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Mid-Day Report: Euro Extends Fall after Italian AuctionEuro extended its broad based decline after Italian bond auctions. Italy sold EUR 7.02b of 3- to 10-year bonds today, below maximum target of EUR 8.5b. Sales of 2022 bond hit max target of EUR 2.5b. Yield was just below the unsustainable 7% at 6.98% even though it dropped from November's 7.56%. Yield on the three year bond due in 2014 dropped from November's 7.89% to 5.62%. However, sales of 2014 and 2021 bonds fell short of the maximum target. This week's result so far firstly suggested that short term funding stress was eased for Italy, but investors are still uncertain on the longer term outlook. Secondly, the fact that the three year bond auction sourly missed target raised much concern that the ECB's EUR 489b three year LTRO fund are not channeled back into peripheral bonds markets. Eurozone M3 money supply rose less than expected by 2.0% yoy in November. |
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| Featured Technical Report | |
EUR/JPY Mid-Day OutlookDaily Pivots: (S1) 100.46; (P) 101.12; (R1) 101.54; More EUR/JPY drops further to as low as 100.05 so far today and intraday bias remains on the downside for the moment. Break of 100 psychological level should pave the way to 61.8% projection of 123.31 to 100.74 from 111.57 at 97.62 next. On the upside, above 100.72 minor resistance will turn bias neutral and bring consolidations. But break of 102.53 resistance is needed to signal near term bottoming. Otherwise, outlook will remain bearish and recent fall should continue after brief consolidation. |
| 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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Merry X'mas and a Happy New Year, no update next week, next Candlesticks and Ichimoku Trade Idea update will be made on 2 January 2012 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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2012 Outlook
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