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Daily Report: Euro Surges to 2-Weeks High on Debt Crisis ReliefA pretty quiet Asian morning, most currency pairs are consolidating especially in euro and cable after yesterday's rally on eurozone debt crisis relief, the single currency surged to a 2-week high of 1.4440 as EU leaders agreed to allow their regional bailout fund (European Financial Stability Facility - EFSF) to ease terms of loads by extending maturity (from 7.5 years to 15 years) and lowering lending rates (from 4.5% to approx. 3.5%). European officials also let the EFSF to buy bonds in the secondary market in a total of 109 billion euro if it comes necessary to fight debt crisis. |
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EUR/CHF Daily OutlookDaily Pivots: (S1) 1.1641; (P) 1.1720; (R1) 1.1832; More EUR/CHF's rebound from 1.1404 extends further to as high as 1.1822 so far today and breaches 1.1802 support turned resistance as expected. Intraday bias remains on the upside and further rise could now be seen to 61.8% retracement of 1.2344 to 1.1404 at 1.1985. But still we're expecting upside to be limited below 1.2344 resistance and bring down trend resumption. On the downside, below 1.1605 minor support will flip bias back to the downside for a retest on 1.1404 first. |
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EU Delivers New Funding Plan For Greece, Extends EFSFThe EU summit ended with new measures to fund Greece and stabilize the sovereign crisis in the Eurozone as a whole. The result surprised to the upside as it delivered plans to provide liquidity to Greece and to substantially improve the country's public finance. The leaders also agreed on an ambitious reform of the EFSF, making it more flexible and effective, Yet, the drawback is that the document did not provide enough details on the reform of the EFSF. BOE Signaled To Keep Rates Low For Longer Than ExpectedThe BOE unveiled in minutes for the July meeting that members voted 7-2 to keep the Bank rate at 0.5%. Spencer Dale and Martin Weale favored raising interest rates while Adam Posen called for additional easing beside the existing asset-buying package of 200B pound. The outcome was similar to previous months and was widely anticipated. The central bank saw weakening in economic outlook in the third quarter and reiterated the stance that current inflationary pressures are temporary. Interest rates will likely stay low for longer than previously expected. |
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Trade Idea: USD/JPY – Stand asideThe greenback finally resumed recent decline yesterday and broke below last week’s low of 78.45, although price has rebounded this morning from 78.22 and recovery to the Ichimoku cloud bottom (now at 78.86) cannot be ruled out, above yesterday’s high of 79.03 is needed to signal a temporary low is formed and bring retracement to this week’s high of 79.32, otherwise, downside risk remains. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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