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Mid-Day Report: Dollar Recovers Mildly as Jobless Claims Beat ExpectationAfter being pressured for most of the day, dollar is trying to recapture some ground in early US session after slightly better than expected job data. Initial jobless claims improved to 473k versus expectation of 488k after jumping to above 500k for the first time since November in the prior week. Continuing claims also dropped by 62k to 4.46m. The greenback is seen mildly up from intraday low against European majors after the release. But there is no indication of rally resumption against Euro and Sterling yet. We'd likely seen more choppy sideway trading ahead. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2602; (P) 1.2664 (R1) 1.2721; More. No change in EUR/USD's outlook as consolidations from 1.2587 continues. Intraday bias remains neutral and more sideway trading could be seen. But upside of recovery is expected to be limited below 1.2921 resistance and bring fall resumption. Break of 1.2587 will target 61.8% retracement of 1.1875 to 1.3330 at 1.2431 next. Sustained trading below there will argue that medium term decline is likely resuming for another low below 1.1875. |
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| Special Reports |
Swiss Franc to Outperform other 'Safe' CurrenciesA comeback of concerns about global economic slowdown has induced strong demand for safe-haven assets. While stocks, commodities and other growth assets got dumped, bond prices rallied, pushing yields to record lows, which currencies that are considered as 'safe' soared. While USD, JPY and CHF are traditionally considered shelters when risk aversion increases given the abundant liquidity and solid economic backdrop in the countries, we expect strength of Swiss franc to continue in the near-term as market confidence remains fragile. It should also outperform USD and JPY as Switzerland has relatively stable fundamentals than the US and Japan. |
| Economic Indicators Update |
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| Candlesticks and Ichimoku Intraday Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Sell at 1.0360Despite intra-day fall to 1.0251, as the greenback has rebounded after holding above yesterday's low at 1.0247, retaining our view that further consolidation would take place and another rebound to intra-day resistance at 1.0319 cannot be ruled out, break would bring stronger rebound but renewed selling interest should emerge around the Ichimoku cloud top (now at 1.0359) and bring decline later. Trade Idea Update: USD/JPY – Sell at 85.35As the greenback has continued to edge lower after retreating from 84.89, suggesting consolidation with mild downside bias would be seen and test of the Ichimoku cloud bottom (now at 84.29) is likely, however, break of indicated support at 84.05 is needed to signal the rebound from 83.58 has ended and bring resumption of decline for a retest of this level later, otherwise, further consolidation would be seen. | |||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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