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Mid-Day Report: Euro Boosted by Spain Bond Auction, Swiss Strong on SNBEuro was boosted by news that Spain's bond sale received solid demand. Spain raised EUR 3.5b in 10 and 30 year bonds today. More importantly, 30 year bond produced bid-to-cover ration of 2.45, significantly higher than May auction's 1.38. Meanwhile, 10 year bonds produced bid-to-cover ratio of 1.9 to 1, only slightly down from May auctions's 2.03. Yield was significantly higher this time at 4.864% and 5.90% for 10- and 30- year bond respectively. But the overall result is viewed as assuring to investors. |
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USD/CHF Mid-Day OutlookDaily Pivots: (S1) 1.1260; (P) 1.1299; (R1) 1.1350; More. USD/CHF drops sharply to as low as 1.1125 so far today and at this point, intraday bias remains on the downside for next key cluster level at 1.0922 (61.8% retracement of 1.0434 to 1.1729 at 1.0929). While the correction from 1.1729 is much deeper than expected, we're still treating it as a correction in the medium term up trend and hence strong support should be seen at 1.0897 support to contain down side. On the upside, above 1.1338 will turn intraday bias neutral and bring recovery. |
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SNB Left Rates Unchanged, More Tolerant To EURCHF DeclineAs widely anticipated, the SNB maintained the 3-month Libor target at 0.25%. President Philipp Hildebrand acknowledged strength in economic recovery although slump in euro has sent the franc higher and affected export trades. Swiss franc rallies after the report as the central bank said that 'deflationary risk in Switzerland has largely disappeared'. UK Government Will Likely Cut More Than Labor Despite OBR Revised Down Deficit ForecastsThe Office of Budget Responsibility (OBR) forecast UK's budget deficit will narrow more than previously expected despite slower economic growth. Cyclically-adjusted, deficit forecasts are however, higher than Labour Party's projections made in March. We expect to see a sizeable degree of fiscal tightening still seems likely in the emergency Budget on June 22. |
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Trade Idea: AUD/USD – Sell at 0.8730Although aussie has maintained a firm undertone and one more rise to 0.8711 (previous support) is likely, as this move is still viewed as the (c) leg of wave b, reckon upside would be limited to 0.8728 (50% Fibonacci retracement of 0.9389 to 0.8066) and 0.8800 should hold and bring retreat later. Below 0.8506-10 would signal top has been formed, then weakness to 0.8425/35 would be seen | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF – Sell at 1.1230Despite intra-day brief bounce to 1.1350, failure to penetrate this indicated resistance and the subsequent selloff signal recent decline is still in progress and further weakness to 1.1100 would be seen, however, near term oversold condition should limit downside 1.0050 and risk has increased for a rebound later. Trade Idea Update: GBP/USD – Buy at 1.4700Although the British pound dropped to as low as 1.4646, as cable then staged a strong rebound from there in tandem with euro, suggesting the retreat from 1.4857 has possibly ended there and gain to 1.4820/30 is seen but break of said resistance is needed to confirm early rise from 1.4228 has resumed and extend gain towards 1.4900/10 later. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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