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Mid-Day Report: Dollar to Consolidate Further after Mixed Economic DataDollar remains steady in early US session after mixed economic data. headline retail sales jumped much more than expected by 1.2% in October while ex-auto sales rose 0.4%, inline with consensus. However, Empire State manufacturing index dropped sharply to -11.1 in November, first negative reading since July 2009 and was much worse than expectation of 14. Dollar retreats mildly after edging higher to 83.22 against yen earlier. Meanwhile, the greenback stays in tight range against other major currencies and is set to extends current consolidations for a while. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6004; (P) 1.6093; (R1) 1.6201; More. No change in GBP/USD's outlook. With 1.6183 minor resistance intact, pull back from 1.6298 is still in progress and below 1.5952 will bring another fall. Though, we'd expect downside to be contained above 1.5649 support and bring rally resumption. Above 1.6183 minor resistance will flip intraday bias back to the upside. Further break of 1.6298 will target 61.8% projection of 1.4230 to 15997 from 1.5296 at 1.6388 next. |
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Will Ireland Eventually Seek Bailout?Sovereign crisis in peripheral European economies is again under the spotlight as the hottest discussion over the weekend was whether Ireland will request a bailout from the EU. Yield spreads between periphery bonds and German bunds narrowed last Friday after rumors saying Ireland may tap funds from the EU/IMF to avoid bankruptcy. The IMF said it hasn't received any kind of request from Ireland but it's ready to provide any support to the country if it needs. The rumors were denied by the Irish government over the weekend. According to a Finance Ministry official, while 'ongoing contacts continue at official level with international colleagues in light of current market conditions, Ireland has made no application for external support'. The official added that the government is 'fully funded till well into 2011'. |
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Trade Idea Update: USD/CHF – Buy at 0.9765Dollar's broad-based strength suggests near term bullishness remains for the rise from 0.9548 to extend gain to 0.9880, however, as broad outlook remains consolidative, reckon upside would be limited and overbought condition should limit upside to 0.9900 and resistance at 0.9972 would hold from here. Trade Idea Update: EUR/USD – Sell at 1.3750Despite intra-day retreat from 1.3751, it is necessary to see a break of Friday's low at 1.3573 to confirm recent decline has resumed and extend weakness to 1.3510/15 (100% projection of 1.4283 to 1.3823 measuring from 1.3974), otherwise, further sideways trading would take place. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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