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Mid-Day Report: Dollar Extends Rebound as NFP Shows 244k Rise in AprilDollar extends it's rebound against Euro, Swiss and Yen in early US session after Non-Farm Payroll report showed stronger than expected expansion in the job market by 244k in April. There was the biggest jump since May 2010. Private payroll also showed solid growth of 268k, the highest number since February 2006. The data indicates that the labor market in US is moving into sustainable growth mode. Unemployment rate, however, had the first increase since November and rose from 8.8% to 9.0%, but that was mainly due to people coming back into the job market. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.8599; (P) 0.8656; (R1) 0.8755; More. USD/CHF rebounds further to as high as 0.8794 in early US session and intraday bias remains on the upside for 38.2% retracement of 0.9399 to 0.8552 at 0.8853. But after all, upside is expected to be limited by 0.8895 support turned resistance and bring fall resumption. On the downside, below 0.8676 minor support will flip bias back to the downside for retesting 0.8552 support first. Further break there will confirm down trend resumption for 100% projection of 0.9774 to 0.8921 from 0.9339 at 0.8486 next. |
| Special Reports |
No 'Strong Vigilance' Pledged, Euro Plunges as Trichet Sounds Less HawkishThe ECB left the main refinancing rate at 1.25%, after hiking it by +25 bps in April, at the May meeting. Policymakers omitted the reference 'strong vigilance' for a second month and viewed the monetary policy stance 'still accommodative'. The central bank pledged to 'monitor very closely' all developments with respect to upside risks to price stability. The euro fell as hopes for a rate hike in the coming month dissipated. |
| Economic Indicators Update |
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Trade Idea Update: GBP/USD –Sell at 1.6550Despite intra-day marginal fall to 1.6355 (yesterday's low was 1.6357), lack of follow through selling and the subsequent rebound suggest consolidation would take place and retracement to the Ichimoku cloud bottom (now at 1.6508) cannot be ruled out, however, upside should be limited to 1.6540/50 and resistance at 1.6575 should hold, bring another decline. A break of said support would extend recent decline from 1.6747 top to 1.6342 Trade Idea: AUD/USD – Sell at 1.0850Yesterday's selloff to 1.0537 signals recent upmove has formed a temporary top at 1.1012 earlier this week and although price has rebounded from there and consolidation would be seen, reckon upside would be limited to 1.0775 (50% Fibonacci retracement of 1.1012 to 1.0537) and renewed selling interest should emerge around 1.0850/60, bring another decline later. A break of said support would bring a stronger retracement of recent upmove to 1.0510/15 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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