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Mid-Day Report: ECB and BoE on Hold, Dollar Lower on StocksDollar is under renewed selling pressure as stocks are set to open higher in US session. ECB left rates unchanged as widely expected. In the following press conference, ECB President Trichet said that current interest rate of 0.1% is appropriate and pledged that "monetary policy will do all that’s needed to maintain price stability over the medium term." Meanwhile, growth forecast of Eurozone is raised from 0.8% to 1% this year. But growth projections for 2011 was lowered from 1.5% to 1.2% due to weaker domestic demand. Inflation forecast was raised due to Euro's depreciation. |
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USD/CHF Mid-Day OutlookDaily Pivots: (S1) 1.1413; (P) 1.1484; (R1) 1.1553; More. Intraday bias in USD/CHF is mildly on the downside for the moment as consolidations from 1.1729 extends and deeper fall could be seen. But still, we'd expect strong support from 1.1244 (38.2% retracement of 1.0434 to 1.1729 at 1.1234) to contain downside and bring up trend resumption. On the upside, above 1.1554 minor resistance will flip intraday bias back to the upside first. Decisive break of 1.1729 will target 1.1963 next, 200% projection of 1.0131 to 1.0897 from 1.0434 at 1.1966. |
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RBNZ Raised OCR by +25 Bps To 2.75%. Near-term Headline CPI On Tax HikesAs expected, RBNZ raised the official cash rate by 25 bps to 2.75%. This was the first time since July 2007 the central bank hiked the policy rate. The RBNZ delivered a balanced statement stressing inflation as a threat while downplaying the impact of Eurozone's sovereign crisis on domestic economy. In our opinion, the central bank's tone is less dovish that BOC' and there's chance further tightening in the coming month. |
| Economic Indicators Update |
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Trade Idea Update: GBP/USD – Sell at 1.4680Although the British pound has retreated after intra-day rise to 1.4645, break of the Kijun-Sen (now at 1.4565) is needed to signal top has been formed and bring fall to 1.4509, break there would confirm and then weakness to the Ichimoku cloud top (now at 1.4455) would be seen. Trade Idea Update: EUR/USD – Sell at 1.2170Although intra-day rise to 1.2088 suggests recent decline is still being retraced and gain to 1.2102/10 (50% Fibonacci retracement of 1.2327 to 1.1876 and previous support) is likely, however, reckon resistance at 1.2152 (another previous support) would attract renewed selling interest and price should falter well below resistance at 1.2216, bring retreat later. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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