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Mid-Day Report: Disappointing GDP Downward Revision Weighs on Sentiment, Euro Remains WeakQ1 GDP growth in US was unexpectedly revised down from 3.2% to 3.0% annualized rate, versus expectation of 3.4%. Consumer spending growth was also revised down from 3.6% to 3.5%. On the other hand, initial jobless claims improved to 460k but was still well above expectation of 435k. European stocks pare earlier gains after the release while US stocks futures are also slightly lower. Dollar manages to recover strongly from intraday low of 86.42 while gold dives below 1210 level. |    |
| Featured Technical Report | |
EUR/GBP Mid-Day OutlookDaily Pivots: (S1) 0.8415; (P) 0.8498; (R1) 0.8543; More. EUR/GBP drops further to as low as 0.8421 so far and the break of 0.8427 support confirms that whole decline form 0.9137 has resumed. Intraday bias remains on the downside and further fall should be seen to 0.8399 key support level next. Break will target 100% projection of 0.9410 to 0.8601 from 0.9137 at 0.8328. On the upside, though, break of 0.8580 resistance will argue that EUR/GBP has bottomed and will turn focus back to 0.8806 resistance for confirmation. |
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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 Update: EUR/USD – Sell at 1.2325Euro's retreat after intra-day rise to 1.2343 suggests consolidation with downside bias would be seen for weakness towards 1.2200/10, however, below support at 1.2154 is needed to confirm decline has resumed for retest of recent low of 1.2143 and later towards 1.2100, otherwise, further choppy trading would take place. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Elliott Wave Daily Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: AUD/USD – Buy at 0.8200 or sell at 0.8500Yesterday's rebound to 0.8390 suggests the wave v of a leg has ended at 0.8066 and consolidation with upside bias is seen for retracement of recent decline to 0.8453/55 (38.2% Fibonacci retracement of 0.9078-0.8066), however, renewed selling interest should emerge around 0.8500 and bring retreat later. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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