| Action Insight Daily Report | Dollar Weakness Continues, BoJ on Hold, SNB Next Dollar's fall continues today as trends in the overall financial markets extend. Following 1.12% rally in DOW, Asian stocks are broadly higher. Nikkei drew further support from medium term trend line and rebounds 1.68% today. Gold's rally is still in progress and reaches as high as 1025.8 so far while crude oil extends the rebound to 72.70. Dollar index is now pressing 76 level. Among the major currencies, Aussie, Canadian and Euro are the strongest against the greenback and the up trend in theses currencies are still in favor to continue in near term. On the other hand, Sterling remains generally the weakest major currency. Full Report Here... | | Special Reports | BOE May Reduce Deposit Rate. How Does it Work and What are the Impacts? At the Treasury Select Committee hearing on September 15, the BOE Governor Mervyn King said the MPC is considering lowering the remuneration on banks' reserve. The issue was actually not new as King mentioned about it at the August Inflation report but the BOE did not announce any action at September's meeting. The Governor brought the issue out again may suggest something will be done in coming months and this triggered selloff in sterling. Cable plunged below the 1.65 support before finding support around 1.6425 while EURGBP broke above recent trading range in 0.884 and rose to 0.89. In this article, we will talk about how a change in remuneration rate works and its impact on QE. Full Report Here... FX Forecasts Update: USD, JPY, EUR, GBP, CHF Improved market sentiment and favors towards risky assets pressured the dollar over the past month. Although USD's decline against major currencies looked excessive, investors remained hesitant to remove the bearish view on USD. The general themes on the dollar remain to be interest rate differential, increasing appetite to higher-yield investments and reserve diversification. These topics will likely render the dollar chronically weak in the near-term. Full Report Here... | | Candlesticks & Ichimioku Analysis | Trade Idea: USD/CHF - Sell At 1.0420, O.C.O Buy At 1.0230 As dollar has remained under pressure, suggesting recent decline is still in progress and fall to 1.0265/68 (1.236 times projection of 1.0885 to 1.0529 measuring from 1.0708), then towards 1.0230 (approx. 50% projection of 1.0700 to 1.0322 measuring from 1.0420) is under way, however, oversold condition would limit downside and reckon 1.0200 would limit downside and bring rebound later. Full Report Here... Trade Idea: GBP/USD - Sell At 1.6630 As the British pound has continued to edge higher, suggesting stronger rebound to 1.6613 (61.8% Fibonacci retracement of 1.6742 to 1.6403) cannot be ruled out, however, price should falter well below resistance at 1.6661 and bring another decline later. Break of support at 1.6403 would bring a stronger correction of the rise from 1.6113 to 1.6353 (current level of the Ichimoku cloud bottom as well as 61.8% Fibonacci retracement of 1.6113 to 1.6742) but reckon support at 1.6322 would hold from here. Full Report Here... Trade Idea: USD/JPY - Sell At 91.60 Although dollar rebounded after falling to 90.12 yesterday and consolidation above this level would take place with mild upside bias for correction towards 91.65, however, 91.94-92.06 (previous support turned resistance and current level of the Ichimoku cloud bottom) should hold and bring another decline later. Below said support would extend fall to 90.00, however, loss of downward momentum would limit downside to 89.44-50 (approx. 1.236 times projection of 95.07 to 91.94 measuring from 93.31). Full Report Here... Trade Idea: EUR/USD - Hold Short Entered At 1.4750 Although the single currency has maintained a firm undertone and marginal gain from here is likely, overbought condition should prevent sharp move beyond 1.4790 (61.8% projection of 1.4191 to 1.4636 measuring from 1.4515) and bring a long overdue correction later. Below the Tenkan-Sen (now at 1.4704) would bring retracement towards the Kijun-Sen (now at 1.4641), however, support at 1.4561 should remain intact and bring another rally later. Full Report Here... | | Featured Technical Report | Market Highlights | AUD/USD Daily Outlook Daily Pivots: (S1) 0.8655; (P) 0.8702; (R1) 0.8780; More AUD/USD's rally is still in progress and reaches as high as 0.8768 so far today. Intraday bias remains on the upside and further rise should be seen to 61.8% projection of 0.6284 to 0.8262 from 0.7702 at 0.8924 next. On the downside, though, below 0.8679 minor support will turn intraday outlook neutral and bring consolidation. But downside should be contained by 0.8543 support and bring rally resumption. Read more... All Technical Outlook Reports | Daily Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | CADJPY | 85.58 | 85.26 | +32 | +0.37% | | USDCAD | 1.0623 | 1.0661 | -38 | -0.36% | | GBPJPY | 150.35 | 149.92 | +43 | +0.29% | | GBPUSD | 1.6530 | 1.6487 | +43 | +0.26% | | EURJPY | 134.06 | 133.76 | +30 | +0.22% | Last Updated: Sep 17, 07:30 GMT Currency Heat Map Daily View | USD | EUR | JPY | GBP | CHF | CAD | AUD | | USD | | | | | | | | | EUR | | | | | | | | | JPY | | | | | | | | | GBP | | | | | | | | Last Updated: Sep 17, 07:30 GMT | | Economic Indicators Update | | GMT | Ccy | Events | Actual | Consensus | Previous | Revised | | 23:50 | JPY | BSI Manufacturing index Q/Q Q3 | 15.5 | -11.4 | -13.2 | | | 23:50 | JPY | Tertiary Industry Index M/M Jul | 0.60% | 0.60% | 0.10% | 0.20% | | 3:30 | JPY | BoJ Interest Rate Decision | 0.10% | 0.10% | 0.10% | | | 8:30 | GBP | Retail Sales M/M Aug | | 0.10% | 0.40% | | | 8:30 | GBP | Retail Sales Y/Y Aug | | 2.70% | 3.30% | | | 9:00 | EUR | Eurozone Trade Balance (EUR) Jul | | 1.2B | 1.0B | | | 10:00 | GBP | U.K. CBI Industrial Orders Sep | | -49 | -54 | | | 11:00 | CAD | CPI M/M Aug | | 0.20% | -0.30% | | | 11:00 | CAD | CPI Y/Y Aug | | -0.60% | -0.90% | | | 11:00 | CAD | BoC CPI Core M/M Aug | | 0.10% | 0.00% | | | 11:00 | CAD | BoC CPI Core Y/Y Aug | | 1.60% | 1.80% | | | 12:00 | CHF | SNB Interest Rate Decision | | 0.25% | 0.25% | | | 12:30 | CAD | Leading Indicators M/M Aug | | -- | 0.40% | | | 12:30 | USD | Housing Starts Aug | | 595K | 581K | | | 12:30 | USD | Building Permits Aug | | 580K | 560K | | | 12:30 | USD | Initial Jobless Claims (SEP 12) | | 558K | 550K | | | 14:00 | USD | Philadelphia Fed. Survey Sep | | 7.8 | 4.2 | | | | Suggested Readings | Fundamental Highlights Technical Highlights | | | Forex Brokers | | | Sponsors | 
What's next for UK and Global Economies
Attend FREE: Get Investment Insight at The World MoneyShow and position your portfolio for safety and income. FREE Registration here>> 
Attend The World MoneyShow Toronto, October 20-22 at the Metro Toronto Convention Centre and meet world-renowned investment and trading experts and their specific advice that will help you manage your assets confidently and profitably in 2009 and beyond! FREE Registration here>> 
| |
No comments:
Post a Comment