Action Insight Weekly Report 9-13-09

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Action Insight Weekly Report Weakness in Dollar, Strength in Yen The most interesting development last week was the persistent weakness in dollar and strength in yen. A couple of factors sent the greenback broadly lower with dollar index making another low in 2009. Gold completed a brief pull back and broke prior 2009 high of 1007.7 to 1013.7. Dollar became the cheapest funding currency after three month libor dropped to a record low on Wednesday, below that of Swiss Franc for the first time since last November. United Nations panel called for dollar reserve role to be eliminated. World Economic Forum downgraded US from the most competitive economy in the world to second behind Switzerland. Full Report Here... Featured Technical Report Market Highlights USD/JPY Weekly Outlook USD/JPY dropped sharply to as low as 90.20 last week and the break of 91.73 low confirmed that whole fall from 101.43 has resumed. Initial bias remains on the downside this week and further fall should be seen to lower channel support at 89.92 next. On the upside, above 91.22 minor resistance will bring consolidations first. But upside is expected to be limited by 91.94/93.29 resistance and bring fall resumption. 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 (%) NZDUSD 0.7067 0.6869 +198 +2.80% USDJPY 90.64 93.00 -236 -2.60% USDCHF 1.0377 1.0604 -227 -2.19% EURUSD 1.4575 1.4298 +277 +1.90% GBPUSD 1.6673 1.6391 +282 +1.69% Currency Heat Map Weekly View USD EUR JPY GBP CHF CAD AUD USD EUR JPY GBP Suggested Readings Central Banks (BOC) Bank of Canada Maintains Overnight Rate Target at 1/4 Per ent Bank of Canada Holds Overnight Target at 0.25% and Notes Positive Prospects for Latter-2009 Bank of Canada Maintains "Conditional" Commitment to Overnight Rate of 0.25% BOC Meeting Review: Maintained Rate Unchanged But Saw a Brighter Outlook (RBNZ) OCR Unchanged at 2.5 Percent RBNZ September MPS: OCR on Hold at 2.50%, with a Hint of an Easing Bias RBNZ Meeting Review: Staying Dovish Though Recession May Be Ending (FED) The Beige Book, September 9, 2009 U.S. Beige Book "Cautiously Positive" as Economy Stabilizes The Feds’ Beige Book Signal Improvement is Undergoing!

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