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Mid-Day Report: The British Pound Rallies Shortly after the Release of Higher UK CIPS Services DataCable went through a roller-coaster session in London, although slipping initially to an intra-day low of 1.5990 in European morning, the release of higher-than-expected UK CIPS services index lifted cable sharply higher, the June data came in at 53.9 versus consensus of 53.5 and also above previous reading of 53.8, the figure is the main component of UK PMI number, however, this single data may not be enough to change market expectations that Bank of England shall keep rate unchanged this week. At the moment, mixtures of offers and stops are still noted at 1.6140-50 whilst bids from Asian sovereign names are lined up from 1.6070 down to 1.6050 and more bids are reported at 1.6000 with stop only emerging below 1.5990 and more at 1.5970. |
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| Featured Technical Report | |
GBP/JPY Mid-Day OutlookDaily Pivots: (S1) 129.59; (P) 129.87; (R1) 130.09; More GBP/JPY's rebound from 128/23 extends further today and the break of 130.53 minor resistance argues that a short term bottom is in place. Stronger rebound would now be seen to near term falling trend line resistance first (now at 131.79) first. Break will bring further rise to 135.11 resistance next. On the downside, below 129.05 minor support will flip bias back to the downside for a retest on 128.23 support first. |
| Special Reports |
RBA Makes No Change In Cash Rate, Shows Worries On Growth SlowdownThe RBA left the cash rate unchanged at 4.75% for a 7th consecutive meeting in July and unveiled a less hawkish outlook in the accompanying statement. Policymakers showed concerns on growth slowdown as well as banking and sovereign debt problems in the Eurozone. Inflation pressure is less of a concern as commodities have softened recently. |
| Economic Indicators Update |
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Trade Idea Update: EUR/USD – Buy at 1.4400As the single currency has remained under pressure after intra-day retreat from 1.4554, near term downside risk remains for the retreat from 1.4580 to bring retracement of recent upmove to previous support at 1.4437, however, downside should be limited to 1.4409 (50% Fibonacci retracement of 1.4237-1.4580) and renewed buying interest should emerge around 1.4398 (38.2% Fibonacci retracement of 1.4103-1.4580) and bring another rebound later. Trade Idea: EUR/JPY – Hold short entered at 117.30As the single currency has remained confined within near term established range after rising to 117.74 yesterday, suggesting further consolidation would take place but as long as indicated resistance at 117.90 holds, mild downside bias remains for weakness to 116.14, then 115.90 but below support at 115.13 is needed to signal the rebound from 113.51 has ended and bring further weakness later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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