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Mid-Day Report: Sterling Jumps as CPI Accelerated to 4.4% in FebSterling soars through recent resistance of 1.6434 to resume it's medium term rally today after stronger than expected inflation data from UK. Headline CPI accelerated sharply from 4.0% to 4.4% yoy in February, versus consensus of 4.2%. It's the strongest number since October 2008 and have been above BoE's target of 2% for 15 months. A 25bps is now fully priced in in the markets for July meeting, pulled ahead a month before that data. Nevertheless, the main question remains on whether BoE will hike in Q2 and strong expectation for that is needed to give Sterling sustainable boost, in particular against Euro. And hence, focus will now shift to tomorrow's BoE minutes for further hints. Other data released from UK saw public sector net borrowing rose to GBP 10.3b in February, above expectation of GBP 7.6b. CBI trends total orders improved to +5 in March. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6232; (P) 1.6279; (R1) 1.6356; More. GBP/USD's strong break of 1.6343 resistance today confirms resumption of rise from 1.5343 as well as the medium term rally from 1.4230. Intraday bias remains on the upside and further rise should now be seen towards 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. |
| Economic Indicators Update |
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Trade Idea Update: USD/CHF – Sell at 0.9070Although dollar's near term sideways trading is expected to continue, reckon resistance at 0.9090 would limit upside and bring another retreat 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 resumption of downtrend, bring weakness to 0.8900/10 later. Trade Idea: AUD/USD – Sell at 1.0145Although current firmness suggests near term upside bias remains for the rise from 0.9706 low formed last week to extend gain to 1.0125, loss of near term upward momentum should prevent sharp move beyond resistance at 1.0162 and bring retreat later. Below intra-day support at 1.0037 would bring retracement to 1.0000 but reckon previous resistance at 0.9945/50 would limit downside Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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