Premier Wen Jiabao has vowed to push growth as Beijing starts to ease national monetary policy in a bid to combat the economic slowdown.

During a visit to six provinces over the weekend, Wen said the economic situation is stable overall and growth is still within expectation.

But warning that long- term development of the economy remains vulnerable to external factors, Wen urged officials to put a higher priority on maintaining growth.

The authorities will carry out timely fine-tuning measures in response to new problems that have emerged in the economy, Wen said.

The National Development and Reform Commission report suggests gross domestic product will grow only 7.5 percent year on year in the second quarter.

That represents a further slowdown from the 8.1 percent year on year gain in the first three months this year, which was already the slowest pace in nearly three years.

Second-quarter consumer inflation will also ease to 3.3 percent while industrial prices might drop 0.6 percent, according to the State Information Center - a unit of the NDRC.

In Greece, post-election attempts to form a ruling coalition broke down last week, sending Greeks back to the polls next month with surveys giving the lead to an anti-bailout party that would tear up the conditions attached to 240 billion euros ($307 billion) of aid.

Hedge funds and other large speculators, which pared trades that would profit from a drop in the euro to the lowest levels since November, rebuilt them to a record high last week, figures released May 18 by the Washington-based Commodity Futures Trading Commission showed.

Crude Oil (Jun 12) intraday: under pressure.

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Pivot: 92.90
Our Preference: SHORT positions below 92.9 with 90.9 & 90.25 as next targets.
Alternative scenario: The upside penetration of 92.9 will call for 93.75 & 94.25.
Comment: as long as 92.9 is resistance, look for choppy price action with a bearish bias.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced width=1

 

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GOLD (Spot) intraday: the bias remains bullish./Pivot: 1579.00
Our Preference: LONG positions above 1579 with 1600 & 1608 in sight.
Alternative scenario: The downside penetration of 1579 will call for 1572 & 1565.
Comment: intraday support around 1579

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced

 

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EUR/USD intraday: caution./Pivot: 1.2745
Our preference: Long positions above 1.2745 with targets @ 1.2815 & 1.287 in extension.
Alternative scenario: Below 1.2745 look for further downside with 1.271 & 1.2665 as targets.
Comment: the pair is pulling back on its support, the RSI is calls for caution.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced

 

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GBP/USD intraday: the upside prevails./Pivot: 1.5775
Our preference: Long positions above 1.5775 with targets @ 1.5845 & 1.589 in extension.
Alternative scenario: Below 1.5775 look for further downside with 1.5735 & 1.5695 as targets.
Comment: the pair is pulling back on its support, the RSI is mixed to bullish.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced

 

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USD/CAD intraday: bullish bias above 1.0135./Pivot: 1.0135
Our preference: Long positions above 1.0135 with targets @ 1.023 & 1.0255 in extension.
Alternative scenario: Below 1.0135 look for further downside with 1.009 & 1.005 as targets.
Comment: the RSI is mixed with a bullish bias.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced

 

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USD/JPY intraday: under pressure./Pivot: 79.5
Our preference: Short positions below 79.5 with targets @ 79.1 & 78.9 in extension.
Alternative scenario: Above 79.5 look for further upside with 79.7 & 79.95 as targets.
Comment: the pair has struck against its resistance and remains under pressure.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced

 

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AUD/USD intraday: key ST resistance at 0.9895./Pivot: 0.9895
Our preference: Short positions below 0.9895 with targets @ 0.979 & 0.977 in extension.
Alternative scenario: Above 0.9895 look for further upside with 0.9925 & 0.9965 as targets.
Comment: as long as 0.9895 is resistance, look for choppy price action with a bearish bias.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced

 

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USD/CHF intraday: key ST resistance at 0.9425.

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Pivot: 0.9425
Our preference: Short positions below 0.9425 with targets @ 0.9365 & 0.932 in extension.
Alternative scenario: Above 0.9425 look for further upside with 0.9455 & 0.95 as targets.
Comment: the pair is rebounding but stands below its resistance.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced