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| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
| Calendar | Elliott Wave Trades | Markets Volatility | Pivot Points | Heat Map | Daily Fundamentals |
| Action Insight Market Overview | Markets Snapshot |
Mid-Day Report: Euro Soars on Successful Spain Bond Auction, Jobless Claims Improved SignificantlyEuro surges against dollar today with the help of successful bond auction in Spain and France. Spain treasury sold all EUR 3b 15 year bonds, also known as obligacion, receiving a total of EUR 7.722b bids comparing to bid-to-cover ration of 1.79 in April. Average yield was at 5.116%, which was higher than April's sale at 4.434% but was below 5.20% secondary market level ahead of the auction. Also, in two tenders, the French Treasury Agency sold €8.395 billion of short-term paper maturing 2012, 2013 and 2015, just below the maximum intended €8.5 billion. It also sold €1.77 billion of inflation-linked paper, maturing in 2019 and 2022. Markets viewed the solid result of easing funding stress and bids up Euro. EUR/USD breaks through 1.28 level to resume recent rebound, taking other European majors higher. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2692; (P) 1.2734 (R1) 1.2787; More. EUR/USD rises further to as high as 1.2863 so far in early US session. 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). On the downside, below 1.2716 minor support will turn intraday bias neutral and bring consolidations. But downside should be contained by 1.2522 support and bring another rise. |
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| Special Report |
The Fed Downgraded Growth Forecasts, But The Overall Tone Not Too PessimisticThe June FOMC minutes unveiled that policymakers downgraded economic forecasts for 2010 slightly as a number of members saw the risks to the outlook as having shifted to the downside. The tone of the minutes was dovish but it was largely expected as the Fed released the meeting statement on June 23. The Fed did not discuss much about exiting stimulus but the changes to the outlook were 'viewed as relatively modest and as not warranting policy accommodation beyond that already in place'. 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: EUR/JPY – Buy at 111.00Despite yesterday's rise to 113.29, as the single currency has retreated from there, suggesting consolidation would be seen and pullback to 111.00 (38.2% Fibonacci retracement of 107.30 to 113.29) is likely, however, reckon support at 110.68 would hold and bring another rise later. Trade Idea: AUD/USD – Sell at 0.8925Although aussie has retreated after rising to 0.8871 yesterday, as long as support at 0.8682 holds, near term upside risk remains for the rise from 0.8315 to extend one more rise to 0.8920/30, however, reckon 0.8975/80 would hold from here and bring retreat later. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF – Sell at 1.0520As dollar has remained under pressure after breaking support at 1.0481, suggesting recent decline remains in progress and test of chart support at 1.0435 is under way, however, near term oversold condition should prevent sharp move below 1.0390/00 and reckon 1.0345/50 (50% projection of 1.1138 to 1.0481 measuring from 1.0676) would hold from here and bring correction later. Trade Idea Update: GBP/USD – Buy at 1.5280Although the British pound has maintained a firm undertone on dollar's broad-based selloff against European currencies, near term overbought condition should prevent sharp move beyond 1.5395/05 (50% projection of 1.4346-1.5241 measuring from 1.4959 and 50% projection of 1.4965-1.5298 measuring from 1.5236) and reckon 1.5440/45 (61.8% projection of 1.4965 to 1.5298 measuring from 1.5236) would hold from here and risk has increased for a correction later. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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