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Daily Report: Australian Dollar Surges as RBA Raised GDP and CPI Projections, Solid US Non-Farm Payroll AwaitedAustralian dollar extends this week's rebound after RBA signaled in its monetary policy statement that the unprecedented flood in December and January would not dampened the buoyant outlook for the economy. The bank noted that "recent floods will have a material effect on the near-term profile of gross domestic product....." but, "a strong recovery in the June quarter as coal production picks up and the rebuilding effort gets under way." Indeed, RBA raised 2011 growth forecast from November's projection of 3.75% to 4.25%. CPI projection was also raised from 2.75% to 3%. Also, Aussie is supported by risk appetite in Asian markets as stocks are boosted by improvements in Japanese corporate earnings as well as gains in steelmaker stocks. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0102; (P) 1.0132; (R1) 1.0183; More AUD/USD rises further to as high as 1.0193 so far today. At this point, intraday bias remains on the upside and further rise should be seen to retest 1.0254 resistance first and then upper trend line resistance at 1.0296 next. On the downside, below 1.0083 minor support will turn intraday bias neutral and bring consolidations. But another rise will remain in favor as long as 0.9803 support holds. |
| Special Report |
ECB Kept Policy Rate at 1%, Remained Dovish Although Inflation OvershotAs expected, the ECB left the main refinancing rate unchanged at 1% as economic developments since the last meeting suggested interest rates remained 'appropriate'. While energy and commodity prices will continue to put upward pressure on overall inflation in the short-term, inflationary pressures over the medium to long term should remain contained. |
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Remark: Due to Chinese New Year holidays, next Candlesticks and Ichimoku Trade Idea update will be made on Monday 7 Feb. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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