| Action Insight Mid-Day Report | Markets Still in Consolidation after Greece's Austerity Plan and US ADP Markets remain in consolidation mode in early US session. US ADP employment report showed -20k contraction in the private sector in February, slightly worse than expectation of -10k but not too far. January's figure was revised down from -22k to -60k though. Challenger report showed -77.4% yoy drop in planned layoff in February. Dollar is a bit softer against major currencies but there isn't much momentum for deeper fall. Focus will turn to ISM non-manufacturing index and Fed's Beige Book. 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: EUR/JPY - Buy At 119.10 As euro has rebounded after holding above support at 119.66, suggesting further consolidation would take place and as long as 121.90 holds, recent decline may extend marginally in wave v and break of said support would extend weakness to 119.10 (approx. 50% projection of 125.24-119.66 measuring from 121.90) but reckon 118.45 (61.8% projection) should hold, bring rebound later. Full Report Here... Trade Idea: AUD/USD - Buy At 0.8920 As aussie has eased after intra-day rise to 0.9065, suggesting minor consolidation would be seen, however, as we are keeping a view that the rise from 0.8800 signals wave ii correction has ended there, bullishness remains for test of 0.9072 resistance, above there would add credence to this view and indicate the wave iii is under way for gain towards 0.9175 (previous support turned resistance) later. Full Report Here... | | Featured Technical Report | Market Highlights | USD/JPY Mid-Day Outlook Daily Pivots: (S1) 88.47; (P) 88.92; (R1) 89.29; More. With 89.47 minor resistance intact, intraday bias in USD/JPY remains on the downside and further decline is still expected towards 87.36 support. 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 89.47 minor resistance, however, will indicate that a short term bottom might be formed with bullish convergence condition in 4 hours MACD. Stronger rebound should be seen instead. Read more... All Technical Outlook Reports | Daily Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | NZDJPY | 61.33 | 61.79 | -46 | -0.75% | | AUDNZD | 1.3062 | 1.2975 | +87 | +0.67% | | NZDUSD | 0.6911 | 0.6956 | -45 | -0.65% | | GBPAUD | 1.6668 | 1.6565 | +103 | +0.62% | | GBPUSD | 1.5058 | 1.4970 | +88 | +0.58% | Last Updated: Mar 03, 13:45 GMT Currency Heat Map Daily View | USD | EUR | JPY | GBP | CHF | CAD | AUD | | USD | | | | | | | | | EUR | | | | | | | | | JPY | | | | | | | | | GBP | | | | | | | | Last Updated: Mar 03, 13:45 GMT | | Economic Indicators Update | | GMT | Ccy | Events | Actual | Consensus | Previous | Revised | | 00:01 | GBP | Nationwide Consumer Confidence Feb | 80 | 71 | 73 | 74 | | 00:01 | GBP | BRC Shop Price Index Feb | 1.70% | -- | 2.30% | | | 00:30 | AUD | GDP Q/Q Q4 | 0.90% | 0.90% | 0.20% | 0.30% | | 00:30 | AUD | GDP Y/Y Q4 | 2.70% | 2.40% | 0.60% | | | 07:00 | EUR | German Retail Sales M/M Jan | 0.00% | -0.60% | 0.90% | 0.90% | | 07:00 | EUR | German Retail Sales Y/Y Jan | -3.40% | -1.10% | -2.50% | -1.80% | | 08:55 | EUR | German PMI Services Feb F | 51.9 | 51.7 | 51.7 | | | 09:00 | EUR | Eurozone PMI Services Feb F | 51.8 | 52 | 52 | | | 09:30 | GBP | U.K. PMI Services Feb | 58.4 | 55 | 54.5 | | | 10:00 | EUR | Eurozone Retail Sales M/M Jan | -0.30% | -0.30% | 0.00% | 0.50% | | 10:00 | EUR | Eurozone Retail Sales Y/Y Jan | -1.30% | -1.60% | -1.60% | -0.50% | | 12:30 | USD | Challenger Job Cuts Y/Y Feb | -77.40% | -- | -70.40% | | | 13:15 | USD | ADP Employment Change Feb | -20K | -10K | -22K | -60K | | 15:00 | USD | ISM Non-Manufacturing Composite Feb | | 51 | 50.5 | | | 15:30 | USD | Crude Oil Inventories | | 1.4M | 3.0M | | | 19:00 | USD | Fed Beige Book | | -- | -- | | | | 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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