CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
✖

Spain Announces Further Cuts In Health and Education

Article By: ,  Financial Analyst
April 10, 2012 9:00 AM

Spain Announces Further Cuts In Health and Education. Yesterday Spain announced further cuts in health and education by 10 billion euros. This time no conference press, no staging, no comentaries. Spain government has given up explanations and has announced new reforms aim for more efficiency in the management of major public services by press note released to media.
EUR/USD
Range: 1.3103 – 1.3144
Support: 1.3100
Resistance: 1.3145

Euro-dollar closed in NY at 1.3105 after correcting back from a late recovery high of 1.3133. The rate marked an early low at 1.3100 into Asian trading before recovering, the move up aided by euro-yen demand into the Tokyo fix but main demand emerged as rumours for a strong Chinese trade data release swirled. Reported offers in the area between 1.3145-1.3150 provided the counter with rate settling back around 1.3130 into Europe. Offers remain at 1.3145-1.3150 with stops above, a break to open a move toward 1.3166. Talk in Asia of stops placed around 1.3190 but if triggered expected to meet stronger sell interest placed above 1.3205. Further offers then noted into 1.3250. Support remains on approach to 1.3100, a break to allow for a deeper pullback toward 1.3080-1.3070.

GBP/USD
Range: 1.5892 – 1.5929
Support: 1.5895
Resistance: 1.5950

Cable closed in NY around 1.5897, after correcting back from a late session rally high of 1.5915. The rate edged higher from its Asian opening low, the move up aided by euro-dollar’s euro-yen led rally, with rumoured, then confirmed, strong China traded data providing the added lift to take rate through that NY high and on to a high of 1.5931. The rate retained a firm tone through the balance of the Asian session, with pullbacks meeting support in the 1.5920-1.5915 area. Next resistance seen at 1.5950 ahead of 1.5964 and stronger interest around 1.6000. Support noted at 1.5900-1.5895, stops below 1.5890. A break here to open a deeper move toward 1.5885-1.5880 ahead of 1.5850 and 1.5835-1.5830.
Gold
Range: 1,642.84 – 1,654.46
Support: 1,637.50
Resistance: 1,667.30

Gold is continuing to build higher in Asia, after falling to lows of 1,612.40 last week, and has edged up to highs of 1,654.70 from 1,640.20. Talk of possible further QE from the US continues to assist in underpinning prices along with renewed physical demand from Asia as jewellers who have been on strike in India over proposed import taxes, return to the market. Last Friday’s weaker US Non-farm Payroll release also helped kick start a recovery into the new week despite thinning market conditions due to the European Easter holidays. Investors have been quick to pounce on last week’s sharp drop from 1,681 as have some noted Chinese buyers, and the metal looks poised to grind out further gains on inflation fears following recent data from China. Today’s support comes in around 1,637.50 and 1,627.60 with initial resistance up at 1,667.30 and 1,681.15.

 

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.

© City Index 2024