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Mid-Day Report: Euro Jumps on Decent Spain Auction, Yen Consolidates after SpikeEuro resumes recent rally against dollar today as lifted by successful bond actions by Spain. Spain sold EUR 4.1b of 10-year and 30-year bond today at average yield of 5.162% and 5.875% respectively. Yield were both down from 5.2% and 5.975% set in prior auctions. Demand was solid with bid-to-cover ratio for 10 year bond at 1.81 comparing to 1.54 last month. The results suggests that the EU agreement on competitive pact was well received by the markets. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3842; (P) 1.3921 (R1) 1.3977; More. EUR/USD's break of 1.4035 resistance indicates that recent rally has resumed. Intraday bias is back on the upside and further rise should now be seen towards 1.4281 resistance, which is close to medium term trend line at around 1.43 level. On the downside, break of 1.3751 support is needed to signal short term topping. Otherwise, outlook will remain bullish. |
| Special Reports |
SNB Pauses Again. Raises Growth And Inflation ForecastsAs widely expected, the SNB left the 3-month Libor target at 0-0.75%. Although the growth momentum has remained robust, inflation pressures have been mild. Moreover, strength in Swiss franc has offset the effects of accommodative monetary measures, hence reducing the needs for tightening. Policymakers also raised growth and inflation forecasts higher than 3 months ago. |
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Trade Idea Update: USD/CHF – Sell at 0.9130Dollar's near term sideways trading is expected to continue and as long as 0.8965-70 holds, near term upside risk remains for the rebound from intra-day low of 0.8853 to bring retracement of recent decline to 0.9085 (50% Fibonacci retracement of 0.9316 to 0.8853) but price should falter well below previous support at 0.9140 and bring another decline later. A break of indicated level at 0.8965-70 would suggest the rebound from 0.8853 has ended Trade Idea Update: EUR/USD – Buy at 1.3960As the single currency has retreated after intra-day resumption of upmove to 1.4053, minor consolidation below this level would take place and pullback to the Tenkan-Sen (now at 1.3984) is likely, however, reckon the Kijun-Sen (now at 1.3960, just below 50% Fibonacci retracement of 1.3869 to 1.4053 at 1.3961) would attract renewed buying interest, bring another upmove later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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