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| Action Insight Weekly Report | Markets Snapshot |
Risk Soared, Dollar Tumbled after EU Summit, Trend Sustainability Depends on Fed's Expectation ManagementExpectation management proved to be the most important thing in the markets. While the outcomes of the EU summits were undoubtably positively, they were anything ground-breaking. We heard about bank recapitalization, Greek debt haircut and beefing-up of EFSF before. They're not new. But the expectation ahead of the second EU summit was so low that markets cheered those outcomes and risks surged broadly. The development was significant as stocks turned positive for the year while dollar index turned quite bearish. Now, we're entering into another important week with three central bank meeting, G20 summit as well as loads of important economic data. Most importantly, recent comments from Fed officials have set up some expectations for QE3 and we'll see how Bernanke would further manage our expectations with the FOMC statement and press conference this week. |    |
| Featured Technical Report | |
AUD/USD Weekly OutlookAUD/USD's rise from 0.9387 accelerated to as high as 1.0752 last week and closed strongly. Initial bias remains on the upside this week and break of 1.0764 will target a test on 1.1079 high. On the downside, below 1.0564 minor support will turn bias neutral and bring consolidations . But retreat should be contained by 1.0321 support and bring another rise. |
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| Special Report | |
Fed to Hold Policy Stance Unchanged, Focus on Improving CommunicationAt the November FOMC meeting, the Fed will likely leave the policy rate unchanged at 1% and will not announce additional easing measures as recent economic data improved. Yet, the focus lies on policymakers' discussion about ways of increasing transparency and tools to boost growth when needed. At the post-meeting press conference, Chairman Ben Bernanke will assure the market that the stimulus currently in place is sufficient and the Fed will promptly implement further easing measures should the recovery disappoint. |
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The Week in Review and Preview |
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