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Daily Report: Euro Shrugs off Portugal Downgrade, AUD & CAD Even StrongerEuro shrugs off Portugal downgrade and remains firm against dollar, sterling and swissy today. Standard and Poors downgraded credit rating for Portugal two notches from A- to BBB after resignation of Prime Minister Socrates, following rejection of the new austerity measures on Wednesday by the parliament. The rating agency noted that " increased political uncertainty could hurt market confidence and heighten Portugal’s refinancing risk" and it will take "at least two months to both hold elections and to form a new government". The rating agency also warned the another one notch downgrade as early as next week depending on the final outcome of EU summit on ESM and the likelihood Portuguese government bondholders become subject to a restructuring. This also followed Fitch's two notch downgrade of Portugal yesterday. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 0.9714; (P) 0.9769; (R1) 0.9806; More. USD/CAD's break of 0.9745 suggests that whole fall from 0.9972 has resumed and intraday bias is back on the downside for 0.9666. Break there will confirm down trend resumption for 61.8% projection of 1.0285 to 0.9666 from 0.9972 at 0.9589. On the upside, above 0.9841 minor resistance will mix up the near term outlook and turn bias neutral again first. |
| Economic Indicators Update |
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Trade Idea: USD/CHF – Hold short entered at 0.9090Despite yesterday's sharp retreat from 0.9124 to 0.9029, as the greenback has rebounded after holding above the Ichimoku cloud, suggesting further consolidation would take place, however, as long as said resistance at 0.9124 holds, mild downside bias remains for another retreat to the Ichimoku cloud bottom (now at 0.9046) but break of yesterday's low at 0.9029 is needed to confirm top has been formed Trade Idea: GBP/USD – Hold long entered at 1.6100Although the British pound fell again after overnight brief bounce from 1.6133 to 1.6217 and dropped again to 1.6091 yesterday on cross-selling against euro, as price has rebounded from there, consolidation with mild upside bias is seen for another rebound. Above said minor resistance at 1.6217 would suggest low is possibly formed, then retracement of this week's selloff would take place to yesterday's high at 1.6266 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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