| Action Insight Mid-Day Report |
Dollar Trying to Recover after ADP, Euro Lifted by Greece News Dollar edged lower on broad based rally in global stocks and commodities earlier today but recovers in early US session after better than expected job market data. The ADP employment report showed -22k contraction in the private job sector of US, versus expectation of -40k and prior month's upwardly revised -61k. Challenger report showed planned layoff in January rose 59% from December, hitting a five month high. Nevertheless, as Challenger CE said, "The increase in January is not necessarily a sign of a recession relapse. It is not uncommon to see a surge in job-cut announcements to begin the year." Year over year, planned layoffs dropped -70.4%. Full Report Here... |
| Special Report |
ECB: No Urgent Needs to Tighten as Growth Seems to have Slowed Down The ECB will most likely announce to keep the main-refinancing rate at 1% at the meeting Thursday. Although economic recovery remains on track, there have been signs showing that the growth is losing steam. Therefore, there's no urgent need for the central bank to unwind its policies other than the non- standard ones. Full Report Here... 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... |
| Elliott Wave Analysis |
Trade Idea: EUR/JPY - Buy on break of 127.08 Although the single currency has continued to move higher, break of 127.08 resistance is needed to confirm low has been formed at 124.45 on Monday as wave v and bring stronger rebound to 128.38, then towards 129.00/10 but reckon resistance at 129.50 would hold from here. Full Report Here... Trade Idea: AUD/USD - Buy at 0.8750 Despite falling to 0.8780 yesterday as RBA kept rates unchanged, aussie rebounded after holding above this weeks low at 0.8775, suggesting further consolidation would be seen but only a sustain break of resistance at 0.8928 (yesterdays high) would signal temporary low is formed, then stronger rebound to 0.9000 would follow but above resistance at 0.9049 is needed to confirm the decline from 0.9331 is over. Full Report Here... |
| Featured Technical Report | Market Highlights |
EUR/USD Mid-Day Outlook Daily Pivots: (S1) 1.3908; (P) 1.3941; (R1) 1.3996; More. EUR/USD's break of 1.3989 minor resistance indicates that a short term bottom is already formed at 1.3852 on bullish convergence condition in 4 hours MACD. Stronger rebound could now be seen towards 1.4193 resistance But after all, we'd expect upside to be limited by 1.4217/4578 resistance zone and bring resumption of the whole fall from 1.5143. Below 1.3852 should target key cluster support at 1.3737 next. Read more... All Technical Outlook Reports | Daily Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | EURJPY | 126.85 | 126.19 | +66 | +0.52% | | USDJPY | 90.83 | 90.38 | +45 | +0.50% | | CHFJPY | 86.06 | 85.66 | +40 | +0.46% | | AUDJPY | 80.46 | 80.09 | +37 | +0.46% | | EURCAD | 1.4812 | 1.4757 | +55 | +0.37% | Last Updated: Feb 03, 13:30 GMT Currency Heat Map Daily View | USD | EUR | JPY | GBP | CHF | CAD | AUD | | USD | | | | | | | | | EUR | | | | | | | | | JPY | | | | | | | | | GBP | | | | | | | | Last Updated: Feb 03, 13:30 GMT |
| Economic Indicators Update |
| GMT | Ccy | Events | Actual | Consensus | Previous | Revised | | 00:01 | GBP | Nationwide Consumer Confidence Jan | 73 | 70 | 69 | 70 | | 00:01 | GBP | U.K. BRC Shop Price Index Jan | 2.30% | -- | 2.20% | | | 00:30 | AUD | Trade Balance (AUD) Dec | -2.25B | -2.36B | -1.70B | -1.73B | | 08:55 | EUR | German PMI Services Jan F | 52.2 | 51.2 | 51.2 | | | 09:00 | EUR | Eurozone PMI Services Jan F | 52.5 | 52.3 | 52.3 | | | 09:30 | GBP | PMI Services Jan | 54.5 | 56.5 | 56.8 | | | 10:00 | EUR | Eurozone Retail Sales M/M Dec | 0.00% | 0.40% | -1.20% | -0.50% | | 10:00 | EUR | Eurozone Retail Sales Y/Y Dec | -1.60% | -2.40% | -3.70% | -2.00% | | 12:30 | USD | Challenger Job Cuts Y/Y Jan | -70.40% | -- | -72.90% | | | 13:15 | USD | ADP Employment Change Jan | -22K | -40K | -84K | -61K | | 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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