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Mid-Day Report: Euro Jumps on Solid Spain Bond Auction, Trichet Inflation CommentsECB left rates unchanged at 1.00% as widely expected. President Trichet noted that evidence of short-term inflation pressure, mainly owing to energy prices. But that doesn't affect ECB's assessments. Trichet said that "price developments will remain in line with price stability over the policy-relevant horizon" even though "very close monitoring is warranted." |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3014; (P) 1.3079 (R1) 1.3197; More. EUR/USD surges sharply to as high as 1.3276 so far today. Focus now turns to 1.3433 resistance. Break there will suggest that whole decline from 1.4281 has finished with three waves down to 1.2873. Such development, also, with 1.2643 support intact, will indicate that rebound from 1.1875 is possibly not over yet and stronger rally could then been seen to retest 1.4281 resistance. Nevertheless, before that, another fall is still in favor with 1.3433 resistance intact and below 1.3089 will flip bias back to the downside for 1.2873 and then 1.2643. |
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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 Update: USD/CHF – Hold short entered at 0.9750Dollar's retreat after intra-day rebound to 0.9764 has retained our near term bearishness and test of support at 0.9662 (yesterday's low) would be seen, however, a firm break of this support is needed to signal a temporary top has been formed at 0.9784 earlier, bring retracement of recent rise to 0.9630/35 and possibly towards previous support at 0.9600 which is likely to hold from here.USD/CHF - 0.9693 Trade Idea Update: USD/JPY – Buy at 82.70As the greenback has remained confined within recent established range, retaining our view that further consolidation would take place and as long as indicated support at 82.66 holds, mild upside bias remains for another rebound, a sustained breach of resistance at 83.50 would signal upmove has possibly resumed and bring retest of last week's high of 83.70, break there would confirm and extend the rise from 80.93 low to 83.86 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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