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Mid-Day Report: Euro Higher on Solid Bond AuctionsEuro rebound strongly against Sterling and Swissy on the back of solid bond sales. Ireland sold its 2014 and 2010 bonds at bid-to-cover ratios above 3 times with yield on the 10 year paper also lower comparing to last month's tender. Spain sold EUR 5.15b of 12- and 18-month T-bills, slightly exceed target of EUR 5.5b. The solid results eased recent concern on Eurozone funding markets. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2749; (P) 1.2809 (R1) 1.2887; More. EUR/USD's recovery from 1.2733 extends further today and further recovery could still be seen. Nevertheless, upside should be limited limited well below 1.3330 resistance and bring another fall. As noted before, break of 1.2731 support will indicate that whole rebound rom 1.1875 is completed and will bring deeper decline to 1.2466 support next. |
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| Special Reports |
RBA Comfortable With RatesThe RBA's minutes for the August meeting reinforced our view that the policy rate will remain unchanged in the near-term. Policymakers stated that 'developments over the latest month had not materially changed the Board's assessment' and they were 'comfortable with the existing level of interest rates, particularly in an environment where there was a significant degree of market volatility. |
| Economic Indicators Update |
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Trade Idea Update: USD/CHF – Look to sell higherThe greenback has continued to trade narrowly and despite intra-day bounce to 1.0448, above 1.0465-68 (previous support and the current level of the Ichimoku cloud top) is needed to signal fall from 1.0630 has ended, bring retracement of this move to 1.0500/05, however, reckon resistance at 1.0555 would attract renewed selling interest and bring another decline later. Trade Idea Update: USD/JPY – Sell at 85.65Despite intra-day brief breach of the Kijun-Sen, as dollar has retreated from 85.54, suggesting consolidation with downside bias remains and weakness to 85.11 and possibly 84.94 is likely, however, break of latter support is needed to signal early decline has resumed for retest of recent low at 84.72, break there would extend fall towards 84.25/30 (61.8% projection of 88.12 to 84.72 measuring from 86.39) but reckon 84.00 would hold from here. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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