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| Action Insight Weekly Report | Markets Snapshot |
Euro Tumbled after ECB LTRO; Focus Back on Greece and US DataPrice actions in the fx markets last week were quite complicated as several themes had impacts simultaneously. Firstly Euro was sold off steeply after ECB's three year LTRO result as the event provided no fuel to extend recent rebound. Focus was gradually turned back to Greece. Secondly, Bernanke refrained from giving any hints on QE3 in the semi annual testimony to congress and triggered sharp selloff in gold. However, dollar's strength was limited to against European majors and yen only. Aussie, Kiwi and Loonie were indeed very resilient. Thirdly, yen's selloff continues as comments from BoJ as well as weak inflation data suggests that we're still far from seeing the end of Japan's QE expansion. |
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| Featured Technical Report | |
EUR/GBP Weekly OutlookEUR/GBP's sharp decline last week indicates that corrective rebound from 0.8211 has completed with three waves up to 0.8505 already. Initial bias will remain on the downside this week for 0.8277 support first. Break will suggest that whole decline from 0.9083 is resuming for 61.8% projection of 0.8830 to 0.8221 from 0.8505 at 0.8129. On the upside, above 0.8383 minor resistance will delay the bearish case and turn bias neutral for some consolidations first. |
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The Week in Review and Outlook | ||
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