| Action Insight Mid-Day Report | Dollar and Yen Mildly Lower as Risk Aversion Recedes Risk aversion recedes in early US session, supported by solid data from US and dollar and yen are mildly lower. ISM Manufacturing index rose much more than expected to 58.4 in January. Consumer spending rose for the third straight month in December, by 0.2%, but fell short of expectation of 0.3%. Personal income, though, rose more than expected by 0.4%. Headline PCE jumped from 1.5% yoy to 2.1% yoy. Fed's preferred gauge of inflation, core PCE, rose slightly from 1.4% yoy to 1.5% yoy. Construction spending dropped -1.2% mom in DEcember. US President Obama will propose a $4.84T budget today to fight against high unemployment while freezing spending of a wide swath of government programs. The deficit for 2010 would soar to record-breaking $1.56T comparing to last year's $1.41T. Full Report Here... | | Special Report | RBA Preview: Inflation Pressures the RBA to Tighten Further We expect the RBA to increase its policy rate by 25 bps to 4% on February 2, the central bank's first meeting in 2010. This will be the 4th rate hike by the RBA after it had taken the cash rate to 3% in April 2009. Rise in domestic price pressure and surge in housing prices are major forces triggering the RBA to tighten further. Full Report Here... | | Elliott Wave Analysis | Trade Idea: EUR/JPY - Buy At 124.00 Despite rebounding to 126.78 last Friday, the stronger-than-expected retreat and the breach of previous support at 124.81 suggest recent decline is still in progress and one more fall to 123.99 (61.8% projection of 133.65 to 126.55 measuring from 128.38) but reckon 123.40/50 would hold, bring another rebound later. However, only a daily close above said resistance at 126.78 would signal low has been formed and bring test of 127.08 resistance later. Full Report Here... Trade Idea: AUD/USD - Buy At 0.8750 Although aussie has remained under pressure and the decline from 0.9331 may extend weakness towards 0.8950, oversold condition should limit downside to recent low at 0.8735 and bring another rebound later. Above 0.8960/65 is needed to signal low has possibly been formed and risk stronger rebound towards resistance at 0.9049, once this level is penetrated, this would confirm and extend gain to 0.9095/00 later. Full Report Here... | | Featured Technical Report | Market Highlights | EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.3821; (P) 1.3903; (R1) 1.3945; More EUR/USD recovers mildly today and downside momentum continue to diminish with 4 hours MACD cross above signal line. Nevertheless, we'd still slightly favor more downside with 1.3989 minor resistance intact. Current decline is still expected to continue to next key cluster support at 1.3737. However, considering bullish convergence condition in 4 hours MACD, above 1.3989 will argue that a short term bottom is formed and bring stronger rebound towards 1.4194 resistance instead. Read more... All Technical Outlook Reports | Daily Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | EURGBP | 0.8737 | 0.8672 | +65 | +0.74% | | GBPCAD | 1.6996 | 1.7102 | -106 | -0.62% | | GBPCHF | 1.6849 | 1.6947 | -98 | -0.58% | | EURJPY | 125.80 | 125.13 | +67 | +0.53% | | NZDJPY | 63.56 | 63.24 | +32 | +0.50% | Last Updated: Feb 01, 06:50 GMT Currency Heat Map Daily View | USD | EUR | JPY | GBP | CHF | CAD | AUD | | USD | | | | | | | | | EUR | | | | | | | | | JPY | | | | | | | | | GBP | | | | | | | | Last Updated: Feb 01, 14:50 GMT | | Economic Indicators Update | | GMT | Ccy | Events | Actual | Consensus | Previous | Revised | | 0:30 | AUD | House Price Index Q/Q Q4 | 5.20% | 3.70% | 4.20% | 4.40% | | 8:30 | CHF | SVME-PMI Jan | | 55.5 | 54.6 | | | 8:55 | EUR | German PMI Manufacturing Jan F | | 53.4 | 53.4 | | | 9:00 | EUR | Eurozone PMI Manufacturing Jan F | | 52 | 52 | | | 9:30 | GBP | PMI Manufacturing Jan | | 53.9 | 54.1 | | | 13:30 | USD | Personal Income Dec | | 0.30% | 0.40% | | | 13:30 | USD | Personal Spending Dec | | 0.30% | 0.50% | | | 13:30 | USD | PCE Core M/M Dec | | 0.10% | 0.00% | | | 13:30 | USD | PCE Core Y/Y Dec | | 1.50% | 1.40% | | | 13:30 | USD | PCE Deflator Y/Y Dec | | 2.20% | 1.50% | | | 15:00 | USD | ISM Manufacturing Jan | | 55.6 | 55.9 | | | 15:00 | USD | ISM Prices Paid Jan | | 63 | 61.5 | | | 15:00 | USD | Construction Spending M/M Dec | | -0.40% | -0.60% | | | 15:00 | USD | Treasury's Geithner Testifies to Senate Finance Committee | | -- | -- | | | | Suggested Readings | Fundamental Highlights Technical Highlights | | | Forex Brokers | | | Sponsors | 
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