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Daily Report: Yen Jumps on China Growth WorryYen soars today as Asian stocks are hammered down by talk that China's growth has past its peak. Stocks selloff was triggered by news that Conference Board revised China's April leading indicator sharply down from previous reading of 1.7% to 0.3%. Asian equity indices are all red with Shanghai Composite dropped -4.17%, Nikkei 225 dropped -1.27% while Hong Kong HSI also dropped over -2%. USD/JPY powered through 89 level to as low as 88.6 while EUR/JPY also breached 109 level to as low as 108.50 so far. Dollar index, on the other hand, is lifted to 85.90. Meanwhile Swissy continues to make new record high against Euro. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 89.13; (P) 89.29; (R1) 89.53; More. USD/JPY's fall extends further to as low as 88.67 today. The break of 88.97 support confirms that consolidation from 88.25 is finished at 82.87 already. WHole decline from 94.97 should be resuming. Intraday bias remains on the downside for 88.13/25 support zone. Break there will target a test of 84.81 low. On the upside, above 89.45 minor resistance will turn intraday bias neutral and bring consolidations. But upside should be limited below 90.85 resistance and bring fall resumption. |
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| Special Report |
Market Sentiment Worsened And Peripheral Bond Yields SoaredGlobal sentiment weakened last week as disappointing macroeconomic data reignited worries over sovereign crisis in the Eurozone and its impacts on global recovery. Fitch Ratings' downgrade of a French bank S&P's warning regarding stability of Spanish as well as releases of European bank stress tests unveiled deficit problems in Europe have yet to be resolved. |
| Economic Indicators Update |
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Trade Idea: USD/JPY – Sell at 89.85Although dollar has recovered after intra-day cross-inspired selloff to 88.60, above 89.06 (yesterday's low) is needed to suggest a temporary low has possibly been formed and bring retracement towards the Ichimoku cloud bottom (now at 89.42) but resistance at 89.78 should cap upside. Trade Idea: USD/CHF – Sell at 1.0970As the greenback has recovered after falling to 1.0817 yesterday, suggesting consolidation would be seen and retracement to the Ichimoku cloud bottom (now at 1.0945) cannot be ruled out, however, renewed selling interest should emerge below 1.0982-85 (current level of the Ichimoku cloud top and previous support) and bring another decline. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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