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Mid-Day Report: Euro Weakens after Bond AuctionEuro weakens mildly today even though Italian bond auctions went fairly well. Bank of Italy said EUR 3b of five-year bonds were sold, with average yield at 6.29%, up from 5.32% in October. While the yield was significantly higher and was at an euro era record, demand was solid. Bid-to cover ratio was at 1.47%, up from 1.34 times in prior auctions. The result was somewhat reassuring that markets are responding positively to Berlusconi's resignation and Monti's appointment as the new prime minister. But there are still some uncertainties on how Monti's technical government would force through fiscal reforms. |
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| Featured Technical Report | |
EUR/JPY Mid-Day OutlookDaily Pivots: (S1) 105.46; (P) 105.91; (R1) 106.47; More EUR/JPY's recovery was limited below 4 hours 55 EMA and weakens sharply today. But still it's staying above 104.72 temporary low. Intraday bias remains ne neutral and more consolidations could be seen. But after all, upside is expected to be limited by 108.25 resistance and bring another fall. Below 104.72 will confirm the case that rebound from 100.74 has completed at 111.57 and extend the decline from there to retest 100.74 low. Nevertheless, break of 108.24 will dampen this bearish case and turn focus back to 111.57 resistance instead. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency failed to extend last week’s rise from 1.3484 and has retreated sharply from 1.3815 to on negative comments from Merkel and Warren Buffett on European situation, stops at 1.3720 were triggered and bids at 1.3690-70 were filled, Eastern European names were seen selling euro heavily. At the moment, mixture of bids and stops is seen at 1.3620-30 and more stops are tipped at 1.3600 (sizeable) but demand is likely to emerge around 1.3575-80 and also 1.3550. On the upside, offers are reported at 1.3690-00 and more selling interest is seen at 1.3740-50. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CHF – Buy at 0.9010Despite last week’s fall to 0.8954, the subsequent rebound suggests the correction from 0.9153 has possibly ended there and consolidation with upside bias is seen for test of the Ichimoku cloud (now at 0.9053-66), however, break of 0.9090 resistance is needed to add credence to this view, bring further gain towards this level. Looking ahead, only above there would extend recent decline from 0.8568 towards 0.9190-00 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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