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Mid-Day Report: Euro Pares Gains as EcoFin Meeting Shows No ProgressEuro pares back some of this week's gain as the EcoFin meeting in Poland yields little progress. Eurozone chief Juncker said that while Greece's firm commitment to its austerity program is welcomed, the decision of the EUR 8b installment of the bailout will be decided in October, depending on the country's finance. Such payout was originally scheduled for end of this month and Greek government has already warned that it will run out of money next month, forcing it to stop paying public-sector salaries and could lead to default. In addition to that, Finland's demand for collateral in exchange for new loans to Greece was not solved either. |
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EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3741; (P) 1.3839 (R1) 1.3974; More. EUR/USD's recovery was limited at 1.3936 and struggled to sustain above 4 hours 55 EMA so far. While such recovery could still extend further, we'd expect upside to be limited by 1.3972 resistance and bring fall resumption. Below 1.3703 minor support will flip bias back to the downside for retesting 1.3498 first. However, sustained break of 1.3972 will likely bring stronger rebound towards 1.4548 key resistance. |
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ECB Coordinates With Other Central Banks To Provide Liquidity Through Year EndThe ECB announced that, in coordination with the Fed, the BOE, the BOJ and the SNB, to conduct 3-month USD liquidity operations for 3 times through the year. In addition to the 7-day USD facility announced on May 10, 2010, the new operation aims to ensure sufficient liquidity in banks. The offerings will be carried out at in the form of repo, at fixed rate and with full allotment. Tender dates will be October 12, November 9 and December 7. The move had sent stocks higher on improved sentiment as central bankers attempted to ease liquidity problems associated to Eurozone's sovereign debt crisis. The euro advanced. |
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Next trade ideas update will be made on Monday 19 Sept 2011. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||
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