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Daily Report: Risk Appetite Lifted Mildly by China DataDollar and yen are both mildly lower against other major currencies today as risk appetite is given a mild lift by positive China data. CPI rose to 5.5% yoy in May, inline with expectation. While further tightening is still widely expected, today's data wasn't anything drastic that would trigger even more aggressive measures from China. There were whispers in the markets that the number could be as bad as 6% yoy. PPI was unchanged at 6.8% yoy in May. Growth data were solid with retail sales up 16.9% yoy in May while industrial production slowed slightly to 13.3% yoy. |
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| Featured Technical Report | |
GBP/USD Daily OutlookDaily Pivots: (S1) 1.6263; (P) 1.6327; (R1) 1.6438; More. The strong break of 1.6315 minor resistance suggests that pull back from 1.6546 has completed at 1.6212 already. The three wave structure also suggests that it's merely a correction. Focus now turns to 1.6471 minor resistance. Break there will indicate that rebound from 1.6058 is likely resuming for 1.6546 and above to 1.6746 resistance next. On the downside, though, below 1.6212 will turn focus back to 1.6058 again. |
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SNB To Leave Rates Unchanged On Subdued Inflation And Slower GrowthThe SNB will likely leave interest rates at 0.25% at the June meeting. Economic data released over the past 2 weeks suggested both growth and inflation were mild in the country, indicating there's no need for policymakers to alter monetary policies for now. Moreover, elevated Swiss franc has also helped counter some of the stimulating effects of accommodative policies, further reducing the urgency of a rate hike. |
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Trade Idea: EUR/USD – Sell at 1.4485As the single currency has continued to edge higher on the back of intra-day rally in cable, suggesting near term upside risk remains for the rebound from 1.4285 to bring a stronger retracement of recent decline towards 1.4478-88 (previous support and current level of the Ichimoku cloud top), however, reckon 1.4514 (61.8% Fibonacci retracement of 1.4655-1.4285) would hold, bring another decline later. Trade Idea: USD/JPY – Stand asideDespite intra-day brief fall to 80.09, as the greenback has rebounded again after holding above indicated support at 79.96 (Friday’s low), suggesting further consolidation would take place and recovery to 80.47 cannot be ruled out, however, only break of resistance at 80.70 would revive bullishness and signal recent fall has ended at 79.69 last week, bring retracement of recent decline to 81.00 but resistance at 81.33 should remain intact. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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