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Mid-Day Report: Sentiments Lifted by German Ifo, Spain Auctions and US HousingSolid data from Europe and US helped reverse recent market sentiments. European equities turned positive after upside surprise in German Ifo and maintained gains following UK retail sales data. Further boost is seen from US new housing construction data where housing starts jumped to 685k annualized rate in November versus consensus of 630k. Building permits also jumped to 681k versus expectation of 635k. Major US indices are set to open higher. Dollar is generally lower as usual in risk seeking environment. Though, it's kept well above key near term support level and thus, there is no confirmation of near term trend reversal yet. Also released in US session, Canadian CPI was unchanged at 2.9% yoy and core CPI unchanged at 2.1% yoy in November. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5459; (P) 1.5502; (R1) 1.5540; More. GBP/USD's recovery extends further to as high as 1.5648 so far and stronger rise could be seen. But after all, outlook will remains cautiously cautiously bearish as long as 1.5779 cluster resistance holds (50% retracement of 1.6165 to 1.5409 at 1.5787). Fall from 1.6165 is expected to resume sooner or later. Below 1.5409 will target a test on 1.5271 support next. |
| Special Reports |
RBA Cut Rates In December As Situation In Eurozone Deteriorated SharplyThe RBA minutes for the December meeting indicated that the rate cut in the month was mainly driven by the dire situation in the Eurozone (in November, the rate cut was due to weaker-than-expected inflation). Domestic economic situation has softened but it has not weakened to an extent that a reduction in interest rate was needed. Indeed, policymakers continued to believe that growth would be close to trend in coming few years. The central bank did not give any hint of monetary policy outlook. However, given the highly uncertain global economic outlook, especially in the Eurozone, and the moderation in inflation, further easing is likely to be seen in as soon as early 2012. |
| Economic Indicators Update | Don’t miss the largest investor and trader gathering in the World—The World MoneyShow Orlando, February 9-12, 2012 at the Gaylord Palms Resort. Be there as recommendations and advice are revealed for how to best position your portfolio for profit—in 2012 and beyond. Register Free Today! | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency jumped in European session on the back of intra-day rally in sterling, stops above 1.3050 and 1.3080 were triggered and offers from sovereign names ahead of both levels were cleared, more stops above 1.3100 are now in focus, however, selling interest is expected to emerge from 1.3130 up to 1.3160. On the downside, bids are raised to 1.3040-50 and also 1.3000 with stops building up below 1.2980 with mixture of bids and stops remains at 1.2940-50 and more stops are placed below 1.2900 option barrier. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD – Buy at 1.5565Cable’s intra-day rally after breaking indicated 1.5558 resistance confirms low has been formed at 1.5408 earlier and consolidation with upside bias remains for retracement of recent decline to 1.5658 and possibly towards 1.5690-00, however, reckon resistance at 1.5735 would limit upside and price should falter well below strong resistance area at 1.5770-80, bring retreat later. Trade Idea: AUD/USD – Sell at 1.0135As aussie has rebounded again after holding above last week’s low at 0.9862, retaining our view that further consolidation would be seen with mild upside bias for recovery to 1.0050, however, renewed selling interest should emerge around 1.0130/35 and bring another decline later. A break of said support would extend the fall from 1.0382 top to 0.9800 but reckon downside would be limited to 0.9750 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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