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Mid-Day Report: Dollar Soft as Risk Sentiments Lifted by Solid Economic DataRisk is back on as focus moved from Egypt to economic data today. US ISM manufacturing index rose strongly to 60.8 in January versus expectation of 57.9. Prices paid component also jumped to 81.5. Economic indicators released from Europe are generally positive and is supportive to view of improving global recovery. Sterling extends recent rally against dollar above 1.6 level as boosted by strong Manufacturing PMI, which jumped to record high. Euro is also lifted mildly by upward revision in manufacturing PMI as well as downward revision in unemployment rate. In general, the greenback is soft on risk appetite trades. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3596; (P) 1.3667 (R1) 1.3765; More. EUR/USD's break of 1.3757 resistance indicates that rise from 1.2873 and intraday bias is back on the upside for further rise. Not that whole decline from 1.4281 should have finished with three waves down to 1.2873 already. Current rally should extend through 1.4 psychological level to retest 1.4281 key resistance first. On the downside, however, break of 1.3570 support will indicate that a short term top is formed and bring deeper fall instead. |
| Special Reports |
RBA Leaves Cash Rate Unchanged, Expects Limited Impacts From FloodingThe RBA left the cash rate unchanged at 4.75% for a second consecutive meeting after raising it for 7 times since October 2009. Policymakers appeared more optimistic towards the global economic outlook. Tightening bias remains and the central bank will probably hike interest rates again in 2Q11. Currently, the market has priced in a 16% chance the RBA will hike rates in June, up from +12% before the meeting. |
| Economic Indicators Update |
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Trade Idea Update: USD/CHF –Sell at 0.9490Dollar's intra-day choppy consolidation is likely to continue and as long as yesterday's low at 0.9369 holds, mild upside bias is seen for another corrective rise to 0.9450 and possibly to previous resistance at 0.9482, however, renewed selling interest should emerge around 0.9490 (38.2% Fibonacci retracement of 0.9685-0.9369) and bring another decline later. Trade Idea: EUR/GBP – Hold long entered at 0.8535Although the single currency has fallen again after yesterday's recovery to 0.8619 as suggested, as this move from 0.8672 (last week's high) is still viewed as retracement of recent rise, downside should be limited and bring another rebound. Above said resistance at 0.8619 would signal the pullback from 0.8672 has ended and bring retest of this level Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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