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Daily Report: Euro Retreats Further after Portugal PM ResignationEuro's retreat against dollar continues in Asian markets today after Portuguese Prime Minister Socrates submitted his resignation. Portugal's parliament rejected Socrates' latest austerity measures aimed at avoiding a bailout yesterday, which involve additional cuts that are equivalent to 4.5% GDP over three years. It's now believe that Portugal could open the door for discussion on bailout as soon as this week. Also, there were talks that the agreement on increasing the lending capacity of EFSF from EUR 250b to EUR 440b will be delayed to June as some governments are handling "internal" issues. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 113.53; (P) 114.28; (R1) 114.73; More Intraday bias in EUR/JPY remains neutral for the moment as consolidations below 115.53 temporary top continues. Focus remains on 115.96 resistance. As long as 115.96 holds, there is no confirmation of trend reversal yet and we'll continue to favor a downside break out eventually from range of 105.42/115.96. Below 113.52 minor support will flip bias back to the downside for 106.57 support first. Nevertheless, sustained break of 115.96 will also have 55 week's EMA taken out and thus, favors that case that EUR/JPY has bottomed out already. |
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BOE On Hold While Seeing Heightened Inflationary Pressure In Near-TermThe BOE kept the Bank rate unchanged at 0.5% and the asset-purchase program at 200B pound as policymakers need to gauge oil's impact on inflation, according to minutes for the March meeting. Member voted 6-3 to keep rates on hold and 8-1 to keep the asset-purchase program unchanged. Inflationary pressures remain elevated and the central bank believed there's 'a significant risk that inflation would exceed 5% in the near term'. The next focus is the annual budget that Chancellor of the Exchequer Osborne will be presenting later today. |
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Trade Idea: GBP/USD – Sell at 1.6300Yesterday's selloff on dollar's broad-based rebound against European currencies signals recent upmove has formed a temporary top at 1.6403 and consolidation with mild downside bias is seen for a stronger retracement of recent upmove towards 1.6190 (50% Fibonacci retracement of 1.5977 to 1.6403) but reckon 1.6150 would hold from here due to near term oversold condition. Trade Idea: EUR/USD – Sell at 1.4155As the single currency has remained under pressure after yesterday's fall from 1.4215, signaling a temporary top has been formed at 1.4249 and consolidation with mild downside bias is seen for retracement of recent upmove to previous resistance at 1.4053, however, near term oversold condition should limit downside to 1.4013 (another previous resistance and 61.8% Fibonacci retracement of 1.3867 to 1.4249) Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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