Global finance markets celebrated the dramatic fiscal cliff deal that's finally passed House


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Markets Celebrated Fiscal Cliff Deal, Yen and Dollar Stay Soft

Global finance markets celebrated the dramatic fiscal cliff deal that's finally passed House. DOW open sharply higher and is up over 200 pts in initial trading. European indices are up more than 2% at the time of writing. Meanwhile, dollar and were are both sharply lower as 2013 session starts in Asian even though some profit taking as the day went on. Late at night on January 1st, House passed the fiscal cliff bill by 257-167 bipartisan vote, which was earlier passed by Senate 89-8. Data from US saw ISM manufacturing index rose more than expected to 50.7 in December, back in expansion region above 50. Price paid component jumped more than expected to 55.5. Construction spending dropped -0.3$ mom in November.
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USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 86.01; (P) 86.39; (R1) 87.14; More..
Intraday bias in USD/JPY remains on the upside for the moment as recent rally is still in progress. Indeed, there is sign of acceleration as the upper channel resistance was taken out. Current rise from 77.13 should target 161.8% projection of 79.20 to 82.83 from 82.11 at 87.98. Break will target 90 psychological level. On the downside, break of 85.65 minor support is needed to indicate short term topping. Otherwise, outlook will stay bullish even in case of retreat.
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Economic Indicators Update

GMT Ccy Events Actual Consensus Previous Revised
09:00 EUR Eurozone PMI Manufacturing Dec F 46.1 46.3 46.3
09:30 GBP PMI Manufacturing Dec 51.4 49.1 49.1 49.2
13:00 EUR German CPI M/M Dec P 0.90% 0.70% -0.10%
13:00 EUR German CPI Y/Y Dec P 2.10% 1.90% 1.90%
15:00 USD Construction Spending M/M Nov -0.30% 0.60% 1.40%
15:00 USD ISM Manufacturing Dec 50.7 50.2 49.5
15:00 USD ISM Prices Paid Dec 55.5 53.2 52.5
Forex Trade Ideas
Remark: Due to Christmas and New Year holidays, update will resume on Monday 7 Jan 2013
Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530
Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF
Elliott Wave Daily Trade Ideas Update Schedule (GMT):
AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500
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1 comment:

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