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Mid-Day Report: Sterling Jumps in Services PMI, FOMC AwaitedDollar remains steady in early US session after ADP showed 43k growth in the private job market in October while Challenger report showed -31.8% yoy fall in planned layoff. ISM services will be featured next but markets will remain quiet ahead of FOMC rate decisions later in the day. US stocks point to mildly higher opening after Republicans seized majority in House and narrowed the Senate's Democratic majority after US Congressional Election. Political gridlock will constrains President Obama's ability deliver his reforms and would probably leave Fed as the primary source of support for him to revive up the US economy. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5974; (P) 1.6026; (R1) 1.6092; More. GBP/USD's rally resumes after brief retreat and jumps to as high as 1.6154 so far, meeting mentioned target of 61.8% projection of 1.5296 to 1.6104 from 1.5649 at 1.6148. Intraday bias remains on the upside and sustained trading above 1.6148 will target 100% projection at 1.6457. On the downside, below 1.5960 will turn bias neutral and bring some consolidations. But still, break of 1.5649 support is needed to confirm topping. Otherwise, another rally will remain mildly in favor. |
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| Special Reports |
Fed to Spark QE2, What Options Does it Have?The Fed is almost certain to announce QE2 at the November FOMC meeting. Indeed, comments from Fed officials in recent weeks have indicated further accommodations are required to bring inflation and employment back to levels the FOMC sees as consistent with its dual mandate. We expect policymakers are inclined to a more gradual approach of monetary easing, i.e. to purchase long-term Treasury securities of around $100B per month, without upper limit on the total amount and being reviewed on every FOMC meeting. At the same time, the Fed may modify the language used in the accompanying statement as Chairman Ben Bernanke said at the Boston Fed conference that he would examine ways to achieve greater easing through a new communication strategy. |
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| Candlesticks and Ichimoku Intraday Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: EUR/USD – Buy at 1.3915Despite intra-day marginal rise to 1.4060, lack of follow through buying and the retreat from there suggest consolidation with mild downside bias would be seen, below the Kijun-Sen (now at 1.4004) would bring test of intra-day support at 1.3991 but break there is needed to signal temporary top has been formed and bring retracement to 1.3960/65 Trade Idea Update: USD/JPY – Sell at 81.40Dollar's rebound in part due to the release of better-than-expected ADP employment data suggests consolidation with mild upside bias would be seen and break of yesterday's high of 81.00 would bring another corrective rebound to 81.40 but price should falter below this week's high of 81.60 and price should turn back south from there later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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