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Mid-Day Report: Euro Remains Weak as EU Leaders Called for Second Emergency Meeting on Greece BailoutThe single currency extended intra-day decline to as low as 1.4015 in part due to rising concerns over eurozone debt crisis when Europe leaders called for another emergency meeting this Thursday to discuss second bailout package for Greece, investors are still not convinced that the EU officials are able to resolve the debt problem in the near future. Both Italian and Spanish 10-year bond yields rallied on risk of debt crisis spreading across Europe from Portugal and Greece to Italy and Spain. Having said that, euro found decent demand from Middle East names above 1.4000 and has recovered in New York morning. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 78.90; (P) 79.08; (R1) 79.28; More. USD/JPY continues to stay in familiar range above 78.46 temporary and intraday bias remains neutral. Some more sideway trading could be seen but upside is expected to be limited by 4 hours 55 EMA (now at 79.76) and bring fall resumption. Below 78.46 will resume the whole decline from 85.51 and should target 100% projection of 85.51 to 79.56 from 82.22 at 76.27 and then 75.98 low. |
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BOC To Leave Rates Unchanged Despite Narrowing Output GapWhile Canada's economy has shown some positive signs recently, the BOC would not hurry for a rate hike this month given the uncertainties in the global economic environment. While policymakers will likely reiterate the comment that 'some of the considerable monetary policy stimulus currently in place will be eventually withdrawn', an actual increase in interest rate may not arrive until 4Q11. |
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Trade Idea Update: USD/CHF – Sell at 0.8200Dollar’s rebound after intra-day brief but sharp fall to fresh record low of 0.8034 suggests further consolidation above this level would take place and retracement to 0.8200-06 (previous resistance as well as current level of the Ichimoku cloud top) cannot be ruled out, however, renewed selling interest should emerge there and bring another decline later. Having said that, break of 0.8034 is needed to extend downtrend to said psychological support at 0.8000 Trade Idea: EUR/JPY – Sell at 111.70Despite last week’s rebound to 112.93, the subsequent retreat suggest the rebound from 109.58 has possibly ended there and consolidation with mild downside bias is seen for weakness to 110.00, however, break of said support at 109.58 is needed to extend the 2nd c leg of B from 123.33 to 109.00 and possibly towards 108.50 which is likely to hold from here. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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