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Daily Report: Sterling Maintains Gain ahead of BoE Minutes and Annual BudgetSterling maintain gains as markets await BoE minutes. The pound was shot up yesterday by stronger than expected inflation data of 4.4% yoy. Also, it's supported by hawkish comments from BoE Sentance, who said that recent developments from Japan and Middle East have "only short term effects on global growth". Also, Sentance said that inflation "set to rise further, failure to take timely monetary policy action risks a more abrupt and destabilizing rise in interest rates in the future." Andrew voted for rate hike together with Dale and Weale in February and markets are expecting today's minutes to reveal that these three policy makers voted again for hike in March. Also, Chancellor of Exchequer Osborne will present his budget for fiscal year through March 2012 today. |
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| Featured Technical Report | |
GBP/USD Daily OutlookDaily Pivots: (S1) 1.6303; (P) 1.6351; (R1) 1.6411; More. Intraday bias in GBP/USD remains on the upside with 1.6291 minor support intact. Current rally should be targeting 61.8% projection of 1.4230 to 1.6298 from 1.5343 at 1.6621 next. On the downside, below 1.6291 minor support will indicate that a temporary top is formed and bring consolidations first. But downside should be contained well above 1.5976 support and bring rally resumption. |
| conomic Indicators Update |
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Trade Idea: USD/CHF – Sell at 0.9070Although dollar's near term sideways trading is expected to continue, still expect resistance at 0.9090 to cap dollar's upside and bring weakness to minor support at 0.8988, break there would suggest the correction from recent low at 0.8853 has ended at 0.9090 last week, however, below indicated support at 0.8959 is needed to confirm, bring resumption of downtrend for weakness towards 0.8900/10 later. Trade Idea: EUR/USD – Buy at 1.4100As the single currency has retreated after yesterday's marginal rise to 1.4249, retaining our view that a minor top has been formed there and consolidation with mild downside bias remains for retracement to previous support at 1.4139, below would bring further fall to the Ichimoku cloud bottom (now at 1.4111. However, renewed buying interest should emerge around 1.4100/03 (38.2% Fibonacci retracement of 1.3867-1.4249) and bring rebound later, above 1.4215/20 would signal the correction from 1.4249 has ended and bring a retest of this level. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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