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Daily Report: Asian Markets Lifted by Solid Trade Data from Japan and New ZealandSentiments in Asia are lifted by strong trade data from Japan and New Zealand. Stocks opened lower initially following late weakness in US equities by rebounded strongly as the session goes. Japanese trade surplus jumped much more than expected to 0.73T JPY in April. More importantly, exports rose for the fifth straight month and rose 40%, lead by strong depend in cars and high-tech goods. The data underlined a steady growth in global demand. Trade surplus in New Zealand rose to NZD 656m in April. While export in New Zealand fell 2.2% in April from record of NZD 4.06b in MArch, exports to China did increased by an impressive 44%. |    |
| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 89.59; (P) 90.13; (R1) 90.43; More. USD/JPY's sideway consolidation from 88.97 is still in progress and intraday bias remains neutral. Another recovery cannot be ruled out but after all, upside is expected to be limited by 90.92 resistance and bring fall resumption. Below 88.97 will target 88.13/25 key support zone first. On the upside, above 90.92 minor resistance will argue that fall from 93.62 is completed and will flip intraday bias back to the upside for this resistance. |
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| Special Report |
Libor Rate Rising, Reason and Implications on USDConcerns over contagion of Eurozone's sovereign crisis escalated after the Bank of Spain announced to take over a Cordoba-based savings bank, Cajasur, and stepped up efforts to merge the weakest of the countries' savings banks. The weakened financial position of banks has increased pressures in the funding market and several gauges have shown USD funding costs have been surging. |
| Economic Indicators Update |
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Trade Idea: USD/CHF – Sell at 1.1600Despite yesterday's rebound from 1.1513, as the greenback has retreated again after faltering below resistance at 1.1623, suggesting further consolidation would be seen and test of 1.1513 support is likely, break there would confirm top has been formed earlier at 1.1696 and bring retracement of recent upmove to 1.1480/85 (approx. 50% Fibonacci retracement of 1.1268 to 1.1696) and possibly 1.1450 but reckon support at 1.1419 would hold from here. Trade Idea: GBP/USD – Buy at 1.4440The British pound rallied after breaking resistance at 1.4445-49 (now turned to support) partly due to risk appetite and current firmness suggests a test of resistance at 1.4529 would be seen, break there would signal stronger retracement of recent decline is under way and headway to 1.4540 (38.2% Fibonacci retracement of 1.5046 to 1.4228) would be seen, however, reckon 1.4637-40 (50% Fibonacci retracement and previous resistance) would hold. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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