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Mid-Day Report: Euro Extends Recovery as Troika Returning to Greece, Finns Approves Stronger EFSFEuro's recovery against dollar resumes today as EU Commission said that the so called Troika, the inspector team from EU, ECB and IMF will return to Athens tomorrow on Thursday to resume review of Greece's compliance with the terms for bailout. Also, the EC spokesman said that there will be another meeting in October between Eurozone finance ministers on disbursement of the next tranche of bailout fund for Greece if the troika team makes a positive finding. Also, the Finnish parliament approved granting additional powers to the EFSF today. There is some support from EC President Barroso's comments that suggest EC is looking at ways to raise the EFSF, including rapid approval of the agreement struck in July to bolster the fund. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3487; (P) 1.3578 (R1) 1.3676; More. EUR/USD edges higher to 1.3689 today and recovery from 1.3362 is still in progress for further rise. But after all, the current rise is treated as a correction in the larger decline only. Hence, we'd expect upside to be limited by 1.3936 resistance and bring fall resumption. Below 1.3477 minor support will flip bias back to the downside. Further break of 1.3362 will target 161.8% projection of 1.4939 to 1.3969 from 1.4548 at 1.2979, which is close to 1.3 psychological level. |
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| Special Report |
ECB To Cut Or Not?The annual World Bank/IMF meeting indeed showed some influences by urging European leaders to deliver more effective measures to resolve the sovereign debt crisis engulfing the Eurozone. Apart from heightening speculations for an expansion and leverage of the new EFSF, hopes loomed for the ECB to cut interest rates, as soon as at the meeting next week, in addition to other easing measures including re-launch of the covered bond purchase program and reintroduction of the 12-month loans for the region's banks. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency surged in European session on remarks from EU's Barroso on possible wider guarantee mechanism for Greek banks, U.S. investment bank and Asian CB were seen buying euro aggressively and pushed the pair to a high of 1.3690 (stops at 1.3675/80 were triggered) before running into offers from macro funds ahead of 1.3700 (option expiry) and retreated thereafter. More selling interest from same parties are tipped at 1.3720 with next batch of stops seen above there and 1.3750. On the downside, bids are still noted at 1.3600 and further out at 1.3550 with stops building up below intra-day low at 1.3540 but sizeable stops only emerging below 1.3490 and 1.3470. | ||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD – Buy at 1.5560Cable’s near term sideways trading is expected to continue and near term downside risk is seen for another corrective fall to 1.5580/85, however, the Ichimoku cloud top (now at 1.5567) should limit downside and bring another rise later. A break of 1.5675/80 would bring test of yesterday’s high of 1.5705, above there would extend recent rise from 1.5326 (last week’s low) towards next chart resistance at 1.5747 Trade Idea: EUR/JPY – Hold short entered at 104.50Despite yesterday’s rise to 104.96, the subsequent retreat from there has retained our bearishness and consolidation with downside bias is seen for weakness to 103.00 and then 102.50, however, break of this week’s low at 101.95 is needed to signal decline has resumed and extend fall to 101.41 (50% projection of 107.00-102.22 measuring from 103.80) but reckon downside would be limited to 100.85 (61.8% projection). 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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