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Mid-Day Report: Euro Slides on Rumor of Possible French Downgrade after Weak French DataThe Japanese yen continued to rise versus most counterparts including aussie and greenback on renewed risk aversions with Dow futures once dropped 200 points ahead of New York opening. USD/JPY is currently less than 20 points from historical low of 76.25 formed in March after the 9.0 earthquake and tsunami in Japan, the pair has remained under pressure since beginning of the week and Fed's pledge to keep rates near zero for 2 year also put pressure on the greenback as investors interpreted this policy as a sign of slower growth in U.S. |
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| Featured Technical Report | |
EUR/JPY Mid-Day OutlookDaily Pivots: (S1) 109.53; (P) 110.15; (R1) 111.22; More EUR/JPY's break of 108.70 confirms resumption of whole fall from 123.31. Intraday bias remains on the downside and further decline should be seen to 105.42/106.28 support zone first. On the upside, above 111.23 minor resistance will turn bias neutral and bring consolidations. But we'll stay bearish as long as 114.17 resistance holds and expect deeper fall in near term. |
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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 Update: USD/CHF – Sell at 0.7330Despite intra-day rebound to 0.7332, the subsequent retreat suggest further consolidation would be seen but still reckon upside would b limited to 0.7330-32 (50% Fibonacci retracement of 0.7592-0.7068 and intra-day resistance) and bring another retreat. A break of intra-day support at 07182 would suggest top is possibly formed and bring weakness to 0.7150, then towards 0.7100 but said support at 0.7068 should remain intact. Trade Idea: AUD/USD – Buy at 1.0200The Australian dollar found renewed buying interest around 1.0060/65 and rallied yesterday to as high as 1.0415 this morning, adding credence to our view that the fall from 1.1081 has formed a low at 0.9927 yesterday and consolidation with upside bias remains for retracement of the aforesaid fall. A break of said resistance would bring a stronger rebound to 1.0455 and then towards 1.0504 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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