| Action Insight Mid-Day Report | Sterling Tumbles on Deficit Concern, Dollar Recovers as Commodities Lose Momentum Sterling continues to be the weakest major currencies and drops broadly today on concern on the increasing debt level of the country as well as on report of a rift between UK Chancellor Darling and PM Brown over the UK deficit of GPB 178b. An article by FT said that Darling's position is that revenue from growth should be used to cut borrowings rather than increase spending. This was in contrast to Brown's comment that such extra revenues should be used to boost spending to reduce pain of looming cuts. Sterling is pressured across the board and the weakness is particularly apparent against commodity currencies, which are lifted by strength in gold and oil prices as well as stock market rallies. Full Report Here... | | Elliott Wave Analysis | Trade Idea: EUR/JPY - Exit Long Entered At 132.50 Although the single currency resumed recent rise to 133.79 yesterday, the sharp retreat from there to intra-day low of 132.13 suggests a temporary top has possibly been formed there and consolidation with mild downside bias is seen, break of said support would bring correction of recent rise to 131.32 (38.2% Fibonacci retracement of 127.32 to 133.79), however, reckon 130.56 (50% Fibonacci retracement) would hold. Full Report Here... Trade Idea: AUD/USD - Buy At 0.9050 As the Australian dollar has maintained a firm undertone, suggesting the rise from 0.8735 low remains in progress and further gain to resistance at 0.9197/00 is under way but it is necessary to see a firm breach there to signal the correction from 0.9407 has ended and extend headway towards 0.9290/00 later. Full Report Here... | | Featured Technical Report | Market Highlights | GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.6014; (P) 1.6127; (R1) 1.6197; More GBP/USD's fall from 1.6237 continues today and the break of 1.6046 minor support suggests that recovery from 1.5829 has completed after hitting 38.2% retracement of 1.6875 to 1.5829 at 1.6229. Intraday bias is flipped back to the downside for retesting 1.5829 low first. Nevertheless, note that firm break there is needed to confirm fall resumption, otherwise, we'd expect some more sideway trading first. Break of 1.5829 will target key cluster support of 1.5706 next. Read more... All Technical Outlook Reports | Daily Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | GBPJPY | 146.92 | 148.79 | -187 | -1.27% | | CHFJPY | 88.89 | 89.81 | -92 | -1.03% | | AUDJPY | 83.59 | 84.41 | -82 | -0.98% | | NZDJPY | 67.26 | 67.90 | -64 | -0.95% | | EURJPY | 132.07 | 133.31 | -124 | -0.94% | Last Updated: Jan 05, 14:35 GMT Currency Heat Map Daily View | USD | EUR | JPY | GBP | CHF | CAD | AUD | | USD | | | | | | | | | EUR | | | | | | | | | JPY | | | | | | | | | GBP | | | | | | | | Last Updated: Jan 05, 14:35 GMT | | Economic Indicators Update | | GMT | Ccy | Events | Actual | Consensus | Previous | Revised | | 23:50 | JPY | Monetary Base Y/Y Dec | 5.20% | 3.50% | 3.80% | | | 08:55 | EUR | German Unemployment Change Dec | -3K | 5K | -7K | -1K | | 08:55 | EUR | German Unemployment Rate Dec | 8.10% | 8.10% | 8.10% | | | 09:30 | GBP | PMI Construction Dec | 47.1 | 47.6 | 47 | | | 10:00 | EUR | Eurozone CPI Estimate Y/Y Dec | 0.90% | 0.90% | 0.60% | 0.50% | | 13:30 | CAD | IPPI M/M Nov | 1.00% | 0.50% | -0.30% | | | 13:30 | CAD | RMPI M/M Nov | 2.20% | 1.10% | 2.50% | | | 15:00 | USD | Pending Home Sales M/M Nov | | -3.10% | 3.70% | | | 15:00 | USD | Factory Orders Nov | | 0.50% | 0.60% | | | | Suggested Readings | Fundamental Highlights Technical Highlights | | | Forex Brokers | | | Sponsors | 
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