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Daily Report: Euro Flip-Flops on Greece, Sentiments Boosted by China ElsewhereEuro continues to flip flop against dollar with a soft tone on news from Greece. On the one hand, it's reported that the EU group meeting will be replaced by a conference call as final details regarding the Greek bailout plan are not yet ready. According to Jean-Claude Juncker, the change was due to the situation that 'there weren't sufficient elements of consensus to be sure that a meeting would be successful'. He also noted he has not yet received the required political assurances from the leaders of the Greek coalition parties on the implementation of the program. On the other hand, after the change on the EU meeting, it's reported that political leaders from Greece would promise to implement the austerity Wednesday. The news helped DOW staged a late rebound to close nearly flat and set the stage for strength in Asian equities. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 77.68; (P) 78.11; (R1) 78.86; More..... USD/JPY rose to as high as 78.66 so far and remains firm. The break of 78.28 resistance indicates that pull back from 79.52 has completed with three wave down to 76.02. It also argues that rebound fro 75.56 is resuming. Intraday bias remains on the upside and further rally should be seen to retest 79.52 first. Break will target 100% projection of 75.56 to 79.52 from 76.02 at 79.98. On the downside, break of 77.36 is needed to signal completion of the rise from 76.02. Otherwise, we'll stay cautiously bullish even in case of retreat. |
| Special Reports |
BOJ Surprisingly Adds StimulusThe BOJ surprisingly expanded its asset purchase program by +10 trillion yen today, sending the total fund size to around 65 trillion yen. At the same time, policymakers unanimously voted to keep the uncollateralized overnight call rate at 0.-0.1%. The unexpected move aimed to stimulate the country's economy which contracted an annualized -2.3% in 4Q11. Japanese yen will likely be little affected by the move. |
| 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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