| Action Insight Daily Report |
Focus on Services and Employment Data Dollar continues to consolidate against major currencies as global stocks' recovery extends further. Crude oil's rebound is particularly impressive and it's now trading above 77.13, well above last week's low of 72.43 and is giving some pressure to the greenback. Gold is also trading above 1110 level for the moment after drawing strong support from 1075 level again last week. Nevertheless, the retreat in dollar and yen is so far mild in view of the heavy weight events in the latter part of the week including ECB, BoE and Non-Farm Payroll. Markets will get a preview of NFP from the private ADP employment report later today. Full Report Here... |
| Special Report |
2010 Currency Outlook: CHF The SNB was one of the most aggressive central banks in implementing loose monetary policies to fight against the recent recession. Between October 2008 and March 2009, the SNB has reduced the 3-month LIBOR target rate by 250 bps to 0.25%. In March, the central bank also announced a series of liquidity provision programs including additional repo operations and purchases of Swiss franc bonds issued by private sector borrowers. The central bank also declared to purchase foreign currency on the foreign exchange market so as to prevent any further appreciation of the Swiss franc against the euro. Full Report Here... |
| Candlesticks & Ichimoku Analysis |
Trade Idea: EUR/USD - Sell At 1.4050, O.C.O. Buy At 1.3800 Although euro's rebound after early fall to 1.3851 on Monday suggests a minor low is formed and consolidation with mild upside bias is seen for retracement to 1.4029 (previous support turned resistance), minor resistance at 1.4053 should hold and bring another decline later towards 1.3800. Below yesterday's low at 1.3886 would signal decline has resumed for retest of 1.3851, then 1.3800, however, loss of downward momentum should prevent sharp fall below there and reckon 1.3748 (61.8% Fibonacci retracement of 1.2885 to 1.5145) would hold from here and bring rebound later Full Report Here... Trade Idea: USD/JPY - Buy At 89.70 Dollar's retreat after faltering below this week's high at 90.94 suggests further consolidation would take place and although mild downside bias is seen for initial pullback to the Ichimoku cloud bottom (now at 89.81), as we are keeping our view that a temporary low has possibly been formed at 89.14, renewed buying interest should emerge around 89.76 (this week's low), bring another rebound later. A sustain breach of 90.94 would add credence to our view and bring correction of recent fall from 93.78 for gain to 91.46 (50% Fibonacci retracement of 93.78 to 89.14), however, it is necessary to see a breach of resistance at 91.88 to retain bullishness and stronger rebound to 92.05 and later towards 92.40/50 would follow. Full Report Here... |
| Featured Technical Report | Market Highlights |
GBP/USD Daily Outlook Daily Pivots: (S1) 1.5918; (P) 1.5956; (R1) 1.6011; More Break of 1.5979 minor resistance indicates that an intraday low is formed at 1.5849 and more recovery could now be seen, possibly to 4 hours 55 EMA (now at 1.6085). But upside should be limited below 1.6274 resistance and bring fall resumption. Below 1.5902 minor support will flip intraday bias back to the downside for 1.5829 support. Break there will confirm the whole fall from 1.6875 has resumed for 1.5706 key cluster support. Read more... All Technical Outlook Reports | Daily Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | GBPCHF | 1.6913 | 1.6848 | +65 | +0.38% | | GBPJPY | 144.84 | 144.35 | +49 | +0.34% | | GBPUSD | 1.6016 | 1.5972 | +44 | +0.27% | | GBPAUD | 1.8066 | 1.8017 | +49 | +0.27% | | EURGBP | 0.8718 | 0.8740 | -22 | -0.25% | Last Updated: Feb 03, 07:00 GMT Currency Heat Map Daily View | USD | EUR | JPY | GBP | CHF | CAD | AUD | | USD | | | | | | | | | EUR | | | | | | | | | JPY | | | | | | | | | GBP | | | | | | | | Last Updated: Feb 03, 07:00 GMT |
| Economic Indicators Update |
| GMT | Ccy | Events | Actual | Consensus | Previous | Revised | | 0:01 | GBP | Nationwide Consumer Confidence Jan | 73 | 70 | 69 | 70 | | 0:01 | GBP | U.K. BRC Shop Price Index Jan | 2.30% | -- | 2.20% | | | 0:30 | AUD | Trade Balance (AUD) Dec | -2.25B | -2.36B | -1.70B | -1.73B | | 8:55 | EUR | German PMI Services Jan F | | 51.2 | 51.2 | | | 9:00 | EUR | Eurozone PMI Services Jan F | | 52.3 | 52.3 | | | 9:30 | GBP | PMI Services Jan | | 56.5 | 56.8 | | | 10:00 | EUR | Eurozone Retail Sales M/M Dec | | 0.40% | -1.20% | | | 10:00 | EUR | Eurozone Retail Sales Y/Y Dec | | -2.40% | -4.00% | | | 12:30 | USD | Challenger Job Cuts Y/Y Jan | | -- | -72.90% | | | 13:15 | USD | ADP Employment Change Jan | | -40K | -84K | | | 15:00 | USD | ISM Non-Manufacturing Composite Jan | | 51 | 50.1 | 49.8 | | 15:30 | USD | Crude Oil Inventories | | 0.4M | -3.9M | | |
| Suggested Readings |
Fundamental Highlights Technical Highlights |
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