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Greenback Bounces off Lows on Relief of U.S. Debt AgreementAlthough the greenback dropped to a record low against the Swiss franc of 0.7851 and over 4-month low versus Japanese yen at 76.70, news over the weekend that U.S. Congressional leaders finally agreed a last minute deal to raise debt ceiling helped the dollar to rebound from lows, both currency pairs opened higher today and USD/JPY rallied to as high as 78.05 and Swissy also rebounded to 0.7954 before easing again. Dollar's relief rally came as U.S. lawmakers reached a deal to trim fiscal spending by saving US%917 billion over 10 years and a 12 member joint committee will be created to find measures to cut another US$1.5 trillion by 23 Nov 2011. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 76.37; (P) 77.11; (R1) 77.50; More. USD/JPY recovers strongly today and the break of 77.56 minor resistance suggests that a temporary low is formed at 76.71. Intraday bias is turned neutral for some consolidations. But upside should be limited by 78.46 resistance and bring another fall. Below 76.71 will target 100% projection of 85.51 to 79.56 from 82.22 at 76.27 and then 75.98 low. |
| Special Reports |
RBA To Leaves Cash Rate At 4.75% After Balancing Growth And Inflation RisksThe less-than-expected moderation in 2Q11 inflation in Australia reduced bets that the RBA will cut interest rates in coming months. It also triggered some analysts to forecast the central bank will adopt a rate hike as soon as in August. In our opinion, the central bank will pause for another month, leaving the cash rate at 4.75% as domestic economy is facing the risk of slowdown while debt problems in the US and Eurozone remain unresolved. |
| Economic Indicators Update |
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Trade Idea: USD/CHF – Sell at 0.8020Although the greenback fell marginally below Friday’s low of 0.7853, lack of follow through selling and the subsequent rebound from 0.7851 suggest a minor low is formed and consolidation with mild upside bias is seen for retracement to previous support at 0.7990, however, the Ichimoku cloud (now at 0.8016-19) should attract renewed selling interest and bring another decline later. Trade Idea: EUR/USD – Buy at 1.4350As the single currency has moved higher again after finding renewed buying interest at 1.4347, suggesting the rise from last week’s low at 1.4230 is still in progress and further gain to 1.4450 would be seen, however, weakening of upward momentum should prevent sharp move beyond 1.4500 and price should falter well below recent high at 1.4537 and bring retreat 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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