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Daily Report: Euro slips from early recovery on warning from ECB's NowotnyThe greenback confined in narrow ranges against other major currencies in a very subdued session in Asia, partly due to the wait-and–see atmosphere as traders mostly await the EU summit on Thursday, some are worrying this emergency meeting may not be able to come up with any solid solution for Greek debt crisis. The single currency benefited initially on short-covering as traders squared their short positions ahead of this special summit and hit an intra-day high of 1.4136, however, comments from ECB's Nowotny put pressure on the single currency again as the ECB member warned that a default of Greece would have very grave consequences and euro quickly slipped below 1.4100 on his remarks. Asian sovereign names were seen buying the pair earlier, however, option related offers are reported at 1.4130 (some stops at 1.4135-40) up to 1.4150 (some from macro fund), on the downside, bids from Asian CBs are still seen from 1.4050 down to 1.4000 with stops building up below latter level. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.8729; (P) 0.8763; (R1) 0.8820; More EUR/GBP recovers again after hitting 0.8704 and continues to lose downside momentum with mild bullish convergence condition in 4 hours MACD. But another fall is still in favor with 0.8846 minor resistance intact. Current decline from 0.9083 is still expected to continue and below 0.8704 will target 0.8610 key support level next. Nevertheless, above 0.8846 will suggest short term bottoming and should bring stronger rebound towards 0.9083 instead. |
| Special Reports |
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reiterate the comment that 'some of the considerable monetary policy stimulus currently in place will be eventually withdrawn', an actual increase in interest rate may not arrive until 4Q11.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: USD/JPY – Hold long entered at 78.55Although dollar’s near term sideways trading is expected to continue, as we are keeping our view that last week’s rebound from 78.45 to 79.61 signals a temporary low is possibly formed there, mild upside bias remains for another bounce to said resistance but a sustained breach above there is needed to add credence to this view, bring retracement of recent decline towards 80.00 but reckon previous support at 80.50 would remain intact. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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