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Mid-Day Report: Euro Immune to Debt Crisis, Dollar and Sterling Lower on DataEuro pares loss versus dollar and sterling as rate view overshadow renewed concern on debt crisis. Portugal bond yield jumped to record high after resignation of Prime Minster Socrates, with 10 year up around 7.9% while 5 year yield touches 8.5%. Both are seen as unsustainable but markets are speculating that Portugal won't ask for a bailout during the EU summit. Irish 10 year yield also continues to make Euro-era high and is stubbornly staying above 10%. But the common currency seems to be getting more immune to news on the debt crisis within Eurozone. Rather, Euro remains firmly supported by expectation of April rate hike from ECB. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9011; (P) 0.9050; (R1) 0.9121; More. USD/CHF hit some resistance at 4 hours 55 EMA today but intraday bias remains neutral for the moment. While consolidations from 0.8921 might extend further. Upside is expected to be limited by 0.9201 support turned resistance and bring fall resumption. Below 0.8977 minor support will flip bias back to the downside. Further break of 0.8921 will confirm fall resumption and target 100% projection of 0.9774 to 0.9201 from 0.9368 at 0.8795 next. |
| Featured Technical Report |
BOE On Hold While Seeing Heightened Inflationary Pressure In Near-TermThe BOE kept the Bank rate unchanged at 0.5% and the asset-purchase program at 200B pound as policymakers need to gauge oil's impact on inflation, according to minutes for the March meeting. Member voted 6-3 to keep rates on hold and 8-1 to keep the asset-purchase program unchanged. Inflationary pressures remain elevated and the central bank believed there's 'a significant risk that inflation would exceed 5% in the near term'. The next focus is the annual budget that Chancellor of the Exchequer Osborne will be presenting later today. |
| Economic Indicators Update |
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Trade Idea Update: USD/CHF – Sell at 0.9095Despite intra-day brief rise to 0.9124, the subsequent retreat suggests top has possibly been formed there and consolidation with downside bias is seen but break of the Ichimoku cloud bottom (now at 0.9012) is needed to confirm and bring weakness towards support area at 0.8959-79. Having said that, it is necessary to see a sustained breach below there to signal correction form 0.8853 low has ended and bring further weakness towards 0.8900/10 later. Trade Idea: EUR/JPY – Buy at 112.55As the single currency has continued to move lower, suggesting further consolidation below last week's high at 115.56 would take place and although initial downside bias remains for retracement of last week's rally to 113.00/10, reckon 112.50/55 (109.47-115.56) would limit downside and bring another rise later. A break of said resistance at 115.56 would extend the rise from last week's low at 106.50 to previous resistance at 116.00 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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