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| Action Insight Market Overview | Markets Snapshot |
Mid-Day Report: Dollar and Yen Rebound as Stocks Reverse, Little Reaction to UK BudgetDollar and yen were generally higher in European session as stock pared yesterday's China triggered gains. Investors re-evaluated the impact of China's yuan unpeg and some thought that there will be little impact of global recovery, except its composition. Commodities were also sharply lower as markets viewed yesterday's strong rally as nothing more than a "knee-jerk" reaction. European stocks were also additionally dragged down as Fitch downgraded BNP Paribas by one notch to AA-. Dollar index edged further higher to 86.25 and is hovering around 86 level in early US session. |
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| Featured Technical Report | |
EUR/CHF Mid-Day OutlookDaily Pivots: (S1) 1.3657; (P) 1.3709; (R1) 1.3745; More EUR/CHF's down trend is still in progress and reaches as low as 1.3590 so far in early US session. Intraday bias remains on the downside and further fall is expected to 100% projection of 1.5138 to 1.4002 from 1.4587 at 1.3451 next. On the upside above 1.3696 minor resistance will turn intraday bias neutral and bring recovery. But upside should be limited well below 1.4039 resistance and bring fall resumption. |
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| Special Report |
Fed May Deliver A More Dovish Statement In June, Leave Rates UnchangedAt the June FOMC meeting, we expect the Fed will reiterate the stance to keep the policy rate at 'exceptionally low level' for an 'extended period'. However, given some disappointing economic data released since the last meeting and elevated sovereign crisis in the Eurozone during the period, the economic outlook may be modestly downgraded and the overall statement may look more dovish. |
| Economic Indicators Update |
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Trade Idea: AUD/USD – Buy at 0.8630As aussie has retreated after rising to 0.8860 yesterday, suggesting consolidation would be seen and retracement to 0.8700 is likely, however, reckon renewed buying interest would emerge around 0.8606 (38.2% Fibonacci retracement of 0.8195 to 0.8860) and bring another upmove later. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF – Sell at 1.1210 or Buy at 1.1000Although the greenback has retreated after faltering below yesterday's high of 1.1137 on active cross-buying in Swiss franc and weakness to 1.1030/40 is likely, reckon downside would be limited and support at 1.0986 should hold and bring further consolidation. Trade Idea Update: USD/JPY – Buy at 90.10Dollar's intra-day fall to 90.53 suggests the retreat from 91.48 may extend weakness to 90.35/40, however, as we are still keeping our view that a temporary low has been formed at 89.95, downside should be limited and as long as this level holds, prospect of another rebound remains and above 91.08-10 (current level of the Kijun-Sen and intra-day resistance) would suggest low has possibly been formed. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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