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Mid-Day Report: Euro Recovery Limited as ECB Opposes Greece Soft RestructuringEuro's recovery is limited by neverending concerns on the Greece situation. Earlier this week, Luxembourg's Juncker talked about the possibility of "soft restructuring" for Greece, including "extension of the maturities regarding debt and a lowering of the level of the interest rates," if Greece would step up privatization effort and undertake structure reforms. However, that idea faced strong opposition from ECB. ECB Stark warned that "a sovereign debt restructuring would undermine the eligibility of Greek government bonds. A continuation of liquidity provision would be impossible." Bini Smaghi called "soft" restructuring as "empty slogan", without clearing whether a third-party guarantor is required. It's also reported in the media that ECB President Trichet warned that ECB will no longer accept Greek government bonds as collateral in case of restructuring. There are still a lot of uncertainties on how the Greece story will finally develop into. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 81.16; (P) 81.44; (R1) 81.95; More. USD/JPY's recovery from 75.98 extends to as high as 82.14 so far in early US and intraday bias remains on the upside for further rise. But at this point, we'd still expect upside to be limited below 82.76 resistance and bring resumption of the whole decline from 85.51. Below 80.93 minor support will flip bias back to the downside. Further break of 79.58 will target a retest on 76.40 spike low. Nevertheless, break of 82.76 resistance will turn focus back to 85.51 resistance instead. |
| Economic Indicators Update |
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Trade Idea Update: GBP/USD –Buy at 1.6070Despite intra-day brief bounce to 1.6208, current retreat suggest near term downside risk remains for a test of intra-day support at 1.6130, break there would signal recovery from 1.6105 and ended and bring retest of this level, however, loss of downward momentum should prevent sharp fall below 1.6076-77 (61.8% projection of 1.6518-1.6147 measuring from 1.6305 and 50% Fibonacci retracement of 1.5407), bring a rebound later. Trade Idea Update: USD/JPY – Buy at 81.35As the greenback has maintained a firm undertone, retaining our view that recent rise from 79.57 is still in progress and should extend further gain to 82.30/35, however, reckon 82.55 (50% Fibonacci retracement of 85.53 to 79.57) would limit upside due to near term overbought condition, reckon 82.90/00 would hold and risk from there has increased for a retreat later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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