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Daily Report: Dollar Rebounds on U.S. Debt-Ceiling Talk ProgressThe greenback rebounded as U.S. President Obama signaled there is some progress in the debt-ceiling negotiations. Republican House leader Eric Cantor said the deficit reduction plan, so called Gang of Six proposal, was constructive but more work are still needed to be done. President Barack Obama also called the reveal of this proposal ‘good news', his endorsement of the deficit-cutting measures was interpreted as a step forward in raising the debt-limit so as to avoid default. His remarks led some dollar-buying activities especially against the low yielding currencies like yen and Swiss franc, USD/JPY rebounded from yesterday's low of 78.82 to an intra-day high of 79.32 before retreating again as IMF reported that Japan's economy is showing signs of recovering from March earthquake and tsunami which shook the country and could expand later this year especially in its manufacturing sector, they expect Japan to show a 2.9% growth from this year's 0.7% contraction. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 0.9450; (P) 0.9526; (R1) 0.9569; More. Intraday bias in USD/CAD remains neutral as fall from 0.9912 is in progress and should be targeting 0.9444 support next. Break will confirm medium term down trend resumption. In that case, next near term target is 61.8% projection of 1.0671 to 0.9444 from 0.9912 at 0.9154. On the upside, break of 0.9635 resistance will indicates short term bottoming and argue that consolidation from 0.9444 is going to extend further. But before that, we'll stay cautiously bearish in USD/CAD even in case of recovery. |
| Featured Technical Report |
BOC Left Rates Unchanged, Signals Tightening May Come Earlier than ExpectedThe BOC left interest rate unchanged at 1% in July. While lowering the growth forecast this year, GDP growth for 2012 and 2013 are remained unchanged. The outlook of core inflation was revised higher. Canadian dollar extended gains as policymakers signaled earlier timing for tightening. |
| Economic Indicators Update |
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Trade Idea: EUR/USD – Buy at 1.4100Yesterday’s rebound to 1.4217 suggests the fall from 1.4282 has ended at 1.4015 earlier this week and consolidation with upside bias is seen for another test of said resistance, break there would add credence to this view and extend gain towards 1.4250, however, as broad outlook is consolidative, price should falter well below last week’s high of 1.4282 and bring further choppy trading within early established range of 1.4015-1.4282Trade Idea: USD/JPY – Hold long entered at 78.55Although the greenback rebounded from yesterday’s low of 78.82 to 79.32 this morning, failure to extend such bounce and current retreat suggest caution on our long position entered at 78.55 and last week’s low of 78.45 needs to hold to retain bullishness for another rebound later, above said resistance at 79.32 would bring further gain towards resistance at 79.61 but break there is needed to add credence to our view that a temporary low is formed at 78.45 last week Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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