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Mid-Day Report: Swiss Franc and Yen Jump after Poor ADP Job DataMarkets are driven by economic data today. Swiss Franc and Japanese Yen are both sharply high in early US session after disappointing US job data. The ADP employment report showed that private job market in US expanded by merely 38k in May, much lower than market's expectation of 178k. That was indeed the worst number since September. It raised worries that Friday's Non-farm payroll report is going to miss expectation of 190k growth. The Challenger report also showed planned layoff rose 1.8% in May while year-over-year, it dropped - 4.3%. USD/CHF dives to new record low of 0.8426 so far while USD/JPY is back below 81 level. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.8486; (P) 0.8516; (R1) 0.8567; More. USD/CHF's strong break of 61.8% projection of 0.9339 to 0.8552 from 0.8945 at 0.8459 confirms down trend resumption. Intraday bias is back on the downside for 100% projection level at 0.8158 next. On the upside, above 0.8546 resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish even in case of recovery. |
| Special Report |
BOC Left Policy Rate at 1%, Statement More HawkishWhile BOC's maintenance of the overnight rate at 1% is widely expected, the surprise comes from the policy statement which appears more hawkish than previously anticipated. Policymakers showed their concerns about inflationary pressures that have been driven by rising commodity prices. The central bank stated that current stimulus measures will be 'eventually withdrawn' as the economy improves further and excess supply continues to be absorbed. |
| Economic Indicators Update |
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Trade Idea Update: USD/CHF – Sell at 0.8530Current breach of recent low at 0.8547 signals downtrend has resumed and further weakness to 0.8400/10 would be seen, however, loss of downward momentum should limit downside to 0.8350 and reckon 0.8300/10 would hold on first testing, risk from there has increased for a corrective rebound later this week. Trade Idea: AUD/USD –Buy at 1.0600As aussie has maintained a firm undertone after staging a strong rebound from 1.0440 (last week's low), suggesting the correction from 1.1012 has possibly ended and mild upside bias remains for gain to indicated upside target at 1.0793 (61.8% Fibonacci retracement of 1.1012-1.0440) but a sustained breach of this level is needed to confirm this view and extend rise towards 1.0840/50 later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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