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Mid-Day Report: Risk Off Again on European Banking Risks, Poor US Economic ProspectsRisk aversion strikes back at the market today as European banks shares lead selloff in risk assets on rumors that a unidentified banks has sought emergency US dollar loan of as much as USD 500m from ECB yesterday. Major European indices tumble with FTSE down more then -4% while DAX and CAC 40 drop more than -5%. US stock markets open deep in red with DOW drops as much as -500 pts in early trading. Gold jumps to new record high close to 1830 in response while 10 year US treasury yield breaches 2% briefly. Dollar and yen are broadly higher on safe haven flow but the swiss franc lags behind. |
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| Featured Technical Report | |
USD/CAD Mid-Day OutlookDaily Pivots: (S1) 0.9771; (P) 0.9808; (R1) 0.9843; More. USD/CAD's break of 0.9872 minor resistance suggests that consolidation from 1.0009 might be finished at 0.9774 already. Intraday bias is cautiously on the upside for a retest on 1.0009 first. Break will confirm resumption of rise from 0.9406.. Also, note that sustained trading above 0.9912 resistance will confirm double bottom reversal pattern (0.9444, 0.94056) and target 61.8% retracement of 1.0851 to 0.9406 at 1.0299. On the downside, even in case of another fall, we'll stay bullish as long as 0.9741 support holds. |
| Special Reports |
BOE Voted Unanimously To Keep Rates Unchanged, First Time Since May 2010The BOE minutes for the August meeting turned out to be more dovish than expected as 2 hawks, Spencer Dale and Martin Weale, stopped pushing for a rate hike, making the decision to hold the Bank Rate unchanged at 0.5% unanimous for the first time since May 2010. Adam Posen continued to favor expanding the asset-buying program by +50B pound to 250B pounds. The pound slid after the minutes as it's increasingly likely that the central bank will adopt further easing. France And Germany Rejected Joint Eurobonds, Focused On Economic IntegrationThe Franco-German summit failed to deliver any feasible measures to contain the sovereign crisis in the near-term. The 2 nations ruled out joint issuance of Eurobonds for now and rejected expansion of the 440B-euro EFSF. Instead, the leaders pledged to defend the single currency and proposed new tax rules. The plan to tax financial transaction sent the euro and equities lower. |
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Trade Idea: EUR/GBP – Target met and stand asideThe single currency fell in line with our expectation yesterday and our short position entered at 0.8820 met indicated downside target at 0.8720 (with 100 points profit). Although the single currency has remained under pressure and weakness to support at 0.8663 is likely, break there is needed to signal the c leg of wave 2 is still in progress for a retest of 0.8644, then towards previous support at 0.8611 (wave a low). Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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