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Mid-Day Report: Growing Confidence on Debt Solution Gives Euro a Boost ahead of Thursday's EU SummitThe single currency continued to edge higher as investors gained confidence that EU leaders are getting closer to reach an agreement on settling Europe’s debt crisis. German Chancellor Angela Merkel changed her tone as she said Thursday’s special summit of EU leaders will agree on a new Greek bailout package, Merkel will have a dinner meeting with French President Nicolas Sarkozy later today (around 15:GMT) in Berlin which hope to help reaching a resolution on Thursday when she travels to Brussels for the emergency meeting. Growing optimism on Thursday’s summit to form a concrete Greek bailout plan has given the single currency a boost. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.4074; (P) 1.4145 (R1) 1.4223; More. Intraday bias in EUR/USD remains neutral as it's staying in tight range of 1.4014/4282. Above 1.4282 will extend the rebound from 1.3837. Further break of 1.4577 will indicate that EUR/USD's correction from 1.4939 has completed and will bring stronger rise to 1.4939 and above. Nevertheless, before that, EUR/USD could still have another fall. Below 1.4014 will flip bias to the downside towards medium term trend line (now at 1.3781) where we're expecting strong support. |
| Featured Technical Report |
BOE Signaled To Keep Rates Low For Longer Than ExpectedThe BOE unveiled in minutes for the July meeting that members voted 7-2 to keep the Bank rate at 0.5%. Spencer Dale and Martin Weale favored raising interest rates while Adam Posen called for additional easing beside the existing asset-buying package of 200B pound. The outcome was similar to previous months and was widely anticipated. The central bank saw weakening in economic outlook in the third quarter and reiterated the stance that current inflationary pressures are temporary. Interest rates will likely stay low for longer than previously expected. 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 Update: USD/CHF – Sell at 0.8250Despite yesterday’s brief rise to 0.8278, the subsequent retreat suggests top is possibly formed there and consolidation with mild downside bias is seen for test of support at 0.8152 (yesterday’s low), break there would confirm and bring further fall to 0.8120 and possibly towards 0.8100, however, as a temporary low has been formed at 0.8034, reckon previous support at 0.8080 would hold from there and bring another rebound later. Trade Idea: AUD/USD – Buy at 1.0600The Australian dollar has rebounded in line with our expectation, adding credence to our view that retreat from 1.0807 has ended at 1.0560 and consolidation with upside bias remains for another test of said resistance, break there would signal the rise from 1.0390 has resumed and extend gain towards next resistance at 1.0889. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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