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Daily Report: Euro Soft ahead of EU MeetingEuro remains soft ahead of the meeting between Greece, EU and IMF. The Greece situation will be an important topic as officials would aiming at agreeing on a way to avoid default of the country. Tougher conditions would be required should Greece needs additional fund to the EUR 110b bailout or an extension in maturities of Greek bonds. German finance minister Schaeuble said that " if there is a rescheduling (of the debt), all credit must be rescheduled." That is, private creditors should also be involved. ECB board member Start urged Greece to "intensify its consolidation efforts in order to meet the conditions for the payout of the next financial tranche". |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.8677; (P) 0.8738; (R1) 0.8773; More EUR/GBP continues to stay in tight range above 0.8672 after it drew support from near term rising channel and intraday bias remains neutral. Nevertheless, note again that with 0.8813 minor resistance intact, there is no indication of near term bottoming yet. On the downside, below 0.8672 will resume the decline from 0.9041. More important this will argue that whole rise from 0.8284, is completed already and will bring deeper decline to medium term rising trend line (now at 0.8429). On the upside, though, extending rebound from current level and break of 0.8817 will suggest that pull back from 0.9041 has completed and will bring stronger rise to retest this high. |
| Special Report |
World Inflation II: Commodity Currencies - AUD, NZD, CADThe current wave of inflation has been brought about by commodities. We, therefore, feel it necessary to talk a look at countries with the so-called 'commodity currencies'. We found Australia is the one facing more severe price pressures. For New Zealand, inflation has been affected by one-factors while underlying pressures remained subdued. Both headline and core inflation in Canada accelerated but the central bank is not likely to change its dovish view in coming months. |
| Economic Indicators Update |
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Trade Idea: GBP/USD –Sell at 1.6300Although the British pound has resumed recent decline and fell to as low as 1.6147 last Friday, as cable has recovered from there in part due to cross-buying against euro, suggesting consolidation above this level would take place and retracement to the Kijun-Sen (now at 1.6228) would be seen, however, renewed selling interest should emerge around 1.6300 and bring another decline later. Trade Idea: EUR/USD – Sell at 1.4205The single currency ran into heavy offers at 1.4340 last Friday and resumed recent decline from 1.4940 top and although price has recovered from 1.4049, recovery should be limited to the Kijun-Sen (now at 1.4194) and renewed selling interest should emerge below the Ichimoku cloud bottom (now at 1.4209), bring another decline later. A break of said support at 1.4049 would extend weakness to psychological support at 1.4000 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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