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| Action Insight Market Overview | Markets Snapshot |
Mid-Day Report: Euro Lower as Weber Signals No Stimulus Exit Before 2011. Dollar Resumes RallyDollar rises sharply today on risk aversion and breaches recent high against Euro, Sterling, Aussie and Canadian. Weakness in global equities was carried through to European session, sending major indices mildly lower while US stocks are also set to open lower as selloff continues. Euro is additionally soft after ECB council member Weber said signaled that the stimulus measures will be in place throughout this year. Meanwhile, Canadian dollar drops sharp after release of tamer than expected CPI data. |
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| Featured Technical Report | |
USD/CAD Mid-Day OutlookDaily Pivots: (S1) 1.0294; (P) 1.0355; (R1) 1.0462; More. USD/CAD's strong rally today and break of 1.0493 resistance confirms that rise from 1.0106 has resumed. Intraday bias remains on the upside as long as 1.0381 minor support holds and we'd expect further rise towards 1.0675 resistance next. On the downside, below 1.0381 will mix up the near term outlook and turn bias neutral first. |
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| Action Insight Market Overview |
China's Open Up of Bond Market Only Has Gradual Impact on RMBAt the announcement made on August 17, the People's Bank of China announced the launch of a pilot scheme that 3 kinds of financial institutions, namely foreign central banks, RMB settlement banks in Hong Kong and Macau, and foreign banks participating in the RMB direct settlement program, may invest their RMB holdings in China's interbank bond market. While all investments are subject to PBOC's approval and specific quotas are assigned to individual institutions, the scheme is an important milestone for internationalization of RMB. Yet, we think the scheme's impact on pushing the RMB as a reserve currency is more symbolic than practical. |
| Economic Indicators Update |
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| Candlesticks and Ichimoku Intraday Trade Ideas | |||||||||||||||||||||||||||||||||||
Trade Idea Update: EUR/USD – Sell at 1.2800Euro's breach of 1.2734 support and intra-day selloff to 1.2685 signals recent fall from 1.3334 top has resumed and weakness towards 1.2615/25 (61.8% projection of 1.3233 to 1.2734 measuring from 1.2923 and 50% projection of 1.3334 to 1.2734 measuring from 1.2923), however, near term oversold condition should prevent sharp fall below there and reckon 1.2550/55 (61.8% projection of 1.3334 to 1.2734 measuring from 1.2923) would hold from there. Trade Idea Update: USD/JPY – Exit short entered at 85.50As dollar has rebounded after holding above intra-day support at 85.19 on cross-unwinding in yen, suggesting upside risk has increased and gain to the Ichimoku cloud top (now at 85.63) cannot be ruled out, however, only break of resistance at 85.92/96 would shift risk to upside and bring another leg of corrective rise towards 86.39-46 (this also include 50% Fibonacci retracement of 88.12 to 84.72) but break there is needed to extend the rise from 84.72 for a stronger retracement of early decline to next resistance at 86.89 (just above 61.8% Fibonacci retracement). | |||||||||||||||||||||||||||||||||||
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Fundamental Highlights
Technical Highlights
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