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| Action Insight Weekly Report | Markets Snapshot |
Dollar Soared as Risk Sentiments Turned, Euro Hardest HitThree important developments to note. Firstly dollar staged a strong rebound last week following Fed's "QE Lite" announcement and downgrade of outlook. Investors were clearly unhappy with the "lite" version of quantitative easing and stocks should have priced in a more drastic QE 2 before FOMC meeting. Stocks' sell off intensified following a string of disappointing data and dollar rebounded strongly following the 3.3% weekly fall in DOW. It's possible that the pull back in dollar index since June was finished and we're cautiously bullish on dollar for further rally. |    |
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EUR/CHF Weekly OutlookAfter edging higher to 1.3923, EUR/CHF reversed and fell sharply. The development suggests that whole choppy rebound from 1.3072 is finished at 1.3923 already. Initial bias will remain on the downside this week for 1.3341 support. Break will confirm this bearish case and indicate that the long term down trend is resuming for 1.3 psychological level. On the upside, above 1.3540 minor resistance will turn intraday bias neutral and bring recovery. But upside should be limited well below 1.3923 resistance and bring fall resumption. |
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Intervention Talks on Japanese YenUSDJPY rebounded to above 86 after the currency pair briefly broke below the then-15-year-low of 84.82 made in November 2009. Speculations on government intervention heightened as Nikkei English News said Japanese Vice Finance Minister Rintaro Tamaki will meet BOJ officials. BOE Revises Down GDP And CPI ForecastsAs unveiled in the quarterly inflation report, the BOE revised down its forecasts on economic growth and inflation, reflecting the softening in business and consumer confidence, the faster pace of fiscal consolidation and a slower improvement in credit conditions. Fed Sparks Unconventional Measures By Reinvesting MBS ProceedsThe Fed announced to reinvest principal payments from agency debt and agency mortgage-backed securities in longer-dated Treasuries as the 'pace of economic recovery is likely to be more modest in the near-term than had been anticipated'. This is the first step for the central bank to adopt unconventional monetary policies in more than a year and signaled policymakers' commitment to keep interest rates low and bolster the economy. Initial reaction appeared to be positive with Treasury prices rallying further. The market obviously expects further easing to come. |
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The Week in Review and Preview |
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