Markets  |  April 18, 2013 07:40:00

Morning comments on EUR / USD and the markets

The U.S. central bank (Fed) yesterday released its Beige Book, which indicates the state of the local economy. The U.S. economy has enjoyed moderate growth from late February to early April, when she managed to achieve good results in the construction sector and improve housing prices. Yesterday's book is slightly more positive than the previous one, mainly due to the expansion in Dallas and New York. Fed has no plans to change third round of quantitative easing and will continue month to pump $ 85 billion into the economy.

The Italian Parliament today will elect a new president. Giorgio Napolitano concluded its 15th governance May and certainly will not be easy for him to find a replacement, because the Italian election situation is very complicated and still fail to occupy the prime ministerial chair.German Central Bank Bundestag will vote today to approve the financial assistance of Cyprus.

The European currency fell dramatically yesterday when the head of the Bundesbank and member of the board of the European Central Bank's Jens Weidmann admitted that the expected reduction in the interest rate from the current 0.75 percent.

Negative sentiment on concerns about global economic growth after Monday's harsh Chinese data continues after yesterday the International Monetary Fund (IMF) humble outlook global economic growth of 0.2 percent to 3.3 percent. Outlook for 2014 remains unchanged so far at level 4 percent. U.S. GDP this year would be better off by 1.9 percent. Conversely Eurozone IMF waits a drop of 0.3 percent. China would, despite a weaker first-quarter numbers should increase by 8 percent in 2013.

Correction continues on U.S. equity index, which this week could be the worst in 2013. Apple's share price fell below 400 USD for the first time since December 2011, after there were reports of lower demand for the iPad mini. During the U.S. trading session continued sale of oil. The demand for black gold drops because of concerns about global growth.

Today begins a two-day G20 summit, on which will be the largest economy in the world looking for the "golden" middle way between austerity measures and stimulus program. Speaking to the new currency as well as the Japanese, who ceases to enjoy some countries it threatens their exporters. Macroeconomic data will be published today the German IFO index, British retail sales and Spain will sell bonds.

EUR / USDhas reached the 4 hour chart trend manner in formation. Able to create a higher peak on the market reacted by creating a lower bottom. Crucial Fibonacci level remains return of 38.2, which is getting strong response from the market. Yesterday's sell-off helped bearish divergence on the MACD. For Sale deeper Bears need support to overcome the 23.6 Fibonacci level.

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