| Action Insight Mid-Day Report | Yen Reversed as US Libor Up Above 1%, Stocks Rebound Yen reversed earlier gains as Europeans stocks managed to rebound strongly after initial weakness. More pressure is seen on the yen as US equities are set to open higher on positive earnings. One more point to note is that 12 month dollar Libor breaks above 1% for the first time this year as markets are betting that Fed will finally start normalizing rates by the end of the year. USD/JPY is back trading above 94 level after diving to as low as 92.81 yesterday. Weakness in yen is also helping other major currencies to recover against the greenback. Full Report Here... | | Special Reports | Greek Bonds Become Junk. What Are The Concerns? S&P cut its credit rating for Greek government bonds by 3 notches, from BBB+ to BB+, to junk after assessing the political, economic and budgetary challenges the country is facing. The agency assigned a recovery rating of '4' to Greece's debt issues, indicating bondholders may recover on average 30-50% of their initial investments in the event of a debt restructuring or payment default. Outlook remains 'negative' and further downgrade is likely if the government's ability to implement its fiscal and structural reform program turns out to be 'materially' weaker that what is currently estimated. Full Report Here... Fed to Upgrade Economic Assessment and Keep 'Exceptionally Low Rate', 'Extended Period' Language Regarding the FOMC meeting in April, the market has debated about retention of the 'extended period' language in the policy statement. While economic data have shown solid improvement in various aspects, the Fed will continue to keep its Fed funds rate unchanged at 0-0.25% on April 28 and we do not see the Fed will remove the language for the time being. Rather, policymakers will revise up economic assessment despite warning employment situation. Full Report Here... RBNZ to Leave Rates Unchanged at 2.5%, May Change the 'Middle of 2010' Statement Similar to the consensus, we expect the RBNZ will keep the OCR at 2.5% at the meeting on April 29. Therefore, focus of the meeting is on the central bank's economic outlook as well as its implications on monetary stance. The RBNZ has guided in the post-meeting statement that it would 'begin removing policy stimulus around the middle of 2010' since April 2009 with brief modification in December. As we approaches 'the middle of 2010', we are interested to see if the central bank will make any change to the sentence. In our opinion, the RBNZ will change it to a conditional statement, saying a rate hike in coming months depending on economic data and inflation outlook. Full Report Here... | | Elliott Wave Analysis | Trade Idea: EUR/JPY - Sell At 124.70 Euro's breach of support at 123.15 suggests the wave ii correction from 127.95 is still unfolding and although price has rebounded after intra-day fall to 122.37 and recovery to 124.30/35 (50% Fibonacci retracement of 126.30 to 122.37) cannot be ruled out, reckon 124.80 (61.8% Fibonacci retracement) would attract renewed selling interest and bring another decline later. Break of said support would extend weakness towards 122.00, however, reckon support at 121.05 would remain intact. Full Report Here... Trade Idea: AUD/USD - Sell At 0.9270 Aussie's breach of indicated support at 0.9170 signals the wave (ii) from 0.9389 is still unfolding (possibly a double three – abc-x-abc) and weakness to 0.9100 cannot be ruled out, however, reckon 0.9079 (38.2% Fibonacci retracement of 0.8578-0.9389) would limit downside and bring another rebound later. Full Report Here... | | Featured Technical Report | Market Highlights | USD/JPY Mid-Day Outlook Daily Pivots: (S1) 92.71; (P) 93.37; (R1) 93.93; More. USD/JPY's fall was contained at 92.81 and rebounds strongly. Intraday bias remains neutral for the moment. Note that on the upside, decisive break of 94.68 resistance will confirm that whole rally from 88.13 has resumed and should target 100% projection of 84.81 to 93.74 from 88.13 at 97.06 next. Before that, we might see more sideway consolidations first. Below 92.81 will bring another fall but after all, we'd expected downside to be contained by 91.59 support to conclude the consolidation from 94.68 and bring rally resumption. Read more... All Technical Outlook Reports | Daily Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | AUDJPY | 86.68 | 85.33 | +135 | +1.56% | | NZDJPY | 67.29 | 66.27 | +102 | +1.52% | | CADJPY | 92.85 | 91.61 | +124 | +1.34% | | GBPAUD | 1.6482 | 1.6670 | -188 | -1.14% | | EURJPY | 124.26 | 122.85 | +141 | +1.13% | Last Updated: Apr 28, 13:40 GMT Currency Heat Map Daily View | USD | EUR | JPY | GBP | CHF | CAD | AUD | | USD | | | | | | | | | EUR | | | | | | | | | JPY | | | | | | | | | GBP | | | | | | | | Last Updated: Apr 28, 13:40 GMT | | Economic Indicators Update | | GMT | Ccy | Events | Actual | Consensus | Previous | Revised | | 23:50 | JPY | Retail Trade Y/Y Mar | 4.70% | 3.60% | 4.20% | | | 1:30 | AUD | CPI Q/Q Q1 | 0.90% | 0.80% | 0.50% | | | 1:30 | AUD | CPI Y/Y Q1 | 2.90% | 2.80% | 2.10% | | | 1:30 | AUD | CPI RBA Trimmed Mean Q/Q Q1 | 0.80% | 0.60% | 0.60% | | | 1:30 | AUD | CPI RBA Trimmed Mean Y/Y Q1 | 3.00% | 2.90% | 3.20% | | | 1:30 | AUD | CPI RBA Weighted Median Q/Q Q1 | 0.80% | 0.70% | 0.70% | | | 1:30 | AUD | CPI RBA Weighted Median Y/Y Q1 | 3.10% | 3.00% | 3.60% | | | 3:00 | NZD | NBNZ Business Confidence Apr | 49.5 | -- | 42.5 | | | 14:30 | USD | Crude Oil Inventories | | 0.9M | 1.9M | | | 18:15 | USD | FOMC Interest Rate Decision | | 0.25% | 0.25% | | | 21:00 | NZD | RBNZ Interest Rate Decision | | 2.50% | 2.50% | | | -- | EUR | German CPI M/M Apr P | | 0.20% | 0.50% | | | -- | EUR | German CPI Y/Y Apr P | | 1.20% | 1.10% | | | | Suggested Readings | Fundamental Highlights Technical Highlights | | | Forex Brokers | | | Sponsors | 
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