Action Insight Weekly Report 8-23-09

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Action Insight Weekly Report Dollar Reversed Gain on Rally in US Stocks and Oil, New Low Ahead? A number of different forces drove the forex markets into high volatility last week. To a certain extent, the development dampened the view that dollar has bottomed out in medium term. The greenback reversed against Euro and Swissy after strong data from Eurozone and tumbled against Canadian dollar as crude oil made another high in 2009. Sterling didn't benefited on dollar's weakness as BoE minutes revealed the discussion of further expansion of the quantitative easing program. Aussie also lagged behind as pressured by uncertainty in emerging market stocks. On the other hand, strength in US equities triggered pull back in the bond markets and recovery in yields which in turn lifted yen crosses. After all, the markets are rather mixed for the moment, without a clear underlying theme and different intermarket forces may continue to conflict with each other, until markets directions finally align. Full Report Here... Special Report Central Banks Forecasts Update The sizable policy stimulus since 4Q2009 seems to have finally put an end to the worst economy recession after Great Depression. In recent months, macro-economic data have improved and sentiments have turned robust. The market begins to talk about exit from the easing cycle. The majority of analysts in the street expect RBA will be the first central bank to increase its policy rate while the BOJ and the SNB will probably be the last ones. For the rest, the first rate hike will begin in the second half of next year. Full Report Here... Featured Technical Report Market Highlights EUR/USD Weekly Outlook Despite edging lower to 1.4045, subsequent strong rebound from there and break of 1.4326 resistance argues that fall from 1.4446 has completed at 1.4045 already. The three wave corrective structure, in turn indicates that medium term rise is not completed yet. Initial bias will remain on the upside as long as 1.4208 minor support holds and further rise should be seen to 1.4446 high and above. On the downside, below 1.4208 will turn intraday outlook neutral again. But break of 1.4045 support is needed to revive the case that EUR/USD has already topped out. Otherwise, another rally will be in favor in case of pull back. Read more... All Technical Outlook Reports EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook Weekly Top Movers Top 5 Current Last Change (Pips) Change (%) GBPCAD 1.7846 1.8161 -315 -1.77% GBPCHF 1.7460 1.7727 -267 -1.53% USDCAD 1.0816 1.0979 -163 -1.51% AUDCAD 0.9020 0.9140 -120 -1.33% USDCHF 1.0582 1.0716 -134 -1.27% Currency Heat Map Weekly View USD EUR JPY GBP CHF CAD AUD USD EUR JPY GBP Suggested Readings The Week in Review and Preview US Economic Indicators Preview EMU Economic Indicators Preview Weekly Economic and Financial Commentary This Week's Market Outlook The Weekly Bottom Line Weekly Focus: Euroland Turning UK Yields Fall as BoE Governor Favours More QE Australian & New Zealand Weekly: Confidence and the Rate Hike Cycle FX Briefing: Euro Lacks Direction VIX, Oil, BRICS & Sterling's Sell-Appeal

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