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Mid-Day Report: Dollar Jumps on Strong CPI Reading, Sterling Dives on JobsDollar extends rebound in early US session after data showed inflation exceeded forecasts in May. Headline CPI accelerated to 3.6% yoy versus expectation of 3.4%, higher number since October 2008. Core CPI also beat expectation of rose 1.5% yoy, highest number since January 2010. However, Empire state manufacturing index unexpectedly turned negative to -7.8, the worst number since November, suggesting contraction. Dollar index managed to break above 75 level to resume recent rebound from 73.50 and is set to target 76.36 resistance next. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6336; (P) 1.6388; (R1) 1.6422; More. GBP/USD's fall from 1.6441 accelerate to as low as 1.6226 so far today. The development indicates that choppy correction from 1.6546 is still in progress and would likely extend below 1.6212 support. However, we'd still treat price actions from 1.6546 as a correction only based on its structure and hence, would be looking for strong support above 1.6058 to contain downside and bring rebound. Above 1.6441 will flip bias back to the upside for 1.6546 and then 1.6746. However, break of 1.6058 will indicate resumption of fall from 1.6746 instead. |
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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: USD/CHF – Sell at 0.8545Although the greenback has risen again after brief pullback and near term upside risk remains for the rise from 0.8327 low to bring a stronger retracement of recent decline towards 0.8544-47 (38.2% Fibonacci retracement of 0.8895 to 0.8327 and previous resistance), weakening of upward momentum should limit upside to 0.8564 (38.2% Fibonacci retracement of 0.8947 to 0.8327) and bring another retreat later. Trade Idea: AUD/USD – Buy at 1.0580As the Australian dollar has staged a strong rebound after falling marginally to 1.0520 on Monday, suggesting the retreat from 1.0775 has ended there and consolidation with mild upside bias is seen for another test of said resistance but break there is needed to retain bullishness for the rebound from 1.0440 to bring further gain to 1.0793 (61.8% Fibonacci retracement of 1.1012-1.0440), then 1.0850. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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