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Mid-Day Report: Euro Rebounds as Merkel CompromisedEuro rebounds strongly today after German Chancellor Angela Merkel compromised and announced with French President Nicholas Sarkozy that they will support a new bailout package for Greece that includes "fully voluntary" participation of private Greek bond holders. The new package will be modeled on Vienna Initiative, which tens of billions dollars were lent to struggling Eastern European nations in 2009, on condition that foreign banks maintained their lending. Merkel said that they do "everything together" with ECB, IMF and EC Commission and they didn't want to "create a credit event". IMF has agreed to release funds for Greece to satisfy debt payments through September. Merkel said they'll work on the new package and the time line isn't September, but "as soon as possible". German Finance Ministry spokesman said that ideally, a solution and an agreement to "key elements of the program" would be found on Monday. Looking ahead, EU finance minister meeting on Sunday and Monday should approve the next tranche of emergency loans to Greece and possibly agree on the framework of the second bailout for Greece. Also, the reshuffled cabinet of Greece will face a confidence vote by Tuesday night. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.4116; (P) 1.4168 (R1) 1.4264; More. EUR/USD rebounds strongly to as high as 1.4314 but is still kept below 1.4320 resistance. The cautiously bearish outlook remains unchanged and fall from 1.4695 is still in favor to continue. Below 1.4073 will target 1.3969. Further break there will confirm resumption of whole decline from 1.4939 and should target 100% projection of 1.4939 to 1.3969 from 1.4695 at 1.3725. nevertheless, sustained break of 1.4320 will dampen this bearish case and turn bias back to the upside for a test on 1.4695 resistance instead. |
| Special Reports |
SNB Left Rates Unchanged, More Pessimistic On World GrowthAs expected, the SNB left the 3-month Libor target rate at 0.25%. Yet, the tone of the accompanying statement suggests policymakers are increasingly concerned about economic developments. Debt problems in the European periphery, fiscal consolidations in various nations, negative impacts of rising commodity prices on growth and appreciation of Swiss franc are the main issues that the central bank worries about. |
| Economic Indicators Update |
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Trade Idea Update: EUR/USD – Hold short entered at 1.4285Despite intra-day rebound to 1.4300, as this move from this week’s low of 1.4073 is viewed as retracement of recent decline, reckon upside would be limited and consolidation with mild downside bias is seen for test of the Kijun-Sen (now at 1.4188 but break of intra-day support at 1.4128 is needed to signal the correction from 1.4073 has ended and bring subsequent retest of this level. Trade Idea: USD/CAD – Buy at 0.9700Despite yesterday’s rise to 0.9899, as the greenback has retreated from there, suggesting consolidation below this level would take place and retracement to 0.9700 cannot be ruled out, however, as long as support at 0.96455 holds, prospect of another rise remains. A break of said resistance would signal the rise from 0.9446 is still in progress as wave 4 and further gain to 0.9900 would be seen Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||
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