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| Action Insight Weekly Report | Markets Snapshot |
Oversold Risk Selling Recedes, Dollar and Yen to Remain Soft with More ConsolidationsRisk-off trading extended further initially last week but reversed as markets hit important near term levels. DOW had a few attempts on 10000 level and dropped to intraweek low of 9937 but rebounded to close at 164.84. Yield on 10 year notes dropped to as low as 2.41% but defended 2.50% finally and close sharply higher at 2.652%. Crude oil managed to hold on to 70 level despite dipping to as low as 70.76 and closed sharply higher at 75.17. Dollar index hit 83.37/45 cluster resistance and turned sideway. EUR/CHF also turned sideway after hitting 1.3 psychological support. After all, the oversold risk markets should have stabilized in near term and we should be seeing some more consolidative trading this week. Dollar will likely retreat further against commodity currencies while yen will also be pressured as intervention talks continue. |    |
| Featured Technical Report | |
USD/JPY Weekly OutlookUSD/JPY dropped further to as low as 83.61 last week but lost momentum and rebounded strongly. Considering bullish convergence condition in 4 hours MACD, a short term bottom should be in place. Initial bias is mildly on the upside this week for further rebound to 86.36 resistance and possibly above. But upside should be limited well below 88.25 support turned resistance and bring another fall. On the downside, below 84.27 minor support will flip intraday bias back to the downside. Further break of 83/61 will target 80 psychological level next. |
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| Special Reports | |
The Fed Believes Continuation in Economic Recovery, Stands Ready for Further EasingAt the annual symposium at Jackson Hole, the Fed Chairman Ben Bernanke reiterated his view that the US economic should continue to expand in the second half of the year, albeit at a relatively modest pace. The Fed pledged to 'do all that it' can to ensure the recovery. It appears the Fed is not likely to implement additional QE measures in current economic condition after the decision to repurchase MBS proceeds. |
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The Week in Review and Preview |
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