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Daily Report: Strong China Growth Spurs Tightening Worry, Dollar Recovers on Mild Risk AversionDollar recovers on risk aversion as Asian equities followed US and weaken mildly on disappointing earning results from Goldman Sachs. Additional pressure is seen on risk sentiments as talk of more tightening from China resurface. China's annual GDP growth accelerated to 9.8% qoy in Q4, far above expectation of 9.3%. CPI slowed more than expected to 4.6% yoy December after reaching a 28-month higher of 5.1% in November. But that was well above some estimates of 4.4% yoy and is still at worrying level. China raised banks' reserve requirement seven times last year but hiked rates twice only. Investors are worrying that more forceful moves lie ahead to cool both growth and inflation. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 0.9954; (P) 1.0015; (R1) 1.0069; More AUD/USD's sharp fall from 1.0075 suggests that rebound from 0.9803 has finished after hitting 100% projection at 1.0072. Intraday bias is cautiously on the downside for 0.9803 support first. Break of 0.9803 will indicate that fall from 1.0254 has resumed. Also, this will affirm the case of medium term reversal and will target 0.9536 support for confirmation. On the upside, above 1.0075 will flip bias back to the upside for a test on 1.0254 high instead. |
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| 2011 Currency and Monetary Policy Outlook | 2011 Elliott Wave Forecast |
Franc's Safe-Haven Status Remains In 2011, SNB To Tighten In Mid-Year Read more... JPY to be Weighed Down by Lower Yields and BOJ's Additional Easing Read more... Fiscal Tightening the Main Theme for UK in 2011 Read more... Uneven Growth Story Prolongs EZ's Hard Time while Money-Printing Nature in SMP will Send Euro Lower Read more... US - A Shift from Monetary to Fiscal Stimulus Read more... |
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| Economic Indicators Update |
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Trade Idea: GBP/USD – Sell at 1.6000Cable's breach below the Ichimoku cloud bottom suggests a temporary top has possibly been formed at 1.6060 earlier this week and consolidation with downside bias would be seen, however, break of 1.5870 is needed to confirm and bring correction towards next support at 1.5832 later. Trade Idea: USD/JPY – Sell at 82.80Although the greenback fell to as low as 81.85 yesterday, as dollar has rebounded from there in part due to cross-trading, suggesting consolidation above this level would take place and retracement to the Ichimoku cloud bottom (now at 82.44) is likely, however, renewed selling interest should emerge below resistance at 82.83 and bring another decline later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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