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| Action Insight Weekly Report | Markets Snapshot |
EU Bank Stress Test Passed, Risk Appetite to ContinueCommodity currencies strengthened last week as risk appetites were boosted by solid economic data as well as strong corporate earnings. UK Q2 GDP was particularly impressive while Eurozone PMIs and German Ifo also posted nice upside surprises. Dovish comments from Bernanke's testimony triggered some intra-week selloff in risks but was quickly overshadowed by strong earnings report from blue chip companies. European bank stress test results were finally released on Friday but reaction was muted as much of the information was leaked out during the week already. Considering that US stocks has taken out previous week's high on Friday's rise, we'd expect risk appetite to continue initially this week and should take dollar index through 82 level. |    |
| Featured Technical Report | |
AUD/USD Weekly OutlookAUD/USD's choppy rise from 0.8066 extended further last week and reached as high as 0.8969. Initial bias remains on the upside this week for 0.9380/9404 resistance zone. But we'd expect upside to be limited there to bring another fall to continue the medium term consolidation. On the downside, below 0.8859 minor support will turn intraday bias neutral first. Further break of 0.8632 will argue that AUD/USD might have topped out and flip back to the downside for 0.8315 support instead. |
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| Special Reports |
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'. |
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The Week in Review and Preview |
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