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Daily Report: Euro Soft as Focus Turns to Spain's GDPEuro is mildly softer against most major currencies except dollar as investors' focus are on Spain's GDP data today. Economists are expecting Spanish economy to contract -0.4% qoq in Q1, another -0.1% contraction in Q4. S&P downgraded Spain two notches to BBBB+ with negative outlook last week and noted deteriorating budget trajectory on worsening recession. Spanish 10 year yield was back at around 6% level but avoided sharp jump so far. In addition, it's reported that the government is discussing with banks a new scheme to isolate banks from toxic assets and segregate these assets into a government-financed "bad bank". Though, there were also talks that there wouldn't be such a "bad bank" but rather an private fund run asset management company that would manage risks of the toxic assets. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.8127; (P) 0.8149; (R1) 0.8164; More. EUR/GBP dips further today and touches mentioned 61.8% projection of 0.8830 to 0.8221 from 0.8505 at 0.8129. Intraday bias remains on the downside for the moment and deeper fall could be seen to 0.8067 support next. On the upside, break of 0.8221 resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish even in case of recovery. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Despite slipping to an intra-day low of 1.3228 on cross-selling against the Japanese yen by a European name, the single currency has rebounded in European morning on buying by Asian sovereign names and bids from them are still noted at 1.3225-30 and also at 1.3190-1.3200 with mixture of bids and stops remains at 1.3150-60. On the upside, some offers are still noted at Friday's high of 1.3270 and more selling interests from same parties are tipped at 1.3290-1.3300 with stops building up above 1.3320 and 1.3350 option barrier. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: GBP/USD – Buy at 1.6225The British pound found renewed buying interests just above the Ichimoku cloud top and rallied last Friday from 1.6153, suggesting recent upmove is still in progress and further gain to 1.6300, then 1.6330 would be seen, however, near term overbought condition should prevent sharp move beyond 1.6350-60 and risk from there is seen for a minor correction to take place later. Trade Idea: USD/JPY – Target met and sell again at 80.95Friday’s anticipated selloff (our short position entered at 81.50 met target at 80.50 with 100 points profit) add credence to our view that recent decline from 81.78 is still in progress and the subsequent breach of 80.29 confirms the decline from 84.19 top has resumed, hence further weakness to psychological support at 80.00 and then 79.80 would be seen Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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