.6030 dollar opinions blocked down, Danxian below the 1.5280 level of support extended access to a support line, then rebounded to 1.5770 dollar level, and seen three weeks of analysis to maintain an upward trend, coupled with RSI9 see indicators of potential increase in heavy support of the central line of kinetic energy, investors still expect further gains momentum, upward test high 1.6150. Pounds from the map of the week, failed to fall below 1.9330 support immediately after the rally started quickly, and a large candle-10-25 weeks wear on the touch line to the downward trend line 1.9820 location, but technically RSI9 See a rebound of support, coupled with various performance indicators also Jianhao, the exchange rate still is expected to continue to increase space, see 2.0200 target location.

Dollar declines against the yen to end at 95.70 Exploration support after a reversal of the rebound, but the momentum failed to break through the limited access of long-term decline shaft, the suspense in the 103.40 level, while Zhou Line analysis shows that the week ,25-50 to downlink Development, coupled with indicators RSI9 the center line under pressure gradually weakening, it is estimated that the greenback is still subject to short-term pressure, down trend will continue, to see 99.00 target location. U.S. dollar against the Swiss subject line -1.0630 level of 25 weeks under pressure, leading to the sharp drop in the greenback, after hitting a 10-week line -1.0250 decline in the level before the time being slowed down, but technically RSI9 level of pressure on the center line down the center line and the various indicators The weak performance, investors expected the overall trend remained weak, I believe will continue to support low of 0.9850 down to the level position.
Market Review Market Review of the period into thin market trading, the dollar rebounded slightly against major currencies, mainly by profit-end short-covering support. Because of the lack of data, and the United States and Britain is about to enter the long weekend, the more cautious market sentiment. It is reported that Japanese pension funds may diversify its assets, sell Japanese government bonds, to join other high-yield assets, affected by this sharp decline in Japanese government bonds and dollar / yen formed support. Crude oil prices overnight from 135 U.S. dollars fall Friday in Asia remained at 131 U.S. dollars nearby. As the market worried about rising oil prices will continue to lead the U.S. economy into stagflation, traders generally are not optimistic about dollar started the overnight rebound. U.S. concerned about the current market will be published later in the existing home sales data, poor data if the dollar may drop from the re-return.

Market Outlook euro: the euro / dollar opened at 1.5730 in Asia during the vicinity of the greenback throughout the period of 1.5714-40 very narrow range of fluctuation. Greenback overnight record high on only one point after Lee was suppressed by the guitar, also a drop in oil prices also promote the greenback lower. At present crude oil prices and euro / dollar exchange rate linked obvious role, targeting the market to determine oil prices euro / dollar movements. In addition because of Germany recent economic data remain strong, the European Central Bank rate cut was expected to further reduce, Europe and the United States continues to spread the euro. Investors euro / dollar support at 1.5640 and 1.5600, resistance is seen at 1.5830 and 1.5900.
GBP: British pound / dollar Huichou week high of 1.9635 and 20-day MA after Tandi rebound, and 5 and 10-day MA formed Jincha that short-term trend is still in power. The current exchange rate of 2.0395 is now facing a downward trend since the line, if effective, breaking the trend line, the greenback may rebound towards 2.0025. If the break 1.9635, the greenback is likely to or seek to 10-day MA support.
Japanese yen: dollar / yen at 104.07 in Asia slots open near the 103.95-104.25 range to maintain the exchange rate fluctuations. Periods in Japan national pension fund assets may be diversification of sources of the exchange rate will certainly support. This can also prove overnight dollar / yen sharply higher status. Confirmed the current exchange rate of 102.60 in the vicinity of support, again close to 100 day MA level, once the breakthrough it resistance, the greenback investors will likely rise rapidly, U.S. existing home sales data triggered currency fluctuations could become the fuse. Investors dollar / yen at 102.60 and 102.00 support, resistance is seen at 104.40 and 105.50.
Swiss franc: dollar / Swiss franc since time high of 1.0352 slightly down, at present in the vicinity of 1.0320 stabilize and organize the days of gains. Earlier, the greenback fell on the city-four-week low of 1.0233. U.S. Labor Department data released Thursday showed that the United States on May 17 when the weekly jobless claims to a seasonally adjusted 365,000, reducing 9000, is expected to reduce 1000. This data shows that nonfarm payrolls fell after four straight months, slightly stabilize the labor market this month. The data for the U.S. dollar provided some support, and promote the greenback rebound.
Support the resistance and support for the first monetary support and resistance in the second support of the first resistance at the second resistance
The euro against the U.S. dollar 1.5650 1.5550 1.5900 1.6000
British pound against the U.S. dollar 1.9720 1.9600 1.9900 2.0000
Against the Japanese yen 102.20 101.50 104.00 104.80
U.S. dollar against the Swiss franc 1.0250 1.0170 1.0300 1.0370
National data this week - the date the previous forecast of economic data
New Zealand at 6:45 on May 26 in April exports (NSW million) +34.4 billion
06:45 April imports of New Zealand (New Zealand million) +34.9
New Zealand 06:45 April trade account (New Zealand yuan) -0.5 billion
New Zealand 06:45 to April 12-month trade account (NSW million) -45.3 billion
British 07:01 May HOMETRACK not seasonally adjusted annual rate of housing price index -0.9%
British 07:01 May HOMETRACK not seasonally adjusted rate of housing price index of -0.6%
Japan at 7:50 on May 27 in April corporate services price index (annual rate) +0.4%
07:50 Japan April corporate services price index (on rates) +0.4%
Germany 14:00 April export price index (annual rate) +2.2%
14:00 German export price index in April (on rates) +0.2%
Germany 14:00 April import price index (annual rate) +5.7%
Germany 14:00 April import price index (on rates) +0.4%
Germany 14:00 the first quarter of working days adjusted annual rate of GDP final +2.6%
14:00 German first quarter GDP revised final quarter rate of +1.5%
14:00 German first quarter GDP final adjusted annual rate of +1.8%
Switzerland 14:15 April trade account (Swiss francs) +12.464
France 14:45 May INSEE index output prospects 9
France 14:45 May INSEE business outlook index 106
14:45 France three months to April housing starts (annualized) -9.9%
14:45 France three months to April building permits (annualized) -15.5%
Italy 16:00 April average hourly wage (annualized) +2.8%
Italy 16:00 April average hourly wages (on rates) unchanged
British 16:30 April BBA lending license (annualized) +12.7
British 16:30 April BBA loans license number 3.5417 million
U.S. 20:30 April building permits revised (10,000) 97.8
U.S. 21:00 March S %26amp; P / CS Price Index (annualized) -12.7%
U.S. 21:00 March S %26amp; P / CS Price Index (on rates) -2.6%
22:00 April U.S. new home sales (10,000) 52.6
22:00 April U.S. new home sales (on rates) -8.5%
U.S. 22:00 May Richmond Fed manufacturing index 0
U.S. 22:30 May Dallas Fed manufacturing output index +12.5
Germany May 28 May consumer price index to reconcile the initial value (annualized) +2.6% +2.8%
Germany May consumer price index to reconcile the initial value (on rates) -0.3% +0.3%
Germany May consumer price index initial value (annualized) +2.4% +2.7%
Germany May consumer price index initial value (on rates) -0.2% +0.3%
09:00 Australia the first quarter of the completion of construction (quarter rate) -1.0%
09:00 Australia the first quarter of the completion of construction (annualized) +2.6%
Germany 14:00 April actual retail sales (annualized) -6.3%
Germany 14:00 April actual retail sales (on rates) -0.1%
France 14:45 May consumer confidence index -37
Euro 16.00 3 Rose adjusted current account (euro) +43 100000000
Eurozone 16:00 March net direct investment (euro) +138 billion
Eurozone 16:00 March net inflow of portfolio investment (euro) +348 billion
Eurozone 16:00 March is not seasonally adjusted current account (euro) +50 100000000
Eurozone 16:00 March reasonable direct investment portfolio billion net outflow +210
U.S. 20:30 April excluding aircraft for non-defense capital goods orders -1.0% -0.2%
U.S. defense capital 20:30 April durable goods orders +1.4% +0.2%
U.S. 20:30 April deduction transport anti-capital durable goods orders +2.2% -0.5%
20:30 U.S. April consumer durable goods orders (on rates) +0.1% -0.4%
U.S. commercial 20:55 last week, Redbook retail sales (annualized) +1.8%
U.S. commercial 20:55 Redbook retail sales last week (on rates) +1.8%
Japan at 7:50 on May 29 for four after retail sales rose (on rates) +0.5%
Japan 07:50 April retail sales (annualized) +1.1%
British 14:00 May NATIONWIDE Price Index (annualized) -1.0%
British 14:00 May NATIONWIDE Price Index (on rates) -1.1%
Germany 15:55 April ILO unemployment rate of 7.4%
Germany 16:00 adjusted unemployment rate rose 5 (official) 7.9%
16:00 5 tune Germany rose after changes in the number of unemployed people (the official) -0.7 million
Germany 16.00 5 after unemployment rose for the total number 3299000
Eurozone 16:00 April money supply M3 (annualized) +10.3%
Eurozone 16:00 April private sector loans (annualized) +10.8%
Euro 16.00 for three months to April money supply M3 (annualized) +11.1%
British 18:00 May CBI retail margin -26
U.S. 20:30 first-quarter GDP deflator revised +2.6%
20:30 the first quarter of the U.S. personal consumption expenditure price index revised +3.5%
20:30 the first quarter of the U.S. core personal consumption expenditure price index revised +2.2%
20:30 the first quarter of the U.S. Central than the annual rate of real GDP revised
The United States at 4:30 on May 30 last week changes in money supply M1 (dollars)
04:30 United States last week changes in the money supply M2 (dollars)
New Zealand 06:45 April building permits (annual rate) -26%
New Zealand 06:45 April building permits (on rates) -9.1%
Japan 07:30 April nationwide core consumer price index (annual rate) +1.2%
Japan 07:30 April the consumer price index (annual rate) +1.2%
07:30 Japan April unemployment rate 3.8 percent
07:30 Japan April salaried household spending, (annualized) -0.2%
07:30 Japan household spending in April all (annualized) -1.6%
Tokyo, Japan 07:30 May core consumer price index (annual rate) +0.7%
Japan 07:30 May Tokyo consumer price index (annual rate) +0.6%
07:50 Japan April industrial output (annualized) 2.3%
07:50 Japan April industrial output (on rates)
09:30 Australia April private sector loans (annualized) +14.9%
Australia 09:30 April private money (on rates) +0.8%
Japan April housing starts 13:00 (annualized) -15.6%
13:00 Japan housing starts in April (10,000) 8.3991
Japan 13:00 April construction orders (annualized) +6.4%
France 14:45 April producer price index (annual rate) +5.2%
France 14:45 April producer price index (monthly rate) +0.5%
Eurozone 17:00 April unemployment rate 7.1 percent
U.S. 21:45 May Chicago Purchasing Managers index 48.3

Decision Analysis: "stagflation" concern troubled U.S. dollars, the currency of the European Xianyanghouyi - institutional perspective - Global Exchange Network

Currency Overview: The New York sessions, the Department of European currencies against the dollar was Xianyanghouyi pattern of the euro against the U.S. dollar rose to 1.5800 fall below Yuzu, the British pound against the dollar, down from 1.9848 continued. Greek Finance Minister said that the euro zone finance ministers did not interfere with the euro up the idea of his speech eased the market recent strong euro could trigger the European Central Bank intervene either the concern for the European monetary system has provided some support. Meanwhile, the U.S. economic slowdown, with inflationary pressures, or both, the market may be worried about the U.S. economy into %26quot;stagflation%26quot;, the dollar continued under pressure. Statistics show that the United States in April NAR existing home sales to 4.89 million, in line with expectations of 4.86 million, but a limited impact on this data, as the market ignored. Commodity prices start to fall Friday, the Australian dollar fell to 0.9590 from 0.9636, New Zealand yuan against the dollar since the 0.7899 to 0.7850 decline. U.S. stocks fell on all involved, the U.S. dollar against the yen fell to 103.46 from one week low of 103.05, the dollar against the Swiss franc fell to 1.0215 from 1.0270. This time, the U.S. dollar index rebounded slightly from 71.88 to 72.01. Focus, leader: Britain next Monday - May not seasonally adjusted Hometrack housing price index, the British spring bank holiday, the U.S. closed for Memorial Day memorial service. Trend Analysis of the major currencies: Euro: euro / dollar opened at 1.5743 in New York near the Greek Finance Minister in his speech, then stimulated, the exchange rate steadily higher, up to the time high of 1.5793. 1.5800 at the top of the selling pressure, and the long weekend position adjustment before the impact of exchange rate午盘started slightly lower, late dollar continued downward trend, closing at 1.5760 in the vicinity. On the map show that euro / dollar broke through the 1.6020-1.5285 of 0.618 percent retracement of 1.5740, 1.6020 shows that the trend since the end of the adjustment. Shouwen the current exchange rate on the 5th average finishing strong, short-term trend is still in power. MA, 5 and 30-day MA Jin Cha, 10 and 20-day MA has also developed Jincha, technical multi-beneficial. Investors euro / dollar above the resistance is seen at 1.5810 and 1.5865, followed at 1.5690 and then 1.5635. Japanese yen: dollar / yen 103.46 in New York opened in the vicinity, in the United States NAR existing home sales data boost, short-term exchange rate of Mogao to 103.53, after the greenback continued to fall. 午盘, the greenback fell to one week low of 103.05 stabilize, the dollar continued to rebound late to 103.40 below, hampered gains, after the greenback continued to narrow range around 103.30 collate, and until the closing. On the map shows, the dollar / yen below the 95.74 low of 102.60 and the support of a connection, the greenback Friday Fanchou the U-turn downward trend line, breaking again under short-term average, that short-term trend remains downward bias. If the effective break early support 102.60, while the exchange rate are likely to form double top (105.70 and 105.55) Powei momentum, Shouwen 102.60 likely to form cabinet finishing movements. MA, 100,30,20,10 and 5-day MA glue, may be a directional movements. Investors dollar / yen above the resistance is seen at 104.40 and 105.10, followed, at 102.90 and 102.60. Pounds: GBP / USD 1.9843 in New York opened in the vicinity, after the greenback since time high of 1.9849 sustained slight drop in the exchange rate of 1.9799 find support after modest rebound, then finishing in a narrow range of 1.9800-1.9830 range. 午盘, the greenback after the break down to a narrow range, below the 1.9800 level integer, lowered to time low of 1.9784, from late stabilize the exchange rate decline and eventually closed at 1.9800 in the vicinity. Technology trends, the sterling / dollar 2.0395 breakthrough since the downward trend line, Friday in the 100-day moving average continued to consolidate gains, but since the 1.9365-1.9849, the greenback rose a total of 486 points, accumulated a number of short-term profit disk. Stop the continuing uptrend in the current round of 1.9850 and 60-day MA shows that short-term up more resistance. At the same time, the lack of exchange rate of 5 and 10-day MA with the follow-up, also indicates that the capture of 60-day MA before the existence of short-term technical amendment request. Investors sterling / dollar above the resistance is seen at 1.9850 and 1.9880, followed at 1.9750 and then 1.9685.

Soaring oil prices, or are facing the U.S. economy turning point - institutions Perspective - Global Exchange Network

Since the 2005 attacks on the United States since Hurricane Katrina, oil prices on U.S. stocks little overall impact, but the current performance of the stock market, the sharp run up in oil prices seems finally to the United States facing enterprises and economic turning point. Biao oil prices on 130 U.S. dollars / barrel, a result in two days Tuesday and Wednesday, has fallen 400 points. Ford Motor Company (Ford Motor) and American Airlines (American Airlines) parent company, AMR were cut production and capacity show that high oil prices on businesses and consumers are the two major driving force of economic pressure. AMR Wednesday that the company will cut 12 percent capacity, and on most domestic flights per person charged 15 U.S. dollars a shipment. Hedge funds Highlander Fund Management Officer Christopher Altschul said, the long-term oil prices at 130 U.S. dollars / barrel at the top in a few months before it is impossible to imagine, it is unable to cope with the airlines. The fund has been to see empty airline stocks. Ford Motor Co. insisted Thursday abandoned a long time to achieve the 2009 earnings targets, said that this year will cut North American production, most of them pickups and sport utility vehicles. Lehman Brothers (Lehman Brothers) economist Michelle Meyer said, oil prices on economic growth and inflation have impact on the economy skyrocketing oil prices pose a %26quot;double blow%26quot;, in terms of economic growth, high oil prices will squeeze corporate profits Rates and increased disposable income on a %26quot;tax%26quot; in inflation, bringing it up to the overall price pressure. Most analysts believe that oil prices will eventually drag consumer spending and squeeze corporate profit margins, aerospace, automotive manufacturers and retail sales of shares or to be subjected to further combat. Although non-essential consumption number of stocks in the S %26amp; P 500 index account for only about 9% of the proportion, but the industrial and financial stocks, and so many others also rely on consumer spending. It is estimated that spending on the overall U.S. contribution to the economy as high as 70%. FuturePath Trading futures analyst and broker Frank Lesh said he believed many people underestimate the energy of the impact on consumer prices. Crude oil market of people expected oil prices will rise further. KeyBanc Capital Markets equity research analyst Jack Aydin said that the current energy crisis no short-term solution. The Standard %26amp; Poor (Standard %26amp; Poor) oil sector analyst Tina Vital also said that the crude oil market has experienced a structural change, 100 U.S. dollars / barrel above oil prices could therefore continue to be the end of 2009.

New York Review of dollars down the stock market fell again by rising oil prices and the combat - institutional perspective - Global Exchange Network

New York trading Friday a falling dollar, the stock market fell by the United States and the international fight against the high price of crude oil, which is the dollar under pressure this week a major factor. Dollars Friday to support the only factor is that the U.S. housing data slightly more than economists expected. But April existing home sales are still below the level in March, nine months, eight months of sales decline, unable to find investors to buy dollars reasons. The euro rose to 1.5795 U.S. dollars of the high points, from 1.6020 U.S. dollars only a record high of 2 cents a share, the U.S. dollar against the Japanese yen fell to 103.0 yen. This week the dollar against the euro fell 1.3 percent against the yen down 0.9 percent. Currency strategist at (even if those optimistic about the dollar long-term prospects analyst) said the dollar short-term trend appears weak. According to electronic trading system, Friday afternoon New York trading, the euro at 1.5744 U.S. dollars, the former Daily 1.5725 U.S. dollars the dollar was 103.53 yen and 104.14 yen before the Daily News. The euro was 162.98 yen and 163.80 yen before the Daily News. British pound at 1.9821 U.S. dollars, the former Daily 1.9802 U.S. dollars, the U.S. dollar at 1.0273 Swiss francs, the former Daily 1.0310 Swiss francs. U.S. stocks closed from Friday when it fell, but also decreases constantly expanding, investors in the U.S. Memorial Day (Memorial Day) long weekend, three days before the open. This has led to foreign exchange investors who appear to sell high-risk high-yield currencies, and buy Japanese yen and Swiss francs, and so are usually low risk and low yield currency. Swiss franc against the dollar in April rose to the highest level. In Shanghai, the foreign exchange market, Chinese exporters late dollar sell-promote the RMB in a row Friday after the fifth day to hit the new high. Dollar / yuan in the Request market Friday closed at 6.9417 yuan, down from Thursday closing price of 6.9430 yuan, trading between 6.9476-6.9405 yuan RMB, which is the lows after the change.

Soaring oil prices promote the European Monetary initial breakthrough - institutional perspective - Global Exchange Network

This week, slightly more Qi Bolan calm the market. May 22, the oil ministers of OPEC countries said they will not take measures to prevent the rise in oil prices, the New York Mercantile Exchange after crude oil futures hit 135 U.S. dollars / barrel a new high.
Oil prices continue to rise against the dollar putting great pressure.



First rising oil prices pressure the U.S. stock market, which directly led to short-term idle funds to the United States lost interest in the capital market, the dollar attractive lower. Second, higher oil prices caused the dollar speculative selling in the dollar worse, and even some speculative selling in pushing up oil prices.
However, rising oil prices rise in European currencies it has constituted a support. In fact, we know that rising oil prices for the commodity currencies of the Canadian dollar to stimulate the most obvious, but the recent market has been in a period of no direction, the overall finishing in seeking a breakthrough in the atmosphere, soaring oil prices as a negative dollar direct one of the factors that trigger the market Finishing out the fuse. European currencies as a whole against the dollar this week are set around a high point. And more conducive to stimulating the European major currencies and the expected further appreciation of the emergence of speech, such as the European Central Bank officials said the European Central Bank cut the benchmark rate no space, because the current strong price gains, European Central Bank had to choose to consider raising interest rates. Bank of England rate cut will cease, and for inhibiting the growing pressure of high inflation and consider the tight monetary policy.
Need to remind that the rising oil prices caused the dollar lower, non-dollar currencies is a strong strength of the aging can be lasting, can also be short-lived. This is because the European currency triggered by the break up is only preliminary, could effectively held steady could not be verified. The reason why we deserve special attention, because of soaring oil prices as a trigger factor to break the weeks before the balance of short-term market, caused by a non-US dollar currencies, particularly the European currency rose to a record high of a breakthrough opportunity. Keep in mind that the current breakthrough is only a chance.
Next week, concern is: May 26 British financial markets due to the spring bank holiday, the U.S. financial markets closed for Memorial Day. Sohu securities: The channel quoted the content of the cooperation between the media and cooperation agencies, does not mean that Sohu Securities their own views and position, this information suggested investors cautious judgement, which the intervention own risk.

May 24 national summary of major financial media - institutional perspective - Global Exchange Network

[Shanghai Securities News]
Telecom began the reorganization into China Railcom, China Mobile
May 23 morning, the official China Mobile Communications Group announced that China Railcom Group Co., Ltd. ( %26quot;China Railcom%26quot;) into China Mobile Communications Group.
Analysts pointed out that this also means that the industry long-awaited restructuring plan and telecommunications personnel changes come. However, China Telecom Group from China Unicom (600,050 market, stock it) bought a net C specific plans have not yet announced the final. [Full story]
SFC: the main holding the same number of futures companies shall not be more than one
The China Securities Regulatory Commission recently issued %26quot;on the norms holding, equity futures companies related issues%26quot; (hereinafter referred to as %26quot;provisions%26quot;), the same clear at this stage the main holding company and the number of futures shares shall not be more than two. Among them, holding the number of futures companies shall not be more than one.
%26quot;Provision%26quot; requirements, the existing ownership structure of the futures companies and related investment holding, equity futures company conduct did not meet the above requirements, it should be timely rectification and implementation of these provisions from the date of 2 years to achieve regulatory requirements. The %26quot;provision%26quot; will be from June 1, 2008 will go into effect. [Full story]
[Securities Journal]
The stock market turbulent phase gap can Tuoqi A shares at the end of the
Turbulent stock market this week, %26quot;petrochemical planes%26quot; - China Petrochemical (600028 market, stock it) and China Petroleum (601,857 market, stock it) is driven by gradually stabilize so that the reduction in stamp duty generated by the pre - Tiaokong the gap to retain the stability of market confidence played a major role. Thus, phase investment gap has now become the focus of all attention, the intensity of the support of the gap in the end how much can effectively Tuoqi A-share market is at the end of the » [Full story]
Futures executives three years did not pass the qualification automatic qualification test failure
%26quot;Futures company directors, supervisors and senior management qualifications management approach%26quot; ( %26quot;executives approach%26quot;) was July 4, 2007 issued and implemented, in order to clear before and after the futures companies on the qualifications of convergence issues, China Commission recently issued the %26quot;%26lt;futures company directors, supervisors and senior management qualifications management%26gt; relevant personnel before and after the qualification requirements of convergence,%26quot; and since the announcement on the date of implementation. Required, as at the date of promulgation of this announcement, a futures company board chairman and general manager, deputy general manager of qualifications but have not yet passed the qualification test, since this announcement should be issued within three years from the date of adoption aptitude test. Overdue by aptitude tests, their qualifications automatically lapse. [Full story]
[First Financial Daily]
Market trends facing three blue-chip trend is the key
Last week, in the Chuan Wenchuan after the major earthquake under the patriotic sentiments, compared excitement in this column, judgement will unite as one people throughout the country, the Fund will turn in the financial, real estate, do more, the index Tuishang Qu. Nazhi Fund does not think so. This week, to go short in the financial real estate conditions, the market had a preliminary choice: break down the 20 day average, rather than break up 55 days MA. The author of the center line positions are also breaking the 22 day average, %26quot;the army%26quot; under the sidelines. [Full story]
Standard Chartered Bank: short-term New Zealand dollar against the Australian dollar to go short
Thursday, Standard Chartered Bank foreign exchange strategy team released research report said that although the New Zealand dollar against the Australian dollar to do more than the past month has been a clear underlying transaction, and they also favor a strategy based. But the short term, the existence of the New Zealand dollar against the Australian dollar to go short the opportunity.
This is because on the one hand, the market in the New Zealand dollar against the Australian dollar to do more than the number of too many. The IMM data showed last week, Australian dollar longs increased by 57,454 contracts, reaching a high level, is doing more than the New Zealand dollar positions several times. It also supports short-term investors in the past two months continued to do more New Zealand dollar against the Australian dollar cross point of view. [Full story]
[21 economic reports]
Red Cross: 4.1 billion disaster-relief supplies more concentrated too much too fast
Red Cross site information, as at 18:00 on May 21, 2008, the Red Cross Society of China, the Chinese Red Cross Foundation, the local Red Cross received a total of %26quot;12%26quot; donations of earthquake disaster Amounting to 4.1 billion yuan.
%26quot;Materials come too much, too concentrated, too fast.%26quot; Memories of the past few days, the Federation of the busy work in the affected areas, he said to reporters. [Full story]
30 billion letters of credit Duju cash alternative financing route map
Xu Feng is a large domestic manufacturing enterprises PTA executives, the industry has undergone many changes. As the downstream oil products, PTA prices should have been as oil prices break through 120 U.S. dollars mark and rising. But he expected that the screen on the green line step by step crude oil prices rose, red and domestic PTA prices all the way down.
Shaoxing, Zhejiang, looking for bank loans outside sources of funding almost every business owner top priority, a %26quot;grain coupons for rice,%26quot; the action is being carried out quietly, a lot of chemical fiber enterprises PTA import letters of credit to finance the cash Duju. [Full story]

May 24 Australian dollar against the currencies of cross - institutional perspective - Global Exchange Network

Yahoo first-quarter GDP statistics British annum final set May 24 British first-quarter GDP final quarter rate was 0.4 percent, annualized confirmed as 2.5%. As expected, household consumption supported by the rebound in retail sales, rose 1.3 percent quarter rate, the rate rose 3.0 percent, to the contribution of strong economic growth. Government spending on economic growth has also developed support quarter rate rose 1.0 percent, up 1.7 percent annual rate. Although the services sector continues to play a positive role in economic growth, but revised down to 0.5 percent quarter growth rate, annual rate of growth of 2.9 percent. However, industrial production is by far the worst performing sector, fell 0.2 percent quarter rate and the rate increased by only 0.6 percent. Overall, the economic slowdown reflected in all aspects, but the department did not show too much worse situation. Despite the sterling weakness, but very sensible to see that the industrial / manufacturing sector remains weak. The contribution of consumer spending is indeed good news, but with the continued credit crunch, falling house prices, expected over the next few quarters, consumer spending will not have such a good performance.
Australian dollar / Canadian dollar
Remarks price

Resistance 0.9698 on April 23 on the map high
0.9610/15 May 8, 9, plans high
0.9560/65 May 16, 19, plans to support high of 0.9405 on May 22 on the map lows
0.9385-Yurika Tongdaoxiagui
0.9295 May 14, plans lows Last week we mentioned that %26quot;the level of security Yurika channel more in line with the current operational tempo. Yurika current-channel attempt to narrow that the greenback may continue to access the oscillation. Recommendation to buy high-sell low.%26quot; Currently, the greenback is still the level of security Yurika Consolidation within the channel, channel prices in the energy conversion more frequent. So buy low sell high is still the main trading strategy.
Australian / New Zealand yuan
Remarks price

Resistance 1.2475-Yurika access track
1.2415 May 15, 20, 21 and 22 high
1.2310 5, 10-day MA support pre-key resistance 1.2090
1.1913 on May 2 on the map lows
1.1890-Yurika Tongdaoxiagui Last week we had referred to %26quot;the last two days of the online K hatched longer at the top of that resistance larger ┅ ┅ up tempo has been confusion, the greenback may start consolidating, finishing before the increases.%26quot; Greenback in the days after the Oscillation. Yam Thursday against a large candle, formally confirming the trend of consolidation started. The current 20-day MA line good, so we have identified for the current retracement of the rally after finishing, or correction. Key support in the former high initial retracement low of 1.2090 and 1.1915. Feng Gao sold the current proposal. After going out in a section of the exchange rate may fall after the start consolidation, to determine a new direction.
Australian Dollar / Swiss franc
Remarks price

Resistance 1.0085 on May 20 on the map high
1.0075 61.8% Huidang, Bao Yurika access track
0.9905/10 on the 5th MA / 10-day MA, May 23, plans to support high of 0.9800 on May 15 on the map lows
0.9755 on May 9 on the map high
0.9690-Yurika Tongdaoxiagui As we expected before, the exchange rate in the start-Yurika channel consolidation. Current needs attention is that the exchange rate has been below the rail-Yurika channels (20-day MA), the next action is expected to stimulate the downlink, and further point to security Yurika Tongdaoxiagui. Key support at the previous retracement 0.9800,0.9755 and low-Yurika Tongdaoxiagui 0.9700. Feng Gao sold the current proposal, concerned about security Yurika Tongdaoxiagui. In addition, the exchange rate may be mentioned in front of the retracement low start at the top of consolidation.

Nasdaq-surface oil market bubble - institutional perspective - Global Exchange Network

Although investors have the bulk commodities market in the absence of fundamental news in the case of oscillation commonplace, but the recent oil price rally crazy, so that those well-still the battlefield investors see shocking. Oil prices have been the beginning of this year than the level rose by 44 percent, early in April rose 35 percent, while the month was up 23 percentage points. The popular trend of the current oil price is extremely unusual.

Although the 2006 oil prices also rose by 54% in 2004, or 43% (2005 only rose 5 percent), but the current soaring oil price trend, and then during the Nasdaq bubble technology and telecommunications shares the trend: For similar.

Nasdaq Stock Market from 1971 founding, has been flat light, a few hundred points of change, thousands more than 100 million U.S. dollars of market value, in 1991 before the 20 is in the climb up from 100 points over 300 points, 95 breakthrough 1000, and then five years is almost one breath rushed 5,000 points. Skyrocketing doubled in 1999, came in March 2000, the stock market crash led to a rare. Total market value within 18 months nearly three-quarters of shrinking, and the Nasdaq composite index in the %26quot;9.11%26quot; incident, fell more than 1,200 points. From stocks, 80 percent of the stock fell more than 80 percent, nearly 40 percent of the stock forced or voluntary delisting.

With crude oil prices break through 135 U.S. dollars / barrel, analysts began to argue, or in oil prices is expected today and tomorrow on the two-year exploration 150 U.S. dollars / barrel, or even 200 U.S. dollars / barrel.

◎ high oil prices driven by fundamentals

Including the University of California (University of California) at San Diego James Hamilton, a group of energy experts believe that China surge in oil prices caused demand is the primary factor. However, despite the 1990-2006 period, China crude oil consumption in the compound annual growth rate of 7.2 percent, but per capita oil consumption remains low, less than one-tenth of the United States and other industrialized countries in high-speed consumption of crude oil were lower.

Over the past few years, China oil demand has gradually slowed down, and government organizations are expected global economic slowdown, indicate overall demand growth next year will slow down.

At the same time, oil production began to increase. Saudi Arabia has promised to increase production, and accompanied by a return to calm in Iraq, its oil production is expected to increase.

Including Princeton University Paul Krugman, a noted economist, believes that if the surge in oil prices caused by speculation, then there should be increased inventories. However, official data showed that inventories do not increase.

Market participants have speculated that the official data released by the omission of a number of hidden stocks of crude oil. Rumors that the oil tank manufacturers are fully put into production, oil tankers as floating storage tanks were.

In addition, crude oil futures contracts trading volume rapid growth and even exceeded the rate of rising oil prices. 30-day moving average line, the London Intercontinental Exchange (ICE) Brent crude-oil futures contract trading volume than in early 2006 by more than double.

Once the speculators to manipulate the market, and prices deviate from the fundamentals, the transaction became gambling, fundamentals will not be able guidelines prices.

Exchange of reviews - institutional perspective - Global Exchange Network

Exchange of comment on the China Securities Journal dollar index Minutes of the meeting released this week hinted that the Fed worried about inflation, but the economy also faced serious downside risk. This against the U.S. dollar adversely. Operation next week, the dollar index has failed to effectively held steady around 73.50 brewing rebound is expected to further rebound is unlikely. Now expects the dollar index at 72.00 near the support will be below, the following may re-test 71.00.
USDCAD High oil prices, consumer data in April increased by a rate cut of space limitations, these on the Canadian dollar benefit. It is expected that the Canadian dollar remained at the level of parity under will not last. Operation next week, the U.S. dollar against the Canadian dollar still fell short of space, the proposed holding the Canadian dollar at 0.9800 may be near and below the reduction. Kongcang to maintain wait-and-see, expect the dollar against the Canadian dollar lower short-term will begin after repeatedly rose to 1.0 above.
Australian dollar Recent international commodity prices generally stimulate the Australian dollar rose against the dollar held steady repeated strong. The market is expected to Australian dollar most likely rose to the level of parity. Operation next week, although Australian dollar promising, but is expected to slightly adjust short-term following the consolidation. Australian dollar holders who patiently to be 0.9650 and above the reduction of opportunities. Kongcang those near and below 0.9350 to consider buying Australian dollars.
British pound against the dollar British real estate prices continue to rise, while industrial data contrary to market expectations as well, this consolidation of the market for the Bank of England will adopt tight monetary policy expectations. Operation next week, the British pound against the U.S. dollar is expected to be high wide shocks. Holders of sterling to 1.9900 in the vicinity of the proposed reduction and above. Kongcang to maintain wait-and-see, to be near and below 0.9450 may consider buying pounds.
The euro against the dollar High oil prices suppressed dollars at the same time, trigger dollar selling their speculative buying European currencies. The euro exchange rate this week to a four week high. European economic recovery but also the euro to be supported. Operation next week, the euro against the U.S. dollar short-term tendency of further consolidation after the high rise. Recommended holding the euro to 1.5500 a wide stop-loss, added a goal and above 1.5850. Kongcang to temporarily maintain wait-and-see.
USDJPY Japan nearly three months of relatively weak economic data, the government said Japan economic recovery has stopped. Short-term yen strengthened further little chance of a new high. Next week operation, expect the dollar against the yen tendency to repeatedly rise, initial target of 105.00 juncture. Proposed holding the yen at 103.50 can be considered temporary reduction. Kongcang to maintain wait-and-see, to be considered Jiancang above 105.50.

Euro or continue to rise - bodies Perspective - Global Exchange Network

For next week, the trend, Bank of Communications branch in Guangzhou City, currency strategist Xie Junhua analysis, due next Monday the United States and the United Kingdom market closed, investors temporarily weekend profit taking, the euro-dollar currency fell is quite normal , As long as the week closed the euro 1.56 to 1.5650 hold the lower support, is expected to extend gains next week.
Euro / dollar: At present, the market expected interest rates to the euro, as long as the euro holding 1.56, is expected to continue to rise next week, is expected to short-term on-1.60. Investors can buy interval 1.56 to 1.5650 euros, above the 1.60 goals-for, if the euro fell below 1.56, stop-loss bidder.
GBP / USD: This week, the British pound rapid gains, if we can hold onto the 1.97 lower support level, next Tuesday to continue long after the Open, next week is expected to continue to rise above the target of 2.0 to see if Shoubu Zhu, is expected to continue Xiache 1.94 support, it is estimated that in mid-June, before the arrival of the delivery period, will remain at the interval fluctuations.
Operation, in the vicinity of Qingcang bought 1.97 pounds, breaking 1.9650 stop-loss.

Bearish pounds to see more yen - institutional perspective - Global Exchange Network

Lei plot surprising that, although all of Europe higher, euro / dollar once again flirting with oscillation at the top or back to 1.5800, sterling / dollar 1.9800 integral approaching checkpoints. However, the German small banks of the shadow of bankruptcy will continue to contain the euro rally. In addition, as the greenback after the recent row Elevated, the driving force has been greatly increased by the release, the exchange rate up to the limited space.
Although the recent release of the Bank of England meeting minutes hinted that the Bank of England more likely to maintain the current 5.0 percent interest rate unchanged, which would weaken the Bank of England rate cut future expectations, given sterling support. But sterling weakness has been a long time, it is estimated that will remain vulnerable.
In addition, because of the recent oil price hit record highs, as the commodity currencies have lifted the Australian dollar this end, the five consecutive trading days set record highs, but Australia current economic outlook remains unstable, the medium-term Australian dollar Air pressure is still there to see.
Lei plot surprising that the comparison more yen, the Global Fund for the sovereignty of States prepared to put wealth of Japan stock market, the European Central Bank foreign exchange reserves increased yen proportion of the world third largest oil producer Iran is ready to complete end to the U.S. dollar clearing, the use of the yen and Euro. For now holding the euro, Australian dollar investors, the best choice Jiancang or leave the cross for the holders of the investors, it is proposed to the euro and Australian dollars for doing the yen.

Oil prices tumbled dollars - institutional perspective - Global Exchange Network

International crude oil prices this week from 121.58 U.S. dollars / barrel maximum jumped to 135.09 U.S. dollars / barrel, in its lead, gold has also strive to close 950 U.S. dollars of resistance, and in the upsurge of crude oil and gold under pressure, the U.S. dollar this week Continuous weakening, from May 8 to May 23, the U.S. dollar index from the highest point of 73.90 has been dropped to 71.8, or about 3 percent. But at the time of reporters yesterday, the dollar index at 72 at the top again, and this is the corresponding The euro all higher.
Occasional investment president of mine pointed out that this singular plot, the dollar next week may not be to weaken, crude oil, gold with the euro and other non-dollar currencies will be good support for the formation.
Dollar may not be sustained investment in disadvantaged Occasional president said Qi Lei plot, the dollar has to weaken a row, because the market is worried that the strong crude oil prices will slow the U.S. economy has more impact, caused the market to sell the dollar, But the dollar next week does not necessarily extend the disadvantaged, crude oil, gold with the euro and other non-dollar currencies will become the Chonggao callback dollar good support.
His analysis, investors expect oil prices will be difficult to break through 138 U.S. dollars / barrel resistance, it is estimated that in this place under a pullback in demand. Yesterday, oil prices are also 130 U.S. dollars at the top of oscillation.
Lei plot surprising that the dollar signs of a rebound, the current interest rate close to the bottom, not much room to cut interest rates, the bond market to the United States; three major U.S. stock market Dow Jones Industrial, Nasdaq composite and Standard %26amp; Poor 500 index gradually Tandi; U.S. housing market is also exploring the bottom.
However, Bank of China Guangdong Branch of foreign exchange analysts believe that although the demand for oil in the loan-to-the impact of the crisis has declined, but the U.S. economic slowdown, U.S. stocks and the dollar decline will lead to more influx of speculative capital goods investment Market, the rise in oil prices mainly because of speculative capital to promote. The short term, oil prices declined substantially by the possibility of relatively small, short-term dollar shake off the doldrums of the situation is not optimistic. If the dollar to weaken the long-term, and the corresponding non-dollar currencies off rising trend. (Reporter-jung Mingmai Shen Qi)

Australian dollar continued to fall Niuqi towering new high - institutional perspective - Global Exchange Network

73 一带继上周被击穿后本周转而成为上档重要阻力。 The dollar index continued to fall this week, pre-built for the six-week interval on the box along the 73 area following the breakdown last week was the week after the turn on the stalls become an important resistance. 73.20 ，美盘结束后周 K 线不出意外也将连续第三周收阴。 Up to five this week in Tokyo trading, the dollar index closed at 73.20, the United States was not the end of Later Zhou Dynasty K-Line accident will also be the third consecutive week to overcast. To judge the current situation, the dollar temporarily Diechuan Although the rise from the early, but it also can not judge dollars will return to decline, in the author seems to introduce legislation after the first break in the form of evolution, the second quarter of dollars at quarter - The probability of still more than 50%. This week since the dollar sharp decline in short-term market began in last weekend poor consumer confidence index. 5 月消费者信心指数初值为 59.5 ，创自 1980 年 6 月以来最低水平，同样低于市场预估的 62.0 。 The University of Michigan May consumer confidence index for the initial 59.5, since a June 1980 the lowest level since the same below the market forecast of 62.0. The data出炉investment people are worried about weak consumer spending, a drag on economic growth, which could curb inflation and the U.S. Federal Reserve later this year to reduce the possibility of raising interest rates. The data not only hurt the stock market, but also seriously hurt the dollar longs to do more than the kinetic energy. 3 月房屋开工年率修正为下降 13.8% ，美国经济周期研究所称受累于初请失业金人数上升以及楼市更为疲弱的现状，其衡量未来美国经济成长的一周领先指标在最近一周也再度出现下滑。 Also this week the U.S. Department of Commerce announced in March a revised annual rate of housing starts dropped 13.8 percent, the Economic Cycle Research Institute said U.S. involvement in initial jobless claims rose more weak and the status of the property market, measured by future U.S. economic growth leading indicator of the week In the last week has again declined. 3 月的动荡局面中平静下来，但其亦警告称那些可能失去房屋赎回权的借款者将面临更多痛苦。 While U.S. Treasury Secretary Paulson said the U.S. financial markets from March in the volatile situation calms down, but also warned that those who may lose the right to redeem the borrowers will face more pain. In addition, he continued to reiterate that despite the strong dollar in line with U.S. interests, but the U.S. official position has always been an oral do not have any real effect, this dollar also will not have any help. Recent international bulk commodities in the most eye-catching performance of crude oil. 141 美元后，油价已经连续多日刷新了历史高点纪录。 Goldman Sachs to in the second half of this year forecast average oil price per barrel increased to 141 U.S. dollars, for a number of oil prices has set a new record high on the record. 24 年新高纪录，引发了市场对于其在年内到达平价的无限遐想。 By this incentive factors, the foreign exchange market the commodity currencies of the Canadian dollar and Australian dollar good performance, especially the Australian dollar was a new record high of 24, triggered a market for their years of an imaginative reach parity. 5 月消费者信心好转，料增加央行近期保持紧缩倾向的可能。 A private survey this week showed that the Australian consumer confidence improved in May, the central bank expected to increase to maintain the recent tendency to be tight. 5 月政策会议上曾考虑升息，不过鉴于消费者需求走软，最终取消了该决定。 The same day the Australian central bank also said that in May policy meeting had considered raising interest rates, but in view of weak consumer demand, the ultimate abolition of the decision. 0.96 整数关口。 But this is still in the market stirred up a lot of waves, the Australian dollar after repeated attacks and also through the 0.96 integral juncture. Aussie short-term because there is no short form of the emergence of technology, from a technical perspective it can continue to carefully maintain long positions. K 线图上看，包括上周五在内，目前已经出现连续四个交易日触及布林上轨的罕见超强势表现，这还是在上轨持续掉头向上的背景下。 But from the perspective on K Line, including last Friday, there have been four consecutive trading day on the track Brin hit a rare super-strong performance, this is on track in the background of continuing upward U-turn under. Which is also based on this technology, has not recommended the implementation of recovery and more customer transactions, and once again accelerated up secondary, should be to Feng Gao short as the main strategy.

"Stagflation" concern troubled U.S. dollars, the currency of the European Xianyanghouyi - institutional perspective - Global Exchange Network

At 22:30 on May 23 to at 6:00 on May 24

Currency Overview: The New York sessions, the Department of European currencies against the dollar was Xianyanghouyi pattern of the euro against the U.S. dollar rose to 1.5800 fall below Yuzu, the British pound against the dollar, down from 1.9848 continued. Greek Finance Minister said that the euro zone finance ministers did not interfere with the euro up the idea of his speech eased the market recent strong euro could trigger the European Central Bank intervene either the concern for the European monetary system has provided some support. Meanwhile, the U.S. economic slowdown, with inflationary pressures, or both, the market may be worried about the U.S. economy into %26quot;stagflation%26quot;, the dollar continued under pressure. Statistics show that the United States in April NAR existing home sales to 4.89 million, in line with expectations of 4.86 million, but a limited impact on this data, as the market ignored. Commodity prices start to fall Friday, the Australian dollar fell to 0.9590 from 0.9636, New Zealand yuan against the dollar since the 0.7899 to 0.7850 decline. U.S. stocks fell on all involved, the U.S. dollar against the yen fell to 103.46 from one week low of 103.05, the dollar against the Swiss franc fell to 1.0215 from 1.0270. This time, the U.S. dollar index rebounded slightly from 71.88 to 72.01.

Focus, leader: Britain next Monday - May not seasonally adjusted Hometrack housing price index, the British spring bank holiday, the U.S. closed for Memorial Day memorial service.

Trend Analysis of the major currencies:

Euro: euro / dollar opened at 1.5743 in New York near the Greek Finance Minister in his speech, then stimulated, the exchange rate steadily higher, up to the time high of 1.5793. 1.5800 at the top of the selling pressure, and the long weekend position adjustment before the impact of exchange rate午盘started slightly lower, late dollar continued downward trend, closing at 1.5760 in the vicinity. On the map show that euro / dollar broke through the 1.6020-1.5285 of 0.618 percent retracement of 1.5740, 1.6020 shows that the trend since the end of the adjustment. Shouwen the current exchange rate on the 5th average finishing strong, short-term trend is still in power. MA, 5 and 30-day MA Jin Cha, 10 and 20-day MA has also developed Jincha, technical multi-beneficial. Investors euro / dollar above the resistance is seen at 1.5810 and 1.5865, followed at 1.5690 and then 1.5635.

Japanese yen: dollar / yen 103.46 in New York opened in the vicinity, in the United States NAR existing home sales data boost, short-term exchange rate of Mogao to 103.53, after the greenback continued to fall. 午盘, the greenback fell to one week low of 103.05 stabilize, the dollar continued to rebound late to 103.40 below, hampered gains, after the greenback continued to narrow range around 103.30 collate, and until the closing. On the map shows, the dollar / yen below the 95.74 low of 102.60 and the support of a connection, the greenback Friday Fanchou the U-turn downward trend line, breaking again under short-term average, that short-term trend remains downward bias. If the effective break early support 102.60, while the exchange rate are likely to form double top (105.70 and 105.55) Powei momentum, Shouwen 102.60 likely to form cabinet finishing movements. MA, 100,30,20,10 and 5-day MA glue, may be a directional movements. Investors dollar / yen above the resistance is seen at 104.40 and 105.10, followed, at 102.90 and 102.60.

Pounds: GBP / USD 1.9843 in New York opened in the vicinity, after the greenback since time high of 1.9849 sustained slight drop in the exchange rate of 1.9799 find support after modest rebound, then finishing in a narrow range of 1.9800-1.9830 range. 午盘, the greenback after the break down to a narrow range, below the 1.9800 level integer, lowered to time low of 1.9784, from late stabilize the exchange rate decline and eventually closed at 1.9800 in the vicinity. Technology trends, the sterling / dollar 2.0395 breakthrough since the downward trend line, Friday in the 100-day moving average continued to consolidate gains, but since the 1.9365-1.9849, the greenback rose a total of 486 points, accumulated a number of short-term profit disk. Stop the continuing uptrend in the current round of 1.9850 and 60-day MA shows that short-term up more resistance. At the same time, the lack of exchange rate of 5 and 10-day MA with the follow-up, also indicates that the capture of 60-day MA before the existence of short-term technical amendment request. Investors sterling / dollar above the resistance is seen at 1.9850 and 1.9880, followed at 1.9750 and then 1.9685.

British GDP data in line with expectations, sterling / dollar once again blocked in the 60-day MA - institutional perspective - Global Exchange Network

Sterling / dollar 1.9843 in New York opened in the vicinity, after the greenback since time high of 1.9849 sustained slight drop in the exchange rate of 1.9799 find support after modest rebound, then finishing in a narrow range of 1.9800-1.9830 range.

The Office for National Statistics (ONS) Friday announced that first-quarter economic growth rate of 2.5 percent, in line with expectations. Earlier, the British economists expected first-quarter economic growth rate for the quarter of 0.4 percent, up 2.5 percent annual rate. British first-quarter economic growth to 0.4 percent, this is the lowest level over the past three years.

U.S. Real Estate Brokers Association (NAR) reported Friday, the United States in April, NAR existing home sales fell 1.0 percent rate, to 4.89 million, is expected to 4.86 million. This data indicates that the U.S. housing market appears stabilize signs, but the city has not yet climbed out of a slump. The data enabling U.S. dollars, the effect is quite limited.

午盘, the greenback after the break down to a narrow range, below the 1.9800 level integer, lowered to time low of 1.9784, from late stabilize the exchange rate decline and eventually closed at 1.9800 in the vicinity.

Some analysts pointed out that the British first-quarter economic growth rate in line with expectations, eased the market rapid economic slowdown in the United Kingdom of concern, inflation expectations in the context of warming up, weakening the Bank of England rate cut in June will be the expected. But the market quickly digested the impact of the data, failed to boost pounds. Technology trends, the sterling / dollar 2.0395 breakthrough since the downward trend line, Friday in the 100-day moving average continued to consolidate gains, but since the 1.9365-1.9849, the greenback rose a total of 486 points, accumulated a number of short-term profit disk. Stop the continuing uptrend in the current round of 1.9850 and 60-day MA shows that short-term up more resistance. At the same time, the lack of exchange rate of 5 and 10-day MA with the follow-up, also indicates that in breaking the 60-day MA before the existence of short-term technical amendment request. At the top of resistance in the 1.9850 and 1.9880, below 1.9750 and 1.9685 in support.

Britain will announce next Monday May Hometrack housing price index is expected to provide some guidelines on exchange rate movements.

Euro / dollar at 1.58 blocked, Barclays still good to 1.60 - institutional perspective - Global Exchange Network

Euro / dollar 1.5746 in New York opened in the vicinity, as oil prices stabilize, the dollar downward pressure eased, the touch pool time high of 1.5793 after the energy shortage, stop there.

The Office for National Statistics (ONS) said Friday, the United Kingdom in the first quarter GDP growth rate of 0.4 percent, annualized growth of 2.5 percent, in line with expectations; Italian Bureau of Statistics said Friday as the euro zone third-largest economy of the Italian section One-quarter GDP rose 0.4 percent quarter rate, the situation temporarily avoid recession. As announced today the European economic data are in line with or slightly better than expected, boosting the euro / dollar.

U.S. real estate brokers Association (NAR) Friday announced that the U.S. April existing home sales annual rate of 4.89 million, representing a March amended the 4.94 million decreased 1.0 percent, the market had forecast a 4.86 million. Fell slightly smaller than expected existing home sales data to investors that the U.S. economy strong point of view, helped the dollar selling pressure eased.

NYMEX 7 for crude futures prices Zigao at 133.71 U.S. dollars / barrel, down, temporarily easing the pressure on inflation worries, the dollar temporarily to gasp for breath, dragging the euro broke 1.58 on the pace.

Greek Finance Minister Friday that the euro zone finance ministers did not interfere with the euro up the idea. The above remarks to the euro will give rise to strong intervention of policy makers worried about easing the pressure on, cleared the euro up the road.

午盘after the euro / dollar fluctuations on oil prices related to start finishing, the final dollar closed at 1.5770 nearby.

Some analysts pointed out that the euro / dollar at the small Yangxian video from top to bottom, a further Shouwen 1.5665 and 1.6-1.5285 or 0.618 retracement of 1.5740 waves, that the adjustment of 1.6 since the end, investors will be ready on a heavy 1.60 Possible. At present, five-day MA has been upward through 20, 30-day MA a %26quot;Jin Cha,%26quot; constitute a strong support for the greenback, while below 10, 20-day MA has also developed %26quot;Jin Cha,%26quot; will limit the exchange rate down the space. MACD is on the axis after crossing the line to progressive, moderate increase in long; RSI strength index of the re-emergence, technical investors showed that the greenback is expected to continue to rise. Euro / dollar investors at the top resistance at 1.5810 and 1.5865, below support at 1.5690 and 1.5655.

Barclays Capital (Barclays Capital) Friday said that as the euro / dollar 1.5565 early breakthrough pressure line (currently to support), investors will continue to rise. The bank further stated that the euro / dollar bulls may point to the goal of Feibonaqi resistance at 1.5865, effectively recover the place, to a record high of 1.6 attack.

Britain and the United States market closed next Monday, crude oil price fluctuations will the euro / dollar caused a greater impact, Hometrack housing price index currency will also bring certain guidelines.

U.S. stagflation worries intensified dollars defeat sounding the alarm - institutional perspective - Global Exchange Network

2 个月最大单周降幅。 Due to oil prices hit a record high of investors on the U.S. economy into stagflation worries intensified, the New York market Friday dollar all fell, the dollar index this week, also set two biggest weekly decline. Analysts said weak economic growth plus inflation, has been the dollar continued under pressure this week, while oil prices sharply lower short-term unlikely, the U.S. economic stagnation will continue to add to the worries, thus forcing the dollar lower against the euro the most Express next week will be set record lows. Although the data showed that euro zone growth in services and manufacturing weakness, the euro Friday trend is still strong. Analysts said although the euro zone growth slowed down, but the economy is still strong enough to allow the European Central Bank continues to focus control inflationary pressures. (NAR) 周五公布，美国 4 月份成屋销售折合成年率为 489 万户，较 3 月份修正后的 494 万户下降 1.0% ，市场此前预期为 486 万户，略好于预期的成屋销售数据给美元带来短暂支撑。 U.S. real estate brokers Association (NAR) Friday announced that the U.S. April existing home sales annual rate of 4.89 million, representing a March amended the 4.94 million decreased 1.0 percent, the market had forecast a 4.86 million, slightly better Than-expected existing home sales data for the dollar short-term support. NAR 同时表示，美国 4 月房屋库存数量大幅上升，触及记录高点，房价则显著下跌，暗示美国房市困境远未结束，利好成屋销售数据给美元带来的支撑很快消失殆尽。 But NAR also said that the United States in April increased substantially the number of housing stocks, hit record high, prices decreased significantly, suggesting the U.S. housing market predicament is far from over, existing home sales data favorable to the dollar support soon vanish . (Credit Suiss) 驻苏黎世汇市分析师 Marcus Hettinger 称：“过去几周市场的看法发生了巨大变化，目前市场认为欧洲央行可能会升息。” Credit Suisse (Credit Suiss) in Zurich trading analyst Marcus Hettinger said: %26quot;In the past few weeks the market view has undergone enormous changes, the market may be that the European Central Bank rate hikes.%26quot; He said: %26quot;U.S. consumers have to bear the city fell from the pressure, and the current oil prices also rose crazy. This means that despite the rising inflation, the Fed will keep rates at a low level, and this is dollar weakness One of the reasons. %26quot; (FOMC) 会议纪要显示，美联储对于滞胀的担忧与日俱增。 Wednesday announced the Federal Open Market Committee (FOMC) meeting minutes showed that Fed for the stagflation of the growing concern. Stagflation means that inflationary pressures co-exist with the slowdown in economic growth, the dollar is a bad news. (UBS) 驻苏黎世的外汇策略师 Manuel Oliveri 表示， 美元仍面临压力，因为市场正考量美国滞胀前景，而不是经济稳定增长利率升高的情况。 UBS (UBS) in Zurich, currency strategist at Manuel Oliveri said the dollar remained under pressure because the market is considering prospects for the U.S. stagflation, rather than stable economic growth rate of increase. Therefore, some economists expect the dollar against the euro may soon be dropped to lows. The current surge in oil prices was seen as a drag U.S. economic growth and dollar blow to the contrary, high oil prices raise the euro zone inflation is expected to force the European Central Bank to maintain a hard-line position, so as to the euro bring support. Oil prices also preferred by the market risk against the Japanese yen and other low-interest currency therefore be pursued. ◎ high oil prices the dollar many investors resistance movements Analysts said that if next week to set a record high crude oil prices, overall inflation will rise in the United States, %26quot;adding fuel to the fire%26quot;, the U.S. dollar next week may continue to expand decline against the euro may even be dropped to historic lows. In recent weeks, the U.S. dollar and the trend of oil prices very close contact. Some people said that despite the similar employment or economic growth, and other U.S. economic data has improved, but if oil prices do not reverse the decline in the dollar likely to continue to decline. (UBS) 的外汇策略师 Manuel Oliveri 表示，由于美元的命运与通胀担忧的关联增强，油价的有效下行对帮助美元寻获强势动力是必要的。 UBS (UBS) in foreign exchange strategist at Manuel Oliveri said that the U.S. dollar and inflation concerns the fate of the association increased, the effective price down to help the dollar recovered a strong driving force is necessary. Crude oil prices soaring inflation and the overall uplink, the U.S. stock market also caused damage, as investors worried about high inflation could undermine corporate profitability. This makes next week dollars the face of low-interest money yen also encountered resistance. When U.S. stocks fell when trading positions sets interest rates would boost the low interest rate currencies, while suppressing dollars. (Brown Brothers) 高级货币策略师 Marc Chandler 说道：“ 美元下周走势风险偏于下行。尽管对冲基金认为美元已经见底，但在当前原油价格疯狂上涨的局面下，它们不可能积极作多美元 。” Brown Brothers Harriman (Brown Brothers) senior currency strategist Marc Chandler said: %26quot;The U.S. dollar next week risk Pianyu downlink. Hedge funds that despite the dollar has bottomed out, but the current price of crude oil rose crazy situation, they can not Active multi dollars. %26quot; / 美元下周可能将在 1.56-1.60 之间波动。 Foreign exchange analysts said the euro / dollar may be in the next week fluctuated between 1.56-1.60. 首席货币策略师 Alan Ruskin 表示：“目前市场担忧油价高涨将导致美国经济陷入滞胀局面，这对美元构成打压。”他预计， 欧元 / 美元在第三季度将升逾 1.60 。 RBS Greenwich Capital chief currency strategist Alan Ruskin said: %26quot;The current concerns about high oil prices will lead to the U.S. economy into stagflation situation, the U.S. dollar constitute pressure.%26quot; He expects that the euro / dollar in the third quarter will升逾1.60.

Survey: Eurozone inflation rate in May rose to 3.5 percent, or - institutional perspective - Global Exchange Network

Energy and food prices because of the rally but not weakened, the euro zone May inflation may climb to a higher level, the European Central Bank (ECB) will therefore have more reason to keep rates unchanged.

The 42 analysts surveyed expected the value that euro zone inflation in May for the initial 3.5 percent, higher than April 3.3 percent, slightly lower than March record high of 3.6 percent. However, some analysts even think that the May inflation rate will reach as high as 3.7 percent.

The data will be - May 30 (next Friday) 17:00 announced.

Thursday oil prices hit more than 135 U.S. dollars / barrel record high, while food prices also continued to climb, both the impact of the stronger euro dwarfs. This year the euro / dollar has gained 8 percent, while imports become more so cheap.

Dutch bank analyst Dario Perkins said that at present the factors pushing up oil prices in the next few months will push up inflation.

Perkins pointed out that at present, the European Central Bank seems to usher in the 2-year anniversary of embarrassment, if the situation continues to develop, 09 will mark the European Central Bank has for 10 consecutive years failed to control inflation in its objective of the standards.

Earlier this week conducted a survey is expected, the euro zone this year average inflation may be 3.1 percent, much higher than the European Central Bank set the 2 percent or slightly below the target level of 2%.

Dollar / yen to a low of one week, K-Line continues to build on the two-top signs - institutions Perspective - Global Exchange Network

Dollar / yen 103.46 in New York opened in the vicinity, in the United States NAR existing home sales data boost, short-term exchange rate of Mogao to 103.53, after the greenback continued to fall.

U.S. Real Estate Brokers Association (NAR) reported Friday, the United States in April, NAR existing home sales fell 1.0 percent rate, to 4.89 million, is expected to 4.86 million. This data indicates that the U.S. housing market appears stabilize signs, but the city has not yet climbed out of a slump. The data enabling U.S. dollars, the effect is quite limited.

The recent energy and food prices continued to rise, increasing inflation pressure up, while U.S. economic growth continued to slow down, adding to the market to the U.S. economy likely to fall into %26quot;stagflation%26quot; of concern. In the April 29-30 Fed monetary conference records, the Fed lowered its economic growth forecast 08, the dollar continued under pressure on the fundamentals.

U.S. stocks tumbled Friday all, exacerbated the pressure on the sets of income trading positions, further weighed on the greenback. After the Dow fell more than 150 points up, closed down about 143 points, to 12,482 points in the vicinity.

午盘, the greenback fell to decline stabilize week low of 103.05, late dollar rose to 103.40 continued below, hampered gains, after the greenback continued to narrow range around 103.30 collate, and until the closing.

Some analysts pointed out that the chart shows, the dollar / yen below the 95.74 low of 102.60 and the support of a connection, the greenback Friday Fanchou the U-turn downward trend line, breaking again under short-term average, that short-term trend Still biased downward. If the effective break early support 102.60, while the exchange rate are likely to form double top (105.70 and 105.55) Powei momentum, Shouwen 102.60 likely to form cabinet finishing movements. MA, 100,30,20,10 and 5-day MA glue, may be a directional movements. Resistance is seen at the top of investors against 104.40 and 105.10, followed, at 102.90 and 102.60.

Next Monday on the U.S. war dead memorial service on the financial markets were closed, is expected to Asian stock markets and commodity price movements on the exchange rate will provide some guidance.

Soaring oil prices, or are facing the U.S. economy turning point - institutions Perspective - Global Exchange Network

Since the 2005 attacks on the United States since Hurricane Katrina, oil prices on U.S. stocks little overall impact, but the current performance of the stock market, the sharp run up in oil prices seems finally to the United States facing enterprises and economic turning point.

Biao oil prices on 130 U.S. dollars / barrel, a result in two days Tuesday and Wednesday, has fallen 400 points. Ford Motor Company (Ford Motor) and American Airlines (American Airlines) parent company, AMR were cut production and capacity show that high oil prices on businesses and consumers are the two major driving force of economic pressure.

AMR Wednesday that the company will cut 12 percent capacity, and on most domestic flights per person charged 15 U.S. dollars a shipment.

Hedge funds Highlander Fund Management Officer Christopher Altschul said, the long-term oil prices at 130 U.S. dollars / barrel at the top in a few months before it is impossible to imagine, it is unable to cope with the airlines. The fund has been to see empty airline stocks.

Ford Motor Co. insisted Thursday abandoned a long time to achieve the 2009 earnings targets, said that this year will cut North American production, most of them pickups and sport utility vehicles.

Lehman Brothers (Lehman Brothers) economist Michelle Meyer said, oil prices on economic growth and inflation have impact on the economy skyrocketing oil prices pose a %26quot;double blow%26quot;, in terms of economic growth, high oil prices will squeeze corporate profits Rates and increased disposable income on a %26quot;tax%26quot; in inflation, bringing it up to the overall price pressure.

Most analysts believe that oil prices will eventually drag consumer spending and squeeze corporate profit margins, aerospace, automotive manufacturers and retail sales of shares or to be subjected to further combat.

Although non-essential consumption number of stocks in the S %26amp; P 500 index account for only about 9% of the proportion, but the industrial and financial stocks, and so many others also rely on consumer spending. It is estimated that spending on the overall U.S. contribution to the economy as high as 70%.

FuturePath Trading futures analyst and broker Frank Lesh said he believed many people underestimate the energy of the impact on consumer prices.

Crude oil market of people expected oil prices will rise further. KeyBanc Capital Markets equity research analyst Jack Aydin said that the current energy crisis no short-term solution. The Standard %26amp; Poor (Standard %26amp; Poor) oil sector analyst Tina Vital also said that the crude oil market has experienced a structural change, 100 U.S. dollars / barrel above oil prices could therefore continue to be the end of 2009.

Foreign exchange movements of the week - institutional perspective - Global Exchange Network

Dollar fell Friday, the dollar index this week is expected to hit the biggest one week to two months of decline, as investors worried that oil prices hit record high of the U.S. economy is facing slower growth and rising inflation risks. Investors to show that euro zone service sector activity in May and Germany大减slowdown in the manufacturing data were not heeded, I believe high oil prices may force the European Central Bank (ECB) raising interest rates this year. The United States in April a record high of homes for sale, the property market showed that difficulties have not yet concluded, this is the dollar under pressure. Market participants said that the market has resumed the dollar negative sentiment, the services sector does not appear on the euro negative, the market is worried that oil prices and the dollar decline. Euro / dollar intraday opinions 1.5794 U.S. dollars, late or 0.3 percent, to 1.5783, from Thursday touched a month high of 1.5814. This week the euro / dollar rose 1.2 percent, the biggest week in March to increase. Dollar / yen fell 0.8 percent, at 103.25 yen. Dollar index fell 1.2 percent this week, since the end of March will be the biggest one-week decline, the late index fell 0.3 percent, to close at 71.943. Were quiet Friday, the United States and Britain will enter the long holiday weekend. Euro also by the Belgian business confidence rebounded in May driven. Market participants said that the current dollars at stake, given the lack of liquidity, the dollar may fall further. Earlier this week the Fed said that the U.S. property market may fall further, and also cut its 2008 economic growth outlook. However, with a barrel this week oil prices rose more than 135 U.S. dollars, the market this year, the Fed has almost ruled out the possibility of another rate cut, but slower economic growth in the United States when rate hikes may also be a difficult choice. A market further pointed out that at present, the market focus in the stagflation of the impact of oil prices, the dollar caused a moderate negative, may also allow the euro in the third quarter or wear 1.60 U.S. dollars. Low-interest yen in the currency before the long weekend, the strong performance of the euro / yen fell 0.5 percent, at 162.82 yen. Although high oil prices hurt the Japanese economy, but also to borrow a large scale investors to lift the yen carry trades. The United States and Britain Monday holiday also contributed to investors in the long weekend to reduce the risk position, led the Japanese yen and Swiss franc up low-interest money. [Last Friday] trend List The highest price Low Closing price The highest price Low Closing price Euro-Dollar 1.5794 1.5695 1.5761 Aussie dollar 0.9637 0.9555 0.9593 The euro yen 163.85 162.67 162.92 Dollar yen 104.26 103.08 103.38 U S dollars 1.9850 1.9757 1.9796 Dollar Swiss francs 1.0335 1.0215 1.0239 Sterling yen 206.24 204.16 204.58 Dollars Canadian dollars 0.9898 0.9835 0.9896
[Euro / dollar analysis: ◎ trend of the week: expected to be temporary shocks in a range finish; interval fell 1.558 to 1.594. ◎ trend analysis on the line: Since yesterday the euro dollar up, so in the short term average of uplink tone, and the indicators still show the strength of the estimated future circumstances should continue pushing up the opportunity to look at the lower support level of 1.550, only when The euro dollar again fell back to below the level of 1.528 after only weakening trend worries. ◎ short-term trend analysis: short-term because of 1.568 to 1.572 in the level of support Road still exist, so there is no obvious there are still below the estimated future before continuing to push the level of 1.580 and 1.584 opportunities. [Sterling / dollar analysis: ◎ trend of the week: expected to be temporary shocks in a range finish; interval fell 1.964 to 1.996. ◎ trend analysis on the line: Since yesterday pound the dollar rose, in the short term average of uplink tone, and the indicators still show the strength of the estimated future circumstances should continue pushing up the opportunity to look at the lower support level of 1.947, only when U S dollar again fell back to below the level of 1.937 after only weakening trend worries. ◎ short-term trend analysis: short-term because of 1.971 to 1.975 in the level of support Road still exist, so there is no obvious there are still below the estimated future before continuing to push the level of 1.983 and 1.987 opportunities. [Aussie / dollar analysis: ◎ trend of the week: an estimated upward move up further opportunities interval fell 0.947 to 0.971. ◎ trend analysis on the line: Since yesterday Australian dollar closed higher, so in the short term average of uplink tone, and the indicators still show the strength of the estimated future circumstances should continue pushing up the opportunity to look at the lower support level of 0.940, only When the Australian dollar again fell back to below the level of 0.929 after only weakening trend worries. ◎ short-term trend analysis: short-term because of 0.953 to 0.956 in the level of support Road still exist, so there is no obvious there are still below the estimated future before continuing to push the level of 0.962 and 0.965 opportunities. [Euro / yen analysis: ◎ trend of the week: expected to be temporary shocks in a range finish; interval fell 161.1 to 164.7. ◎ trend analysis on the line: Although yesterday euro yen down there, but in the short term average of uplink tone, and the indicators still show the strength of the estimated future circumstances should continue pushing up the opportunity to look at the lower support level of 161.2, only when The euro fell to 158.6 yen again below the level before weakening trend after concerns. ◎ short-term trend analysis: short-term because of the level of 162.5 from 162.1 in the support of the Road still exist, so there is no obvious there are still below the estimated future before continuing to push the level of 163.3 and 163.7 opportunity. [Sterling / yen analysis: ◎ trend of the week: expected to be temporary shocks in a range finish; interval fell 199.8 to 209.4. ◎ trend analysis on the line: Although yesterday sterling yen down there, but in the short term average of uplink tone, and the indicators still show the strength of the estimated future circumstances should continue pushing up the opportunity to look at the lower support level of 202.5, only when British pound fell to 199.8 yen again below the level before weakening trend after concerns. ◎ short-term trend analysis: short-term because of the level of 203.6 from 203.1 in the support of the Road still exist, so there is no obvious there are still below the estimated future before continuing to push the level of 205.6 and 206.1 opportunity. [Dollar / yen trend analysis: ◎ trend of the week: expected to be temporary shocks in a range finish; interval fell 101.1 to 105.7. ◎ trend analysis on the line: Since yesterday dollars in the yen down, so in the short term average of descending tone, as well as indicators still show the disadvantaged circumstances of the estimated future should continue pushing the low pressure on the «look at the resistance level of 105.2, only when U.S. dollars to 105.7 yen stabilized again at the top level after the strong trend to have the opportunity. ◎ short-term trend analysis: short-term because of the level of 103.8 to 104.1 against the pressure Road still exist, and therefore no apparent breakthrough in here before the estimated future is still continuing to push the level of 103.0 and 102.7 pressure. [Dollar / Swiss franc trend analysis: ◎ trend of the week: expected to be temporary shocks in a range finish; interval fell 1.007 to 1.041. ◎ trend analysis on the line: Since yesterday dollar Swiss francs down there, so in the short term average of descending tone, as well as indicators still show the disadvantaged circumstances of the estimated future should continue pushing the low pressure on the «look at the resistance level of 1.054, only When the dollar stabilized again to 106.3 Swiss francs at the top level after the strong trend to have the opportunity. ◎ short-term trend analysis: short-term because of 1.028 to 1.032 against the level of pressure, still, no apparent breakthrough in here before the estimated future is still continuing push to 1.020 and 1.016 levels of pressure. [Dollar / Canadian dollar trend analysis: ◎ trend of the week: expected to be temporary shocks in a range finish; interval fell 0.976 to 1.004. ◎ trend analysis on the line: Although yesterday dollar Canadian dollar was up there, but in the short term average of descending tone, as well as indicators still show the disadvantaged circumstances of the estimated future should continue pushing the low pressure on the «look at the resistance level of 1.000, only When the dollar Canadian dollar stabilized again at the top level to 100.6 after the strong trend to have the opportunity. ◎ short-term trend analysis: short-term because of the level of 0.993 to 0.996 against the pressure, still, no apparent breakthrough in here before the estimated future is still continuing push to 0.987 and 0.984 levels of pressure.
[Forecast] economic indicators Date Time State Economic indicators / activities Forecast Early 5 / 26 United Kingdom Public holidays. United States Public holidays. 5 / 27 0750 Japan Corporate services price index 0.6% 0.4% 1400 Germany GDP 1.5% 1.5% 2200 United States New home sales 522000 562000 The consumer confidence index 60.0 62.3 5 / 28 1400 Germany Import price index 0.6% 0.4% 2030 United States Durable goods orders -1.5% -0.3% 5 / 29 0750 Japan Retail sales 0.5% 1.0% 1555 Germany Changes in the number of unemployed -2.5 Million -0.7 Million 1700 Eurozone Consumer confidence -12 -12 2030 United States GDP 0.9% 0.6% Weekly jobless claims number 370000 365000 5 / 30 0730 Japan The core consumer price index 1.0% 1.2% Overall household expenditure -0.7% -1.6% The unemployment rate 3.9% 3.8% 0750 Industrial Production -0.5% -3.4% 1300 Housing starts -11.8% -15.6% 1400 Germany Retail sales 0.6% -1.9% 1700 Eurozone Consumer Price Index 3.5% 3.3% The unemployment rate 7.1% 7.1% 2030 United States The core personal consumption expenditure price index 0.1% 0.2% Personal spending 0.2% 0.4% Personal income 0.2% 0.3% 2145 Chicago PMI 48.5 48.3 2155 University of Michigan consumer confidence survey 59.5 59.5

On the technical trend - institutions Perspective - Global Exchange Network

Euro and the Swiss franc:
See the weekend before U.S. President Bush visit to the Middle East was not successful, Saudi Abdullah Zhiken upgrade of the imperial 300,000 barrels of crude oil production; oil (OPEC) Chairman Khelil said the oil market supply of good, sufficient inventory , Oil group has spare capacity to meet the additional demand for high oil prices is speculative, weak dollar and geo-political issues. Khelil pointed out that high oil prices not only because of speculation and the weak dollar problem, it seems that the United States on the 1st Weiken for the dollar fall is zoned under the bottom line, the oil group are reluctant to increase production to help the United States the storm, oil prices have not peaked signs, Gasoline prices continued a record high. Tuesday Germany ZEW see Chairman Franz said that the EU will propose to the central bank to maintain steady interest rates, if sustained high inflation, the EU central bank should be raising interest rates at a later time. Comments were interpreted to push the euro incentives, but the U.S. Federal Reserve Board Vice Chairman Kohn said that the current U.S. level of interest rates appropriate, in the medium term to promote employment and alleviate inflation, but in趋升inflation, the Fed will closely monitor inflation The development and expressed the concern on inflation, that if long-term inflation expectations rise, policy-makers will face more severe situation. Kohn comment on concern inflation rise in the risk arguments can be accidents, temporarily restrict the euro rally. See the following day for Germany in May IFO business climate index rose to 103.5 accidents than expected, the euro went up, but the Middle East could only be buying the euro rally at the end because, oil (OPEC) Secretary-General Badri said that due to high oil prices and Not because of supply and demand imbalance, there is no need to hold a special meeting, if non-market factors affecting oil prices, such as the dollar continued to decline, oil prices could keep rising U.S. oil group litigation, is not solving the high prices the way, and so on. In addition the market took note of Wednesday night announced the end of April that the Fed interest rate records, Da, president of Durres Fisher warned that dollar weakness may be pushed up commodity prices, are worried that may form a vicious cycle of interest rate cuts the dollar value of blink And push up commodity and import prices, leading to enterprises and households to reduce spending and eventually crack down on economic activities. The news reflects a number of members from the previous decision-making that began to Dianming Chairman Ben Bernanke in the first quarter of a substantial cut in interest rates that are induced by the economic predicament of the culprit, ruled out the future of space再减income, while also giving pressure on the Ministry of Finance To face up to the weak dollar bring the consequences, so the dollar against the euro rebounded slightly. Technical analysis:
Euro: to test 1.5675 support, is expected to rise to 1.5840 and 1.5885 targets, or even visible 1.5905 or 1.5960; important support in the 1.5635, 1.5440 Powei visible. Swiss franc: 1.0215 temporarily in the event of resistance, may try to 1.0305 or 1.0355 level, and after Zaisheng is expected to 1.0265, 1.0165 resistance to be broken to see confirmation of the trend of 0.9975 and 0.9880; important support in the 1.0450, 1.0590 Powei the foreseeable Or 1.0820.
Sterling:
Britain last Wednesday, see the Bank of England interest rate meeting in May that records show that at that time to eight pairs a vote to keep rates unchanged at 5.0%, Blanchflower proposed cut one-fourth of the PCT; other MPC members felt that a rate cut may be trying to give people the impression Stable growth, rather than concentrated in the consumer price index target, MPC decided to hope that prices and wages clearly understand that the above objectives of the Consumer Price Index will be short-lived; from the bottom of the economic slowdown of inflation risks, there are different Point of view; side that the economic face of the credit crunch that considerable flexibility, and other asset markets expected to weaken other parts of the economy pose significant risks, the majority of the members of a rate cut in May that will make it more difficult to control inflation expectations. See the following day the United Kingdom only the volume of retail sales in April fell 0.2 percent better than forecast, the consumer market may still have resilience, the probability of a rate cut next month receded, pound for continued support can be gained. Technical analysis:
U S: softened to 1.9685/9720 area, which can go up test 1.9890 and 1.9935/60 target area, unless the 2.0020 resistance may be broken again or try 2.0220/50 resistance zone has just beware of breaking 1.9620 support to see the level of 1.9420 .
Japanese yen:
Last Tuesday, see Bank of Japan Governor Baichuan Fang-ming said that global inflation risks are on the rise, the central bank focus of the Japanese economy is still in the bottom of risks and flexibility in the implementation of monetary policy; Baichuan Fang-ming do not think that credit losses on the Japanese financial system caused serious blow However, Japan economy to generate income production is weakening. Shirakawa Fang-ming remarks cut interest rates tend to show, but the yen little reaction to short to speak of. Night accused the U.S. House of Representatives Legislative Organization of Petroleum Exporting Countries (OPEC) member countries limit the supply and price manipulation, means that the oil market rally ran out of control so that politicians fear, it seems more desalination Wall Street profits and favorable situation yen rebounded. Technical analysis: 103.10 or resistance, the goal may fall to 105.35, breaking back to 105.70 support before they may fall to 107.70; contrary above the 102.35 resistance, which can go up to 101.20 and 99.00/55 areas.
Cross:
The euro against the yen: 162.40/60 area in the temporary support or test 163.60 and 163.95 target before softening; investors to break 161.20 support before they can confirm to see 160.60 and 159.95 of the adjustment potential. Australian dollar against the yen: to be eased to 98.60/75 zone, or may try 101.00/20 target areas, while more visible 102.15/50 resistance area; important support in 97.80, 96.15 Powei can test a bit.
Australian dollar: see the Australian central bank last Tuesday meeting records show that members spent a lot of time to discuss the possibility of further rate hikes, monetary policy that should be allowed more time to play a role if the demand does not slow as expected, as may be required revaluation Interest rates. Records that reflect the very strong interest coupled with the tendency of interest, since the Australian dollar was able and want to raise above the 0.96 U.S. dollars. Technical analysis: back-to 0.9520 or 0.9480, is expected to rise to 0.9735 and 0.9765 targets, or that investors 0.9840, but fell as 0.9385 support, the next test 0.9305 and 0.9110 investors see. .
New Zealand dollar: see New Zealand Finance Minister last Thursday announced will be from October 1, 08 to cut income tax rates, in April 2010 and April 2011 to further reduce the income tax income of the next four years The tax cut will cost New Zealand is 10.6 billion yuan. New Zealand is expected to boost tax reduction measures of economic performance in the second half cut interest rates swept away empty view of the New Zealand yuan rise. Technical analysis: to be back to test 0.7825, to 0.8010 or 0.8055 or test objectives; important support in the 0.7735, while taking Powei to 0.7580/7605 area. .
Canadian dollars:
Technical analysis: there are estimated at 0.9935/55 support, Zaisheng to 0.9790 or 0.9750 to complete rebound in the waves, unless breaking back to 1.0000 juncture, or only to the level of 1.0100 and 1.0275.
London gold and silver:
London gold: to be or 940.30 or 943.00 resistance test, to be back with goals 921.60,917.50 and 912.40; 943.90 investors to break resistance, which can go up to 949.40 or 952.50. London Silver: 18.50 to 18.39, or after, could be reduced to 17.90 targets, even to support the trial until after 17.74/82 reliable steady, investors to break resistance 18.50, 18.59 and 18.67 that level.

Exchange-week assessment: high oil prices trend of the dollar resistance many investors - institutional perspective - Global Exchange Network

Earlier this week the lead in the positive indicators, the dollar sentiment to the good, positive that the market, the dollar rally is expected to continue. But Tuesday, the core inflation data due to increased accidents, the Fed lowered the economic growth is expected, a strong German Ifo data and a new record high in oil prices suppressed, the dollar weakened substantially. Although the U.S. Federal Reserve meeting minutes hinted that a rate cut cycle will be suspended, while sporadic better-than-expected indicators have the latest But the dollar remains fragile support, high oil prices frequently worried that the U.S. presence in the market risk of stagnation, the dollar movements this week Worrying.

North America last Monday morning, April by the U.S. Chamber of Commerce of the leading indicator of strong support, the dollar rebounded Tandi index gained 73.00 touched a new high at the top slots. But Tuesday the exclusion of food and energy, the core PPI rose by a seasonally adjusted 0.4 percent annual rate rose 3.0 percent, the largest since 1991 for an annual rate increases, the U.S. economic outlook worrisome. In addition to inflation worries, high oil prices and U.S. stock market and other factors also fell sharply against the U.S. dollar caused by pressure. The euro has also been the German producer price index (PPI) to 20-month high of support. PPI data increased strengthening of the European Central Bank may be in the expected rate hikes later this year.

** U.S. dollars Wednesday, %26quot;even pay three blow%26quot; against the euro fell below 1.58

Germany announced last Wednesday the May Ifo business climate index rose to 103.5, higher than economists expected 101.9. The data on the euro zone largest member countries respond to global liquidity crunch and high oil prices and the stronger euro, and other unfavorable situation for confidence in the ability rather, it suppressed the dollar against the euro plummeted.

At the same time, the overnight U.S. crude oil futures prices also rose to 134.10 U.S. dollars / barrel record high, showed that the euro zone and the United States are facing heavy inflation worries, coupled with analysts expected inflationary pressures continue to increase in the circumstances, the European Central Bank will remain a hard-line position , Despite the U.S. Federal Reserve meeting minutes hinted that the United States may no longer rate cut, the euro dollar interest rates still have advantages.

U.S. Federal Reserve last Wednesday announced the April 30 meeting minutes, it seems that the Fed will close the door to further rate cut. But the Fed also cut the economic growth this year is expected, and warned inflation and the unemployment rate may rise, suggesting that the recent rate cut less likely to.

** Support for vulnerable stagnation concerns highlighted

The United States last Thursday announced last week the initial jobless claims less than expected, in New York the dollar against the euro and the yen extended gains. But because the focus of the market in crude oil prices remain high on the fight against the U.S. economic outlook, analysts believe that the data is unlikely to completely reverse the dollar since the previous day decline.

U.S. crude oil futures Thursday rose to 135 U.S. dollars / barrel at the top of the record-high oil prices so far this year have risen 40 percent, aggravated the U.S. economy into stagflation worries, this is the dollar support is very fragile. As the United States into stagflation worries intensified, the New York market last Friday dollar all fell, the dollar index this week, also set two biggest weekly decline.

** High oil prices the dollar many investors resistance movements

Analysts said that if next week to set a record high crude oil prices, overall inflation will rise in the United States, %26quot;adding fuel to the fire%26quot;, the U.S. dollar next week may continue to expand decline against the euro may even be dropped to historic lows.

UBS (UBS) in foreign exchange strategist at Manuel Oliveri said that the U.S. dollar and inflation concerns the fate of the association increased, the effective price down to help the dollar recovered a strong driving force is necessary. Organization of Petroleum Exporting Countries (OPEC) Secretary-General Imbardelli (Abdalla Salem el-Badri) also admitted that rising oil prices and the weak dollar the link between. Ecuador this week in his speech, pointed out that the dollar decline in oil prices helping to promote this %26quot;crazy market%26quot; in the rise.

Crude oil prices soaring inflation and the overall uplink, the U.S. stock market also caused damage, as investors worried about high inflation could undermine corporate profitability. This makes next week dollars the face of low-interest money yen also encountered resistance. When U.S. stocks fell when trading positions sets interest rates would boost the low interest rate currencies, while suppressing dollars.

Brown Brothers Harriman (Brown Brothers) senior currency strategist Marc Chandler said: %26quot;The U.S. dollar next week risk Pianyu downlink. Hedge funds that despite the dollar has bottomed out, but the current price of crude oil rose crazy situation, they can not Active multi dollars. %26quot;Currency analysts noted that the euro / dollar may be in the next week fluctuated between 1.56-1.60.

** Concern this week economic data and events

This week (2008-5-26)

New Zealand April trade account, the United Kingdom in May not seasonally adjusted Hometrack housing price index, the U.S. Memorial Day memorial service market closed, the United Kingdom Spring Bank Holiday market closed

This week two (2008-5-27)

Japan April corporate services price index, the German first-quarter GDP after the quarter-final, the United States in April building permits revised, the United States in April new home sales, the United States in May Richmond Fed manufacturing index, the United States in May Dallas The Federal Reserve manufacturing output index

This week (2008-5-28)

Germany May (reconcile) preliminary consumer price index, the German real retail sales in April, the euro zone rose 3 adjusted current account, the euro zone in March direct investment and net outflow of portfolio investment, the U.S. April consumer durable goods orders

This week 40 (2008-5-29)

Japan 4 Rose adjusted retail sales, employment rate of the first quarter of Switzerland, Germany in April ILO unemployment rate rose for Germany after the total number of unemployed, the U.S. first-quarter core personal consumption expenditure price index revised U.S. first-quarter real GDP Central than a revised annual rate, the United States last week, initial jobless claims (to 0524), U.S. crude inventories last week EIA changes, a key U.S. Federal Reserve Chairman Ben Bernanke speech

5 this week (2008-5-30)

Japan April nationwide core consumer price index, unemployment rate in Japan in April, Japan April salaried household spending to France in April producer price index, Italy May final consumer price index, the euro zone unemployment rate in April, Canada March GDP, Canada, the first quarter of GDP, the United States in April personal consumption expenditure price index, the U.S. April core personal consumption expenditure price index, the United States in May Chicago Purchasing Managers index, the United States in May University of Michigan consumer sentiment index value

Downward trend in the United States and Canada will be launched - institutions Perspective - Global Exchange Network

Fundamentals: Yesterday, New York, June crude oil prices once again challenge the highest 127.8 points, on-the intensity of relatively large. Inflation is expected to continue to grow. Note concern Wednesday and Thursday announced the April consumer price index and retail sales data on the Canadian dollar impact. Technology: the dollar / Canadian dollar 0.9940 yesterday downward break the support level, and arrive at a short drop from the next cycle along, the downward trend will continue, and may have accelerated, so today may, in its correction, continue to do The dollar / Canadian dollar, the pullback to the location of 0.9950, such as the signs here are blocked before admission to go short, stop-loss 1.0000, target 0.9700.

Worrying economic prospects of the Bank of Japan announced that interest rates unchanged - institutional perspective - Global Exchange Network

Bank of Japan Tuesday (May 20) that keep rates unchanged at 0.5 percent, which is the Bank of Japan lowered the economic growth expectations and the first time in two years to change the policy of raising interest rates after the first interest rate decision.

Ruihui Securities (Mizuho Securities Co.) In Tokyo, chief market economist Yasunari Ueno said that the Bank of Japan have no choice; his view, the central bank only in the earliest July 09 about raising interest rates at the same time, the central bank is expected to Will not be cut.

In a Bloomberg News survey of 31 economists, only two are expected Bank of Japan interest rate increase this year, the remaining 29 expected the central bank will按兵不动.

Economists believe that economic advance is not optimistic about the Bank of Japan is the main reason to leave interest rates unchanged. The Cabinet Office announced last week that Japan ended March 31 quarter of the GDP (gross domestic product) growth rate of 3.3%, but this has not changed economists on Japan economy will slow down this year in view.

Morgan Stanley in Tokyo, Japan chief economist Takehiro Sato said that the slowdown in exports and the impact on consumer spending, is expected Japan 4至June quarter real GDP growth rate has dropped to 0 about the risks. He also pointed out that the kinetic energy of capital investment has begun to lag behind the practice.

Analysts expect the Bank of Japan governor Baichuan Fang-ming will once again reiterated that the Japanese economy will be the world economic slowdown and financial market volatility and rising commodity prices and the impact of the growth rate fell.

Data show that Japan exports in March hit a nearly three-year low growth rate, as the next 3-6 months in the leading indicators of business investment, machinery orders also fell, expected this quarter will continue to be lower.

Record high oil prices and raw material prices also increased the burden on enterprises, Shin Kong Research Institute (Shinko Research Institute) last week released the research data show that by the March 09 quarter, the Japanese company pretax profit may Would fall 5 percent.

Japanese officials in the April 30 release of a two-year economic outlook report, said it would take further measures to gradually raising interest rates and Japan 08-quarter GDP growth is expected from 2.1% to 1.5%. In addition, it is expected the core CPI (to fresh food factors) will rise 1.1 percent, higher than expected 0.4 percent.

However, the May 1 publication of the detailed version of the report that the overseas relatively fast economic growth, low interest rates and the business is already in stock, production capacity and staff on the issue of balancing the impact of the Japanese economy will avoid Recession.

Bank of Japan is expected that Japan potential economic growth rate at 1.5% and 2%, but the report that the world economic slowdown, investment peaked, as well as the impact of rising production costs, Japan is hard to over 09 potential growth rate .

At the same time, as at April, the Bank of Japan officials have been gradually raising interest rates in that the interest rate policy, but in the above-mentioned report, the central bank the first time in two years to give up these statements, the report also warned that if it continues to maintain a low interest rate, then in Long-term lead to excessive investment and economic growth adversely.

The market relatively flat Africa and the United States modest rebound - institutions Perspective - Global Exchange Network

Early market relatively flat, Africa and the United States to maintain the currency shocks, the EU set as the European countries have published data, expected market volatility will increase, short-term non-US currencies tend to range concussion.

Euro / dollar: morning of shocks, above 1.5550 resistance, breaking up is expected to continue to challenge 1.5640 forefront again, the only stand firm against this price, can open new space for the rebound, but below important support at 1.5480, fell weakening, Initial target of 1.54 line. Tendency to short-term exchange rate shocks, the kinetic energy rebound advantage.

Dollar / Swiss franc: short-term support at 1.05, fell 1.0450 to see the front line, and the top resistance at 1.0550,1.06 line. Days of exchange rate fluctuations is expected to maintain the interval.

Sterling / dollar: Asia set to maintain the exchange rate shocks, above 1.9550 resistance, the breakthrough will once again challenge 1.96 juncture, here for the current key resistance, effective breakthrough will ease short-term downward pressure, thereby further rebound, blocked the contrary, the tendency to downlink, short-term support 1.9450 , 1.94 line.

Dollar / Canadian dollar: low short-term exchange rate shocks, followed 0.99,0.9850 line, and the rebound capped at 0.9950,1.00 juncture, the exchange rate to return to this level before, the shock is expected to maintain the downward trend.

Aussie / dollar: the impact of the Fed records, the exchange rate sharply up early, up to 0.9580 first, it is slightly down, followed 0.9550,0.95 juncture, an important support for the current here, before the breakdown is expected to maintain the exchange rate shocks up trend , Break through 0.96, will open up new space, the initial target of 0.9650 line.

Dollar / yen: short-term exchange rate down, below 103.50 support line, fell weakening, the initial target of 103 crossings, at the top resistance at 104.50 and the front line.

The dollar index: morning slightly down, followed 72.80,72.40 line, and the top resistance at the forefront 73.20,73.40, map-hour short-term indicators that tend to shock the United States, under the operation priority.

Gold: short-term gold modest rebound, resistance at the top 914, effective breakthrough in further upstream, the initial target of 920 first-line, and below an important support for the 900, fell weakening initial target of 890 frontline.

If the euro against the U.S. dollar flat ZEW data to improve the euro or higher - institutional perspective - Global Exchange Network

Asian trading Tuesday, the euro against the dollar little changed, investors waiting for the global trading hours will be announced later in the German economic sentiment index. Dealers said that if Germany ZEW economic data expected to show improvement, the euro may be higher.

HSBC (HSBC) of Takuma Kurosawa said that the market will be concerned about the current focus on the (industrialized countries) economic fundamentals, from transactions to find clues. If the ZEW data show that the European economic outlook, market participants will buy the euro.

By Dow Jones Newswires survey of economists forecast in May from April ZEW index of -40.7 to -37. The data will be released 0900 GMT.

The market is also concerned for the 1230 GMT release of the U.S. producer price index (PPI). By Dow Jones Newswires survey of economists expected in April core PPI rose 0.2 percent.

Societe Generale Bank (Societe Generale) foreign exchange transactions for Yuji Saito said that as the United States announced last Friday weak consumer confidence index, the market slightly bearish U.S. dollars. If the PPI data also weaker than expected, then the dollar could further lower. In addition, the Bank of Japan (Bank of Japan) governor Baichuan Fang-ming (Masaaki Shirakawa) will be later today held a news conference; Earlier, the Bank of Japan overnight call rate will remain at 0.50 percent, in line with market expectations.

Investors said that this judgement will be on Japan economy Baichuan Fang-ming of the latest views and policy positions, some investors have begun to speculate that Japan would raise interest rates before the end of this year.

They said that if the hard-line stance Baichuan Fang-ming, is expected yen against the dollar will rise, especially in the case short-term, as investors bearish U.S. dollars.

In addition, the Australian dollar against the U.S. dollar, Australian dollar rose against the yen, because the Australian central bank (Reserve Bank of Australia) Monetary Policy Committee meeting minutes of May lifted.

Dealers have said that the minutes indicate that the central bank earlier this month on the issue of further interest rate increase has conducted in-depth discussion, or that the central bank will raise interest rates soon.

0450 GMT, the euro against the dollar at 1.5514 U.S. dollars, the New York foreign exchange market Monday to 1.5513 U.S. dollars. The dollar was at 104.16 yen, to 104.30 yen Monday.

Weakening the dollar against the euro, Australian dollar touched 24-year high - institutional perspective - Global Exchange Network

The dollar fell Tuesday, failed to continue the recovery trend of the previous day, due to lingering concerns the U.S. economic outlook, and confidence in Germany and ahead of market price data conservative attitude. Dealers said the dollar buying a lack of follow-up that dollar gains from technical factors more than the dollar ended the week faced selling, the market doubts about U.S. economic growth. Dollar rebounded from lows Monday, the previous non-governmental organizations of the Chamber of Commerce announced the U.S. economy, April leading indicators rose 0.1 percent in March and the same, and in March before it is dropped for five consecutive months. The data support the view that the U.S. economy the market decline may have been close to the bottom, and the U.S. Federal Reserve Board (FED) rate cut cycle has ended, in 2008 the rate hikes may later view. %26quot;Price volatility is still in a range, reflecting the market bet on the currency which still lack confidence.%26quot; Traders on the 1st of the senior clubs, dealers said. %26quot;U.S. data showed that although downside risks remain, but the economy may be temporarily suspended, Dollar under pressure. %26quot; Concerned about the current market will be announced later Tuesday the German ZEW confidence index and producer price index (PPI), to analysis of the euro will rise above the recent range. %26quot;If the strong performance of ZEW data, is expected to lead the euro up, despite the euro Monday only a short break or 1.56 U.S. dollars, the euro trend is still Abundant.%26quot; Letter of the Central Bank foreign exchange dealer Hiroshi Yoshida said. Euro / dollar rose 0.1 percent to 1.5530 U.S. dollars, the U.S. leading indicator data released before Monday had risen to about 1.5630, but the data was released after it fell below 1.5500. Dealers said that, depending on the performance of the German data, the euro could break through the recent range 1.5300-1.5600 dollars. U.S. dollar against the yen Monday in late New York trade down 0.4 percent to 103.97. Dollar failed to stay above 105 yen, the U.S. economy showed that the concerns of ghosts to leave, and the Japanese exporters in the near 105 yen the dollar selling restrictions on the file. The euro was trying to want to hold onto gains above 162 yen, but the trend Predicament, traders said investors the risks Weina has not yet fully recovered. Euro against the Japanese yen fell 0.3 percent to 161.45. Rise in oil prices coupled with the rebound in gold further enhance the dollar decline. ** ** Inflation concerns The Australian dollar touched 24-year high, the Reserve Bank of Australia announced earlier in May meeting records show that, due to high inflation, the central bank to actively consider raising interest rates. The ultimate resolution Reserve Bank of Australia to leave interest rates unchanged. The Australian dollar 0.9589 opinions. Oil price per barrel rose to 127 U.S. dollars more than the record high of the market pay close attention to announce later today the U.S. producer price data, due to continuing concern inflation pressure dollars. %26quot;The dollar is still on file heavy resistance, the U.S. economic recovery despite signs of bottoming out, but from a full recovery is still very far away,%26quot; on the 1st of banks, dealers said. %26quot;Inflation pressures up to so fragile economic impact of instability, worrying . %26quot; FED in April will target interest rate to 2%, suggesting that since mid-September last year, the rate cut action may be temporarily suspended. FED rate cut positive action, weaken the dollar against the euro investment in high yielding currencies charm. If the strong performance of the German data, enabling the European Central Bank will continue to keep rates unchanged. Bank of Japan announced Tuesday to leave interest rates unchanged at 0.5 percent, in line with market expectations.

Aussie high euro carefully to see more consolidation - institutional perspective - Global Exchange Network

Bank of Japan Monetary Policy Committee Tuesday voted unanimously to keep rates unchanged, it is the Committee for the seventh consecutive time to leave rates unchanged. Economic and inflation data pointing to the different Bank of Japan it is very difficult to make any interest rate adjustments. Australian Reserve Bank announced today the minutes of the meeting showed that economic growth and uncertainty about prospects for inflation forced the Australian Reserve Bank to maintain interest rates unchanged, but the bank also reiterated in the second half of 2010 before inflation will remain above the 2% to 3 % Of the inflation target, and 08 the inflation rate will rise to 4.5 percent, inflation rose by investors expected the next Australian Reserve Bank will continue raising interest rates financial measures, inflation is expected to continue to stimulate the Australian dollar higher.

Euro: euro / dollar up to 1.5600 rally near Yuzu rapid decline in the previous uplink channel running along the vicinity of support along the channel near the support of short-term rebound in the current exchange rate of sub-finishing operation, as the intensity of yesterday strong downlink, Today the channel along the vicinity of the support, look at more carefully. Figure 4 hours, the 144-day MA near Yuzu rebound slow pace, to break up. Hours on the map, concern under the pre-up along the channel near the support, there will be a substantial breakthrough in fall risk.

GBP: British pound / dollar 1.9600 nearby Yuzu rapid decline in the last pre-rebound significantly low of 1.9440 near the support to bounce. Hours on the map, based on average exchange rate continue to uplink, not short-term to a record low, the internal operation is still down the main channel, is expected to break through 1.9600 to a record high.

Japanese yen: dollar / yen continues to organize the internal operation interval. Four hours on the map, near the 144-day MA support of decline slowed down, but the average exchange rate system continues to suppress, the next action to advantage, there are still downside risk for the near future. Hours on the map, 104.00 near the continuing downward short-term correction after the run, MACD near zero axis formed Sicha, the short-term there is still downside risk.

Australian dollar: Australian dollar / dollar 0.9570 nearby Yuzu short-term correction after reaching record highs of support to 0.9587 from 0.9600 only half step away. The exchange rate to maintain the current high of consolidation, MA system bullish divergence with the support of the exchange rate, short-term is still expected to continue to record high.

Canadian dollar: dollar / Canadian dollar 0.9900 slowdown in the vicinity of decline, down along the channel near the low maintenance of consolidation, the record low after a decline has not been signs of stabilisation, mainly short-term consolidation is still low, around 0.9950 encountered pressure to fall risk Larger.

Swiss franc: dollar / Swiss franc 1.0400 support near the rapid Chonggao, 1.0570 Yuzu near a row to close three hatched on a long line of re-k down test support around 1.0500, down short-term risks are still small. But the medium term, the dollar is still the main finishing high, breaking 1.0600 resistance to continue up the main trend.

European sessions important data and events:

14:00 German April producer price index
15:15 Switzerland in April producer and import price index
16:00 Italian industrial orders in March
16:30 Italy March current account
17:00 Germany May ZEW economic sentiment index
17:00 Germany May ZEW current situation index
17:00 euro zone in May ZEW economic sentiment index
14:00 Bank of Japan monthly economic report released

Support still strong buying gold rose - institutions Perspective - Global Exchange Network

Recalling the trend:
May 19 Monday, worried that higher oil prices lead to inflation, gold futures prices in New York promoting the record high of nearly four weeks after an ounce, after 900 U.S. dollars on.
New York Mercantile Exchange, June gold futures prices closed up 5.90 U.S. dollars an ounce, after 905.80 U.S. dollars, an ounce, trading 914.20 U.S. dollars to 900.60 U.S. dollars between April 23 hit a new high since.

Weaker U.S. dollar and the reduction of set-maker positions, and options related buying, the new long and admission is driven gold higher.

U.S. Commodity Futures Trading Commission figures show that New York Mercantile Exchange, non-commercial net long position has dropped to its peak in January when only 70 percent more, the courage to promote the long admission.

Support and resistance:
Support at:
Weak support: 901
In support of: 897
Strong support: 887

Resistance weak resistance: 914
In the resistance :925-927
Strong resistance :950-951



SCL trend analysis:

Spot gold in the international March 17 has gained almost touched 1,033 U.S. dollars / oz-time high, set a rare high! Market the dollar pessimism and the impact on gold prices in the first quarter of this year rose rapidly, while gold is the favored investors hedge functionality into the target.

Medium and long-term look at this wave of gold rising trend has not yet ended, basically better stand in 940 U.S. dollars above the current gold with the continuing rise, face high risk of adjustment to gradually increase, but if not below the key The level of support the center line, good long-term trend will continue.

At present the central line of gold into the adjustment phase, in the online April 1 has dropped punctured issued 880 U.S. dollars first-line support, and dropped to 870 U.S. dollars nearby, the important long-term support 850-845 dollars nearby.

May 15 and 16 strong rise higher, making gold trend gradually establish 845 U.S. dollars in support of the center line, short-term gold will continue to keep up, the central line will get bigger improvement, but still in the adjustment phase.

Short-term trend analysis:
Gold in yesterday short-term correction after a slight Yuzu, on the short-term exchange rate to maintain high Hengpan finishing, is expected wave of European slots are still down slightly adjusted, the support will be given gold in the 897 line will support. Gold investors have room to grow.

Operating strategy reference:
Rising short-term rebound, the central line of adjustment.

A warehouse:
1, if short-term short selling gold single, the sidelines. Earlier in April 24 883,29, 873,5 from 1 in 865 first-line 851,13 Jiancang or positions.
2, if more than one-gold short-term, stop-loss on 887, not to set goals can also be considered in the vicinity of 924 Jiancang half.
3, where the central line of multi-gold, stops on the 810, not to set goals.

No positions:
无.

May 20 monetary analysis - institutions Perspective - Global Exchange Network

Dollar information: 4 月份领先指标月率上升 0.1% ，至 102.0 ，此前市场预期为持平该数据显然反映出美国经济表现疲弱，但并未陷入衰退。 The U.S. Chamber of Commerce announced yesterday, April leading indicator, the rate increased by 0.1 percent, to 102.0, after the same market expectations for U.S. economic data clearly reflects the weak performance, but not into a recession. 3 月和 4 月领先指标的小幅上扬可能表明，美国经济或许不会进一步走弱。 In his view, in March and April leading indicators rose slightly possible that the U.S. economy may not weaken further. 5 月密歇根大学消费者信心指数极度疲软所引发的经济担忧情绪，并使投资者相信，若高企油价不断提升通胀上行压力，美联储今年仍有升息空间。 U.S. leading indicator of the Chamber of Commerce last Friday the United States eased in May University of Michigan consumer confidence index triggered by the extreme weakness of economic fear, and investors believe that if high oil prices rising inflation pressure up, the Fed this year are still Rate hikes space. 2 周半低点反弹。 U.S. leading indicator of the Chamber of Commerce shows that, despite the weak U.S. economic performance, but so far still is expected to avoid falling into recession, lifted the New York market Monday dollars all rose against the euro since the two week-low rebound. Although the leading index is not very important data, but investors are still vigorously after the publication of this data to sell the euro, the dollar against the euro since the low of strong rebound in the market reflect the multi dollars enthusiasm remains high. 4 月成屋销售，一旦数据表现不错（至少不差于预期）， 美元有望携近期人气逐渐复苏的 “ 东风 ” 继续反弹。 Analysts said the scarcity of U.S. data this week, Fed officials do not speech, the most important data is the U.S. April existing home sales, once the data performed well (at least not worse than expected), the dollar is expected to carry the recent popularity of the gradual recovery %26quot;Dongfeng%26quot; continue to rebound. Similarly the Federal Reserve may be completed this round of interest rate cycle, but on the other hand, the euro zone weak economic data also show that the European Central Bank rate cut might be in the future, the prospects for change in interest rate differentials should be continued in future positive for the dollar. / 日元 Dollar / yen / 日晚盘收复早盘跌幅，说明在 103.50 附近有买盘支持。 U.S. data yesterday by the positive impact of the United States and / or early evening was recovered, 103.50 note in the vicinity of buying support. PPI 数据，可能会对美 / 日一定提振，早盘可能维持窄幅波动。 Today announced the evening of the U.S. PPI data, the United States may have / Japan must boost, shares likely to remain tight range. 104.00 附近做多操作，止损在 103.75 下，风险高。 Near 104.00 today can do more in the operation, stop-loss at 103.75, the high risks. 104.47 104.68 104.95 105.20 105.45 Resistance: 104.47 104.68 104.95 105.20 105.45 104.00 103.75 103.50 103.27 102.90 Support: 104.00 103.75 103.50 103.27 102.90 / 法郎 U.S. dollars / francs By the positive U.S. data Monday, U.S. stocks higher, sets interest rate increases transaction confidence. / 瑞晚盘大幅反弹，一举突破 1.0500 整数关口，说明买盘兴趣浓厚。 US / Swiss-sharp rebound in the evening, at one stroke breakthrough 1.0500 integral juncture, that buying interest strong. K 线看，目前汇价维持震荡格局，只有有效突破 1.0630 阻力才可打开上行空间，建议投资者目前维持区间操作。 , K-Line, the exchange rate to maintain the current pattern of shocks, only effective resistance to break through 1.0630 to open up space, the proposed range of investors to maintain the current operation. 1.0470 附近做多操作，止损在 1.0450 下。 Today, elected to wait and see, the radical transaction can do more in the operation near 1.0470, 1.0450 stops in the next. 1.0521 1.0544 1.0565 1.0594 1.0623 Resistance: 1.0521 1.0544 1.0565 1.0594 1.0623 1.0493 1.0470 1.0453 1.0413 1.0388 Support: 1.0493 1.0470 1.0453 1.0413 1.0388 / 美元 Euro / dollar Today announced the euro area important data, the greenback likely to remain range early consolidation, the proposed wait-and-see today. The market expected data will be bearish euro. 1.5541 1.5577 1.5596 1.5614 1.5633 Resistance: 1.5541 1.5577 1.5596 1.5614 1.5633 1.5525 1.5499 1.5472 1.5444 1.5419 Support: 1.5525 1.5499 1.5472 1.5444 1.5419 / 美元 Sterling / dollar / 美元中期走势依然看跌，目前日 K 线仍有反弹空间，基本面方面利空英镑 。 Sterling / dollar medium-term trend is still bearish, the current rebound on the K-Line is still room for fundamental aspects of negative pounds. / 美元走势给一定指引。 British interest rates will be announced Wednesday the record, may have sterling / dollar to certain guidelines. 1.9560 附近做空操作，止损在 1.9585 上，风险高。 Today, short-term may be short-operation in the vicinity of 1.9560, at 1.9585 stop-loss, high risk. 1.9536 1.9560 1.9580 1.9601 1.9623 Resistance: 1.9536 1.9560 1.9580 1.9601 1.9623 1.9460 1.9427 1.9394 1.9363 Support: 1.9460 1.9427 1.9394 1.9363 Today: ： 00 德国 4 月生产者物价指数（年、月率） 14: 00 German April producer price index (year, month rate) ： 00 德国 5 月 ZEW 经济景气指数 17: 00 Germany May ZEW economic sentiment index ： 00 德国 5 月 ZEW 经济现况指数 17: 00 Germany May ZEW index of economic status ： 00 欧元区 5 月 ZEW 经济景气指数 17: 00 euro zone in May ZEW economic sentiment index ： 00 欧元区 5 月 ZEW 经济现况指数 17: 00 euro zone in May ZEW index of economic status ： 30 美国 4 月核心生产者物价指数（年、月率） 20: 30 U.S. April core producer price index (year, month rate) ： 30 美国 4 月生产者物价指数（年、月率） 20: 30 U.S. April producer price index (year, month rate) ： 00 美国 5 月 IBD 消费者信心指数 22: 00 U.S. May consumer confidence index IBD The recent currency remained range concussion, no clear direction for the medium-term, short-term profit, to profit-taking timely and strict stop-loss.

The United States and Japan have lowered again in front of the risk of turning point - institutions Perspective - Global Exchange Network

Fundamentals:

Yesterday, U.S. stocks were higher and a further U.S. economic recession can be avoided to promote the report, the dollar rose again. U.S. consumer confidence due to the situation is worrying, the dollar closed down, but after the publication of a report, the dollar quickly rebounded. The Conference Board in April leading economic indicators rose a moderate 0.1 percent. Although the increase is not high, but at least in line with market expectations, but also to investors that the U.S. economy at least not shrinking. A less important report will give the dollar so much support, which surprised the market. This trend that hedge funds and other speculators are the foreign exchange market operations, and to use the opportunity to reduce the volatility of the market in honour short-term profits.

Recalling the session:

U.S. dollar against the yen on the map of direction Hengpan yesterday volatility 107 points to close out a small Yangxian. U.S. and Japanese short-term gains or to maintain the rhythm, continue to maintain the overall trend of high shocks. Below initial support at 103.57, the United States and Japan are expected to continue into this price, and then held steady modest rebound.

Short-term direction of the day: Tandi rebound

Weak support: 103.55 strong support: 102.55

Weak resistance: 105.10 strong resistance: 105.70



Dollar short-term shocks down callback maintained the trend. MACD shorts on the map of kinetic energy is still dominant. Four hours map again Diechuan average exchange rate system based on, the objective trend Hengpan. This wave up the last significant low of 103.26 also failed to accept the challenge. Figure hours yesterday the United States and Japan early gains or, if the break below the 103.55 line of weak support, will re-open at least 100 points in the downlink space. The United States and Japan are expected today or after the first rose, Tandi greater the probability of recovery.

Operation of reference:

The recent operation, the center line, are in short interval operation as a guide line of thought.

A warehouse: many hands if the United States and Japan alone, stop-loss on 103.30, 105.30 goals; hands if the United States and Japan-air, stop-loss on 105.20, 103.40 goal.

Kongcang: today continue to wait and see

USDCHF test of 1.0485 in early European trade - institutions Perspective - Global Exchange Network

[Reuters] on the 20th in Asia after the dollar against the Swiss franc since the late renewal of the overnight trend of mild pullback in the vicinity of 1.05 by the temporary support,午盘has rebounded since late fall again, in early European trade Figure-hour test yesterday on the high range, low 1.0477. To maintain the exchange rate in the range of consolidation, there are still some downside risks. Germany May ZEW concerned about business climate index and the U.S. April PPI.
On the 19th U.S. dollar against the Swiss franc Tandi rebound and return to the original range. Urban renewal Asia since late last Friday modest rebound trend, the highest see 1.0485, Hengpan narrow range since then, starting late fall, the European morning more lowered to 1.0413, short-term break on the 20th MA, after the dollar reversed, Quick rebound against the Swiss franc, the United States announced the North American early April leading indicator edged up only 0.1 percent, but still boosted the dollar against the Swiss franc to 1.0571 to expand rebound, the rest come down slightly, to close at 1.0531.
The same day U.S. dollars modest rebound, the United States announced in April leading economic indicators rose 0.1 percent to 102.0, in line with market expectations, and with the increases in March and consistent. Primarily by stock prices, building permits and the interest rate differentials lifted, these factors offset a-week average working hours and the adverse impact of consumer expectations. In addition, the dollar rally by U.S. stocks also rose further, and a U.S. economic recession can be avoided to promote the report. Business Economics Association of the latest survey shows that credit crisis and the real estate recession has probably ended, the economic recession may be concluded before the end of September. European Central Bank President Jean-Claude Trichet said that price stability is to achieve stable growth and sustainable job creation in the best manner, suggesting that euro interest rates temporarily to maintain stability.
Asia City on the 20th session, the dollar against the Swiss franc since the late renewal of the overnight trend of mild pullback in the vicinity of 1.05 by the temporary support,午盘has rebounded since late again fell, the European test in early hours yesterday on the map fluctuations Interval high of 1.0485, low 1.0477.
U.S. dollar against the Swiss franc for two weeks shocks, Zhou plans neutral Luepian strong technical indicators, the greenback may be consolidation; days MACD horizontal plans, technical indicators down after holding steady in the intra-neutral technical indicators, trends wait and see, a certain correction Risk; support: 1.0485,1.0455,1.04; resistance: 1.0550,1.0600 / 20.
Switzerland later released in April production and import price index annual rate. Early in the euro zone announced strong first-quarter GDP data, the concern today Germany May ZEW business climate index tomorrow and the IFO index, which further understanding of the euro zone in the second quarter of the intensity of economic growth and confidence. The United States also will be published in April PPI.