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Daily Report: European Majors Weaken on Bunch of Bad NewsEuro extends recent slide against dollar, and takes other European majors down as more bad news came out of Europe. Portugal's credit rating was downgraded by Fitch yesterday from BBB- to BB+ with a negative outlook, i.e., into junk status. Fitch said the country's sovereign credit profile is "no longer consistent" with an investment grade rating due to "large fiscal imbalances, high indebtedness across all sectors, and adverse macroeconomic outlook". In response to the downgrade, Barclays Capital will cut Portugal government debts from its Euro Treasury Index. While Citigroup will keep it in its European Government Bonds and World Government Bonds indices, it noted that another one-notch downgrade from S&P will take Portugal out of the index. Talking about downgrades, Moody's also lowered Hungary's foreign- and local-currency bond rating by one notch from Baa3 to Ba1, also at junk level as there are uncertainties on the government's ability to meet its target of fiscal consolidation and debt reduction. |
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| Featured Technical Report | |
GBP/USD Daily OutlookDaily Pivots: (S1) 1.5462; (P) 1.5514; (R1) 1.5543; More. GBP/USD's fall from 1.6165 extends further to as low as 1.5446 so far today and intraday bias remains on the downside. Current decline is expected to continue to retest 1.5271 support next. On the upside, above 1.5565 minor resistance will turn bias neutral and bring recovery. But strong resistance would likely be seen at 1.5690/5887 zone to limit upside and bring another fall. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchJPY: Japanese importers and local banks on behalf of investors won this round in Tokyo morning, filled offers at 77.30 and surged to an intra-day high of 77.55, however, offers from exporters are still quite heavy at 77.55-60 with some stops placed above 77.60 but mixtures of offers and stops remains at 77.80-90 and further out at 78.20-30. On the downside, bids from Japanese investors (related to demand for settlement) are reported from 77.20 down to 77.00 and combination of bids and stops are tipped at 76.70-80 with option barrier remains at 76.50 (stops below). | |||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||
Trade Idea: USD/CHF – Buy at 0.9140Although the greenback has maintained a firm undertone after finding renewed buying interest at 0.9154 yesterday, as long as resistance at 0.9237 holds, another retreat towards 0.9130/35 cannot be ruled out, however, reckon support at 0.9108 would remain intact and bring another rise later. A sustained breach of said resistance at 0.9237 would confirm recent rise from 0.8568 has resumed and extend gain to 0.9261 Trade Idea: EUR/USD – Buy at 1.3255Although the single currency has remained under pressure after meeting renewed selling at 1.3412 yesterday and recent decline may extend weakness to 1.3285-90 (50% projection of 1.3568-1.3321 measuring from 1.3412), loss of downward momentum should prevent sharp fall below there and reckon 1.3255-60 (61.8% projection) would limit downside, bring rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||
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