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Daily Report: Dollar Maintains Post FOMC LossesDollar remains soft in Asian and maintains post-FOMC losses against major currencies. Asian markets are generally higher on news of resignation of Australian's PM Kevin Rudd but gains are mild so far. New Zealand dollar is the better performer in a quiet market today as supported by solid data which showed GDP rose 0.6% qoq, 1.9% yoy in Q1. Other data released today saw Japanese trade surplus narrowed to JPY 416b in May, corporate service price index dropped -0.8% mom in May. Focus will turn to durable goods orders and jobless claims from US. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 89.49; (P) 90.04; (R1) 90.34; More. Intraday bias in USD/JPY remains on the downside for the moment and further fall should be seen to 88.97 support next. Break there will suggest that whole consolidations pattern from 88.25 is finished at 92.87 already and whole fall from 94.97 is resuming for 88.13 and below. On the upside, above 90.33 minor resistance will turn intraday bias neutral first but another fall will remain in favor as long as 91.46 resistance holds. However, break of 91.46 resistance will dampen the bearish case and flip intraday bias back to the upside for 92.87 and above. |
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Fed Delivered A Dovish Statement, Eurozone's Crisis Affected Rate DecisionsThe Fed delivered a dovish FOMC statement in June, citing high unemployment, subdued inflation, modest income growth, weak housing market, tight credit, as well as 'less supportive' financial conditions are reasons for keeping the policy rate 'exceptionally low' (0-0.25%) for an 'extended period'. |
| Economic Indicators Update |
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Trade Idea: EUR/USD – Buy at 1.2275Despite yesterday's fall to 1.2209, the subsequent strong rebound on dollar's broad-based weakness suggests the decline from 1.2490 has ended there and consolidation with upside bias is seen for gain towards 1.2383 (61.8% Fibonacci retracement of 1.2490 to 1.2209), however, break there is needed to add credence to this view and extend gain to 1.2415/20 next. Trade Idea: USD/JPY – Sell at 90.30Dollar broke below previous support at 89.95 to as low as 89.73 yesterday, confirming recent decline from 92.89 has resumed and further weakness to 89.30 would be seen, however, oversold condition should prevent sharp fall below there and reckon previous chart support at 88.95 would remain intact and bring rebound later. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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