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| Action Insight Weekly Report | Markets Snapshot |
Dollar Index Failed to Stand Above 80, Greenback to be Pressured by Risk Rally?The Japanese yen remained the weakest currency last week on risk appetite, rising treasury yield as well as expectation of further BoJ easing. Meanwhile, dollar's fortune seems to be turning as stocks extended recent rally on relatively upbeat comments from Fed. In particular, Dollar's pull back gathered some steam after S&P 500 broke 1400 psychological level for the first time since 2008. Dollar index also dipped sharply to close the week below 80 level. The near term focus will be on whether risk markets would get exhausted or could they sustain recent momentum, and whether dollar would return back to it's negative correlation with risks. |
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| Featured Technical Report | |
GBP/USD Weekly OutlookDespite dipping to 1.5602 last week, GBP/USD staged a strong rebound from there and the development argues that pull back fro 1.5991 is finished already. Initial bias is mildly on the upside this week for a test on 1.5991. Break will confirm resumption of whole rebound form 1.5234 and should target 1.6165 key cluster resistance (61.8% retracement of 1.6746 to 1.5234 at 1.6168). But still note that again that as long as 1.6165 holds, whole decline from 1.6746 is in favor to extend. On the downside, break of 1.5602 will revive the case that rebound from 1.5234 is finished and will bring retest of this support level. |
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The Week in Review and Outlook | ||
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