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Mid-Day Report: Dollar Steady after GDP Revision, Euro and Sterling Still WeakDollar is steady in early US session after data showed Q3 GDP revised up to 2.6% annualized, below expectation of 2.8%. Euro remains soft in spite of report that China is ready to buy significant amounts of sovereign debts from Portugal. The Jornal de Negocios daily said that China is ready to purchase EUR 4-5b Portugal bonds in auctions or in secondary markets in Q1 of 2011. China declined to comment. ECB issued a new round of three month loans to eurozone banks today. Banks borrowed EUR 149.5b, higher than market expectation of EUR 105b. Nevertheless, note that there will be expiration of EUR 200b in ECB tenders on Thursday. If nothing is taken, there will be a reduction of around EUR 50b of excess liquidity in the system. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3048; (P) 1.3125 (R1) 1.3176; More. EUR/USD recovers mildly today and a temporary low is possibly formed at 1.3073. Intraday bias is turned neutral and some consolidations would possibly be seen first. Nevertheless, another fall will remain in favor as long as 1.3358 resistance holds. Below 1.3073 will target a test on 1.2969 low first. Break there will confirm resumption of whole decline from 1.4281 and target 1.2643 support next. On the upside, break of 1.3358 will indicate that fall from 1.3496 is possibly over and rebound from 1.2969 might be resuming for another high above 1.3496. |
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| Special Reports |
BOE Remained 3-Way Split For A Third Time In DecemberAs expected, BOE policymakers split 2 ways for a 3rd time on monetary decisions in December. 7 out of 9 members voted for keeping the Bank rate unchanged at 0.5% and the asset-buying program at 200B program. 2 members voted against it. Adam Posen preferred to maintain Bank Rate at 0.5% and increase the size of the asset purchase program by 50B pound to a total of 250B pound. Andrew Sentance preferred to increase Bank Rate by +25bps and to maintain the size of the asset purchase program at 200B pound. |
| Economic Indicators Update |
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Trade Idea Update: GBP/USD – Sell at 1.5550Cable's recovery after intra-day marginal fall to 1.5426 suggests a minor low has been formed and above intra-day resistance at 1.5493 would bring retracement to the Ichimoku cloud bottom (now at 1.5528), however, renewed selling interest should emerge around the upper Kumo (now at 1.5551) and bring another decline. Trade Idea: USD/CAD – Sell at 1.0245Despite intra-day retreat to 1.0111, current rebound suggests near term upside risk remains for the rise from last week's low at 1.0001 to extend gain towards the trendline resistance now around 1.0245/50, however, as broad outlook remains consolidative, reckon resistance at 1.0286 would hold, bring retreat later. A break of indicated support at 1.0103 (this week's low) would signal the rebound from 1.0001 has ended Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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