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Daily Report: Markets Consolidate ahead of Non-Farm PayrollMarkets are staying in consolidation today as traders await non-farm payroll report from US. The non-farm payroll report is expected to show 5k expansion in US job market in September while unemployment rate is expected to rise to 9.7%. Leading indicators to NFP were mixed. Employment component of ISM manufacturing index dropped sharply from August's 60.3 to 56.5, the worst level since March's 55.1. Though, employment component of ISM services rose from 48.2 to 50.2. That kept employment component of both indices in expansionary region but momentum is possibly diminishing sharply in manufacturing sector. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 1.0097; (P) 1.0153; (R1) 1.0230; More. USD/CAD's strong recovery from 1.0061 and break of 1.0162 minor resistance suggests that a temporary low is formed. Intraday bias is turned neutral for the moment. Note bullish convergence condition in 4 hours MACD, fall from 1.0671 might have completed too. Break of 1.0377 will confirm this case and bring stronger rebound towards 1.0675 resistance. However, before that, another fall remains mildly in favor and below 1.0061 will target parity. |
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| Special Report |
ECB Leaves Rates Unchanged, More Upbeat on Money MarketsThe ECB leaves the main refinancing rate unchanged at 1% and reiterates that the current keyinterest rates are appropriate. Despite unchanged monetary policy, the tone of the accompanying statement is more hawkish than before and shows no signs of delaying the schedule of exiting stimulus. The central bank retains a moderate growth and price outlook in the medium-term. At the press conference, President Trichet once again warned of that adverse impacts of high currency volatility on the economy and restated his support on a 'strong dollar'. |
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Trade Idea: EUR/USD – Buy at 1.3900Although the single currency retreated sharply from 1.4030 to 1.3857, as renewed buying interest emerged at the Ichimoku cloud top and has rebounded from 1.3857, suggesting consolidation with mild upside bias would be seen for gain to 1.3980, however, reckon yesterday's high of 1.4030 would hold from here and bring further choppy trading. Trade Idea: USD/JPY – Sell at 83.15Despite intra-day retreat to 82.15, as dollar has recovered after holding above yesterday's low at 82.11, suggesting further consolidation would take place and above 82.51/52 (current level of the Kijun-Sen and intra-day resistance) would bring retracement to the Ichimoku cloud bottom (now at 82.96) but price should falter well below the Ichimoku cloud top (now at 83.38) and bring another decline. | Suggested Readings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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