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Daily Report: Risk off and Japan Nuclear Crisis, Yen and Dollar JumpRisk of radiation leaks in Japan following the historical earthquake triggered sharpest two days fall in Tokyo Topix on record and sent Asian equities deep in red today. The focus has turned from damages from earthquake and tsunami to nuclear crisis in Japan. Tokyo Electric Power confirmed third explosion today at the No.2 reactor of it Fukushima Dai-Ichi nuclear plant and a fire had broken out at housing in its No.4 reactor. Japan Prime Minster Kan warned of further radiation leaks. It's reported that low level radioactive wind could reach Tokyo in ten hours. Nikkei is down over -1300 pts or -13% at the time of writing. BoJ pumped another JPY 5T into the banking system, following yesterday's record JPY 15T injection. There are also talk of a brief one-off intervention in the forex markets. But Yen is still sharply higher on risk aversion and expectation of repatriation. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 0.9709; (P) 0.9736; (R1) 0.9763; More. USD/CAD's rebound from 0.9666 resumes today and the strong break of 0.9815 cluster resistance (38.2% retracement of 1.0057 to 0.9666 at 0.9815) confirms that a short term bottom is at least formed at 0.9666. Intraday bias is now on the upside for 55 days EMA (now at 0.9878) first. Note that while the current rebound is strong, we'd need to see sustained trading above 55 days EMA before confirming medium term bottoming. Otherwise, the choppy decline from 1.0671 could still extend further. On the downside below 0.9666 will bring down trend resumption to 161.8% projection of 1.0851 to 1.0138 from 1.0671 at 0.9517 next. |
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| Special Reports |
BOJ Inject Money To Financial MarketsThe Bank of Japan announced to inject additional liquidity to the financial system in an attempt to curb the negative impacts of the 9.0-magnitude earthquake that struck the country last week. The central bank will inject a record 15 trillion yen of emergency funds to the market as it is unable to respond with a reduction in the policy rate which has been staying at virtually 0%. In addition, the BOJ offered to by 3 trillion yen of government bonds from lenders in repo agreements from March 16. EU Summit - A Pleasant Surprise on Agreements ReachedThe summit held by EU financial leaders last Friday was a constructive one. Agreements were reached before the full EU summit on March 24/25 and the outcomes should be positive for the euro, at least in the near-term. In shorts, adjustments were made on the size of the EFSE, assets the facility is allowed to buy, interest rates and maturities of loans to Greece. Meanwhile, the 'Pact for the Euro' was designed to improve policy coordination, enhance competitiveness, achieve greater convergence and build confidence for the Eurozone. |
| Economic Indicators Update |
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Trade Idea: USD/JPY – Buy at 81.00Although the greenback has rebounded after intra-day retreat to 81.22, above intra-day resistance at 82.31 is needed to signal the retreat from 82.47 has ended and extend early rebound from yesterday's low at 80.62 towards 82.90/95, however, as broad outlook remains consolidative, price should falter well below last week's high at 83.30. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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