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Daily Report: Yen Firm ahead of G20Yen remains firm in general ahead of weekend's G20 meeting in Toronto, Canada. G20 is expected to discuss policies on addressing the European debt crisis, spurring global recovery and overhauling financial regulations. Markets are not expecting any solid agreement on stimulus measures. But there would be some sort of agreement on bank tax. Asian stocks are generally disappointing earnings forecasts by US companies, with Nikkei down -1.92%. Dollar index continues to stay in range of 85.09/86.42. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 109.69; (P) 110.35; (R1) 111.16; More. EUR/JPY turned sideway after dipping to 109.52. Some consolidations might be seen but we'd expect upside to be limited well below 113.40 and bring another fall. Below 109.52 will target a retest on 108.06 first. Break will confirm down trend resumption towards 61.8% projection of 169.96 to 112.10 from 139.21 at 103.45 next. However, note that break of 113.40/114.13 resistance zone will complete a head and shoulder bottom and will turn outlook bullish for stronger rebound towards 119.64 resistance instead. |
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| Special Reports |
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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