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| Action Insight Weekly Report | Markets Snapshot |
Markets Mixed after ECB and EU Summit, Focus to Turn Back to Bond AuctionsSentiments were steadily optimistic for most of the week before sharp post ECB risk selloff and then a strong risk rebound on EU summit. The bigger picture was left rather mixed by the week's volatility. DOW managed to close at 12184 despite a brief break of 12000 level, which suggested that investor confidence were not too bad. However, peripheral bond yields soared after ECB with Italian 10 year yield jumped to as high as 6.74% and only managed to pared the gains on ECB bond buying. Dollar index spiraled higher but failed to sustain above 79 level while EUR/USD also managed to hold above 1.3259 minor support even though being soft for the whole week. So, what's next? It's believed that investors would take some time to digest the implication of ECB's announcement as well as the progress of the EU summit. And markets would possibly take a stance after this week's bonds auctions in Spain and Italy. |    |
| Featured Technical Report | |
EUR/JPY Weekly OutlookEUR/JPY dropped to as low as 103.00 last week but recovered ahead of 102.48. Initial bias is neutral this week. At this point, we;re still slightly favoring the case that recent decline from is ready to resume and break of 102.48 will confirm and target a test on 100.74 low first. However, above 104.51 will delay the bearish case and extend the consolidation pattern from 102.48 with another rise through 105.54 before fall resumption. |
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The Week in Review and Preview |
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