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Mid-Day Report: Dollar Mixed as Risk Appetite ReturnsDollar is trading mixed in early US session, up against yen and swissy but soft against other major currencies. Headline retail sales in US dropped for the first time in eleven months by -0.2% in May but was slightly better than expectation of 0.4%. Ex-auto sales, on the other hand, rose 0.3%. PPI also rose more than expected to 7.3% yoy while core PPI was unchanged at 2.1% yoy. US stocks open higher, following strength in global equities as boosted by solid China economic data earlier today. Yen and Swissy will somewhat remains pressured but the question is whether dollar would follow and weakens against Euro, Sterling, Canadian and Australian dollars. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.8325; (P) 0.8397; (R1) 0.8440; More. USD/CHF's dip was contained at 0.8347, above 0.8326 support and recovers. Consolidation from 0.8326 is still in progress and stronger recovery could be seen to 0.8552 support turned resistance. But upside is expected to be limited by near term falling trend line (now at 0.8698) and bring another fall. Break of 0.8326 will target 100% projection of 0.9339 to 0.8552 from 0.8945 at 0.8158 next. |
| 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 Update: GBP/USD – Buy at 1.6345Although the British pound has rebounded, as long as intra-day resistance at 1.6443 (where a shooting star was formed on the hourly chart) holds, further consolidation would be seen and near term downside risk remains for another retreat to the Kijun-Sen (now at 1.6263), however, the thick Ichimoku cloud suggests the upper Kumo (now at 1.6341) would limit downside and bring another rally later. Trade Idea: EUR/GBP – Hold long entered at 0.8800Although the single currency fell marginally to 0.8785 today, as euro has rebounded again, retaining our near term bullishness and consolidation with upside bias remains for another bounce to 0.8850 and later towards 0.8900/10 but break of resistance at 0.8920-25 is needed to signal the retreat from 0.8976 has ended and bring retest of this level later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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