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Daily Report: Yen Mildly High as Markets Stabilize, SNB in Focus NextYen recovers mildly after markets stabilize from the intervention selloff today. There is also some mild support from risk aversion on speculations of more measures from China to curb bank loans. Though, yen remains generally weak so far after Prime Minister Naoto Kan pledged to "take decisive measures when necessary". He also said that rapid yen movements "will hurt the desire of Japanese companies to invest at home" and "employment conditions will get worse". Meanwhile, there are speculations that there will be additional measures from BoJ to support the government's unilateral intervention effort, and the bank would probably reinject funds created by the intervention to boost liquidity in the system. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 108.98; (P) 110.28; (R1) 112.84; More Intraday bias in EUR/JPY remains on the upside for the moment with 110.00 minor support intact. Current rally is expected to continue to 161.8% projection of 105.42 to 109.54 from 105.79 at 112.45 next and break will target a test on 114.72 resistance next. On the downside, below 110.00 will suggest that a temporary top is formed and turn bias neutral first. |
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| Special Reports |
Preview of SNB Meeting: No Immediate Need for Rate HikeThe SNB will maintain the 3-month LIBOR target at 0.25% for an 18th month in September. Although economic growth has exceeded the central bank's expectations, inflation remained moderate. There's no immediate need for a rate hike at the moment. Concerning appreciation of Swiss franc, the SNB will reiterate its stance but we doubt much will be done in curbing the rise. RBNZ Leaves OCR Unchanged, Outlook More DovishAs expected, the RBNZ left the OCR unchanged at 3% as the global and domestic outlooks have weakened since the June Statement although recovery continued. The accompanying statement was more dovish than previously expected, reflecting disappointments from recent economic data and potential disruptions on economic activities after the earthquake on September 4. At the quarterly Monetary Policy Statement (MPS), the RBNZ revised down its growth and inflation forecasts. |
| Economic Indicators Update |
Attend The Futures & Forex Expo Las Vegas, September 23-25, at Caesars Palace, where industry experts will help Forex & Futures traders make profitable trading decisions. Register FREE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: GBP/USD – Buy at 1.5510Despite yesterday's rally to 1.5652 (reached indicated retracement target at 1.5645-50 - 50% Fibonacci retracement of 1.5999-1.5296), as cable has retreated from there, suggesting consolidation below this level would take place and retracement to the flat ground Kijun-Sen (now at 1.5550) is likely, however, 1.5491-1.5500 (current level of the Ichimoku cloud top and 50% Fibonacci retracement of 1.5348 to 1.5652) should contain downside and bring another upmove later. Trade Idea: EUR/USD – Buy at 1.2910As the single currency has remained confined within near term range of 1.2955-1.3034, suggesting further sideways trading would take place and below 1.2955-60 (said support and current level of the Ichimoku cloud top) would bring retracement towards 1.2905/10 (current level of the lower Kumo and previous resistance) before prospect of another rally later. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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