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| Action Insight Market Overview | Markets Snapshot |
Mid-Day Report: Sterling Boosted by CPI and BoE KingSterling jumps sharply in European after report showed inflation in January doubled BoE's target while BoE King's letter to Chancellor was seen as more hawkish than expected. UK CPI jumped to 4.0% yoy in January as expected, doubling BoE's target of 2%. In an open letter to Chancellor os the Exchequer Obsborne, BoE Governor King noted the surge in inflation and reiterated that it's temporary, due to tax hike and higher commodity costs. King also warned that "attempting to bring inflation back to the target quickly risks generating undesirable volatility in output and would increase the chances of undershooting the target in the medium term". However, King also emphasized there is "a great deal of uncertainty about the medium-term outlook for inflation" and there are "real differences of view within the Committee." |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5986; (P) 1.6032; (R1) 1.6082; More. GBP/USD's strong rebound and break of 1.6136 minor resistance today suggests that choppy retreat from 1.6276 is finished. Intraday bias is back to the upside for 1.6276 first. Break will confirm that whole rise from 1.5343 has resumed and should target 61.8% projection of 1.4230 to 1.6298 from 1.5343 at 1.6621 next. On the downside, below 1.5962 will bring another to continue the correction from 1.6276. But near term outlook remains bullish as long as 1.5750 support holds and recent rise from 1.5343 is expected to resume sooner or later. |
| Special Report |
RBA Appears Comfortable With Current StanceRBA's minutes for the February largely echoed what Governor Glenn Stevens said before the parliament last Friday. Policymakers were comfortable to leave the cash rate unchanged at 4.75%. While floods that had occurred in December and January in eastern Australia would have strong impact on the economy in the near-term, it would not affect the central bank's monetary policy which focuses on the medium-term outlook for the economy. Dependent of economic indicators, we currently retain our view that the RBA will resume tightening in the second quarter. |
| Economic Indicators Update |
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Trade Idea Update: USD/CHF – Buy at 0.9480Although the greenback retreated after intra-day brief bounce to 0.9680, intra-day support at 0.9680 should limit downside and bring another rebound later but break of 0.9749 (yesterday's high) is needed to signal the correction from 0.9776 has ended and bring resumption of upmove for gain towards key resistance at 0.9776-84. Trade Idea: EUR/JPY – Hold long entered at 112.40Despite yesterday's fall to 112.09, as the single currency staged a rebound from there to as high as 112.95 today, retaining our bullishness and consolidation with upside bias remains for further gain to 113.10/20, however, break of resistance at 113.44 is needed to add credence to our view that correction from 114.02 has ended at 110.77 and rise towards resistance at 114.02 would be seen. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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