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Mid-Day Report: China Raised Reserve Requirement, Sterling Jumps on Retail SalesChina raised the bank reserve ratios again, by 50bps this time, effective February 24, to curb lending and cool the economy. Analysts expect the move will lock up over USD 54b of funds from the markets. This is the second time PBoC raised reserve requirement ratio this year. Also PBoC hiked benchmark lending and deposit interest rates earlier this month. China raised reserve requirements six times and interest rates twice last year. And, this is not expected to be the end as more tightening is still expected by the markets as China needs to do more to bring inflation down to this year's target of 4%. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6102; (P) 1.6145; (R1) 1.6214; More. GBP/USD rises further to as high as 1.6228 in early US session and intraday bias remains on the upside for a test on 1.6276 resistance first. Break there will confirm whole rise from 1.5343 has resumed and should pave the way to 61.8% projection of 1.4230 to 1.6298 from 1.5343 at 1.6621 next.On the downside, below 1.5962 support will bring another fall to extend the correction from 1.6276. But after all, 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 |
Fed Appears More Confident Over US Growth OutlookThe minutes of the January FOMC meeting unveiled that policymakers are more confident that the economic recovery would sustain and strengthened although the pace of improvement in the job market has been rather disappointing. It appeared the more hawkish members would tolerate QE2 to be carried out until expiry but they would not support additional measures. The new set of economic projections showed more upbeat forecasts on growth and employment outlooks while the prospect for inflation remained subdued. BOE Raised Inflation Forecasts, Yet Lowered Growth OutlookThe pound slumped against the US dollar and the euro as the BOE revised lower it growth forecasts despite higher inflationary outlook in the near-term. In its quarterly inflation report, the BOE unveiled the outlook that inflation will most likely fall a little below the target in the second half of 2012, but the risks relative to that most likely path are 'skewed to the upside'. Growth forecasts were revised lower as higher interest rate assumption (1%) was used and GDP growth in 4Q10 was weak. |
| Economic Indicators Update |
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| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Sell at 0.9600Dollar's rebound after this week's selloff to 0.9477 suggests further consolidation above said yesterday's low would take place and mild upside bias is seen for retracement to 0.9554 (previous support) and possibly to 0.9600 but 0.9613-17 (current level of the Ichimoku cloud bottom and previous support) should limit upside and bring another decline. A break of said support would extend the decline from 0.9776 to 0.9423 Trade Idea: EUR/JPY – Hold long entered at 112.40As the single currency has remained confined in a narrow range after rising to 113.68 yesterday, suggesting further consolidation would take place and minor support at 112.91 needs to hold to retain bullishness for another upmove towards resistance at 114.02. Looking ahead, only break of 114.02 would signal the C leg upmove from 106.83 has resumed and extend towards 115.00 later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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