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Daily Report: Sterling Weak and Otherwise Steady MarketsMarkets are pretty steady today. A bunch of data was released from China in Asia today. CPI and PPI were both strong at 3.6% yoy and 4.3% yoy respectively. GDP slowed slightly to 9.6% but was above expectation of 9.5%. In general, the data justified the unexpected rate hike earlier this week. Asian stocks have little reactions to the release and are mixed. Dollar pared much gains overnight on risk appetite but was held above recent low against most major currencies except yen. As noted before, we believe that the greenback is still in consolidation/correction and it's not in down trend resumption. Hence, we'd expect dollar to hold above recent low against major currencies for a while. (except yen). Meanwhile, noticeable weakness is seen in Sterling in early European session as EUR/GBP takes out recent high. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.8758; (P) 0.8789; (R1) 0.8841; More EUR/GBP's break of 0.8838 today indicates that recent rally has resumed. Intraday bias is back to the upside for medium term falling trend line resistance (now at 0.8899). Decisive break there will target 0.9137 resistance. On the downside, break of 0.8704 support is needed to signal topping in the cross. Otherwise, outlook will remain bullish. |
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BOE Minutes Unveiled 3-Way Split on Monetary Policy. Osborne to Cut Deficits by 156B PoundThe BOE minutes unveiled that policymakers voted 7-1-1 in October to leave the Bank Rate unchanged at 0.5% and the asset buying program at 200B pounds. While the majority continued to support staying sidelined, Adam Posen preferred to maintain the policy rate at 0.5% and increase the size of the asset purchase program by +50B pound to a total of 250B pound while Andrew Sentance preferred an increase in Bank Rate of +25bps and to maintain the size of the asset purchase program at 200B pound. |
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Trade Idea: USD/CHF – Hold short entered at 0.9655Although the greenback rebounded after falling to 0.9573 yesterday, as the Ichimoku cloud top capped dollar's recovery from there and price has retreated from 0.9682, suggesting as long as this level holds, consolidation with mild downside bias remains for another fall to said support, break there would extend the fall from 0.9758 towards 0.9541, however, reckon 0.9500 would limit downside and bring further broad gyration. Trade Idea: EUR/USD –Hold long entered at 1.3885Although euro retreated after rallying to 1.3991 yesterday, as renewed buying interest emerged at 1.3872 (we bought at 1.3885) and price has rebounded, retaining our bullishness for the rise from 1.3697 to resume after consolidation. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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