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Mid-Day Report: USD/JPY Dips after Jobless Claims, Euro Lower on Greece ConcernDollar dips versus the Japanese yen in early US session after data showed initial jobless claims unexpectedly rose to 412k in the week ended April 9. That's the highest number in two months and much worse than market expectation of 380k. COntinuing claims, though, dropped by 58k to 3.68m in the week ended April 2, the lowest number since September 2008. Headline PPI missed expectation and rose 0.7% mom, 5.8% yoy in March only while core PPI rose 0.3% mom, 1.9% yoy. USD/JPY extends recent pull back from 85.51 an breaches 83 level after the release while the Japanese yen also strengthen mildly. USD/CHF made new record low earlier today and remains soft for deeper decline. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.4396; (P) 1.4458 (R1) 1.4503; More. EUR/USD's break of 1.4377 minor support suggests that a short term top is in place at 1.4519. Consolidations should now be seen with risk of pull back to lower channel support (now at 1.4166). But downside should be contained by 1.4020 4247 support zone and bring another rally. Above 1.4519 will resume recent rise to 61.8% projection of 1.2873 to 1.386 from 1.3427 at 1.5024, which is close to 1.5 psychological level. |
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| Special Reports |
Beige Book Shows Widespread Improvements In Virtually Every DistrictThe Beige Book based on information collected before April 4 2011 was modestly upbeat. The economy in the 12 regional Fed districts 'generally continued to improve'. The Fed stated that 'while many districts described the improvements as only moderate, most districts stated that gains were widespread across sectors'. Concerning recent surges in commodity prices, the survey revealed that pressures to increase wages were 'weak or subdued'. BOC Leaves Rates Unchanged. Raises Growth OutlookThe BOC left the overnight rate at 1% but delivered slightly more hawkish accompanying statement as domestic economic growth has been running faster than expected. The central bank revised higher its growth forecast for 2011 but downgraded that for 2012. Concerning inflation, policymakers viewed recent upward price pressures as only 'temporary' as driven 'recent sharp increases in energy prices and the ongoing boost from changes in provincial indirect taxes'. |
| Economic Indicators Update | The Traders Expo provides a chance to take a productive step back from the trading screen and look at the overall markets from a broader perspective. Join your fellow traders at The Traders Expo Dallas and experience it for yourself. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF – Hold long entered at 0.8930Although dollar has retreated after intra-day rebound from 0.8896 to 0.8959, as long as said support level holds, further consolidation would take place with mild upside bias for test of the Ichimoku cloud bottom (now at 0.8979), then to 0.9020-24 (previous support and current level of the Ichimoku cloud top), however, reckon 0.9059-62 would limit upside and bring another decline later. Trade Idea: AUD/USD – Buy at 1.0440Although the Australian dollar has edged higher again, break of recent high at 1.0581 is needed to confirm recent upmove has resumed and extend gain to 1.0645/50 (50% projection of 0.9706 to 1.0422 measuring from 1.0288), however, loss of near term upward momentum should limit upside to 1.0730 (61.8% projection) and bring a much needed correction later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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