| Action Insight Daily Report |
Aussie Sharply Lower as RBA on Hold Australia dollar drops sharply today after RBA unexpectedly left rates unchanged at 3.75% while markets were generally expecting another 25bps hike. RBA noted that lenders in Australia has "generally raised rates a little more than the cash rate over recent months" and "loan rates have risen by close to a percentage point." The bank would seek to hold the cash rate steady for the moment to see the impact of these changes to the economy. Nevertheless, the bank maintained a tightening bias that "if economic conditions evolve broadly as expected, the Board considers it likely that monetary policy will, over time, need to be adjusted further in order to ensure that inflation remains consistent with the target over the medium term." Full Report Here... |
| Special Report |
RBA Warrants Doing Less as China is Doing More As a surprise to the market, the RBA announced to keep the overnight cash rate unchanged at 3.75%, following 3 consecutive raises last year, as policymakers would like to gauge the impact of previous hikes and stimulus withdrawal. Full Report Here... |
| Elliott Wave Analysis |
EUR/USD Elliott Wave Analysis The single currency fell again last week partly due to the release of better-than-expected U.S. GDP data and price dropped to as low as 1.3851 this morning, adding credence to our bearish count that wave v, wave (c) as well as wave C has ended at 1.5145 and our indicated downside target at 1.3950 has been met and price is still holding above indicated calculated level at 1.3801 (50% Fibonacci retracement of the entire wave C from 1.2457 to 1.5145). Although initial sideways trading would be seen this week and recovery to 1.4029 (previous support turned resistance) cannot be ruled out, reckon 1.4195 resistance would hold, bring further decline to 1.3747-48 (previous support and 61.8% Fibonacci retracement of 1.2885 to 1.5145) but reckon 1.3644 (100% projection of 1.4580 to 1.4029 measuring from 1.4195) would hold from here. Full Report Here... |
| Featured Technical Report | Market Highlights |
AUD/USD Daily Outlook Daily Pivots: (S1) 0.8828; (P) 0.8873; (R1) 0.8959; More AUD/USD's sharp fall and break of 0.8787 today indicates that fall from 0.9372 is still in progress and has resumed. Further decline would remain in favor as long as 0.8926 minor resistance holds. towards 0.8734 support next. Break there will confirm that whole decline from 0.9404 high has resumed and should target medium term fibonacci level at 23.6% retracement of 0.6008 to 0.9404 at 0.8603. On the upside, though, above 0.8926 will argue that a short term bottom is formed and will flip intraday bias back to the upside for stronger rebound. Read more... All Technical Outlook Reports | Daily Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | AUDUSD | 0.8799 | 0.8913 | -114 | -1.30% | | EURAUD | 1.5820 | 1.5626 | +194 | +1.23% | | AUDCAD | 0.9343 | 0.9455 | -112 | -1.20% | | GBPAUD | 1.8112 | 1.7899 | +213 | +1.18% | | AUDJPY | 79.84 | 80.75 | -91 | -1.14% | Last Updated: Feb 02, 06:00 GMT Currency Heat Map Daily View | USD | EUR | JPY | GBP | CHF | CAD | AUD | | USD | | | | | | | | | EUR | | | | | | | | | JPY | | | | | | | | | GBP | | | | | | | | Last Updated: Feb 02, 06:00 GMT |
| Economic Indicators Update |
| GMT | Ccy | Events | Actual | Consensus | Previous | Revised | | 23:50 | JPY | Monetary Base Y/Y Jan | 4.90% | 4.90% | 5.20% | | | 0:30 | AUD | NAB Business Confidence Dec | 8 | -- | 19 | | | 3:30 | AUD | RBA Interest Rate Decision | 3.75% | 4.00% | 3.75% | | | 6:45 | CHF | SECO Consumer Confidence Jan | | -9 | -14 | | | 7:00 | EUR | German Retail Sales M/M Dec | | 0.90% | -1.10% | | | 7:00 | EUR | German Retail Sales Y/Y Dec | | -2.50% | -2.80% | | | 9:30 | GBP | PMI Construction Jan | | 47 | 47.1 | | | 10:00 | EUR | Eurozone PPI M/M Dec | | 0.00% | 0.10% | | | 10:00 | EUR | Eurozone PPI Y/Y Dec | | -3.00% | -4.40% | | | 15:00 | USD | Pending Home Sales M/M Dec | | 0.60% | -16.00% | | |
| Suggested Readings |
Fundamental Highlights Technical Highlights |
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