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| Action Insight Weekly Report | Markets Snapshot |
Dollar Extended Decline as More Fed Officials Joined QE ChorusDollar's fall extended last week as more Fed officials jumped in the chorus to support more quantitative easing. Once again, Euro was the biggest beneficiary as supported further by buying in crosses. We'd like to point out again that Euro's strength was even more impressive considering that XAU/USD has indeed weakened further even though gold made another record high against dollar at 1322. Sterling was even weaker than dollar as speculation of QE extension intensified. One thing to note is that while Aussie has been strong mostly last week, some sharp selling was seen on Friday against other commodity currencies which suggested some pull back ahead. |    |
| Featured Technical Report | |
EUR/USD Weekly OutlookEUR/USD's up trend continued last week and rose further to as high as 1.3791. Initial bias remains on the upside this week and further rally should be seen towards 100% projection of 1.1875 to 1.3330 from 1.2587 at 1.4024, which is close to 1.4 psychological level. On the downside, below 1.3626 minor support will turn intraday bias neutral and bring retreat first. But in such case, we'd expect strong support from 1.3286 to contain downside and bring another rise. |
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| Special Reports | |
Get Ready For BOE's QERecent discussions about additional easing from the Fed have caused the dollar to fall against almost all currencies. Everyone in the market is paying extra attention to US economic data, trying to estimate when the central bank will announced new bond-buying programs. The situation has masked the fact that the US is only one of the several advanced countries that are struggling to boost economic recoveries and are increasingly likely to expand their balance sheets. In its September minutes, the BOE revealed a more dovish outlook and signaled the possibility of expanding its asset-purchase program. Currently trading at 1.58/59 against the dollar, the pound has risen for 3 consecutive weeks with gains 10% from May's low. We believe a large part of the rally was driven by the broad-based weakness in USD, rather than strong underlying fundamentals. |
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