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| Action Insight Weekly Report | Markets Snapshot |
Euro Jumped ahead of Stress Test Result, Yen Soard on Risk AversionDollar and commodities were the major victims last week on a flush of risk aversion sales on concern of economic slowdown in the US plus impressively strong rebound in European majors as funding concerns eased. Dollar index dropped as much as -1.26% over the week to close at 82.57. EUR/USD breached 1.3 psychological level briefly before closing at 1.2929. USD/JPY dived through recent support of 86.96 to resume the medium term fall from 94.97. Canadian dollar was the weakest currency and was down -4.76% against yen and -4.48% against euro. Judging from the price actions in stocks, commodities, in particular gold, and treasury yields, risk aversion would likely continue to support yen going forward. Euro might remain resilient for a while but it's fate will very much depends on the result of bank stress test. |    |
| Featured Technical Report | |
USD/JPY Weekly OutlookUSD/JPY's strong break of 86.96 last week confirmed that whole decline from 94.97 has resumed. Initial bias remains on the downside this week and further fall should be seen towards 84.81 low next. On the upside, above 87.36 minor resistance will turn intraday bias neutral and bring fall recovery. But upside should be limited below 89.14 resistance and bring fall resumption. |
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| Special Reports | |
CAD to Remain Strong as Driven by Robust Domestic GrowthOur optimism on Canadian dollar's long-term outlook hinges on the country's strong domestic growth and healthy fiscal conditions. Despite the fact that risk-sensitive assets (including CAD) have been cold-shouldered over the past 2 months as sovereign woes in the Eurozone -and worries over a 'double-dip' recession triggered demand for safe-haven, the actual impact on Canada's economy should be small. Instead, robust domestic demand, consistent increase in payrolls and sound fiscal conditions (having the lowest deficits as a % of GDP among the G7) should support the country's growth and warrant further tightening by the BOC for the rest of the year. |
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The Week in Review and Preview |
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