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Mid-Day Report: Euro Rebounds on ECB Six Days Loan, USD/JPY Broke 88Euro rebounds strongly today on news that ECB is going to grant 78 banks EUR 111.2b of funds for six days to assist them in coping with expiry of the 12 month loan which totals EUR 442b. The announcement overshadowed downgrade risk of Spain and helped Euro extends its rebound. On the other hand, the Japanese yen extends recent rally on risk aversion and breaks 88 level against dollar as global stocks are broadly low. Australian dollar is so far the weakest on worry of further slow down in China economy as well as poor data. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 88.26; (P) 88.52; (R1) 88.67; More. USD/JPY's fall extends further to as low as 87.63 today and the strong break of 88.13/25 support zone confirms that whole decline from 94.97 has resumed. Intraday bias remains on the downside and deeper decline should now be seen to retest 84.81 low. On the upside, above 88.76 minor resistance will turn intraday bias neutral and bring consolidations. But recovery should be limited below 90.27 resistance and bring fall resumption. |
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| Special Report |
Euro To Resume Weakness After Brief Rebound, ECB On Hold Until 2H11The euro has rebounded broadly since early June despite continued concerns about sovereign crisis in the Eurozone and uncertainty about the banking system. In our opinion, the rebound has been driven by well-received auctions for peripheral European bonds and the fact that the ECB has not been required to purchase a large amount of bonds in the secondary market. At the same time, squaring of extended short euro positions has also helped the currency. |
| Economic Indicators Update |
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Trade Idea: EUR/JPY – Sell at 110.00As the single currency has recovered after holding above this week's low at 107.30, suggesting further consolidation would be seen and retracement to 109.50/55 (previous support turned resistance) cannot be ruled out, however, renewed selling interest should emerge around 110.00 and bring another decline in wave v of recent decline towards 107.00. Trade Idea: AUD/USD – Sell at 0.8500As aussie has fallen after meeting renewed selling at 0.8567 yesterday, adding credence to our view that c leg as well as wave B has ended at 0.8860 earlier and bearishness remains for further weakness to 0.8300 and then 0.8240/50, however, reckon 0.8150 would hold from here. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD – Buy at 1.4950Cable's intra-day rally on dollar's selloff elsewhere suggests the decline from 1.5130 has ended at 1.4873 earlier and upside bias is seen for gain to the Ichimoku cloud top (now at 1.5055), however, break of minor resistance at 1.5075 is needed to retain bullishness and signal recent upmove has resumed for further gain to 1.5106, then retest of 1.5130. Trade Idea Update: EUR/USD – Buy at 1.2270As the single currency has maintained a firm undertone after breaking resistance at 1.2305, suggesting the rise from 1.2151 remains in progress and may extend to 1.23361 (61.8% Fibonacci retracement of 1.2490 to 1.2151), however, as broad outlook is still consolidative, resistance at 1.2398 should limit upside and risk from there has increased for a retreat later. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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