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Mid-Day Report: Euro and Sterling Pare Gains on Irish Banking ConcernsAfter being pressured for most of the week, dollar and yen are trying to fight back against Euro and Sterling today. Swiss Franc is also noticeably higher, paring some of yesterday's sharp losses. Such moves are triggered by renewed concern on the health of banking sector in Ireland as yields on spread on Irish 10 year bonds and German bund rises to a record. Barclays said in a note yesterday that the Irish government may need outside help in case of additional financial sector losses or the economy worsens. Ireland's Green Party, a junior party in the ruling coalition, said that bond spreads would further widen should Ireland consider renegotiating with bond holders of Anglo Irish Bank Corp. In any case, traders are turning cautious on Euro and Sterling, in particular after this week's sharp rally against dollar, yen and swiss franc on various reasons. We'd likely see more consolidations in respective crosses as the week closes. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2995; (P) 1.3056 (R1) 1.3136; More. Touching of 1.3046 minor support suggests that a temporary top is formed at 1.3158. Intraday bias is turned neutral and some consolidations should be seen first. Though, downside is expected to be contained by 1.2916 resistance turned support and bring another rise. Above 1.3158 should target a test on 1.3330 key resistance next. |
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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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