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| Action Insight Weekly Report | Markets Snapshot |
Euro Tumbled as Support Removed after ECB's Turn, More Downside aheadEuro tumbled sharply last week as was the weakest major currency just next to the SNB intervened Swiss Franc. While sovereign debt crisis had been dragging along for some time, Euro have been receiving strong support from ECB's hike this year and expectation of of further tightening. Hence, EUR/USD stayed above 1.4 for most of the year and on every occasion of selloff due to negative news about Greece, Portugal or even Italy, the dips were relatively brief. However, ECB's turn into neutral stance last week sort of removed such strong support for the Euro. And this time, EUR/USD took out 1.4 psychological level with relative ease. Similar situation was found in in EUR/GBP, which stayed above 0.86 for most of the year but finally gave up last Friday. |    |
| Featured Technical Report | |
EUR/GBP Weekly OutlookEUR/GBP drops sharply to as low as 0.8591 last week and the break of 0.8642 support confirms resumption of whole decline from 0.9083. Initial bias remains on the downside this week and deeper fall should be seen to 100% projection of 0.9083 to 0.8642 from 0.8884 at 0.8443 next. on the upside, above 0.8648 minor resistance will turn bias neutral and bring consolidations. But recovery should be limited by 0.8732 support turned resistance and bring fall resumption. |
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| Special Reports |
China Watch: Moderation in Inflation not Strong Enough to Trigger Monetary EasingModeration of headline CPI to +6.2% y/y in August from +6.5% in the prior month signaled that inflation in China probably peaked in July. Yet, price levels remained elevated and it would be premature to expect China will abandon tightening or even shift to easing monetary policy. Growth of industrial production and fixed asset investment and retail sales decelerated further in August as a result of government's tightening measures. Yet, the rate of expansion remained resilient despite recent global economic turmoil. We expect to see further slowdown in economic activities in coming months but do not envisage any signs of hard landing. |
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