Forex Trading Signal for 19th June 2013

                                                                                


Japan (Tokyo)                               United Kingdon (London)                        USA (New York)

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EUR/USD

 Up Trend :

 (1) BUY

E/P: 1.33818

T/P: 1.34300

S/L: 1.33400

GBP/USD

Down Trend:

(1) SELL

E/P: 1.56408

T/P: 1.55700

S/L: 1.56900

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European stocks remain lower, eyes on Fed; Dax down 0.24%

European stocks remained lower on Wednesday, as markets continued to eye a highly anticipated policy statement by the Federal Reserve later in the day. 

During European afternoon trade, the EURO STOXX 50 shed 0.42%, France’s CAC 40 retreated 0.52%, while Germany’s DAX 30 slipped 0.24%. 

Investors remained cautious amid growing expectations that the Fed will to start to unwind its USD85 billion-a-month bond purchasing program later this year.

In May, Fed Chairman Ben Bernanke said the bank could begin to taper asset purchases if the economy continued to improve. 

Financial stocks were mixed, as shares in French lenders BNP Paribas and Societe Generale fell 0.20% and 0.07%, while Germany's Deutsche Bank climbed 0.45%. 

Among peripheral lenders, Spanish banks Banco Santander and BBVA slid 0.38% and 0.44% respectively, while Italy's Unicredit gained 0.60%. 

Elsewhere, Alcatel-Lucent surged 4.46% after the company announced plans to sell assets and save EUR1 billion in fixed costs by 2015 to stem losses and focus the company on more promising business like ultra-high-speed Internet. 

Adding to gains, Nokia Oyj rallied 3.26% following reports China’s Huawei Technologies may be interested in buying the company. 

In London, FTSE 100 fell dropped 0.53%, after the minutes of the Bank of England’s June meeting showed that three policymakers voted in favor of additional easing, unchanged from the previous month. 

Financial stocks turned mostly lower, as shares in HSBC Holdings dropped 0.55% and Lloyds Banking declined 0.43%, while the Royal Bank of Scotland lost 0.40%. Barclays held gains on the other hand, up 0.02%. 

Meanwhile, mining stocks were mixed. Rio Tinto jumped 1.09% and Anglo American edged up 0.09%, while Fresnillo and Eurasian Natural Resources plummeted 1.49% and 1.57% respectively. 

In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.09% gain, S&P 500 futures signaled a 0.15% rise, while the Nasdaq 100 futures indicated a 0.24% increase. 

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U.S. futures higher ahead of Fed statement; Dow Jones up 0.05%

U.S. stock futures pointed to a higher open on Wednesday, as markets continued to eye the outcome of the Federal Reserve's monthly policy meeting later in the day. 

Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.05% gain, S&P 500 futures signaled a 0.07% rise, while the Nasdaq 100 futures indicated a 0.21% increase. 

Investors remained cautious amid growing expectations that the Fed will to start to unwind its USD85 billion-a-month bond purchasing program later this year.

In May, Fed Chairman Ben Bernanke said the bank could begin to taper asset purchases if the economy continued to improve.

Market participants were looking ahead to the central bank’s rate statement on Wednesday amid uncertainty over the banks next move. 

Tech stocks were expected to be active, after Carl Icahn suggested that shareholders tender an offer on 1.1 billion Dell shares, as an alternative to Michael Dell and Silver Lake Partners's proposal to take the company private. 

Among Internet-related companies, Google shares dipped 0.01% in after-hour trade as the company urged the Foreign Intelligence Surveillance Court for permission to publish the aggregate numbers and scope of national security requests it receives from the U.S. government.

Separately, Google, currently on the lookout for acquisitions, was said to be for the first time considering forging alliances with private-equity firms to help it structure deals. 

Auto stocks were also likely to be in focus, after Chrysler agreed to recall 2.7 million Jeeps on Tuesday when a government safety watchdog said they could potentially ignite if rear-ended. 

Shares in DreamWorks Animation were up 1.81% in extended trading, after Chief Executive Officer Jeffrey Katzenberg said the company will generate USD100 million in TV production revenue this year, lessening the company’s dependence on films. 

Elsewhere, Dish Network said late Tuesday that it would not make a new offer to buy Sprint Nextel, and would instead focus on its tender offer for Clearwire. 

Across the Atlantic, European stock markets were higher. The EURO STOXX 50 added 0.28%, France’s CAC 40 edged up 0.20%, Germany's DAX climbed 0.55%, while Britain's FTSE 100 inched 0.05% higher. 

During the Asian trading session, Hong Kong's Hang Seng Index tumbled 1.13%, while Japan’s Nikkei 225 Index surged 1.83%. 

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Dollar steady as markets look to Fed for direction

The dollar edged lower against the yen on Wednesday and was steady against the other major currencies as investors awaited the outcome of the Federal Reserve’s policy meeting later in the day.

During European late morning trade, the dollar was weaker against the yen, with USD/JPY down 0.31% to 95.02.

Markets were anticipating the Fed’s rate statement and press conference, which it was hoped would clarify the bank’s stance on monetary policy, after Chairman Ben Bernanke said last month that the bank could begin to taper asset purchases if the economy continued to improve.

The dollar was steady close to four month lows against the euro, withEUR/USD dipping 0.02% to 1.3389.

Elsewhere, the pound fell to session lows against the dollar, withGBP/USD down 0.17% to 1.5615 after the minutes of the Bank of England’s June meeting showed that three policymakers voted in favor of additional easing, unchanged from the previous month.

The minutes showed that outgoing Governor Mervyn King and two other policymakers voted in favor of increasing the size of the asset purchase program by a further GBP25 billion, while six voted against.

The vote to keep the interest rate on hold at a record low 0.5% was unanimous.

The bank said recent economic data has been largely positive and was consistent with the slow but sustained recovery outlined in the bank’s quarterly forecasts last month.

The dollar edged higher against the Swiss franc, with USD/CHF inching up 0.06% to 0.9206. 

The greenback was lower against its Australian, New Zealand and Canadian counterparts, with AUD/USD climbing 0.14% to 0.9497,NZD/USD gaining 0.21% to trade at 0.8005 and USD/CAD inching up 0.02% to 1.0211.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, edged down 0.02% to 80.80. 

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