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Mid-Day Report: Dollar Dives as Core CPI Moderated in FebruaryDollar drops sharply in early US session after inflation data showed moderation in core inflation reading. Headline CPI was unchanged at 2.9% yoy in February while core CPI dropped to 2.2% yoy. Both were inline with expectation. There were talks this week that markets' focuses are shifting from QE3 to timing of removal of policy accommodation. Indeed, it's reported that the forwards markets for overnight index swaps were pricing in Fed's first rate hike in late 2013, a year ahead of Fed's pledge to keep rates low till end of 2014. But the CPI data suggests that Fed will more likely maintain the stimulus as it committed. Other data from US saw industrial production rose 0.0% in February. U of Michigan consumer sentiment dropped to 74.3 in March. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5650; (P) 1.5693; (R1) 1.5752; More... GBP/USD rises sharply to as high as 1.5860 in early US session and the break of 1.5832 resistance suggests that choppy fall from 1.5991 is finished at 1.5602. The corrective structure in turn argue that rise from 1.5234 is not finished yet. Intraday bias is back to the upside for a test on 1..5991. Break will target key resistance level at 1.6165. |
| Featured Technical Report |
SNB Leaves Policy Stance Unchanged, Pledges To Defend Minimum EUR/CHF At 1.20As expected, the SNB left its monetary policy unchanged in March. The central bank maintained the 3-month Libor target range at 0-0.25% and pledged to maintain the minimum exchange rate of CHF 1.20 per euro 'with utmost determination'. While acknowledging the mixed macroeconomic outlook, policymakers warned once again of the strength in the Swiss franc. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchGBP: The British pound has rallied as well in U.S. opening on lower-than-expected U.S. inflation data and stops above 1.5750-60, 1.5810 and 1.5840-50 were all triggered, however, more selling interests are tipped further out at 1.5880-90 with more stops building up above there. On the downside, bids are now seen at 1.5800-10 and also at 1.5760-70 with stops building up below 1.5730 and more sizeable bids and stops are located further out at 1.5690-00. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: GBP/USD – Buy at 1.5755Cable’s rally after breaking resistance at 1.5749 confirms low has been formed at 1.5603 and consolidation with upside bias is seen for retracement of recent decline from 1.5993 top towards 1.5840-45 (61.8% Fibonacci retracement of 1.5993-1.5603), however, near term overbought condition should limit upside and previous resistance at 1.5884 should hold from here. Trade Idea: EUR/JPY – Buy at 108.00As the single currency has retreated after faltering below recent high of 109.95, suggesting consolidation below said resistance would be seen and pullback to 108.50 is likely, however, renewed buying interest should emerge around 108.00 and bring another rise. Having said that, it is necessary to see a breach of said resistance at 109.95 to confirm recent upmove has resumed Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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