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Daily Report: Markets Consolidate as Sentiments Lifted Mildly by Optimistic BernankeForex markets staying in tight range in Asia today as market sentiments are lifted mildly by optimistic comments from Fed Bernanke. Bernanke acknowledged "a good bit of momentum" in consumer spending and investment and signs that private sector is "picking up the baton". He's expecting a "continued recovery" even though "it won't feel terrific." Nevertheless, Bernanke also noted that the recovery might not bring down unemployment quickly, which would stay "high for a while." But Fed might still raise rates from the record low level before "full employment" returns. |
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AUD/USD Daily OutlookDaily Pivots: (S1) 0.8056; (P) 0.8141; (R1) 0.8188; More Intraday bias in AUD/USD remains on the downside with 0.8244 minor resistance intact. Break of 0.8066 low will confirm down trend resumption and should target 0.7702 key cluster support next. On the upside, above 0.8244 minor resistance will turn intraday bias neutral and bring recovery. But upside should be limited below 0.8521 resistance and bring fall resumption. |
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Hungarian Government's Default Comments Unnerved The MarketEuropean sovereign crisis remained worrisome and concerns over Hungary's default weighed on peripheral European debts after comments from Hungary leaders. Stoxx 600 reversed sharply after hitting an intra-week high of 251.39 on Thursday as the concern intensified. US stocks followed and the fall accelerated on disappointing non-farm payroll. VStoxx, a gauge of volatility using Euro Stoxx 50 options prices, and its US equivalent VIX, rebounded strongly to close the week. Hungarian leaders and members for the EU and IMF quickly came out and downplayed the comments. But the conflicting messages were not accepted by the markets as confidence was hurt and global financial markets remain under tremendous pressure as the week starts. |
| Economic Indicators Update |
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Trade Idea: GBP/USD – Hold short entered at 1.4550Although the British pound has rebounded after yesterday's retreat from 1.4563 to 1.4458 (just within 10 points of our downside target at 1.4450), as long as said resistance holds, consolidation with downside bias remains and a firm breach below said minor support would signal the rebound from 1.4388 has ended at 1.4563, then weakness to 1.4400/05 would be seen but only below said support would indicate the decline from 1.4771 top has resumed for test of previous spike support at 1.4360. Trade Idea: EUR/USD – Sell at 1.2045As the single currency has rebounded after overnight retreat to 1.1912, suggesting further consolidation above yesterday's low at 1.1876 would take place and break of 1.1992 minor resistance would bring retracement to 1.2048 (38.2% Fibonacci retracement of 1.2327 to 1.1876) but reckon renewed selling interest would emerge there and bring decline later. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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