Action Insight Mid-Day Report 10-13-10

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Action Insight Market Overview	Markets Snapshot
Mid-Day Report: Canadian Dollar Surges on Budget Outlook Canadian dollar is impressively strong today as Finance Minister Flaherty said that the budget will return to surplus in 2015/16 fiscal year. Debt-to-GDP ratio will be lowered from 34% in 2010 to 30.8% in 2016, making it the least indebted G7 country. Meanwhile, growth is expected to be 3% this year, 2.5% in 2011, comparing to prior projection of 2.6% for 2010, 3.2% for 2011. USD/CAD drops sharply today and is heading closer to parity. Full Report Here...
Featured Technical Report
USD/CAD Mid-Day Outlook Daily Pivots: (S1) 1.0065; (P) 1.0124; (R1) 1.0158; More. USD/CAD's break of 1.0061 support indicates that fall from 1.0671 has resumed. Intraday bias is back to the downside for parity. Though, we'd continue to expect strong support from around parity to contain downside and bring rebound. Above 1.0232 resistance will indicate that fall from 1.0671 is over and target 1.0675 resistance. However, note that sustained trading below parity will dampen this view and pave the way to 0.9929 low instead. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

Special Report

Fed Leaned Towards Further Easing, Discussed Ways To Anchor Inflation Expectations As indicated in the September FOMC minutes, policymakers discussed rigorously about implementing additional measures – through QE and strategies to boost inflation expectations- to revive the recovery. It appeared that the majority believed that the actions should be taken 'soon'. The minutes heightened speculations that the Fed will announce more easing measures such as purchase of long-term Treasury bonds in the November meeting. The dollar erased all gains made earlier in the day and ended with losses against major currencies. Read more... International Coordination Does Not Necessarily Avoid Currency War Comments 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'. Read more...

Forex Brokers

Economic Indicators Update	Attend and Learn Expert Strategies for Pulling Profits from the Markets.Register FREE
GMT Ccy Events Actual Consensus Previous Revised 23:50 JPY Bank Lending incl Trusts Y/Y Sep -1.80% -- -1.90% 23:50 JPY Machine Orders M/M Aug 10.10% -3.80% 8.80% 23:50 JPY Japan Money Stock M2+CD Y/Y Sep 2.80% 2.80% 2.80% 00:30 AUD Westpac Consumer Confidence Oct 3.30% -- -5.00% 07:15 CHF Producer & Import Prices M/M Sep -0.10% 0.20% 0.10% 07:15 CHF Producer & Import Prices Y/Y Sep 0.30% 0.40% 0.50% 08:30 GBP Claimant Count Change Sep 5.3K 4.3K 2.3K 3.8K 08:30 GBP Claimant Count Rate Sep 4.50% 4.50% 4.50% 08:30 GBP ILO Unemployment Rate (3M) Aug 7.70% 7.80% 7.80% 09:00 EUR Eurozone Industrial Production M/M Aug 1.00% 0.50% 0.10% 0.10% 09:00 EUR Eurozone Industrial Production Y/Y Aug 7.90% 7.40% 7.20% 7.20% 12:30 USD Import Price Index M/M Sep -0.30% -0.20% 0.60% 12:30 CAD New Housing Price Index M/M Aug 0.10% -0.10% -0.10% 18:00 USD Monthly Budget Statement Sep -52.3B -90.5B
Candlesticks and Ichimoku Intraday Trade Ideas
Trade Idea Update: USD/CHF – Sell at 0.9620 As intra-day support at 0.9544 has continued to hold, retaining our view that near term consolidation would take place and recovery to 0.9615/20 cannot be ruled out, however, reckon 0.9658 (61.8% Fibonacci retracement of 0.9728 to 0.9544) would hold and bring another decline later. Read more... Trade Idea Update: USD/JPY – Sell at 82.35 Although dollar's near term sideways trading is expected to continue and recovery to the Ichimoku cloud is likely, resistance at 82.38 (yesterday's high) should limit upside and bring another decline later. Only breach of indicated support at 81.37 would confirm downtrend has resumed and extend weakness to 81.00, however, loss of downward momentum would prevent sharp fall below there Read more...
Suggested Readings
Fundamental Highlights Risk Appetite Resumes to Leave the Yen Weaker FOMC Minutes Supports QE Speculation & USD Falls Chinese Trade Growth Slows Intel Sees No Double Dip, But FOMC Wants QE Now Technical Highlights FX Thoughts for the Day USDCAD - Vulnerable, Threatening 2010 Low At 0.9927 Daily Forex Update: GBP/USD

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