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Mid-Day Report: EUR/USD Breaks 1.35 after Mixed US Housing DataDollar extends recent decline in early US session after mixed housing data. Housing starts dropped more than expected by -4.3% to a 529k annualized rate, the worst figures since October 2009 and below expectation of 550k. Though, building permits jumped sharply to 635k annualized. Euro continue to extend recent rebound against the greenback with EUR/USD back trading above 1.35 level. The common currency is also strong against Swissy as Swiss Economy Minister Johann Schneider-Amman and Swiss President Micheline Calmy-Rey are scheduled to hold a press conference later today on the Franc. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3271; (P) 1.3369 (R1) 1.3484; More. EUR/USD rises further to as high as 1.3537 in early US session and the break of 1.3496 resistance indicates that fall from 1.4281 has completed at 1.2873 already. Note that the corrective three wave structure of the fall, with 1.2643 support intact, will indicate that rebound from 1.1875 is possibly not over yet Intraday bias is on the upside for 1.3785 resistance first and then a test on 1.4281. On the downside, break of 1.3245 support is needed to indicate completion of rebound from 1.2873. Otherwise, we'll stay cautiously bullish. |
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| Special Reports |
BOC Keeps Overnight Rate at 1% and Raises GDP Growth for 2011 and 2012As expected, the Bank of Canada left the overnight rate unchanged at 1%, after raising it by +25 bps in September. Policymakers revised up economic growth outlook for 2011 and 2012 but reiterated that the economy will not reach full output until the end of 2012 while core rate of inflation will not rise to 2% until then. |
| 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: GBP/USD – Buy at 1.5950Despite intra-day retreat to 1.5945, as the British pound has rebounded suggesting recent upmove would resume after consolidation and break of yesterday's high at 1.6060 would confirm upmove from 1.5345 has resumed and extend gain to 1.6085-95 (previous chart resistance as well as 61.8% Fibonacci retracement of 1.5475 to 1.5889 measuring from 1.5832) and possibly 1.6100. Trade Idea: EUR/JPY – Buy at 109.00Despite yesterday's brief rise to 111.17, as the single currency has retreated from there, suggesting consolidation below this level would take place and retracement to previous support at 109.57 cannot be ruled out, however, reckon renewed buying interest would emerge around 109.00, bring another upmove later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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