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Daily Report: Euro Soft on Greece Deadlock, Aussie Lifted by RBA StevensEuro is a touch softer as the emergency meeting between Eurozone finance ministers in Brussels produced no result and failed in agreeing on the way to involve private investors in Greece's second bailout. France is know to be on the side of ECB, which opposes to any action that constitutes a "credit event". Meanwhile, Germany continues to insists on participation of the private sector. Finance ministers will meet again on June 19, a day earlier than planned. Focus will also be on the meeting between German Chancellor Merkel and French President Sarkozy, on June 17. Markets are worried that the debate will drag on into July, as Luxembourg's Finance Minister Freiden said. Greek 10 year bond yields jumped to new record of 1746 bps yesterday on the uncertainties and would continue to march on and take other peripheral yields higher. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0596; (P) 1.0656; (R1) 1.0743; More AUD/USD's recovery from 1.0522 extends further to as high as 1.0714 so far. The break of 1.0652 minor resistance suggests that retreat from 1.0774 is already completed. Intraday bias is cautiously on the upside for 1.0774 first. Break will confirm resumption of whole rebound form 1.0440 and should target retesting 1.1011. On the downside, below 1.0522, however, will turn bias back to the downside for 1.0440 and then medium term channel support (now at 1.0218). |
| Special Reports |
SNB To Leave Rates Unchanged On Subdued Inflation And Slower GrowthThe SNB will likely leave interest rates at 0.25% at the June meeting. Economic data released over the past 2 weeks suggested both growth and inflation were mild in the country, indicating there's no need for policymakers to alter monetary policies for now. Moreover, elevated Swiss franc has also helped counter some of the stimulating effects of accommodative policies, further reducing the urgency of a rate hike. |
| Economic Indicators Update |
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Trade Idea: GBP/USD – Hold long entered at 1.6330As cable has fallen again in tandem with euro and the Tenkan-Sen has crossed below the Kijun-Sen, suggesting caution on our long position entered at 1.6330 and the Ichimoku cloud bottom (now at 1.6321) needs to hold to retain bullishness for another rebound later. Above the Kijun-Sen (now at 1.6385) would suggest low is possibly formed and bring another test of yesterday’s high at 1.6443 but break there is needed to retain bullishness Trade Idea: EUR/USD – Short target met and sell again at 1.4435Despite yesterday’s rebound to 1.4498, the single currency failed to close above the Ichimoku cloud top on an hourly basis and has fallen from there in line with our expectation (our short position entered at 1.4485 met indicated downside target at 1.4380 with 105 points profit), suggesting the rebound from 1.4285 has possibly ended at 1.4498 and consolidation with downside bias remains for weakness towards 1.4325/30 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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