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Daily Report: Dollar and Yen Selloff ContinueThe down trend of dollar and yen resume today, together with broad based rally in equities as well as another record high in gold above 1280. Comparing the two, dollar is slightly stronger with USD/JPY edging mildly higher. Nevertheless, dollar index does drops to new weekly low and breaches 81 level again. Among the major currencies, Euro and Sterling are the stronger ones this week, up over 5% and 4% against yen respectively. Though, Aussie is trying to catch up. Swissy remains weak after the dovish SNB meeting yesterday. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 133.22; (P) 133.73; (R1) 134.51; More GBP/JPY's rally from 127.63 resumes after brief retreat and reaches as high as 134.81 so far. Intraday bias remains on the upside and current rally should continue to retest 137.75 key resistance level. On the downside, below 132.96 minor support will indicate that a temporary top is formed and bring consolidations first. |
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| Special Reports |
SNB Leaves Rates Unchanged, Revises Down Inflation OutlookThe SNB announced to maintain the 3-month LIBOR target at 0.25% as 'uncertainty about the future outlook for the global economy remains high. Moreover, 'economic recovery is not yet sustainable. Downside risks predominate'. The central bank also revised lower the inflation forecasts through 2012. Swiss franc slumped ahead of the announcement and weakened further after that. 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 |
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