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Daily Report: Dollar Firm ahead of Non-Farm Payroll, SustainableDollar remains firm in Asian today on expectation of a solid job report from US. Markets are expecting Non-farm payroll report to show 140k expansion in the US job market in December, with unemployment rate down from 9.8% to 9.7%. There were even more optimistic expectations after Wednesday's strong ADP report that showed 297k growth in private payrolls, nearly triple of expectation. Initial jobless claims also showed continuous improvements over the past few weeks. However, there are still some risks for downside surprises today as employment components of both ISM indices showed deterioration in the month of December. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 83.01; (P) 83.20; (R1) 83.52; More. USD/JPY's rebound for 80.93 extends further to as high as 83.55 so far today and remains firm. INtraday bias remains on the upside for 84.49 resistance. Break there will confirm that whole rebound from 80.29 has resumed and should target 100% projection of 80.29 to 84.49 from 80.93 at 85.13. On the downside, below 82.87 minor support will turn intraday bias neutral and bring retreat first. |
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| 2011 Currency and Monetary Policy Outlook | 2011 Elliott Wave Forecast |
JPY to be Weighed Down by Lower Yields and BOJ's Additional EasingFiscal Tightening the Main Theme for UK in 2011Uneven Growth Story Prolongs EZ's Hard Time while Money-Printing Nature in SMP will Send Euro LowerUS - A Shift from Monetary to Fiscal Stimulus |
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| Economic Indicators Update |
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Trade Idea: GBP/USD – Look to sell again higherThe British pound has fallen after meeting renewed selling interest yesterday below the Ichimoku cloud top and price dropped below said support at 1.5451 and 1.5434 (our short position entered at 1.5540 reached target at 1.5435) and as cable has remained under pressure, suggesting a downside break of the indicated range of 1.5434-1.5665 has occurred and further fall to 1.5400 would be seen Trade Idea: EUR/USD – Sell at 1.3125Yesterday's selloff below support at 1.3055 confirms our view that correction from 1.2969 has ended earlier at 1.3500 and early downtrend has resumed for further weakness to 1.2950, however, near term oversold condition should prevent sharp fall below 1.2900/10 and reckon 1.2885 (1.236 times projection of 1.3500 to 1.3055 measuring from 1.3435) would hold from here, bring rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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