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| Action Insight Weekly Report | Markets Snapshot |
Dollar Weakened in Indecisive Markets, Eventful Week AheadThe anticipated rally in dollar and selloff in risks didn't happen last week. Instead, a couple of developments were positive to other currencies except dollar and yen. Euro was supported by solid bond auctions from Spain as well as upside surprises in confidence indicators. Canadian dollar was boosted after BoC turned hawkish. Meanwhile, Sterling was also boosted by less dovish than expected BoE minutes. IMF raised global growth forecasts and successfully secured additional funding. Meanwhile, dollar was pressured by disappointing job data. Last week development shifted near term outlook in dollar to mildly bearish. But we'd like to point out that the dollar index is bounded in a near tern triangle pattern and thus, outlook is indeed rather uncertain. We'd need some decisive price actions to clear the picture. |
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| Featured Technical Report | |
GBP/USD Weekly OutlookGBP/USD rose to as high as 1.6149 last week and Initial bias remains on the upside this week for 1.6165 cluster resistance. Note that GBP/USD is building upside momentum again with the current rally and 1.6165 would likely be taken out. In such case, completion of decline from 1.6764 should be confirmed. And, stronger rally should be seen to 100% projection of 1.5234 to 1.5991 from 1.5602 at 1.6359 next. On the downside, though, below 1.6037 minor support will dampen the immediate bullish case and turn bias neutral first. |
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The Week in Review and Outlook | ||
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