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Mid-Day Report: Euro and Sterling Mildly Lower after Moody's Downgrades Ireland by 5-NotchesMarket sentiments are weighed down mildly after Moody's downgrades Ireland's rating sharply by 5-notches from Aa2 to Baa1 today. Moody's said that "the Irish government's financial strength could decline further if economic growth were to be weaker than currently projected or the cost of stabilizing the banking system turn out to be higher than currently forecast." Outlook for rating is also assigned as "negative". The news pressured Euro and Sterling and helps dollar strengthen mildly against most major currencies. Nevertheless, the greenback is basically still staying in tight range and there is no sign of regaining momentum yet. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3194; (P) 1.3230 (R1) 1.3278; More. Intraday bias in EUR/USD remains neutral for the moment as it's staying inside range of 1.3164/3496. As noted before, break of 1.3164 will confirm that recovery from 1.2969 has completed at 1.3496 already. Such development will also indicate that fall from 1.4281 is not over. In such case, intraday bias will be flipped back to the downside for 1.2969 and below. Nevertheless, before breaking 1.3164, rebound from 1.2969 could still extend further and above 1.3496 will target 1.3785 resistance and above. |
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SNB Left Target Rate Unchanged To Curb Franc AppreciationAs expected the SNB left the 3-month LIBOR range at 0-0.75% as appreciation in Swiss franc has weakened the country's export-led economic growth. Meanwhile, the central bank cut its inflation outlook for 2012 and 1H13 but raised the 2011 forecast modestly. Growth estimates stayed unchanged at +2.5% and +1.5% for 2010 and 2011 respectively. |
| Economic Indicators Update |
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Trade Idea Update: USD/CHF – Hold short entered at 0.9630Despite intra-day rebound to 0.9633, as the price action from 0.9546 (yesterday's low) still looks corrective, bearishness remains for the decline from 1.0067 top to resume after consolidation, break of said support would extend further weakness to 0.9520/25 and possibly 0.9495 (1.236 times projection of 1.0067 to 0.9726 measuring from 0.9916) Trade Idea: EUR/JPY – Sell at 113.00Despite falling to 111.08, as the single currency has rebounded again, suggesting near term upside risk remains for the 2nd b leg of wave B to bring another test of 112.20, above there would extend gain to 112.40/45 (61.8% Fibonacci retracement of 114.94 to 108.33), however, upside should be limited to 113.00/10 and bring retreat later. A break below support at 110.49 would confirm top has been formed Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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