German investor association urges independent probe of VW cheating

German investor group DSW pressed for an independent investigation of Volkswagen’s manipulation of diesel emissions tests on top of the automaker’s corporate probe. The investors’ group reiterated VW shareholders should include mounting a third-party examination on their annual general meeting scheduled for June 22. The carmaker, which admitted rigging emission tests in the United States […]

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Technical analysis of EUR/USD for May 23, 2016

Overview: The EUR/USD pair is trading around the area of 1.1200. Today, the level of 1.1200 represents a daily pivot point in the H1 time frame. The pair has already formed minor resistance at 1.1250 and the strong resistance is seen at the levels of 1.1320 and 1.1348 (the level of 1.1348 represents the double […]

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Global macro overview for 23/05/2016

Global macro overview for 23/05/2016: Crude Oil Inventories data from last week showed an unexpected increase in stockpiles to 1,310K barrels (-3,500k expected and -3,410k prior). Currently, commodity market participants are preparing for the next OPEC meeting on June 2, where the following issues will be discussed: wildfire in Canada, a sharp drop in Nigerian […]

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Global macro overview for 23/05/2016

Global macro overview for 23/05/2016: A series of PMI Manufacturing data has been released this morning and it looks like the eurozone recovery might pick up some steam at last. Among all major European countries only the French Manufacturing PMI was below the expectations (48.3 vs. 49.0 and 48.0 prior) and the rest of the […]

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Asset Class Momentum Interaction with Market Volatility [PREMIUM]

Subscribers have proposed that asset class momentum effects should accelerate (shorter optimal ranking interval) when markets are in turmoil (bear market/high volatility). “Asset Class Momentum Faster During Bear Markets?” addresses this hypothesis in a multi-class, relative momentum environment. Another approach is to evaluate the relationship between time series (intrinsic or absolute) momentum and volatility. Applied to the S&P […]

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Technical analysis of USD/CAD for May 23, 2016

General overview for 23/05/2016: The anticipated wave iv corrective cycle is currently unfolding just above the weekly pivot at the level of 1.3056. One more higher high is still being anticipated as well, because wave v is still not completed. The projected target for wave v is at the level of 1.3218, but it might […]

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France Ready for Oil Shortage–PM

French Prime Minister Manuel Valls assured that France is prepared to tackle the oil dearth if labor unions continue to block oil refineries in protest to a recently-passed labor law. According to transport minister Alain Vidalies, 820 fuel stations out of 11,500 were completely drained of fuel while 800 more is out of at least […]

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Technical analysis of EUR/JPY for May 23, 2016

General overview for 23/05/2016: The alternative count has been invalidated and the current Elliott wave count is the correct one. It indicated an anticipated downward wave progression in order to complete the wave (c) of the corrective cycle. The most important level is now the intraday support at the level of 122.63, because any break […]

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​Obama confident Pacific trade deal will be approved

United States President Barack Obama said he was positive that the Trans-Pacific Partnership (TTP) will be approved by U.S. legislators. Obama told a news conference during his visit to Vietnam that the TTP was a good deal for the U.S. business and would give his country the ability to engage on issues of concern. Obama […]

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​Fiat Chrysler Shares Fall on Report of Illegal Emissions Software

Italian-American auto maker Fiat Chrysler’s shares plummeted after German newspaper Bild-am-Sonntag reported that Fiat used illegal software to manipulate pollution emissions. The auto maker’s shares fell by nearly 6 percent in Milan trading. A spokesman at the company responded to the report saying that all Fiat Chrysler vehicles comply with emissions rules. The material has […]

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​ANZ Bank Names Investment Banker Michelle Jablko as CFO

Michelle Jablko has been named by Australia & New Zealand Banking Group Ltd. as its new chief financial officer, after a seven-month search for the position. This has completed the leadership of CEO Shayne Elliot, who replaced Mike Smith at the start of this year. Jablko is joining the lender on July 18, ANZ said […]

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Intraday technical levels and trading recommendations for GBP/USD for May 23, 2016

Since January 2016, bullish persistence above 1.4500 was mandatory to maintain enough bullish strength in the market. However, the previous weekly candlesticks maintained their bearish persistence below the depicted weekly supply zone (below 1.4470) which allowed further bearish decline to occur. The prominent demand level located at 1.3845 (historical bottom that goes back to March […]

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Intraday technical levels and trading recommendations for EUR/USD for May 23, 2016

In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 and 1.2000 where historical bottoms had been previously set in July 2012 and June 2010. Hence, a long-term bearish target is projected towards 0.9450. In March 2015, the EUR/USD bears challenged the monthly demand level of 1.0570 which had been previously […]

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Technical analysis of Silver for May 23, 2016

Technical outlook and chart setups: Silver has just hit another low at $16.29 levels, and should find support around $16.00 levels going forward. Please also note that fibonacci 0.618 support level of rally between $14.80 and $18.00 levels is also seen at $16.00/05 as depicted here on the 4H chart view. Please note that the […]

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Technical analysis of Gold for May 23, 2016

Technical outlook and chart setups: Gold is seen to be trading at $1,252.00/53.00 levels, testing its trend line support again. The metal seems to be looking to drop lower around $1,242.00 levels and complete its correction, before turning bullish again. Please note that structurally, the metal is looking to form an up gartley and should […]

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Technical analysis of EUR/JPY for May 23, 2016

Technical outlook and chart setups: The EUR/JPY pair continues to drift in a range between 123.00 and 124.00 levels as depicted here. The pair is now seen to be trading at 123.00 levels, looking to break below the range support. It is expected to continue dropping lower below 121.40 levels going forward. The wave structure […]

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Technical analysis of USDX for May 23, 2016

The Dollar index remains supported but there are more signs of a possible bearish short-term reversal ahead. So Dollar bulls should be very cautious if not willing to take profits at current levels. Blue lines – bullish channel The Dollar index is testing the lower boundary of the bullish channel. The stochastic has already given […]

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Technical analysis of Gold for May 23, 2016

Gold price remains in a bearish trend and despite the pause in the decline from $1,290, I expect price to move lower over the coming weeks as the weekly chart shows more weakness should be expected towards $1,200. Black line – trend line resistance Blue lines – bearish channel Gold price is trading inside the […]

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Elliott wave analysis of EUR/NZD for May 23, 2016

Wave summary: The break below 1.6479 has invalidate the previous count. The new count has moved red wave [i] up to 1.6931 and the ongoing correction is red wave [ii], which is expected to terminate in the support area between 1.6353 – 1.6411 from where a new impulsive rally to above 1.6931 is foreseen. Short-term […]

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Stock markets gain in contrast with hawkish Fed

Asian stock markets mainly posted gains on Friday regardless of Fed’s hawkish comments for a tighter monetary policy. Many investors believe that the Federal Reserve (Fed) might keep interest rates unchanged during next month’s monetary policy meeting, while analysts also give less than one third probability of a rate hike.  There has to be consideration […]

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Elliott wave analysis of EUR/JPY for May 23, 2016

Wave summary: The failure to break above resistance at 124.18 indicates that the correction in wave [ii] is still unfolding as a complex double zig-zag. This also means that the “old” 122.10 target has been revived. Once this target has been tested, a new impulsive rally to above 126.43 should be expected. Short-term minor resistance […]

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Technical analysis of GBP/CHF for May 23, 2016

Technical outlook and chart setups: The GBP/CHF pair still has room left on higher side, while it is trading at 1.4365 levels at this moment. The pair is expected to drop to 1.4280 levels before reversing higher again. Please also note that fibonacci 0.382 support of the rally between 1.3950 and 1.4490 levels is passing […]

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Technical analysis of EUR/USD for May 23, 2016

When the European market opens, some economic news will be released such as Consumer Confidence, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI. Besides, the US will release an economic report, in particular Flash Manufacturing PMI. So amid the reports, […]

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Technical analysis of USD/JPY for May 23, 2016

In Asia, Japan will release the All Industries Activity m/m, Flash Manufacturing PMI, and Trade Balance. The US will also release an economic report, in particular Flash Manufacturing PMI. So there is a probability the USD/JPY pair will move with low to medium volatility during this day. TODAY’S TECHNICAL LEVEL: Resistance. 3: 110.28. Resistance. 2: […]

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Daily analysis of major pairs for May 23, 2016

EUR/USD: Compared to USD/CHF, EUR/USD moved in the opposite direction last week. The price closed below the resistance line at 1.1250, as it threatens to test the support line at 1.1200. This support line, including another support line at 1.1150, might be tested this week. Nevertheless, it is possible that the EUR would rally this […]

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EU Bullet Report | FOMC, Brexit and G7 to dominate markets

This week does not include many important news announcements from the US, however the calendar is full of FOMC member speeches in which the market will pay special focus on any comments about when to expect the next rate hike. The market will also be driven by Brexit poll developments as well as G7 communication […]

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Bayer seeks to acquire Monsanto in $62 billion offer

Bayer AG offered to purchase Monsanto Co. for approximately $62 billion, seeking to establish the largest producer of farm pesticides and genetically modified seeds. The German pharmaceutical company offered $122 per stock in an all-cash proposal, 20% higher than Monsanto’s US closing price. Should the agreement push ahead, it would make Bayer the premier of […]

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Japan’s Trade Data Continues Steep Decline

Most of Japan’s trade data were pointed downwards in April, the finance ministry revealed on Monday. Exports slumped by 10.1 percent in April from the previous month’s 6.9 percent drop, marking its seventh month of consecutive declines. It topped analysts’ expectations of 10.0 percent fall. A firm yen and weak global economy were the main […]

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SBP Leaves Analysts Confused with Rate Cut

Plagued by sluggish economic growth and rising inflation, the State Bank of Pakistan stunned analysts as it slashed its interest rate by 25 basis points, landing at 5.75 percent from the previous 6 percent. Inflation has been rising consistently for seven consecutive months. It grew by 4.2 percent in April year-on-year, its quickest climb since […]

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Sri Lanka’s Interest Rate Remains Untouched Despite Inflation

Sri Lanka’s benchmark lending rates were unchanged for the third month in a row with the central bank’s optimistic view on the economy despite the alarming pace of the country’s inflation rate. The standing lending facility rate still stood at 8 percent while the standing deposit facility rate is at 6.5 percent. Its core inflation, […]

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