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Daily Report: Dollar Continues to Gyrate Following Choppy EquitiesAlthough the single currency tumbled to record low against the Swiss franc earlier this week on massive safe-haven demand for franc, Swissy also nose-dived to historical low of 0.7068, both currency pairs rebounded yesterday partly due to rebound in regional stock markets and verbal warnings from SNB officials. SNB repeated that more measures to curb strength in Swiss franc will be taken if necessary, Deputy President Thomas Jordan was quoted by saying a temporary tie between the franc and the euro to stem CHF’s rally would be legal under the SNB’s authorization. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0091; (P) 1.0252; (R1) 1.0338; More AUD/USD's break of 1.0211 minor support suggests that recovery is finished at 1.0414. Intraday bias is mildly on the downside for retesting 0.9926 first. Break there will confirm resumption of the whole fall from 1.1079 and should target channel support (now at 0.9664) and below. Meanwhile, note that consolidations from 0.9926 could extend further, but even in case of another recovery, we'd expect upside to be limited by 1.0526 support turned resistance to bring another fall before whole correction form 1.1079 completes. |
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| Special Reports |
BoE Trimmed Growth and Inflation ForecastsThe BOE lowered its economic forecasts amid global economic turmoil. In the latest quarterly inflation report, policymakers stated that the biggest risk came from sovereign crisis in the Eurozone. Risks to growth are skewed to the downside as slowdown in growth may turn out to be more persistent than previously expected. The BOE retained the view that inflation will return to a little below target in the medium-term. The BOE left the Bank rate unchanged at 0.5% and the asset purchase program at 200B pound at the meeting last week. Yet, it reiterated the flexibility to add or remove stimulus measures when conditions warrant. Fed Keeps Interest Rates Low Until 2013, Maintains Reinvestment PolicyThe Fed delivered a much more dovish policy statement in August as the path of recovery has been 'considerably slower than expected'. As a prelude to additional easing, the central bank pledged for the first time that interest rates will stay at exceptionally low levels at least until mid-2013 and reinvestment of maturing proceeds will be maintained. Wall Street rebounded after the report as investors looked forward for additional stimulus in coming meetings. |
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Trade Idea: USD/JPY – Hold long entered at 76.55Despite intra-day brief bounce to 77.23, the greenback ran into heavy offers just above the Ichimoku cloud bottom and has retreated quite sharply, suggesting a retest of yesterday’s low at 76.35 cannot be ruled out, however, as long as the record low at 76.25 holds, prospect of another rebound remains. Above the Tenkan-Sen (now at 76.83) would bring test of the Ichimoku cloud bottom (now at 77.08) but break of said resistance at 77.23 is needed to retain bullishness for retracement of recent fall towards resistance at 77.86. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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