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Mid-Day Report: Euro and Sterling Make Record Lower against Swiss FrancEuro made new record low against Swissy earlier today after Moody's said in a report that it may downgrade Spain's credit rating, which currently stands at Aa1, as the country's 'substantial funding requirements, not only for the sovereign but also for the regional governments and the banks, make the country susceptible to further episodes of funding stress'. The comments may affect Spain's last scheduled bond sale which will be carried out tomorrow. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5705; (P) 1.5808; (R1) 1.5877; More. GBP/USD's fall accelerates further to as low as 1.5621 in early US session. The strong break of 1.5667 support confirms that recovery from 1.5484 has finished at 1.5909 already. More importantly, the choppy corrective structure suggests that fall from 1.6298 is not over yet and is possibly resuming. Intraday bias is back on the downside for 1.5484 and break will confirm this bearish case and target 61.8% projection of 1.6298 to 1.5484 from 1.5909 at 1.5406 next. On the upside, break of 1.5909 resistance is needed to confirm rebound resumption. Otherwise, risk will now remains cautiously on the downside. |
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| Special Reports |
Fed Ended the Policy Year SilentlyThe December FOMC meeting contained few surprises. Despite modest change in the language used, the message was the same as the November one. There were slight upward revisions to the economic outlook while inflation was describing as downward trending. The committee decided to leave the Fed funds rate unchanged at 0-0.25% and the asset-purchase program at $600B. Kansas City Fed President Thomas Hoenig was once again the only member voting against the policy. Appreciation In Franc Diminishes The Need Of SNB Rate HikeSwitzerland is one of the healthiest nations in Europe in terms of fiscal positions. Unlike many of its neighboring Eurozone nations, the country does not need to implement fiscal-consolidative measures next year and the government even revised its budget forecast to a surplus of 0.25% of GDP in 2010, up from mild deficit previously projected. The well-being in fiscal stability has attracted foreign investments and sent Swiss franc higher. Strength in the franc, together with sovereign concerns in peripheral economies in the Eurozone, has real impact on economic growth. GDP growth eased for 2 consecutive quarters in 3Q10 as exports contracted significantly. Risks on growth are to the downside in coming quarters and the SNB should keep the 3-monh LIBOR target range unchanged at 0-0.75% in December. |
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Trade Idea Update: GBP/USD – Sell at 1.5750Cable has remained under pressure and the intra-day breach of previous support at 1.5668 signals recent rise has ended at 1.5911 and bearishness remains for the decline from there to extend further weakness to 1.5646 (61.8% projection of 1.5911 to 1.5712 measuring from 1.5769) and possibly towards 1.5600/10 but near term oversold condition would limit downside. Trade Idea: EUR/GBP – Buy again at 0.8490As the single currency has risen again after finding renewed buying interest at 0.8452 and current break of indicated resistance at 0.8527 adds credence to our view that a 5-waver decline from 0.8941 has ended at 0.8334 and another leg of correction from 0.8334 low is under way for gain to 0.8565/70 (38.2% Fibonacci retracement of 0.8941 to 0.8334) but resistance at 0.8595/00 would limit upside. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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