South Australia's first Apple Store draws line hours ahead of opening [update: photos and video]

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Friday, May 24, 2013, 05:26 pm

South Australia's first Apple Store draws line hours ahead of opening [update: photos and video]By Mikey Campbell

While Apple's latest retail outlet in Australia isn't scheduled to open for another three hours, customers eager to get into the region's first Apple Store are already queuing up, some having been there for nearly 12 hours.


Rundle Place Apple Store in Adelaide. | Source: Reader Jonathan
Pictures from the scene, sent to AppleInsider by reader Jonathan, show about 30 people waiting for the grand opening of Apple's Rundle Place location, the first brick-and-mortar shop the company has set up in South Australia. The first people in line started showing up at 8:30 p.m. last night. Currently, local time in Adelaide is about 7 a.m., well ahead of the scheduled 10 a.m. door opening.


According to Apple's website, the Rundle Place Apple Store will boast a Genius Bar, in-store workshops, One to One service and business-class offerings, as well as free youth programs like Youth Workshops, Field Trips and Apple Camp.


The Adelaide Apple Store will be the first to serve South Australia, saving product owners from traveling to far away cities for repairs and browsing.


Subway offering free cookies and vouchers to those waiting in line.
A report Monday noted that Apple's brick-and-mortar outlets netted a record $58 per visitor last quarter, which amounted to an average per-store revenue of $13.1 million.

Update: The Rundle Place Apple Store is now open. Following are pictures minutes after doors opened to over 300 people.


Apple Geniuses sit next to customers at the Rundle Place Genius Bar.
Tags:Apple StoreJump to comments (13)Categories:General(function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = "//connect.facebook.net/en_US/all.js#xfbml=1"; fjs.parentNode.insertBefore(js, fjs);}(document, 'script', 'facebook-jssdk'));Tweet!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src="//platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); On Topic: GeneralGoogle's Motorola issues second appeal of dismissed ITC case against AppleSouth Australia's first Apple Store draws line hours ahead of opening [update: photos and video]Rains once more cause damage at Apple's Fifth Avenue NY storeSteve Jobs's family has been giving money away anonymously for more than 2 decadesJudge says evidence will likely show Apple culpable in e-book price fixing caseToday's' HeadlinesNo news headlines yet todayRelated ArticlesBriefly: South Australia's first Apple Store to open Saturday in AdelaideApple preps new retail store in Adelaide, AustraliaNew Apple Stores opening in Hong Kong, Australia & Sweden; NJ stores renovatedPhotos from Apple's latest retail openings in US, Australia & ChinaApple's first retail store in Berlin gets May 3 grand openingPrevious Comments View Alllord amhran2013/05/24 06:08pm

Another difference between Microsoft Stores and Apple Stores. You'll never see this kind of devotion & dedication in any place other than an Apple Store

charliepotatoes2013/05/24 06:11pm

Coverse tennis shoes , dirty tee shirts, ripped jeans and scruffy bears are growing old. How about new uniforms with button down shirts, tan khakies, blue blasers and penny loafers for awhile?

taniwha2013/05/24 06:34pm

A store in some small town down under, leaking roofs ... seems that AI has NOTHING to say. Boring

tarfungo2013/05/24 06:56pm

How come this article doesn't indicate which finger poppin', hip-hopping hipster or high profile 'now' band these people are waiting in line for?? The MicroSoft store that recently opened across the mall from my local Apple Store had Kelly Clarkson to attract overnight line squatters? ? \s
?

lord amhran2013/05/24 07:43pm

Quote:Originally Posted by Taniwha?

A store in some small town down under, leaking roofs ... seems that AI has NOTHING to say. BoringNothing of the sort has been reported about this store.

rogifan2013/05/24 07:53pm

Quote:Originally Posted by Taniwha?

A store in some small town down under, leaking roofs ... seems that AI has NOTHING to say. BoringApparently AI isn't allowed or refuses to report stuff from 9to5Mac as they reported new leaked info about iOS 7. A lot more interesting than anything AI reported today.

man-lee2013/05/24 10:09pm

Quote:

Originally Posted by?Taniwha?

A store in some small town down under, leaking roofs ... seems that AI has NOTHING to say. Boring

?

I'd?barley?describe Adelaide, a State Capital City of over 1.25 mil?people?as?some??"small town". ?Regarding you other comment about "leaking roofs"?maybe?you?had got this story?from another "small town" store in NYC ;) ?Rains once more cause damage at Apple's Fifth Avenue NY store?

http://appleinsider.com/articles/13/05/24/rains-once-more-cause-damage-at-apples-fifth-avenue-ny-store

spacepower2013/05/24 10:42pm

Quote:Originally Posted by CharliePotatoes?

Coverse tennis shoes , dirty tee shirts, ripped jeans and scruffy bears are growing old. How about new uniforms with button down shirts, tan khakies, blue blasers and penny loafers for awhile?

Ssshhhhhh

Microsoft might steal your idea.

ireland2013/05/25 07:36am

God, hate those things. Wuu!!

acslater0172013/05/25 10:14am

Quote:Originally Posted by Taniwha?

A store in some small town down under, leaking roofs ... seems that AI has NOTHING to say. Boring
Maybe you should take your money elsewhere. Oh wait, this is a free website.

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Latest Apple HeadlinesEditorial: Apple's iOS 7 needs exclusive, distinctive features, not just a flat UI~21 hours agoiPad shipments could see first ever year-on-year decline in Q2, analyst says~2 days agoGoogle's Motorola issues second appeal of dismissed ITC case against Apple~2 days agoiPhone urinalysis app draws scrutiny from FDA~2 days agoSouth Australia's first Apple Store draws line hours ahead of opening [update: photos and video]~2 days agomore...

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New Google Maps Features Reportedly Leak Ahead of I/O

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Ahead of the curve: but bendable screens still seek breakthrough

By Jeremy Wagstaff and Sinead Carew

SINGAPORE/NEW YORK, April 14 | Sat Apr 13, 2013 11:48pm EDT

SINGAPORE/NEW YORK, April 14 (Reuters) - The touted arrival this year of wearable gadgets such as computer displays strapped to wrists and in wrap-around glasses is just a step towards a bigger revolution in screens - those that can be bent, folded and rolled up.

Once freed from today's relatively heavy, breakable and fixed glass displays, tomorrow's devices may look very different, with screens that can be rolled out, attached to uneven surfaces, or even stretched.

But there's still some way to go.

"It becomes a product designer's paradise - once the technology is sorted out," says Jonathan Melnick, who analyses display technology for Lux Research.

There is no shortage of prototypes - South Korea's Samsung Electronics this year showed off a display screen that extends from the side of a device - but obstacles remain: overcoming technical issues, figuring out how to mass produce parts cheaply, and coming up with devices compelling enough for gadget buyers.

Screen technology - and the global small display market is seen more than doubling to around $72 billion by 2016, according to DisplaySearch - is still dominated by liquid crystal displays (LCDs), which require a backlight and sit between two sheets of glass, making the screen a major contributor to the weight of a device, from laptops to tablets.

"Most of the weight in a tablet is the glass structure in the display and the support structure around it to prevent it from cracking," said Kevin Morishige, a former engineer at Cisco Systems Inc, Hewlett-Packard Co and Palm.

LCD's dominance is already under threat from lighter Organic Light Emitting Diodes (OLEDs) that don't need backlighting, are brighter, offer a wider viewing angle and better colour contrast - and can be printed onto a few layers.

FROM GORILLA TO WILLOW

Glass, however, is getting lighter and more flexible.

Corning Inc, whose toughened Gorilla glass became the screen of choice for many smartphones, will provide phones with curved glass edges as soon as this year. It is also now promoting Willow Glass, which can be as thin as a sheet of paper and is flexible enough to be wrapped around a device or structure. Initially, Willow will be used as a coating for products like solar panels, but it is eventually expected to create curved products.

A key selling point for Willow is more efficient production which involves so-called roll-to-roll manufacturing, like a printing press, rather than today's more costly batch manufacturing. But the commercialization of Willow as a flexible product is some way off, James Clappin, who heads Corning's glass technology group, told Reuters.

And glass has its limits.

"You can bend it, but you can't keep flexing it," said Adrian Burden, a UK consultant who has worked on several start-ups related to display technology, and holds patents in the field. This means that while glass is likely to continue to play a leading role in devices with curved displays, screens that users can bend, fold and roll will likely be plastic.

But plastic is not as robust as glass. "As soon as you introduce plastic substrates you have all kinds of issues with sensitivity to the environment," says Burden.

BARRIER FILMS, NANOPARTICLES

So while OLED and plastic would seem to be companion technologies they create an extra problem when laid together: they need so-called barrier films to prevent the various layers from leaking oxygen and moisture.

"There are barrier films in all sorts of products, for example food packaging, but the challenge is that OLED is one of the most sensitive materials we follow, and so creates huge challenges," says Lux Research's Melnick.

Singapore-based Tera-Barrier Films, for example, has developed a way to plug leaks in the layers using nanoparticles. Director Senthil Ramadas says that after years of delays the company last month started production in Japan and aims for mass production by end-2014. "You have several challenges in the value chain," he said. "All these things need to be established, and only now is it coming out."

And there's another problem: all the materials in a bendable display need to be bendable, too - including the transparent conductors that drive current through the display. Several technologies are vying to replace the brittle and expensive Indium Tin Oxide (ITO) used in most fixed displays, including nanowires, carbon nanotubes, graphene and conductive mesh.

Some of these technologies are close to production. Another Singapore-based firm, Cima Nanotech, for example, rolls a coating of silver-based conductive ink on a sheet which then self-aligns into a web of strands a few microns across that forms the conductive layer.

It's unlikely such shifts in the underlying technologies will yield products immediately. For one thing, "prototypes can be made," says Melnick, "but that's a long way from mass production as many of the processes and material in these devices face big yield and scaling issues."

ON A ROLL

This is gradually changing, some in the industry say, as production shifts from making parts in batches of sheets to the more efficient roll-to-roll process. "Batch is more expensive and slower than roll-to-roll, which needs new equipment and design - and takes time," said Ramadas at Tera-Barrier.

All this requires money, and manufacturers have to be convinced to invest in the new equipment.

Even after the success of Gorilla Glass, popularized by the Apple Inc iPhone, Corning is having to work hard to prepare customers for Willow displays. Clappin said customers want thinner devices and easier to produce glass, but Willow requires a completely different manufacturing set-up.

"When we talk about commercialising Willow a big part of our development activity is enabling the ecosystem to handle what is essentially a brand new material," Clappin added. "Nobody's accustomed to working with glass that bends and moves. It's a new material. The ecosystem needs to be trained to handle it."

He sees demand, particularly from video gamers, for Willow-based curved screens, but remains less convinced about rollable or foldable screens. "Conformable is in the near future. As far as flexible, bendable, fold-upable goes, I see that further out and I'm not even sure that's a viable product," he said.

That in turn requires figuring out what end users might want. "For us and for our clients it's not so much about the flexible display technology," says Brandon Edwards, Shanghai-based executive creative director of frog, a design company owned by India's Aricent. "That's a huge part of it, but what are the practical ways we can bring products to market and how fast, and what's the right cadence? What are consumers going to be responsive to?"

WHAT DO PEOPLE WANT?

For companies with deep pockets, like Samsung, this can mean building prototypes such as those displayed at international technology shows. But that doesn't guarantee success in selling products. Sony Corp, for example, promoted flexible OLED displays back in 2007. "Six years later they've not come up with anything," says Zhang Jie, senior scientist at Singapore's Institute of Metals Research and Engineering. "If Samsung's going to really drive this the application really needs to drive people and make them want it."

This slows down the process. In late 2011, Samsung told analysts it planned to introduce flexible displays into handsets "some time in 2012, hopefully the earlier part than later", but a year later the company said the technology was still "under development." In an investment note last month Jefferies said that while Samsung may introduce "unbreakable" screens this year, it didn't expect to see flexible displays in Samsung devices until 2014-15.

Ultimately, teasing out the technical problems may be only half the battle.

"This is the eternal question of the speciality materials industry," says Lutz Grubel, Japan-based head of marketing for German glass maker Schott's Xensation Cover 3D glass. "You have something, a material, and you're looking for an application. That's the game."

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Dollar and Yen Rise on Haven Demand, US ISM Data Key Ahead

The US Dollar and Yen rose on haven demand following disappointing Japanese and Chinese economic data. All eyes are now on the US ISM Manufacturing report.

Talking Points

Dollar, Yen Rise on Safe Haven Demand as Stocks Fall in Asian Trade US ISM Manufacturing Data May Outperform, Boosting Risk Appetite The US Dollar and Japanese Yen outperformed in overnight trade – adding as much as 0.3 and 0.5 percent respectively against their major counterparts – as stocks fell in Asia and drove demand for the standby safe haven currencies. The MSCI Asia Pacific regional benchmark stock index fell as much as 1 percent on the back of disappointing Japanese and Chinese economic data.

Japan’s Tankan survey showed large manufacturers’ sentiment improved less than expected in the first quarter. Meanwhile, the forward-looking Outlook gauge unexpectedly printed in negative territory for a third consecutive period while capital spending fell 2 percent, sinking bets for a 5 percent increase. China’s Manufacturing PMI gauge printed at 50.9 in March, showing factory-sector activity accelerated less than economists expected. Consensus forecasts argued for a reading at 51.2 prior to the release.

The European economic calendar is empty as key regional exchanges remain offline for the Easter Monday holiday. This shifts the spotlight to US ISM Manufacturing data, where expectations point to a slight slowdown in sector activity in March. US economic data has tended to outperform relative to expectations over the past month however according to data compiled by Citigroup, however. More of the same this time around may prove supportive for risk appetite, capping gains in the greenback as well as the Japanese unit.

Want to see economic data releases directly on your charts? Try this App.

Asia Session:

Loans & Discounts Corp (YoY) (FEB)

Tankan Large Manufacturers Index (1Q)

Tankan Non-Manufacturing Index (1Q)

Tankan Large Manufacturers Outlook (1Q)

Tankan Non-Manufacturing Outlook (1Q)

Tankan Large All Industry Capex (1Q)

Euro Session:

Critical Levels:

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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Cypriot Banks Reopen, Euro Rallies; USD Steadies Ahead of GDP

ASIA/EUROPE FOREX NEWS WRAP

High beta currencies and risk-correlated assets are mixed in the pre-North American trading hours, as investors around the globe anxiously await news out of Cyprus, now that banks are reopening there for the first time since March 16. There has been much ado about the potential for a bank runs in Cyprus, but thus far, predictions have fallen short of reality. Even though it is a counterfactual argument (and thus can’t be either proved or disproved), I suggest that the capital controls in place – limiting Cypriots to withdrawals of €300/day – are the reason why we’ve seen a lack of panic; accordingly, without them, Cypriot banks would be seeing massive outflows.

Regardless, with Cypriot banks reopening today at 06:00 EST/10:00 GMT, the Euro has found some firmer footing, and has retaken $1.2800 against the US Dollar amid the lack of the bank run. Italian and Spanish yields continue to edge higher, however, as the political situation in Italy appears to be nearing the apex of its crescendo, with it increasingly clear that Pier Luigi Bersani of the centre-left party won’t be able to garner enough support to form a government. However, with Italian President Giorgio Napolitano in the last six months of his presidency (ending in May), new elections cannot be called. We are thus stuck in limbo, and it is looking like another caretaker government, albeit with limited scope for implementing any substantive new reforms, will take charge in the interim.

Looking ahead to the North American trading session, there are several key data releases at 08:30 EST/12:30 GMT that could stoke additional volatility on Thursday. I’ve discussed the implications for both of these releases in greater detail in the Top 5 Key Events column this week.

Taking a look at European credit, upward pressure on peripheral bond yields has held the Euro back on Thursday, despite constructive price action in the single currency. The Italian 2-year note yield has increased to 1.949% (+0.6-bps) while the Spanish 2-year note yield has increased to 2.437% (+1.8-bps). Similarly, the Italian 10-year note yield is unchanged at 4.766% while the Spanish 10-year note yield has increased to 5.089 % (+3.4-bps); higher yields imply lower prices.

RELATIVE PERFORMANCE (versus USD): 10:50 GMT

JPY: +0.28%

NZD: +0.16%

EUR: +0.15%

CHF:+0.10%

CAD:-0.03%

GBP:-0.07%

AUD:-0.19%

Dow Jones FXCM Dollar Index (Ticker: USDOLLAR): -0.05% (+0.05% past 5-days)

ECONOMIC CALENDAR

See the DailyFX Economic Calendar for a full list, timetable, and consensus forecasts for upcoming economic indicators.

TECHNICAL ANALYSIS OUTLOOK

EURUSD: No change: “The headlines of Cyprus’ bailout pushed the EURUSD through the descending TL off of the February 1 and March 15 highs, at 1.2990/300, to its 21-EMA at 1.3042, before failure ensued on Monday. As I do not find the bailout terms favorable to long-lasting Euro strength, the “top” after the bailout could now be in place. Fresh yearly lows were set below 1.2800 at the time of writing [on Wednesday], with a clear test of 1.2660/80 (61.8% Fibonacci retracement on July 2012 to February 2013 rally, mid-November swing lows) in focus. A bearish bias holds so long as 1.3085 holds this week.”

USDJPY: No change: “The USDJPY continues to consolidate near the lower rail of its ascending channel dating back to January, with the first test of 93.50 well-supported. Accordingly, with risk aversion afoot, the drive in the pair is likely lower given the compressing 2s10s Treasury spread. Nevertheless, BoJ policymakers are set to meet next week, in what should be the beginning of new, expansive monetary measures under the watchful eyes of Haruhiko Kuroda. A break below 93.50 could lead to a hasty sell-off towards 90.00/50.”

GBPUSD: No change: “The failed run up to the 1.5285/375 region suggests that the rally in the GBPUSD seen the past few weeks may be nothing more than short covering and asset reallocation, rather than traders taking up new positions amid an improved interest rate outlook for the UK. Price has fallen back below the 8- and 21-EMAs after a rejection at a critical RSI level of 55. A move below 1.5000 this week would necessarily bring into view the lows near 1.4800/30 going into April.” A potential Bearish Rising Wedge has developed (clearer on the 4H timeframe, which would suggest a retest of the lows near 1.4830. The pattern is valid so long as 1.5260/65 holds to the upside.

AUDUSD:No change: “The AUDUSD uptrend remains, but after rejection in the critical 1.0475/535 region, the uptrend is being tested at 1.0435. A daily close below 1.0435 brings into focus the Symmetrical Triangle breakout zone of 1.0370/95, also where the 21-EMA and 200-DMA sit. It is of note that daily RSI failed to move through 67 – a level that has capped the daily RSI on previous run ups towards 1.0600 in mid-December and mid-January.” Now that price has closed below 1.0435, a further pullback to 1.0370/95 is in scope before buying interest returns.

S&P 500: No change: “The near-term set back at 1530 took place for less than two weeks, but the break higher hasn’t been marked by high volume; no, it has been a volumeless rally, with the breakout occurring on volumes around 80% of the daily average in 2013. This is not a ‘technically strong move.’ The float higher could continue, towards the all-time high at 1576.1, but might be cut short in the 1565/70 zone, where two key Fibonacci extensions lay. I’m very skeptical up here – markets seem to be ignoring Italy and the derisive politics in the United States at the moment (this also happened in 2011 and 2012 at the beginning of those years).”

GOLD: No change: “Gold broke below trendline support off of the January 2011 and May 2012 lows at 1650 last week, prompting a sharp sell-off into 1600, where price broke out in mid-August before a rally into the post-QE3 high at 1785/1805. However, with oversold conditions persisting on the 4H and daily timeframes, a rebound should not be ruled out; each of the past two daily RSI oversold readings has produced a rally in short order. Resistance is 1625 and 1645/50. Support is 1585 and 1555/60. It should be noted that Gold has entered a major support zone from the past 18-months from 1520 to 1575.”

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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Euro Outlook Remains Weighed by Cyprus- Deeper Recession Ahead

By David Song, Currency Analyst 26 March 2013 11:35 GMT Talking Points

Euro: Cyprus to Face Deeper Recession, Capital Control for Weeks British Pound: U.K. Banks to Boost Capital, Retail Sales Slumps U.S. Dollar: Durable Goods, New Home Sales, Consumer Confidence on Tap Euro: Cyprus to Face Deeper Recession, Capital Control for Weeks

The Euro is struggling to hold above the 200-Day SMA (1.2874) even as European policy makers talk down the heightening risks surrounding Cyprus bailout, and the single currency may weaken further over the near to medium-term as the fundamental outlook for the region turns increasingly bleak.

Although Cypriot Finance Minister Michael Sarris talked down speculation for a euro-area exit, he warned of a deepening recession following the rescue, and said that the bail-in package sets a bad precedence for the monetary union as the capital controls on the periphery country are expected to last for weeks.

At the same time, Standard and Poor’s curbed its outlook for the euro-area as the group now sees the growth rate contracting 0.5% in 2013 versus an initial forecast for a 0.1% decline, and the deepening recession in the region may put increased pressure on the European Central Bank (ECB) to push the benchmark interest rate lower as the economic downturn threatens price stability.

Despite efforts to alleviate suspicions surrounding the Cyprus bailout, the EURUSD may continue to fall back towards the 1.2640-50 region – the 23.65 Fibonacci retracement from the 2009 high to the 2010 low – as the weakening outlook for growth and inflation foreshadows an ECB rate cut.

British Pound: U.K. Banks to Boost Capital, Retail Sales Slumps

The British Pound pared the advance to 1.5206 as the Bank of England (BoE) Deputy Governor Paul Tucker warned that U.K. institutions ‘need to repair themselves’ as the ‘economy requires sound banks ‘to recover.

As the Monetary Policy Committee maintains an accommodative policy stance, a central bank survey showed commercial banks are anticipating a ‘significant’ boost in capital during the second-quarter, but we way see the BoE continue to tolerate above-target inflation in an effort to stem the risk for a triple-dip recession.

As the Confederation of British Industry’s gauge for U.K. retail sales slips to the lowest level since August, the weakening outlook for growth may produce a more meaningful pullback in the GBPUSD, and the pair looks poised to face range-bounce prices over the near to medium-term as the exchange rate remains capped by a the 50.05 Fib from the 2009 low to high around 1.5260.

U.S. Dollar: Durable Goods, New Home Sales, Consumer Confidence on Tap

The greenback appears to be regaining its footing going into the North American trade as the Dow Jones-FXCM U.S. Dollar Index (Ticker: USDOLLAR) stems the decline to 10,434, and the reserve currency may track higher throughout the day should the economic docket highlight an improved outlook for the U.S.

As the U.S. trade offers a good round of fundamental event risk, data pointing to a stronger recovery should heighten the appeal of the dollar, and the bullish sentiment surrounding the reserve currency may pick up as the developments coming out of the world’s largest economy dampens speculation of seeing additional Fed support.

FX Upcoming

Durables ex Transportation (FEB)

Non-Defense Capital Goods Orders ex Aircrafts (FEB)

Non-Defense Capital Goods Shipmet ex Aircrafts (FEB)

S&P/Case-Shiller Composite-20 s.a. (MoM) (JAN)

S&P/Case-Shiller Composite-20 (YoY) (JAN)

S&P/Case-Shiller Home Price Index (JAN)

Richmond Fed Manufacturing Index (MAR)

--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong

To be added to David's e-mail distribution list, send an e-mail with subject line "Distribution List" to dsong@dailyfx.com.

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26 March 2013 11:35 GMT

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Dollar Looks to Close Sixth Bullish Quarter, What are the Drivers Ahead?

Dollar Looks to Close Sixth Bullish Quarter, What are the Drivers Ahead? Euro Traders Looking at Slovenia, Italy as Next Systemic Crisis Risk British Pound Still Weak Despite Questionable Stimulus Outlook Next Week Japanese Yen: Government Sets Wheels in Motion to Ensure BoJ Stimulus Australian Dollar Approaching RBA Decision with Increased Optimism Canadian Dollar Unable to Capitalize on GDP – A Lesson in What Matters Gold Ends Quarter Building Congestion on Low Volume, ETF Divesting Range Trade Strategies work best in quiet market conditions - such as the Asia trading session

Dollar Looks to Close Sixth Bullish Quarter, What are the Drivers Ahead?

While the quarter is over for the US capital markets with exchanges closed for the Good Friday holiday, the Dow Jones FXCM Dollar Index (ticker = USDollar) still has one more day to break from its fundamentally-tense meander between 10,500 and 10,400 and revive a new trend before Q2. This is unlikely to happen, however, considering a good portion of the speculative world will be offline until next week. Meanwhile, an observation of trader positioning – whether you believe in investor confidence or stimulus – the S&P 500 closed the day, week and quarter at a record high. Yet, the lowest volume level in 15 years – 32.96 billion shares – should keep risk bulls on their toes and dollar bulls ready.

Euro Traders Looking at Slovenia, Italy as Next Systemic Crisis Risk

The Cypriot markets reopened for the first time in nearly two weeks. And, while there was no doubt a feeling of anxiety amongst those trying to withdrawal funds, there were no immediate signs of an imminent liquidity crisis. The capital controls and consolidation of the nation’s two largest banks has effectively defused the most immediate threat to the fragile country. However, this is not an ‘all is clear’ sign for Euro traders. The threat remains the nagging fear that a bank levy and capital controls could be in store for other Euro-area economies. Is Slovenia next on the list after its 2022 bond yield surged 42 percent in two weeks? Or perhaps Italy after Bersani said a government couldn’t be formed?

British Pound Still Weak Despite Questionable Stimulus Outlook Next Week

With the modern stimulus approach invariably involving tremendous amounts of local sovereign debt, we have a relatively easy measure of market-based stimulus expectations (for all but the most mature programs) – the strength of the government bond market or weakness in yields. This is something we have seen play through readily in Japanese Government Bonds (JGBs) since the beginning of the year as the threats by the new Bank of Japan leadership have generated considerable interest. Yet, with the pound’s sizable drop since we started 2013 on the assumption that remit – allowances for the Bank of England (BoE) to stray from pure inflation targets – and a new Governor (Carney comes on in July), we would expect the same thing in gilt yields. Since mid-February, the 10-year gilt yield has dropped 22 percent from its peak. What happens then if the market is met with a mum BoE next week even with its greater freedom after such a run?

Japanese Yen: Government Sets Wheels in Motion to Ensure BoJ StimulusThe headlines were thick with official commentary this past session, but it wasn’t the kind of rhetoric that FX traders are looking for from the Japanese yen. Market participations have developed a very short-term focus on the fundamentals – not surprising given the yen’s incredible move over the past months. Given the level of commitment – and now expectation – directed towards an expansive stimulus program in Japan, there is little the masses are willing to move on short of a confirmation or rejection of expectations that the central bank will move up its ¥13 trillion-per-month program scheduled for January to a May start. However, we should take note a few things that have passed the wires recently. For data this morning, the February National CPI figures would also cement the nation’s state of deflation. That is where discussion of an LDP draft bill that could diminish the BoJ’s independence to comes in. Government-run stimulus…it’s a real possibility.

Australian Dollar Approaching RBA Decision with Increased Optimism

Looking ahead to next week, we have a Reserve Bank of Australian (RBA) rate decision scheduled for the early trading hours on Tuesday, April 2. Over the past two years, the approach of this particular event risk was assessed for what degree of bearish influence it would impose on the currency. In other words, currency traders would use the occasion to speculation on the likelihood of a rate cut – and if not an actual rate cut, how intense the commentary was towards ushering in a future easing move. This bearish / dovish risk has steadily dissipated, however, and this past month has seen the one year (12-month) outlook moved its closest to a ‘no change’ read since July 2011. The only element missing is the RBA’s commentary actually confirming that even keel. This past session, the one-year outlook actually dropped back to 25 bp cut (a three-week low) following the mild 2.1 percent consumer inflation reading from TD Securities. The next move is up to the RBA or wholesale risk.

Canadian Dollar Unable to Capitalize on GDP – A Lesson in What Matters

Despite data on the day that backed a strong Canadian economy, the country’s currency presented a particularly weak front Thursday. The Canadian dollar closed a bearish session against all of its major counterparts with the exception of the Australian dollar. From the calendar, the focus was on the January Gross Domestic Product (GDP) figures. Unlikely the first reading of the quarterly figures from other countries, the monthly numbers from Canada carry far less short-term market-moving impact. The 1.0 percent year-over-year pace of expansion was slightly better than expected and gave the USDCAD a quick jolt to the downside – but the strength was very quick to fade. Furthermore, this was only an uptick from the slowest pace of expansion since December 2009. This indicator – as well as the sharpest increase in upstream inflation pressures in five years – lacks for drive because it doesn’t tap a broad enough audience through rate expectations.

Gold Ends Quarter Building Congestion on Low Volume, ETF Divesting

Technical traders that monitor candlestick patterns would call gold’s session Thursday an ‘inside day’. The precious metal’s range fit neatly within the previous session’s extremes. That technical view is a sound reflection on fundamentals. Speculative participation in gold futures – aggregate open interest – dropped this week to its lowest level since August. In another measure of market interest, total Exchange Traded Fund (ETF) holdings of the commodity dropped for a third consecutive day to a seven-month low 78.76 million ounces. To give a sense of this shift in interest, open interest has dropped over 15 percent from the peak in November while ETF holdings are 7 percent off their own record highs in late December. The exodus from the precious metal has proven both consistent and heavy. At this point, momentum has shifted to the bears and the burden shifts to gold bugs to revive its luster before its drops below $1,550. The BoJ will be important next week.

**For a full list of upcoming event risk and past releases, go to www.dailyfx.com/calendar

ECONOMIC DATA

MNI Business Sentiment Indicator

Monthly poll of Chinese business executives; A leading indicator.

Weaker yen does not benefit auto demand from foreign countries.

1Y Avg. 2.28; High 16.2; Low -13.8.

1Y Avg. 6.86; High 25.2; Low -9.57.

1Y Avg. 0.88; High 0.98; Low 0.84.

Sharp fall due to payroll tax hike.

Stronger job growth offsets tax hike.

Personal Consumption Expenditure Deflator (MoM)

Fed’s effort in the MBS market has been reflected in the improving housing market, however, the multiplier effect on consumption will depends on consumer expectation.

Personal Consumption Expenditure Core (MoM)

Personal Consumption Expenditure Core (YoY)

Personal Consumption Expenditure Deflator (YoY)

Robust confidence suggested by equity and labor markets.

Last Business Day of Japan’s Fiscal Year

US Markets Closed for Good Friday Holiday

European Markets Closed for Good Friday Holiday

SUPPORT AND RESISTANCE LEVELS

To see updated SUPPORT AND RESISTANCE LEVELS for the Majors, visit Technical Analysis Portal

To see updated PIVOT POINT LEVELS for the Majors and Crosses, visit our Pivot Point Table

CLASSIC SUPPORT AND RESISTANCE

INTRA-DAY PROBABILITY BANDS 18:00 GMT

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--- Written by: John Kicklighter, Chief Strategist for DailyFX.com

To contact John, email jkicklighter@dailyfx.com. Follow me on twitter at http://www.twitter.com/JohnKicklighter

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Euro Pessimism Gathers Pace- Further ECB Support Ahead

Talking Points

Euro: Cyprus Not a Template, Banks to Become Increasingly Reliant on ECB British Pound: 4Q GDP Contracts 0.3%, Disposable Incomes Fall 0.1% Euro: Cyprus Not a Template, Banks to Become Increasingly Reliant on ECB

The Euro tumbled to a fresh yearly low of 1.2760 as economic confidence in Europe weakened more-than-expected during the month of March, and the single currency may face additional headwinds over the near to medium-term as fears of a deepening recession along with the renewed threat for contagion drags on the exchange rate.

Although the EU argued that the Cyprus bailout ‘is not a template’ for the euro-area, former Bundesbank President Axel Weber warned the ‘impact on the Cypriot economy is going to be huge,’ and argued that ‘banks will become even more dependent on ECB liquidity because deposits will be largely drained.’

At the same time, it seems as though Slovenia could be next in line to request external assistance as Prime Minister Alenka Bratusek warns that public finances in the region remain in ‘bad shape,’ and the renewed threat for contagion may continue to dampen the appeal of the single currency as European policy makers maintain a reactionary approach in addressing the risks surrounding the region.

As the fundamental outlook for Europe turns increasingly bleak, the EURUSD should continue to work its way towards the 23.6% Fibonacci retracement from the 2009 high to the 2010 low around 1.2640-50 to test for near-term support, but the bearish sentiment surrounding the single currency may threaten the rebound from 2012 (1.2041) as market participants see a growing case for the ECB to push the benchmark interest rate to a fresh record-low in the coming months.

British Pound: 4Q GDP Contracts 0.3%, Disposable Incomes Fall 0.1%

The British continued to give back the rebound from earlier this month as the Bank of England (BoE) warned commercial banks in the U.K. will need to come up with GBP 25B in fresh capital by the end of the year in order to insulate the economy from future shocks.

At the same time, the final 4Q GDP report confirmed the 0.3% decline in the growth rate, but showed a 0.1% contraction in disposable incomes, which puts the BoE in an even tougher position as above-target inflation continues to sap purchasing power for Britons.

As the British economy struggles to emerge from the double-dip recession, we should see the Monetary Policy Committee maintain an accommodative policy stance in 2013, but we may see a growing number of BoE officials adopt a more neutral to hawkish tone for monetary policy as the central bank sees a slow but sustainable recovery ahead.

As the GBPUSD appears to have carved out a near-term top around the 50.0% Fib from the 2009 low to high around 1.5260, the pair looks poised to revert back towards the 61.8% retracement (1.4840-50), and we may see the pair continue to consolidate ahead of the next BoE meeting on April 4 as market participants weigh the outlook for monetary policy.

FX Upcoming

Consumer Price Index (MoM) (FEB)

Consumer Price Index (YoY) (FEB)

Bank Canada Consumer Price Index Core (MoM) (FEB)

Bank Canada Consumer Price Index Core (YoY) (FEB)

Consumer Price Index s.a. (MoM) (FEB)

Consumer Price Index Core s.a. (MoM) (FEB)

Pending Home Sales (MoM) (FEB)

Pending Home Sales (YoY) (FEB)

DOE U.S. Crude Oil Inventories (MAR 22)

DOE U.S. Distillate Inventory (MAR 22)

DOE U.S. Gasoline Inventories (MAR 22)

Fed's Eric Rosengren Speaks on U.S. Economy

Fed's Narayana Kocherlakota Speaks on Monetary Policy

--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong

To be added to David's e-mail distribution list, send an e-mail with subject line "Distribution List" to dsong@dailyfx.com.

Will the EUR/USD Resume the Downward Trend From 2011? Join us in the Forum

RelatedArticles: Weekly Currency Trading Forecast

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View the original article here

Euro Pessimism Gathers Pace- Further ECB Support Ahead

Talking Points

Euro: Cyprus Not a Template, Banks to Become Increasingly Reliant on ECB British Pound: 4Q GDP Contracts 0.3%, Disposable Incomes Fall 0.1% Euro: Cyprus Not a Template, Banks to Become Increasingly Reliant on ECB

The Euro tumbled to a fresh yearly low of 1.2760 as economic confidence in Europe weakened more-than-expected during the month of March, and the single currency may face additional headwinds over the near to medium-term as fears of a deepening recession along with the renewed threat for contagion drags on the exchange rate.

Although the EU argued that the Cyprus bailout ‘is not a template’ for the euro-area, former Bundesbank President Axel Weber warned the ‘impact on the Cypriot economy is going to be huge,’ and argued that ‘banks will become even more dependent on ECB liquidity because deposits will be largely drained.’

At the same time, it seems as though Slovenia could be next in line to request external assistance as Prime Minister Alenka Bratusek warns that public finances in the region remain in ‘bad shape,’ and the renewed threat for contagion may continue to dampen the appeal of the single currency as European policy makers maintain a reactionary approach in addressing the risks surrounding the region.

As the fundamental outlook for Europe turns increasingly bleak, the EURUSD should continue to work its way towards the 23.6% Fibonacci retracement from the 2009 high to the 2010 low around 1.2640-50 to test for near-term support, but the bearish sentiment surrounding the single currency may threaten the rebound from 2012 (1.2041) as market participants see a growing case for the ECB to push the benchmark interest rate to a fresh record-low in the coming months.

British Pound: 4Q GDP Contracts 0.3%, Disposable Incomes Fall 0.1%

The British continued to give back the rebound from earlier this month as the Bank of England (BoE) warned commercial banks in the U.K. will need to come up with GBP 25B in fresh capital by the end of the year in order to insulate the economy from future shocks.

At the same time, the final 4Q GDP report confirmed the 0.3% decline in the growth rate, but showed a 0.1% contraction in disposable incomes, which puts the BoE in an even tougher position as above-target inflation continues to sap purchasing power for Britons.

As the British economy struggles to emerge from the double-dip recession, we should see the Monetary Policy Committee maintain an accommodative policy stance in 2013, but we may see a growing number of BoE officials adopt a more neutral to hawkish tone for monetary policy as the central bank sees a slow but sustainable recovery ahead.

As the GBPUSD appears to have carved out a near-term top around the 50.0% Fib from the 2009 low to high around 1.5260, the pair looks poised to revert back towards the 61.8% retracement (1.4840-50), and we may see the pair continue to consolidate ahead of the next BoE meeting on April 4 as market participants weigh the outlook for monetary policy.

FX Upcoming

Consumer Price Index (MoM) (FEB)

Consumer Price Index (YoY) (FEB)

Bank Canada Consumer Price Index Core (MoM) (FEB)

Bank Canada Consumer Price Index Core (YoY) (FEB)

Consumer Price Index s.a. (MoM) (FEB)

Consumer Price Index Core s.a. (MoM) (FEB)

Pending Home Sales (MoM) (FEB)

Pending Home Sales (YoY) (FEB)

DOE U.S. Crude Oil Inventories (MAR 22)

DOE U.S. Distillate Inventory (MAR 22)

DOE U.S. Gasoline Inventories (MAR 22)

Fed's Eric Rosengren Speaks on U.S. Economy

Fed's Narayana Kocherlakota Speaks on Monetary Policy

--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong

To be added to David's e-mail distribution list, send an e-mail with subject line "Distribution List" to dsong@dailyfx.com.

Will the EUR/USD Resume the Downward Trend From 2011? Join us in the Forum

RelatedArticles: Weekly Currency Trading Forecast

New to FX? Watch this Video

View the original article here

Euro Outlook Remains Weighed by Cyprus- Deeper Recession Ahead

By David Song, Currency Analyst 26 March 2013 11:35 GMT Talking Points

Euro: Cyprus to Face Deeper Recession, Capital Control for Weeks British Pound: U.K. Banks to Boost Capital, Retail Sales Slumps U.S. Dollar: Durable Goods, New Home Sales, Consumer Confidence on Tap Euro: Cyprus to Face Deeper Recession, Capital Control for Weeks

The Euro is struggling to hold above the 200-Day SMA (1.2874) even as European policy makers talk down the heightening risks surrounding Cyprus bailout, and the single currency may weaken further over the near to medium-term as the fundamental outlook for the region turns increasingly bleak.

Although Cypriot Finance Minister Michael Sarris talked down speculation for a euro-area exit, he warned of a deepening recession following the rescue, and said that the bail-in package sets a bad precedence for the monetary union as the capital controls on the periphery country are expected to last for weeks.

At the same time, Standard and Poor’s curbed its outlook for the euro-area as the group now sees the growth rate contracting 0.5% in 2013 versus an initial forecast for a 0.1% decline, and the deepening recession in the region may put increased pressure on the European Central Bank (ECB) to push the benchmark interest rate lower as the economic downturn threatens price stability.

Despite efforts to alleviate suspicions surrounding the Cyprus bailout, the EURUSD may continue to fall back towards the 1.2640-50 region – the 23.65 Fibonacci retracement from the 2009 high to the 2010 low – as the weakening outlook for growth and inflation foreshadows an ECB rate cut.

British Pound: U.K. Banks to Boost Capital, Retail Sales Slumps

The British Pound pared the advance to 1.5206 as the Bank of England (BoE) Deputy Governor Paul Tucker warned that U.K. institutions ‘need to repair themselves’ as the ‘economy requires sound banks ‘to recover.

As the Monetary Policy Committee maintains an accommodative policy stance, a central bank survey showed commercial banks are anticipating a ‘significant’ boost in capital during the second-quarter, but we way see the BoE continue to tolerate above-target inflation in an effort to stem the risk for a triple-dip recession.

As the Confederation of British Industry’s gauge for U.K. retail sales slips to the lowest level since August, the weakening outlook for growth may produce a more meaningful pullback in the GBPUSD, and the pair looks poised to face range-bounce prices over the near to medium-term as the exchange rate remains capped by a the 50.05 Fib from the 2009 low to high around 1.5260.

U.S. Dollar: Durable Goods, New Home Sales, Consumer Confidence on Tap

The greenback appears to be regaining its footing going into the North American trade as the Dow Jones-FXCM U.S. Dollar Index (Ticker: USDOLLAR) stems the decline to 10,434, and the reserve currency may track higher throughout the day should the economic docket highlight an improved outlook for the U.S.

As the U.S. trade offers a good round of fundamental event risk, data pointing to a stronger recovery should heighten the appeal of the dollar, and the bullish sentiment surrounding the reserve currency may pick up as the developments coming out of the world’s largest economy dampens speculation of seeing additional Fed support.

FX Upcoming

Durables ex Transportation (FEB)

Non-Defense Capital Goods Orders ex Aircrafts (FEB)

Non-Defense Capital Goods Shipmet ex Aircrafts (FEB)

S&P/Case-Shiller Composite-20 s.a. (MoM) (JAN)

S&P/Case-Shiller Composite-20 (YoY) (JAN)

S&P/Case-Shiller Home Price Index (JAN)

Richmond Fed Manufacturing Index (MAR)

--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong

To be added to David's e-mail distribution list, send an e-mail with subject line "Distribution List" to dsong@dailyfx.com.

Will the EUR/USD Resume the Downward Trend From 2011? Join us in the Forum

RelatedArticles: Weekly Currency Trading Forecast

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26 March 2013 11:35 GMT

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Teased: Hyundai sketches out HND-9 luxury sports coupe concept ahead of Seoul

Luxury Sports Coupe Concept HND-9

- The HND-9 hints at Hyundai's next-generation luxury sports coupe design

- More details to be revealed at the 2013 Seoul Motor Show

March 21, 2013 – Hyundai Motor Company, the fastest-growing automaker by brand, today
unveiled exterior renderings of the 'HND-9', its latest luxury sports coupe concept.

The 'HND-9' represents an evolution of Hyundai's fluidic sculpture design philosophy. The
ninth concept model developed by Hyundai Motor Group's R&D Center in Namyang, Korea,
the HND-9 features sophisticated details in every design element, reinforcing a premium look.

In particular, the HND-9, with its dramatic long hood and wheelbase, is a modern
reinterpretation of the elegant image of a classic premium sports coupe.

Fluidic yet sleek character lines that stretch from headlamp to trunk, voluminous, powerful car
body and a striking, wide hexagonal-shaped radiator grille underscore the high performance
image of the concept.

Furthermore, butterfly doors, spiral-shaped lines connected to the headlamp, softly glistening
silver coating, dual twin muffler and uniquely designed head and rear lamps give the car a
sleek futuristic look.

As a rear-wheel drive, high-performance sports coupe concept, HND-9 is equipped with 3.3-
liter turbo GDi engine and 8-speed auto transmission, delivering maximum output of 370ps.

The HND-9 is set to make its world debut during Hyundai's press conference on March 28
at the 2013 Seoul Motor Show. More details of the concept's design and its cutting-edge
technologies will be revealed at the show.

About Hyundai Motor
Established in 1967, Hyundai Motor Co. has grown into the Hyundai Motor Group, with more than two dozenauto-related subsidiaries and affiliates. Hyundai Motor -- which has seven manufacturing bases outside of South Korea including Brazil, China, the Czech Republic, India, Russia, Turkey and the U.S. -- sold 4.06 million vehicles globally in 2011. Hyundai Motor, which employs over 80,000 worldwide, offers a full line-up of products including small to large passenger vehicles, SUVs and commercial vehicles. Further information about Hyundai Motor and its products is available at www.hyundai.com.

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