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Mid-Day Report: Euro Breaks 1.3 after Italy AuctionEuro remains generally weak this today and breaks 1.3 psychological level against dollar in spite of positive bond auctions. Italy maximum target of EUR 3b of give year bonds today with yield rose to 6.47%, up from November auction's 6.29%. Bid-to-cover ratio was at 1.42 times, slightly lower than last month. German sold EUR 4.18b of two year notes with yield at 0.29%, bid down by safe haven demand comparing to last auction's 0.39%. Bid-to-cover ratio was at 1.4 time, improved from prior 1.1 times. However, Euro remains pressured by concern of lack of progress in solving the sovereign debt crisis. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3106; (P) 1.3243 (R1) 1.3324; More. EUR/USD drops further to as low as 1.2965 and intraday bias remains on the downside. Current fall should now target 1.2873 first. Break will pave the way to 1.1875 low next. On the upside, 1.3099 minor resistance will turn bias neutral and bring recovery. But upside should be limited below 1.3538 resistance and bring fall resumption. |
| Special Report |
Fed On Hold, Delivers More Upbeat Economic OutlookThe Fed decided to leave the policy rate and operation twist unchanged. This is expected as recent economic data in the US improved but sovereign debt problems in the Eurozone remained a great uncertainty. Policymakers would prefer to stand on the sideline and monitor the developments for the time being. In the accompanying statement, the Fed changed to a mildly more positive tone amid acknowledgement of positive domestic developments since the last meeting. SNB May Raise EURCHF Ceiling, Send Interest Rate To NegativeSwiss franc remained fragile, hovering within a narrow trading range of 1.22-1.24, amid speculations that the SNB would intervene against appreciation of the currency. Economic growth and inflation have moderated since the last meeting. Together with persistent risks of sovereign crisis in the Eurozone, policymakers would likely delivered a rather downbeat statement, warning against further deterioration in domestic and global economic prospects. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Although option-defensive bids from Asian CBs limited euro's downside in early European session, renewed selling interest emerged at 1.3064 and the single currency dropped again from there, finally triggered option barrier at 1.3000 and next barrier at 1.2950 is now in focus with bids from same parties still noted at 1.2950-60, followed by another huge option trigger at 1.2900. On the upside, offers are lined up from 1.3010 up to 1.3050 with stops building up above 1.3065-70 with mixture of offers and stops seen at 1.3100. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD – Sell at 1.5570Although cable has retreated after faltering below the Kijun-Sen and retest of yesterday’s low at 1.5450 cannot be ruled out, break there is needed to signal the decline from 1.5780 has resumed and extend weakness to previous support at 1.5423, then towards 1.5400, otherwise, further consolidation would take place. Trade Idea: EUR/JPY – Sell at 102.85The single currency has fallen sharply again yesterday after breaking previous support at 102.50, adding credence to our bearish view that the decline from 111.57 (a leg top) is still in progress and further weakness to 101.00 and possibly towards previous support at 100.77 cannot be ruled out. Having said that, only a breach of this level would shift risk to downside and signal the wave (iii) is still in progress Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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