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Mid-Day Report: Sentiments Stabilized by Remain VulnerableRisk selloff eases into US session with major European indices paring much of earlier losses. Gold also retreats after making new record of 1881.4while Dollar is broadly soft. Sentiments are lifted mildly by comments from Olli Rehn, the European Union commissioner for economic and monetary affair. Rehn said that EU may present a report to European Parliament and the Council on the setup of a "system of common issuance of European sovereign bonds" under joint and several liability". Also, market worries also ease a bit as two biggest Swiss banks UBS and Credit Suisse denied making use of the Fed's swap facility through the SNB. However, some fresh selling in equities is seen in early US session which might turn sentiments sour again. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 76.44; (P) 76.58; (R1) 76.71; More. USD/JPY dips mildly today and is pressing 76.28 support. Break there will confirm resumption of the whole fall from 85.51 and 100% projection of 81.46 to 76.28 from 80.23 at 75.05 next. On the upside, above 76.96 minor resistance will flip bias back to the upside and bring stronger recovery. But we'll stay cautiously bearish as long as 80.23 resistance holds and expect an eventual downside breakout. |
| 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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Remark: Next Candlesticks and Ichimoku Trade Idea update will be made on Monday 22 Aug. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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