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Mid-Day Report: Euro Rebounds on Risk Appetite as Global Equity Markets RecoverMost currency pairs remained confined within near term established ranges except EUR/USD as the pair rebounded partly due to the recovery in European stock markets (STOXX 50, FTSE 100 and DAX are all in positive territory with 1.6%-2.4% rise, Dow futures also up over 150 points pre-opening). On the other hand, speculation that U.S. may announce more monetary easing measures later this week in order to support the soft U.S. economy. Federal Reserve Chairman Ben Bernanke will speak later this week at the central bank's annual retreat in Jackson Hole, Wyoming this Friday, investors are betting the chairman will signal his willingness to implement more economic stimulus measures, probably 3rd round of quantitative easing (QE3). |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6395; (P) 1.6506; (R1) 1.6569; More. GBP/USD continues to stay in tight range below 1.6618 temporary top and intraday bias remains neutral. More consolidations would be seen with risk of deeper retreat. But downside is expected to be contained well above 1.6110 support and bring another rise. Above 1.6618 will target 1.6746 resistance and then 100% projection of 1.5780 to 1.6474 from 1.6110 at 1.6807 next. |
| Special Reports |
Evaluation Of QE2 And Preview Of Possible QE3 Ahead Of Jackson Hole SymposiumThe next major event in the US after the August FOMC meeting will be next Friday's economic policy symposium in Jackson Hole, Wyoming. After the Fed announced to keep interest rates at exceptionally low levels at least through mid-2013 on August 9, the market has been increasingly speculating that Chairman Ben Bernanke will signal additional easing measures at the meeting next week. According to a CNBC survey done after the FOMC meeting, 46% of respondents said the Fed will resume QE, up from 19% in the July survey while 37% said the Fed will not do QE, down from 68% in July. Also, of those who believe the Fed will resume QE, the asset purchases are expected to average at 628B, up from 377B in July. |
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| Economic Indicators Update |
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| Forex Trade Ideas | ||||||||||||||
Trade Idea Update: GBP/USD – Sell at 1.6585Cable’s retreat after last week’s resumption of upmove to 1.6618 suggests a temporary top has been formed there and consolidation with downside bias is seen for test of Friday’s low of 1.6444, however, break of previous support at 1.6421 is needed to add credence to this view, bring retracement to 1.6400 and eventually towards 1.6350 but support at 1.6323 should remain intact. Trade Idea Update: USD/CHF – Buy at 0.7800Although the greenback has rebounded after falling last Friday to 0.7807 and further consolidation would continue, as long as the Ichimoku cloud (now at 0.7918) holds, near term downside risk remains for the corrective fall from 0.8020 to bring marginal weakness below said support. Having said that, downside should be limited to 0.7784 (50% Fibonacci retracement of 0.7548-0.8020) and support at 0.7770 should hold, bring another rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||
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Fundamental Highlights
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