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Daily Report: Yen Weakens on Strong Asian Equities, Dollar UnmovedYen extends weakness in Asia today on the back of strong equities following strong earnings from Intel and as Singapore raised its 2010 growth forecast. Though, dollar is relatively unmoved and pares some of yesterday's loss. Australian dollar is also slightly softer against dollar after government revised down growth forecast from 3.25% to 3.00% this year and from 4.0% to 3.75% next year. New Zealand dollar is also soft after disappointing retail sales report which showed 0.4% growth in May with ex-auto sales down -0.2%. Commodities are firm with oil staying above 77 while gold stays above 1210. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.8728; (P) 0.8785; (R1) 0.8887; More AUD/USD's rise resumed by taking out 0.8790 and reaches as high as 0.8849 so far. Whole recovery from 0.8066 is still in progress and intraday bias remains on the upside for 0.8858 resistance and then 100% projection of 0.8079 to 0.8858 from 0.8315 at 0.9094 next. On the downside, below 0.8682 will turn intraday bias neutral and bring retreat. But another rise remains in favor as long as 0.8315 holds. |
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| Special Report |
SNB to Resume Intervention SoonSwiss franc surged against the euro and the dollar by -7.22% and -6.37% respectively in June with the rallies accelerated after SNB's meeting on June 17. The central bank raised its inflation forecasts and stated that the deflationary risk in Switzerland has largely disappeared. At the same time, the SNB did not reiterate the stance to 'act decisively to prevent an excessive appreciation of the Swiss franc against the euro' although the franc has strengthened +8% against the euro over the past 6 months. This indicated the SNB's increased tolerance to the decline of EURCHF. |
| Economic Indicators Update |
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Trade Idea: GBP/USD – Buy at 1.5105Although the British pound rose above previous resistance at 1.5241 this morning, lack of follow through buying and the retreat from 1.5245 suggest consolidation would be seen and pullback to 1.5150 is likely, however, renewed buying interest should emerge around the Kijun-Sen (now at 1.5104) and bring another upmove. Trade Idea: EUR/USD – Buy at 1.2610Yesterday's rally above previous resistance at 1.2723 confirms recent upmove has resumed and although price has eased from 1.2739 (yesterday's high), pullback should be limited to the Kijun-Sen (now at 1.2631) and the Ichimoku cloud bottom (now at 1.2591) would hold, bring another upmove. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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