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| Action Insight Market Overview | Markets Snapshot |
Mid-Day Report: Dollar and Yen Mildly Softer as New Home Sales Beat ExpectationsMarkets remains generally steady in range as the day goes. Stocks in US opened nearly flat today but some buying is seen after slightly better than expected housing data from US. Yen is a bit softer after the release on risk appetite trades. Dollar remains generally soft, in particular against commodity currencies. The data also helps sent crude oil back above 79 level and lifts Canadian dollar. Meanwhile, gold has another dive and is pressing 1180 level. New home sales rose more than expected to 330k annualized rate in June, comparing to expectation of 320k. Though, prior month's data was revised sharply down from 300k to 267k. Other data released today saw Japan merchandise trade surplus widened to JPY 456b in June, lower than expectation. Both exports and imports fell over the month on a value basis. Australian PPI rose much less than expected by 0.3% qoq, 1.0% yoy in Q2. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2811; (P) 1.2888 (R1) 1.2983; More. Another rise is still mildly in favor in EUR/USD with 1.2731 minor support intact. But after all, we'd look for reversal signal as EUR/USD approaches cluster level of 1.3105/3123 (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, break of 1.2731 will indicate that EUR/USD has topped out and target 1.2149/2466 support zone first. |
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| Special Reports |
Speculators Remained Net Sellers Of USD For A Second WeekSpeculators sold -$1.18B last week, bringing the net short positions of USD to –$7.71B in the week ended Jul 20. This is the second week that USD fell in the net short territory and we believe negative economic data triggering worries over a slowdown and ease in sovereign crisis in the Eurozone are the major reasons. Stress Test Result Appeared to be Stronger than Expected. Stringency in QuestionThe CEBS's stress test result was out yesterday. 7 out of 91 European banks failed the test - failed to exceed the 6% Tier 1 capital ratio under the most severe scenario. These banks are Diada (Spain), Espiga (Spain), Unnim (Spain), Banca Civica (Spain), Cajasur (Spain), ATEBank (Greece) and Hypo Real Estate (Germany). According to the CEBS, the estimated aggregate shortfall is 3.5B euro. In a joint statement, the CEBS, ECB, and European commission said that, 'where the results of the exercise indicate that individual banks require additional capital, these banks should take the necessary steps to reinforce their capital positions through private-sector means and by resorting, if necessary, to facilities set up by Member State governments, in full compliance with EU state-aid rules'. |
| Economic Indicators Update |
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Trade Idea: EUR/GBP – Sell at 0.8450Despite Friday's selloff to 0.8318, as the single currency has recovered after holding above 0.8317-18 support today, suggesting further consolidation would be seen and rebound to 0.8410/20 cannot be ruled out, however, renewed selling interest should emerge below resistance at 0.8466 and bring another decline later. Trade Idea: USD/CAD – Buy at 1.0235As the greenback has remained under pressure, suggesting further weakness to support at 1.0276 would be seen and break there may extend marginally to 1.0230/35, however, as broad outlook is still consolidative, reckon 1.0190/00 would hold and bring another rebound later. | |||||||||||||||||||||||||||||||||||
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