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Daily Report: Yen Extends Rally as JGB Fell Below 1% for First Time in Seven YearsJapanese yen climbs further against dollar with USD/JPY dives to as low as 85.31 while yen also recovers broadly. Concern on US and global recovery triggered some safe-haven buying in bonds. Yield on US two year notes continue to hover around record low. Meanwhile, yield on 10 year Japanese Government bonds also dropped below 1% for the first time in seven years. Dollar, on the other hand, remains broadly pressured on speculation that Fed will restart the quantitative easing campaign next week. Dollar index is still on the way to 80. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 85.42; (P) 86.04; (R1) 86.41; More. USD/JPY drops to as low as 85.31 so far today and intraday bias remains on the downside for retesting 84.81 low next. Strong support could be seen there initially on oversold conditions. On the upside, above 86.03 minor resistance will turn intraday bias neutral and bring consolidations. But after all, break of 88.11 resistance is needed to indicate bottoming. Otherwise, outlook will remain bearish. |
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| Special Reports |
Central Bank Previews: RBA, ECB, BOEDespite the positive stress test result and recent stronger-than-expected economic data the ECB should maintain its monetary stance and keep the main refinancing rate unchanged at 1%. President Trichet should reiterate in the meeting statement that the current key ECB interest rates are 'appropriate' and the 'risks to the economic outlook are broadly balanced, in an environment of high uncertainty'. |
| Economic Indicators Update |
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Trade Idea Update: EUR/USD – Buy at 1.3155Despite intra-day rise to 1.3262, as the single currency has eased from there, suggesting minor consolidation would take place and below the Tenkan-Sen (now at 1.3205 would bring retracement to the Kijun-Sen (now at 1.3163) but renewed buying interest should emerge above intra-day support at 1.3146 and bring another upmove to 1.3275 (61.8% projection of 1.2151-1.3029 measuring from 1.2732) Trade Idea Update: GBP/USD – Buy at 1.5865Although the British pound has edged higher to 1.5968, as price has eased after faltering below indicated level at 1.5970/75 - 1.618 times projection of 1.4949 to 1.5473 measuring from 1.5125, suggesting minor consolidation would be seen and pullback to the Kijun-Sen (now at 1.5885) is likely, however, renewed buying interest should emerge around intra-day support at 1.5862 and bring another rally. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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