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Mid-Day Report: Euro Lower as Trichet Doesn't Signal More Tightening after ECB Rate HikeEuro retreats mildly on profit taking after ECB raised rates for the first time since 2008 by 25bps to 1.25% today. In the post meeting press conference, Trichet said that the monetary policy remains" very accommodative" and adjustment is "warranted". He said that the jump in inflation rates "largely reflect a rise in commodity prices" and pledged to ""keep inflation rates in line with our goal". Inflation risks "remain on the upside" and ECB would "monitor very closely" future price developments. However, Trichet did note that today's hike was not necessarily the first in a series and the non-hawkish comment sends Euro lower. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.4243; (P) 1.4296 (R1) 1.4384; More. EUR/USD's break of 1.4251 minor support suggests that a temporary top is formed at 1.4348 and the pair would now retreat towards 4 hours 55 EMA (now at 1.4194). Nevertheless, downside is expected to be contained above 1.4020 support and bring rise resumption. Above 1.4348 should target 100% projection of 1.2873 to 1.386 from 1.3427 at 1.4414. however, break of 1.4020 will indicate that a short term top is formed with bearish divergence condition in 4 hours MACD. In such case, deeper pull back would be seen towards 1.3427/3860 support zone instead. |
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BOJ Expands Easing Measures To Stimulate RecoveryThe BOJ accelerates its easing measures to stimulate economic growth after the Great East Japan earthquake. In addition to increasing the amount of the Asset Purchase Program by about 5 trillion yen, as well as injecting as much as 18 trillion yen to the market, shortly after the disaster, the central bank offered 1 trillion yen in one-year loans for businesses in disaster areas. Interest rates remained at virtually 0%. Policymakers also downgraded their economic assessments for the first time since October 2010. |
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Trade Idea Update: USD/CHF – Sell at 0.9260As the greenback has rebounded after intra-day retreat to 0.9159, retaining our view that further consolidation above strong support area at 0.9127-31 would take place and recovery to 0.9233-35 (61.8% Fibonacci retracement of 0.9296-0.9131) would be seen, however, reckon 0.9261 (61.8% Fibonacci retracement of 0.9341 to 0.9131) would limit upside, bring another decline later. Trade Idea Update: EUR/USD – Buy at 1.4235Although the single currency has rebounded after the much anticipated rate hike by ECB, a break of yesterday's high of 1.4350 is needed to signal upmove has resumed and extend further gain towards 1.4390/00, however, weakening of near term upward momentum should prevent sharp move beyond there and reckon 1.4440/50 would hold, bring correction later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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