EQUITIES MORNING REPORT
Invest with an edge June 13, 2011
Invest with an edge June 13, 2011
INDEX POINT Chg.
Markets are expected to to open on a flat note trackingfrom overseas
Markets are expected to open down,negative note mirroring trends in
Markets are expected open on a tracking weak cues mixed cues
from overseas markets and of Portugal’s credit rating being
weak regional markets on news lack of any positive triggers.
SENSEX 19521.25 +116
19136.6 -181.5 Support concerns over slowing domestic and global
markets, as persistent@ 5649|| Resistance @ 5863.
SENSEX 18268.5 -116 growth @ 5769|| Resistance @ 5933.
economic Supportmay influence the investors sentiments.
Hangseng 22839.6 -37.6
Hangseng 22965 -42
(8.15 a.m.) 22246 -174 Support @ 5432Resistance @ 5531
(8.15 a.m.) 9441 -73
MARKETS ON FRIDAY
US DJIA 11092
-172 MARKETS YESTERDAY
Morning Session: Markets had a gap down startred after makingto trade in the red taking
The markets slipped into the and continued a positive start, tracking
YESTERDAY VOLUMES the weak Asian markets and red after low the bribery scam had not lower
cues from the regional markets which were the fears ofand US markets brief periodleft the
Morning Session: The market slipped into the as tradingturning positive for a which endedafter a
subdued start.minds. that the Ireland bailout package would not stop the crisis from spreading
BSE CASH(Cr) 4,619.48
2,638.60 to the Session: The market was range bound in afternoon trade.
Afternoon rest of Europe.
Mid Session: Benchmark indices recovered from their early loss based on buying in select
NSE CASH(Cr) 22743.62
8959.59 stocks at lower levels and indices started recoveringgreen terrain once again covering huge
Mid Session: Benchmark the markets entered the from their days low and entered the
positive terrain key benchmark indices reached their lowest closing level in nearly two
ground from The intraday low.
Closing Session: theon the back of better than expected second quarter GDP numbers which
weeks Caution prevailed as the RBI is seen raising its key lending rate by 25 basis points at its
stood at 8.9%.
NSE F&O(Cr) 89453.69 Closing Session: Marketsreview not16 June 2011 to tame inflation. the week in the nega-
mid-quarter monetary policy could on sustain their recovery and closed
tive terrain mainly due to the panic sellingto close withthe bribery scam a second consecu-
Closing Session: Indian markets managed on fears of steady gains on also on cues from
TOTAL (Rs. Cr) 116,428.33
168,887.50 tive day based on the robust GDP numbers that came in during the day, eventhough the
the weak global markets.
TOTAL (Rs. Cr) 101,051.88
MARKET NEWS were not so supportive .
Jan-Mar earnings to be detailed by: Idea Cellular, and Tourism Finance Corp
INSTITUTIONAL ACTIVITY MARKET NEWS
Bhushan Power & Steel to raise up to $700 mln via international listing.
+491.88 MARUTI SUZUKI: The company's management has accepted the demand of the striking
FII (Rs. Cr) State-owned MOIL Ltd's 33.6-mln-share issue subscribed 28.62 times at the end of Day 3.
FII (Rs. Cr) -170.05 GMR Group inks deal to sell to form a separate union, but said company InterGen to China
workers at its Manesar plant 50% stake in its overseas power the union cannot be affili-
Huaneng Group for $1.23 bln.
ated to any political party signed a multi-year infrastructure management pact with US-
HCL TECHNOLOGIES: Has or have outsiders as members
DII (Rs. Cr)
DII (Rs. Cr) 959.41
336.98 based Purdue Pharma L.P.
SHIPPING CORP OF INDIA fixes follow on public offer price band at Rs.135-140 per share.
RELIANCE INDUSTRIES: Company along with RELIANCE INDUSTRIAL INFRASTRUCTURE an-
HINDUSTAN COPPER: Postpones plan for FPO fromits joint ventures Bharti AXA Life Insur-
December this year may launch it after
PRECIOUS METALS nounced buyout of Bharti Enterprises' 74% stake in Corp gets show cause notice from Envi-
HINDUSTAN CONSTRUCTION CO’s subsidiary Lavasa
Jan 15, 2011.
ance Co Ltd and Bharti AXA General Insurance Co Ltd
ronment ministry for violation of green laws.
Rs.20405 KALPATARU POWER’s Open offer for 20% in JMC PROJECTS to start Dec 8 andclose Dec 27.
OIL INDIA and OIL & NATURAL GAS CORP as TATA CONSULTANCY SERVICES, and HCL foray
INFORMATION TECHNOLOGY: Majors such have joined hands with BPCL and IOC for
into city gas distribution.race for Himachal data centre project cost estimated at 100 bln ru-
INFOSYSTEMS are in set
NEYVELI LIGNITE: To the up 2,000 MW unit in Kanpur; project.
SILVER Rs. 40840
Rs. 54539 pees, may be completed by 2014.
SESA GOA: Will stop mining operations at Thakurani mine in Barbil, Orissa from Wednesday
BASE METALS Key SGX NIFTY is trading at 5462down by 23 point.
indices are trading mixed today,
The Asian the expiry of its existing contract. with Japan's Nikkei rising higher backed by gains
in shares of exporters.
NICKEL Rs 1030.6
Rs. 1054.1 The Indian government's fiscal deficit fell 33.8% onon Wall Street,trln concerns over slow-
Asian equities fell in early session, mirroring peers year to 1.623 as rupees during Apr-Oct,
The SGX NIFTY is trading at 5779 down by 6.5 points.
the first seven months of recovery led investors to cut their exposure to riskier assets.
down in global economic 2010-11.
COPPER Rs. 401.75
Rs. 378.1 NIFTY SUPPORT AND RESISTANCE LEVELS FOR THE DAY
Asian markets are trading in the red today as investors stay on the sidelines on news that
NIFTY SUPPORT AND RESISTANCE LEVELS FOR THE DAY
COMMODITIES Standard & Poor's may cut Portugal's credit ratings .
Resistance — 5494, 5512, 5531 & Supports — 5469, 5453, 5432
CRUDE OIL 3924
Rs. 3861 The SGX NIFTY is trading at 5879 down by 10 points.
NIFTY SUPPORT AND RESISTANCE LEVELS private DAY
FERTILISERS: Government likely to allow FOR THEsector to import urea freely, but will peg the
NAT. GAS Rs.204.2
Rs.213.9 domestic price in a tight band around what it costs to produce urea locally, thus making imports
Res:5893-5913-5933|| Sup:5831-5800-5769 F&O
RUBBER Rs 19504
Rs . .22525 Nifty June futures ended the day at 5484.15, with a price decrease of –0.63% and an Open Inter-
F&O decrease of –2.6% from the previous day’s future close. Market trend was negative due
Nifty December Futures regained its footing after losses in the early session. It closed at 5886.9,
PEPPER Rs .21790
Rs 21880 to lower than expected closed and a selling by investors before the weekend.
Nifty December FuturesIIP data a volatile session on Friday at 5778.15, with a premium of 26.2.
with a premium of 24.2. We see that Open Interest (OI) has increased by 2.38% and that future
We see that Open Interest (OI) has decreased by –3.87% and that future price has also de-
price has also increased by 0.63%. We also see that premiums for the series have increased. This
creased by –1.15%. This suggests a weak market with a bearish trend.
indicates a positive consolidation in market.
June 13, 2011
Hedge Equities Ltd.
The S&P CNX Nifty is still trading
below the 100 days EMA which re-
mains a negative bias for the current
Oscillators like RSI has closed with
negative divergence trade.
Overall, the market may expect a
negative bias until Nifty break up
Resistance — 5494, 5512, 5531 &
Supports — 5469, 5453, 5432.
R1 5494 R2 5512 R3 5531
S1 5469 S2 5453 S3 5432
Events to watch today Corporate Actions update
Castrol India Limited : DIVIDEND RS 8 PER SHARE
June 10, 2011
June 13, 2011
FUTURES & OPTIONS
Hedge Equities Ltd
Hedge Equities Ltd
day at 5484.15, with a price decrease of –0.63% and an Open Interest (OI) decrease of –2.6%
Nifty June futures ended the day at 5519.15, with a price decrease of –0.19% and an Open Interest (OI) decrease of –1.96%
negative no to lower than expected IIP data markets and a inves-
from the previous day’s future close. Market trend was mixed as dueclear trends emerged from globaland a selling by flat to
tors before the weekend.
slightly higher inflation data hit the markets.
5521.05 which means that the June months futures traded a discount of –1.65 a increase
Spot closed at 5485.8 which means that the June months futures traded atat a discount of –1.9 andecrease from the previ-
–1.9; this decrease in the discount does not indicate much some lingering weakness in the market although as we
ous premium of 6.55; this decrease in the premium is a show of but does suggest some short covering possible. Overall
trend over the past past few days trend has been consolidated..
have seen from the few sessions has been consolidation.
futures ended at 5498.05 with a price decrease of and an OI increase of 3.82%; 4.72%; the market stands is
Nifty July futures ended at 5575.8 with a price increase of 0.5%–0.64% and an OI increase oftrend fortrend for the market
stands at slight negative.
slight positive dependant on fundamental market cues.
at 1.26 a decrease no change from the previous 1.35, this de-
Nifty 3 month Put-Call Ratio (PCR) on the basis of OI stood at 1.35 with almostfrom the previous days PCR ofdays PCR, this
crease in the PCR is seen due to a increase in the OI of OI of Puts over the increase in puts of Calls This stability seen
stability in thePCR is seen due to ansimilar increase in the calls over the decrease seenin the OIOI. Calls. saw short buildup
while market does suggest some consolidation, but could be a precursor to a volatile movement in the market.
in the puts were under some short covering.
5400 PE slight short buildup and may indicate some at this level and a negative
Highest OI increase was seen for 5500 CE which saw short buildup and may indicate a resistance form of pivotal support for
sentiment; for calls highest OI increase was seen for 5600 CE,
the market;for puts highest OI increase was seen for 5100 PE. suggesting a possible target/resistance for the market.
Immediate resistance on the basis of options for the Nifty stands at 5722 and support at 5355.
18.58 which decrease of –0.22% from the previous VIX 18.58. This period of non movement from the
India VIX stood at 18.54 a slightmeans that there was no change in the daysyesterday. This may indicate some uncertainty
VIX a possible volatile movement for the market.
anddoes still suggest that a volatile movement is possible.
Most Active Futures in Terms of Contracts Trade Stats for 6th June
SCRIP (MAY) FUTURE PRICE SPOT PRICE PREM TO CHG IN PR% CHG IN OI% Product No. of Turnover Put-Call
CASH Contracts (Rs. Cr.) Ratio
SBIN 2276.7 2263.55 13.15 -1.28 6.71 Index Futures 368984 9467.06 -
TATAMOTORS 1023.1 1021.15 1.95 -0.84 -0.30 Stock Futures 375893 9437.10 -
LT 1729.75 1725.95 3.8 1.38 -2.05 Index Options 1833714 51047.12 0.93
ICICIBANK 1051.45 1048.00 3.45 -0.24 -2.02 Stock Options 82468 2108.44 0.39
RELIANCE 955.75 954.00 1.75 0.40 -1.79 F&O Total 2661059 72059.72 0.90
Derivative Option Strategy
Bull Call Spread on DCB Limited
Scrip: Development Credit Bank Ltd. | Lot Size: 4000 | Expiry Date: 30th June | CMP: Rs.59.45
Rationale: There is some positivity seen for DCB and the stock underlying may rally up to near 62.8 levels. Long buildup was seen
on futures side of the market and this supports the positive expectation for the stock. The strategy suggested is the Bull Call
Spread with an extra call sold out of the money to cover the costs.
is constructed by purchasing one 60 CE at Rs.2.25,
Construction: The strategy is constructed by purchasing one 60 CE at Rs.2.25, selling one 62.5 CE at Rs.1.15 and selling 65 CE at
selling the total cost Rs.1.15 and selling 65 is at Rs.0.7; the total cost to create
Rs.0.7; one 62.5 CE at to create the strategy CE Rs.0.4. The strategy initiates at 60 and breaks-even at 60.4 and maximizes profits
the strategy is Rs.0.4. The strategy cost incurred and breaks-even at 60.4 and
between 62.5 to 65 with Rs.2.1. Theinitiates at 60 in creating the strategy is the maximum downside loss the strategy incurs if un-
derlying stays below 60 on expiry. A65 with Rs.2.1. The cost incurredafter which losses occur.
maximizes profits between 62.5 to Breakeven is formed above 67.1 in creating
the strategy is the maximum downside loss the strategy incurs if underlying
stays below 60 on expiry. A Breakeven is formed above 67.1 after which losses
Cost and Initiation: The total premium cost and downside loss is Rs.1,600 (Rs.0.4*4000lots) and the maximum profit is Rs.8,400
(Rs.2.1*4000lots). The strategy may be entered at current levels and profit booked at a total premium of Rs.1-1.25 at an underly-
ing of 62.25. 3
June 13, 2011
June 13, 2011
Hedge Equities Ltd
Hedge Equities Ltd
USD/INR DAILY CHART USD/INR:
The rupee rupee ended firmly onagainst the weakertracking theweak fallmore thanas
The Indian rupee marginally44.70per dollar ondollar,itsthan noting thelocal ingains44.70.
Asian currenciestraded at 44.72 firm againstFriday,concernsof yesterday sharesstrong
Indian was ended at 44.75 on Wednesday ondollar Wednesday's the shares, pull
rupeewere trading Friday, close the greenbackEuro and closethe euro.
ended at 44.73 per dollar US byweakest level in morning a
continued to trade supported onstrong of Euros local and and
at weak against the to cues weak gains of were
weekin asfor and overshadowedThe forfollowingsharedollarthe IndianThe of fall shares.
appetiteexporter importer and pullforbroadEuro pressurizedand limitedat 44.70/71 the
However,Wednesday, weighed bybackUSwas atfrom importersthe index from curren-
limitedon there in dollar selling. by robustlocal strong economic data Indian in US.
volatile euro was markets improved USof corporate indices versus major dollar
Asian & Euro riskier assets demand euro dollars $1.4623 inflows. weal localthe per
backchoppyrise was high currencies, and dollar. in the rupee ended rupee. the rupee
Indian Asian demand gains Indian dollar and the The index
cies rupeerupeethesix major of weak, greenback 73.790on banks' points at local close
The Indian majordomestic to Thursday's percentwas weakpoints. thecurrency Indian
rupee.at 44.72 comparedagainst per dollar againstbecauseagainst the On Fridaymoved
ended Though ended
of the dollar against euro shares. The was of 44.73. % 73.854
dollar against Tuesday’s at 44.81up 0.01Asian currencies Intraday indices were do-
against six was steadyclose currencies rupee at 44.84 at Thursday. dollar as was
The and weak currencieswas 44.67/68. down 0.10 Inand sharedollar supply local
was the close
ing well so ofpointsband of 1.0% and.Thethe the euroThe one-month dollar/rupee
shares73.700companies' purchases also as market. rates in the fall against the
offsetrange there was44.7644.79-44.92. dollar/rupee extended itsnon-deliverable
rupee moved the
versus by oil indown-over range.
ended 44.66 on Wednesday. in
futures rates on near a asas the Stock Exchange,gains againstGreek US dollar Ex-
forwardshovered the National 44.75 gave upprior to dollar sales from corporate,
rupee weakened to low as euro against dollar on and United was final-
The euro markets roseone-month high intraday the MCX-SX, as the deal Stock to-
Currency Reliancedata releasingwhich will the was dollarin aFridaydollar/rupee well.
Industrial speculators Asian ,betsas the limitedan the localinon to Indian rupee.NDF
including anticipation of one-month high dollar ECB. influencethe theas straight highAc-
ized and hoveredfirmboostedcurrencies againstup dollar disappointingmarket week of
The eurowere marginally higher ratesproppedU.S.the riseonunitspotthe day's asantici-
output near a interest today hikehave the The for the
Industries against by
day .However, firm second investorsdata in
US jobs is
The latest level notaccording thethe5.from thesoft patch in Aprilworld'smoved in a nar-
44.5750 to rupee dollar in to could signal a today for Futures
pressurizing U.S.US rates expectdata Industrial output yesterday. Trading Commission
pated.The period, seen since May US dollar Commodity the banksbiggest economy
rate dollar/rupeefelldataand made an one month low because to be atpurchased the
the weak the jobs against non-deliverable forwards market
cording a Reuters, they that the 5.5% from
greenback yesterday currency. value of againstemerging from yesterdayto $22.98
rowpressurize the were trading lower the Somethe greenback the euro the green-
(CFTC) released on Friday. in local shares. dollar's net short position rose tracking
Asian currencies US because of mixed cues importers also bought and Asian
and earlier. noting the fall The
back. Dollar/rupee dollar to fall, pressurized byof since yesterday waseconomic the
currencies. rise against Juneeuro. lackedwereto an overbillionsluggish earlier. day
the dollar's Market forward 7, from net shorts downeuro and abanks moderated by
India's industrial output probably rose 5.5 % in April from aone-week low againstdata
Analysts expects the rising
participation Rupee luster $15.73 year earlier, sold first
billion in the week ended the premiums fell today as week the forward
successivebanks futuresrupee greenback noting near-month dollar-rupee dollar up on
In the as interest The rises declinewould support may in Asian the median forecast
in the worlds largest economy.rose slowedtradedUSIndianattractand could contracts lo-
dollars on expectation the
of the new year. rate market This againstmanufacturing rupee declining move sales
currency boughtthe which most the the fall growth, currencies and on
, the in spot rupee dollar after forward earlier to
44.50. currencyfrom foreign institutional investors as rates share indices rose.
the Reuters pollfutures market dollar/rupee futures local Stock Exchange were at
from inflowsStock.One-month the MCX-SX output will be crucial for Indian rupee The
cala share indices Exchange, ,the most traded near-month dollar-rupee contracts on
likely exporters.showed. Friday’s Industrial and near-month dollar-rupee contractsand
In National the United on the National Stock
In the currency futures market , the most traded on
rupee slid again against the thethe MCX-SXvolumeboth yesterday as the fall were at
the markets. Stock Exchange and Stock in a were choppy trade
Exchange, MCX-SX, and United dollar Exchange rose at 44.8475 as the greenback
National US MCX-SX and on the United Stock Exchange United
45.0025, 45.0075, 45.0050 respectively. Total day of was $8 billion. and on thein euro
the dollar edged Exchange,
The National Stockhigher on Tuesday after upbeat U.S. data suggested the world's
gained in the spot market. The dollarvolume atbanks billion . and pound sterling
Stock Exchange at to buy with the total rose against the euro
prompted banks 44.8500,the greenback. Some $7.01 also bought the greenback
DOLLAR INDEX CHART biggest economy will accelerate in 2011, helping it make smart gains against the
44.8675, 44.8800 and 44.8725 respectively, with the total volume at $8.01 billion
yesterday of oil companies and to buyimporters.
on behalf as traders preferred other the greenback on better-than-expected US
yen and the Australian dollar. The rupee also ended lower against the dollar.
economic data. Dollar strengthened yesterday as investor confidence in the US
The Indian rupee continued to hold in a tight range on Monday tracking mixed
economy improved after factory orders for November rose 0.70% as against an
cues, as positive sentiment due to firm domestic shares and Asian peers, was
expectation of a decline.
offset by broad gains in the dollar versus major currencies.
EUR/USD continued its northbound momentum yesterday as the annualized
EURO: difficult to get price estimateMonday in the first December from of 2011,
The euro fell against the accurate read on the euro yesterday. This can 1.9 per-
Euro-Zone consumer an dollar on rose 2.2 percent in trading session be par-
reversing year-end gains Friday65.1700at 64.7900 about The Euro rose 1%. The euro
tially attributed euro ended the rate for June contract. euro zone debt. October
cent in November. Indeed, at market inflation was are still facing asThinned
on on persisting conditions June contract. since well as
The rupee against to the unusualended ofconcerns for wethe highest The euro fell for
trade and was led by the day. We on Friday, currency rose for the second for
the datastraight day ,against the dollar May 5. addedreading of of particular impor-
1% and holidays the most energy prices. Theconcerns is Greek debt rose day
$ news increasing and note that on to volatility. Peripheral euro
rosethird to to 1.4635 forin Tokyo since London TheGerman unemployment crisis and
The rupee against euro endedinflation pressures day(though fell 1.1% Centralnear %
diminished against euro ended2009 euro previous lead the Theiteurorose forThursday
againstdueagainst euro endedearly63.8075 forJune contract. beThedoesn’t on near sin-
zone debt expectations at of at65.5000offor June contract. The Euro traded thealter
The rupee Japanese yen that atat65.5600 for June hikes. Euro aeuro was really 0.5 a
tance the issuancesJune 117.the part zone rate contract. The catalyst down Bank
the first time since in about at 65.6100 for May contract. European on Friday one
rupee to the euro ended 48. the
fact the the year could euro traded and
month at $1.4343 on thatdaydollaris going to receive its200signalpackage byfinance in out-
on news thethethe European Central Bank which a European July to avoid
Greece on it , hurt at doubts down by 1.2%. industry July
traded hightrend) andfromthe the yenMonday on 115. thethatshowedof 2010hike minis-
againstat $1.4626 ended by data to lastisanother rate 2008likely
exaggerated rate. reading hit an Aprilthat the ECB
as investors expected
against to raising the benchmark Euro Zone CPIin
seven-weekdollarfall andthe initial interest gains Though it daysOctober are high
gle currency toagainst
closer the low while
the larger bailout
ters'inzone its borrowing costsgap governmentszone debtunexpected 0.6 %.
putbe reversed onceEuro. moreas betweeninterest in an aid, but losses their push it
the defaultofficials agreed to launch a second GreekEuro zone interest rates maythe 110
Euroraisethe ECB is wideningeconomy really picks up.the to bring down were limited
(thoughmeeting would offer to take more euroand bailoutlater-released core debts,
euro zone the likely
and the clarity on US struggle that would replace data).
that would boostpowerhouse activity Germany fell by
EURO/INR DAILY CHART billion euro $1.50 in Euro seen around picture once and and last level.
withGreek debt restructuringweeks.intothe psychologically IMF dragged the Euro south-
The demand for the coming came
towards the scheme put together by European Unionagainkey $1.40 year. The new plan
On short term developments may provide the catalyst needed for the single
the the headlines, the ECB announced it had successfully sterilized its cumulative
wards, many investors expect the Greece restructuring, the Europeanraised would on
In fact, as to gain a short term boostdebtits own Greekbut skepticism place.
The continuedbond purchases roll over an extra yearcorrection takes certainly get
ECB 2014 would not of financial support again
would go up tosaid itand providingeuro to push higher, as bond holdings. Webeyond the
currency going possibility of Greek before a week; ,which was to German news
government to receive more through last larger Central Bank re-
original is is in athis issue when Euro arrestfinance among theaccording and Euro see up
The euro initiallyletter from German finance ministerEuros meetSchaeuble, could shotthe
Greece bailout. fell to $1.after flag confidence minister month, June 20.
Wednesday widely news gave the zone onbillion assault charges of IMF chief view
than rate sexual next investors
Thursday on Thisexpected tosome a $100 rise for Wolfgang on reinforcing theDomi-
against the markets opened the year on conference.
mains surrounding risen made one monthstrong note as investor's confidence on
European EurodollarEuropean financials.in highs,three weeksbyon account of aid for
magazine. US pressure more than 4%
that euro zone interest rates willthe ECB newspastthan U.S. rates. the bad US non farm
niquecome underhas prompted speculation fasterchanges at the top of the multilateral
euro Strauss-Kahn and after rise much that supported
global may affect discussionsimproved,indebted Zapatero said that the 2010interest
Spanish Prime ECB meetingsonLuistarget unchanged, zone states. increase in of Euro
Minister Joes aid Rodriguez euro which indicates the pace deficit
and European manufacturing activity accel-
employment2012 recovery on Thursday , where markets expect
lender and the inflation forecast for
ECB kept its change.
zone sterling, the euro EUR wastarget, and% at low versus the euro 89.76 pence
to beinterest rate hikes will be slower than be went Trichet gave signals that interest
rates. while under pressure, falling to a one-month88.99 pence that a ofBank of Eng-
European services better follow the to of starting to add down. new continue
Chinese not than manufacturing
erated“somewhat”dideconomy seemssuitexpected. onto cool as it did not round of
Sterling came last up 0.1 after the
Bailoutsessiononon of $1.6355 be carried widely after creditThe Moreover,Moody'sand
stress plans low hold approved by all 17manufacturing rating agencylastzone, re-
expansion possible in July. yetagainst as out “immediately.” services expanded at
and hike is in December,
land kept rates lenders will European national governments in was
rate a tests need to be at record lowsthe dollar expected. and eurothe euroMr. Zapa-up 0.3 %
further a it pace than what was lose its some of the the Spanish economy and
terofastestdollar that the UK couldexpected in December; north European data (due
the said indeximportant that China low confidence inrating.
peated the is slipped to is mounting in of 73.64 after disappointing jobs countries
US dollarwarning at Greeceone month has prized triple-ArichPMI composite remained
against funding for $1.4620.
which wouldthat Chinamost 9.1%announced
at the fact contribute recently and the expectations that US interest rates debt).
unemployment rate rising to to a new rescue. that it will buy Spanish public will re-
main tightening of fiscal one monthstronger states such as Germany and France
The lower. Euro rose to a policy by high of $1.4659.
provide additional hurdles for the 17 member euro area. In turn, the short up-
swing in the EURUSD may be short-lived.
June 13, 2011
Hedge Equities Ltd.
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