| Action Insight Daily Report | Daily Report: Yen Building Up Momentum, ECB and BoE in Focus Dollar was sold off sharply overnight as commodities strengthened with crude oil breached 81 level while gold breached 1140 briefly. Nevertheless, the greenback is still kept above well above key near term support levels against European majors as expected. AUD/USD also struggled to take out 0.9070 resistance decisively. There is basically no change in the view that dollar is generally in consolidation only and even in case of another fall, downside should be relatively limited. One exception is versus the Japanese yen where USD/JPY is clearly in a down trend that's still in progress. Indeed, the Japanese yen is gathering momentum in early European session and we'd probably see a retest of recent lows in EUR/JPY and GBP/JPY later today. Full Report Here... | | Special Reports | ECB to Drain Liquidity Gradually The upcoming ECB meeting is the focus of the week as the President Trichet has mentioned several times that more detailed money market measures will be announced at the March meeting. Given the negative impacts of Greece's sovereign crisis and sluggish economic data released since the previous meeting, we believe the measures will not be drastic and the policy rate will stay unchanged at 1%. ECB staff will also publish a new set of economic forecasts. Again, we expect only modest changes from previous projections. Full Report Here... BOE to Stay Sidelined as Inflation Remains Strong in the Near-term The BOE is expected to continue its 'wait-and-see' stance in monetary policy. At Thursday's meeting, the central bank should unanimously vote for keeping the official Bank Rate paid on commercial bank reserves at 0.5% and continuing with its program of asset purchases totaling 200B pound. The Committee will continue to monitor the appropriate scale of the asset purchase program and further purchases would be made should the outlook warrant them. Full Report Here... | | Elliott Wave Analysis | Trade Idea: USD/JPY - Buy At 87.40 As dollar has remained under pressure, suggesting early decline from 93.78 is still in progress and weakness to 87.76 (50% projection of 92.16-88.70 measuring from 89.49) is under way, however, loss of downward momentum should prevent sharp fall below 87.35/36 (61.8% projection of 92.16 to 88.70 measuring from 89.49 and previous support) and bring rebound later. Above minor resistance at 89.00 (yesterdays high) would suggest temporary low is possibly formed and risk test of 89.49 (this weeks high), break there would confirm and stronger rebound to 90.00 would follow. Full Report Here... Trade Idea: EUR/USD - Stand Aside Although euro's breach of 1.3693 resistance confirms temporary low has been formed at 1.3433 earlier, as the single currency has retreated after intra-day rise to 1.3736, suggesting minor consolidation would take place ahead of ECB announcement and weakness to the Ichimoku cloud top (now at 1.3616) cannot be ruled out, however, reckon downside would be limited to the Kijun-Sen (now at 1.3586) an the lower Kumo (now at 1.3553) should remain intact. Full Report Here... | | Featured Technical Report | Market Highlights | USD/JPY Daily Outlook Daily Pivots: (S1) 88.19; (P) 88.59; (R1) 88.86; More. USD/JPY's fall is still in progress and reaches as low as 88.13 so far today. Intraday bias remains on the downside for 87.36 support next. Break there will confirm that whole rebound form 84.81 is finished at 93.74. Also, in such case, the larger down trend is likely resuming for a new low below 84.81. On the upside, above 88.63 will turn intraday bias neutral and bring consolidations. But short term outlook will remain bearish as long as 89.51 resistance holds and another fall is still expected. Read more... All Technical Outlook Reports | Daily Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | NZDJPY | 60.70 | 61.41 | -71 | -1.17% | | AUDJPY | 79.28 | 80.11 | -83 | -1.05% | | NZDUSD | 0.6885 | 0.6941 | -56 | -0.81% | | AUDUSD | 0.8992 | 0.9057 | -65 | -0.72% | | GBPJPY | 132.67 | 133.54 | -87 | -0.66% | Last Updated: Mar 04, 06:50 GMT Currency Heat Map Daily View | USD | EUR | JPY | GBP | CHF | CAD | AUD | | USD | | | | | | | | | EUR | | | | | | | | | JPY | | | | | | | | | GBP | | | | | | | | Last Updated: Mar 04, 06:50 GMT | | Economic Indicators Update | | GMT | Ccy | Events | Actual | Consensus | Previous | Revised | | 23:50 | JPY | Capital Spending Q4 | -17.30% | -18.10% | -24.80% | | | 0:30 | AUD | Trade Balance (AUD) Jan | -1.18B | -1.57B | -2.25B | -2.17B | | 10:00 | EUR | Eurozone GDP Q/Q Q4 P | | 0.10% | 0.10% | | | 10:00 | EUR | Eurozone GDP Y/Y Q4 P | | -2.10% | -2.10% | | | 12:00 | GBP | BoE Interest Rate Decision | | 0.50% | 0.50% | | | 12:00 | GBP | BoE Asset Purchase Target (GBP) | | 200B | 200B | | | 12:45 | EUR | ECB Interest Rate Decision | | 1.00% | 1.00% | | | 13:30 | EUR | ECB Press Conference | | -- | -- | | | 13:30 | CAD | Building Permits M/M Jan | | 1.20% | 2.40% | | | 13:30 | USD | Non-Farm Productivity Q4 F | | 6.20% | 6.20% | | | 13:30 | USD | Unit Labor Costs Q4 F | | -4.40% | -4.40% | | | 13:30 | USD | Initial Jobless Claims | | 475K | 496K | | | 15:00 | CAD | Ivey PMI Feb | | 56 | 50.8 | | | 15:00 | USD | Pending Home Sales M/M Jan | | 1.50% | 1.00% | | | 15:00 | USD | Factory Orders Jan | | 1.20% | 1.00% | | | | Suggested Readings | Fundamental Highlights Technical Highlights | | | Forex Brokers | | | Sponsors |  The World MoneyShow Hong Kong, April 21-23, 2010 at the Grand Hyatt Hong Kong! You'll meet legendary investment experts Steve Forbes, Mark Mobius, Marc Faber, Alexander Elder, John Bollinger, and many others. You will hear and profit from the experts' in-depth insights into global macroeconomics, equities, futures, forex, asset allocation, and more! Conference details and Registration! 
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