| Action Insight Mid-Day Report |
Sterling Lifted by Strong Export, Euro Steady Sterling strengthened earlier today on better than expected trade data. Visible trade deficit narrowed more than expected to GBP 6.2b in February, the best reading since June 2006. More importantly, Export rose strongly by 9.5%, to GBP 21.3b which suggests that the weaker Pound is finally driving exports up and help building momentum for recovery in UK. Released overnight, BR retail sales monitor rose 4.4% in March. Housing data from UK were not impressive with RICS house price balance dropped to 9% in March while DCLG house price rose less than expected by 7.4% yoy. Full Report Here... |
| Special Report |
Who Will Benefit from Revaluation in Yuan? US Treasury Secretary Timothy Geithner's unscheduled meeting to Beijing on April 8 and the postponement the deadline (originally on April 15) of a US review of China's currency policies rekindle speculations that the Chinese government will allow the Renminbi (RMB, CNY, Yuan) to appreciate. Full Report Here... |
| Elliott Wave Analysis |
Trade Idea: EUR/JPY - Hold Long Entered At 126.20 Despite intra-day fall to 125.70, as the single currency found renewed buying interest there and has rebounded, retaining our bullish view that wave ii correction from 127.95 has ended at 123.43 and break of yesterday's high at 127.46 would signal upmove has resumed in wave iii for retest of resistance at 127.95 (wave i top) and then towards 128.50 and then 129.00. Full Report Here... Trade Idea: AUD/USD - Buy At 0.9170 Although aussie has recovered after intra-day fall to 0.9223, reckon upside would be limited to 0.9350/55 and risk of another corrective fall in wave (ii) of 3 cannot be ruled out, break of said minor support would bring retracement to minor support at 0.9165/70 before prospect of another upmove in wave (iii) of 3 later. Above resistance at 0.9389 (wave (i) top) would extend upmove to chart resistance at 0.9407, then towards 0.9490/00. Full Report Here... |
| Featured Technical Report | Market Highlights |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.5318; (P) 1.5401; (R1) 1.5451; More GBP/USD recovers strongly today but is still staying in range below 1.5485. Intraday bias remains neutral and some more sideway trading could be seen. Also, note that rise from 1.4798 could extend further as long as 1.5128 support holds and above 1.5485 will target 50% retracement of 1.6456 to 1.4783 at 1.5620. Buy after all, there is no change in the view that price actions from 1.4783 are consolidations in the medium term decline. Hence, upside should be limited below 1.5814 cluster resistance and finally bring down trend resumption. On the downside, below 1.5128 will flip intraday bias back to the downside for retesting 1.4783 low. Read more... All Technical Outlook Reports | Daily Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | CADJPY | 92.48 | 93.00 | -52 | -0.56% | | USDJPY | 92.74 | 93.25 | -51 | -0.55% | | GBPCAD | 1.5479 | 1.5403 | +76 | +0.49% | | AUDJPY | 86.04 | 86.46 | -42 | -0.49% | | GBPUSD | 1.5438 | 1.5367 | +71 | +0.46% | Last Updated: Apr 13, 13:40 GMT Currency Heat Map Daily View | USD | EUR | JPY | GBP | CHF | CAD | AUD | | USD | | | | | | | | | EUR | | | | | | | | | JPY | | | | | | | | | GBP | | | | | | | | Last Updated: Apr 13, 13:40 GMT |
| Economic Indicators Update |
| GMT | Ccy | Events | Actual | Consensus | Previous | Revised | | 23:01 | GBP | BRC Retail Sales Monitor Mar | 4.40% | -- | 2.20% | | | 23:01 | GBP | RICS House Price Balance Mar | 9% | 18% | 17% | 18% | | 23:50 | JPY | Domestic CGPI Y/Y Mar | -1.30% | -1.10% | -1.50% | -1.60% | | 01:30 | AUD | NAB Business Confidence Mar | 16 | -- | 19 | | | 06:00 | EUR | German CPI M/M Mar F | 0.50% | 0.50% | 0.50% | | | 06:00 | EUR | German CPI Y/Y Mar F | 1.10% | 1.10% | 1.10% | | | 06:00 | EUR | German WPI M/M Mar | 1.30% | 0.50% | 0.10% | | | 08:30 | GBP | Visible Trade Balance (GBP) Feb | -6.2B | -7.3B | -8.0B | | | 08:30 | GBP | DCLG UK House Prices Y/Y Feb | 7.40% | 7.90% | 6.20% | | | 12:30 | CAD | Trade Balance (CAD) Feb | 1.4B | 0.4B | 0.8B | | | 12:30 | CAD | New Housing Price Index M/M Feb | 0.10% | 0.50% | 0.40% | | | 12:30 | USD | Trade Balance Feb | -39.7B | -$38.8B | -$37.3B | | | 12:30 | USD | Import Price Index M/M Mar | 0.70% | 0.90% | -0.30% | | |
| Suggested Readings |
Fundamental Highlights Technical Highlights |
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