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Daily Report: Euro Extends Rally, BoC to Hike 25bpsEuro continues to ignore negative news and resumes recent rally against dollar by taking out 1.3 level again today. There were speculation that Germany lender Hypo Real Estate failed the European bank stress test. But nonetheless, Euro was lifted by broad based risk sentiments. Asians stocks are generally higher on rumors China will relax policies that target at curbing the housing bubble. Australian dollar is the biggest winner on its close trade relationship with China, gaining over 100 pips against both Yen and Dollar. |
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EUR/USD Daily OutlookDaily Pivots: (S1) 1.2877; (P) 1.2934 (R1) 1.2998; More. EUR/USD's rally resumed after brief consolidations and reaches as high as 1.3027 so far. Intraday bias remains on the upside and further rally should be seen to 1.3105/3123 cluster level next (38.2% retracement of 1.5143 to 1.1875 at 1.3123, 161.8% projection of 1.1875 to 1.2466 from 1.2149 at 1.3105). Nevertheless, as such rise from 1.1875 is viewed as a correction only, we'll look for sign of loss of momentum in the current rise and expect upside to be limited by 1.3105/3123 cluster level and bring reversal. Below 1.2871 will turn intraday bias neutral first and will put focus back to 1.2522/2721 support zone. |
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Concerns Over European Sovereign Crisis Ebbed, Stress Tests In FocusWhile broad market sentiment remains volatile as driven by economic data released in the US and China, as well as mixed corporate earnings results, concerns about sovereign crisis in the Eurozone has eased in recently weeks as banks requested lower amount of money from ECB's LTRO after the 12-month LTRO expired on June 30. |
| Economic Indicators Update |
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Trade Idea: USD/CHF – Buy at 1.0470Despite yesterday's breach of 1.0543-48 resistance, lack of follow through buying and the subsequent retreat from 1.0561 suggest consolidation would be seen and weakness to the Ichimoku cloud area (now at 1.0473-84) is likely, however, support at 1.0446 (yesterday's low) should hold and bring another rebound later. Trade Idea: GBP/USD – Sell at 1.5385Despite yesterday's selloff to 1.5203, the subsequent rebound from there suggests the fall from 1.5473 top has formed a temporary low there and correction to 1.5351-54 (yesterday's high and the Ichimoku cloud top) cannot be ruled out, however, reckon 1.5420/30 would hold and bring further choppy consolidation below 1.5473. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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