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Daily Report: Asian Equities Down on China Tightening, Dollar and Yen Strengthen MildlyDollar and yen strengthen in Asia today as stocks are broadly lower on report of tightening measures from China to curb lending. It's reported that China raised reserve requirements for its top six banks by half a percent point to 17.5% for two months. It's the fourth time that reserve requirement ratio was raised this year since new lending in September significantly exceeded regulators' expectation. Meanwhile, inflation rose at the fastest pace in nearly two years in August. There are speculation that today's move will sooner or later be followed by a rate hike. Nikkei is down 200 pts or 2.09% today while Asian stocks are generally lower. However, Shanghai composite managed to turned positive in after noon trading. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.9803; (P) 0.9855; (R1) 0.9888; More AUD/USD dips mildly today as consolidations from 0.9915 continues. Intraday bias remains neutral and some more consolidative trading should be seen. But even in case of another fall, downside is expected to be contained by 0.9541 support and bring another rise. Above 0.9915 will target parity and then 138.2% projection of 0.8315 to 0.9220 from 0.8770 at 1.0021. Though, break of 0.9541 will bring deeper pull back towards 0.9220 support. |
| Special Report |
International Coordination Does Not Necessarily Avoid Currency WarComments from Brazilian Finance Minister Guido Mantega's the world is 'in the midst of an international currency war. This threatens us because it takes away our competitiveness' have sparked worries about the impacts of competitive currency devaluation on the global economic growth. Economists, central bankers and other finance leaders have expressed their concerns about harms that such a war would do on the economy. Olivier Blanchard, the IMF's chief economist, said currency wars between major countries could 'derail the global economy's recovery'. More Is Said Than Done – World Leaders Fail To Agree On Resolving Currency TensionsThe IMF meeting over the weekend failed to resolve recent currency tensions aroused from uneven global growth. While the member countries agreed urgent actions are needed to reinforce the IMF's role and effectiveness as a global body for macro-financial surveillance and policy collaboration, no concrete plans came up on what will be done and the debates will likely continue in the upcoming G20 meeting in South Korea. |
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Trade Idea: USD/CHF – Sell at 0.9735Dollar's intra-day rebound suggests further consolidation above last week's low of 0.9555 would take place and as long as support at 0.9592 holds, another corrective rise to 0.9703 is likely, however, upside should be limited to 0.9730/40 (61.8% Fibonacci retracement of 0.9844 to 0.9555 and 100% projection of 0.9555 to 0.9703 measuring from 0.9592) and bring another decline later. Trade Idea: GBP/USD – Buy at 1.5855As the British pound has slipped again after meeting renewed selling around the Kijun-Sen on the back of intra-day selloff in euro, suggesting near term downside risk remains for the fall from 1.5966 to extend weakness to 1.5950/55, however, as long as support at 1.5824 holds, prospect of another rebound remains. | Suggested Readings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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