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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Euro Weakens as Markets Unsettled by Spain againEuro was unsettled by worried on Spain again today and fails to stay above 1.32 against dollar. Data from Bank of Spain showed that Spanish banks borrowed a record EUR 316.3b from ECB in March, almost doubling the EUR 169.8b in February and a new record high. And the data argues that ECB's second LTRO was dominated by Spanish banks which tapped over 30% of the EUR 529.5b cheap funds offered. There were also talks that ECB's liquidity measures has boosted the correlations between the debt crisis and bank risks as banks used the fund to buy government bonds. Spanish 10 year yield is backing towards 6% level after intra-week dip. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3120; (P) 1.3166 (R1) 1.3231; More..... EUR/USD formed at temporary top at 1.3212 and retreated sharply today. Intraday bias is turned neutral for the moment. Near term outlook is also unclear as EUR/USD is bounded in range of 1.3003/3385 and more choppy sideway trading could still be seen. On the downside, break of 1.3033 support will revive that case that rebound from 1.2625 is finished at 1.3486 and will bring deeper decline. On the other hand, break of 1.3385 resistance is needed to confirm resumption of rebound from 1.2625. |
| Special Reports |
The Possibility of Fed's QE3Speeches from Fed officials have been directing market expectations of QE3. The FOMC minutes for the March meeting indicated that policymakers saw less urgency to implement QE3 due to improvement in the economic backdrop. Yet, the Fed Chairman Ben Bernanke's speech regarding stimulus and the job market, and Vice Chairman Janet Yellen's comment that 'a highly accommodative policy stance to be appropriate' have once again sparked speculations on QE3. The current developments suggest that further QE is still likely, but only after completion of Operation Twist and upon rapid deterioration of economic growth. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency continued to head south throughout the day on active selling by semi-official names and bids at 1.3145-50 were filled, however, more demand from Middle East names are still noted at 1.3100-10 with bigger stops orders remain below 1.3090 and further out at 1.3050, followed by mixture of bids and stops at 1.3030-35. On the upside, offers are lowered to 1.3170-80 and also at 1.3200-10 with stops building up above 1.3215-20, more buy stop orders are placed above 1.3260 and 1.3280. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Buy at 0.9075Although dollar has rebounded after falling to 0.9092 yesterday, reckon the Ichimoku cloud top (now at 0.9170) would limit upside and near term downside risk remains for the fall from 0.9222 (last week’s top) to bring retracement of the rise from 0.9002, however, reckon 0.9071 (previous resistance) would attract renewed buying interest, bring another rebound later. Trade Idea: EUR/JPY – Sell at 107.45Euro’s rebound after falling to 105.45 earlier this week suggests consolidation would be seen for retracement of recent decline, however, renewed selling interest should emerge around previous resistance at 107.47 and bring another decline, a break of said support would extend he decline from 111.43 top to 105.00-10. Having said that, loss of near term momentum should limit downside to 104.65 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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