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Daily Report: Euro Soft Against Dollar and Yen, Volatile Against Swiss FrancEuro remains soft against dollar and yen in Asian session today, despite some extraordinary volatility against the Swiss Franc overnight. Italian prime minister Monti said he expects Greece to stay in Euro. But he also criticized the reforms pushed by Eurozone leaders on Greece are too aggressive. He urged Europe to "learn how to not take too much of a short-term view". He said that the reforms could take a generation to complete. Meanwhile, Monti also said Italy could persuade Germany on the issue of Eurobonds as a "united European is in Germany's interest". |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 124.24; (P) 124.60; (R1) 125.06; More... GBP/JPY stabilized a bit after dipping to 124.17 but recovery is weak so far. Also, with 126.45 resistance intact, near term outlook remains bearish and further fall is still expected. Current decline from 133.48 is expected to continue to 61.8% retracement of 116.83 to 133.48 at 123.19 next. Sustained break there will target a test on 116.83/117.29 support zone next. On the upside, though, note that break of 126.45 resistance will indicate short term bottoming and stronger rebound should then be seen to 127.10 resistance and above. |
| Special Report |
EU Informal Summit Brings No Surprises, Members Not Ready For EurobondsThe informal EU summit ended with no concrete resolutions to deal with the sovereign debt crisis in the region. While finance leaders agreed that stimulating growth is important, they refrained from agreeing on aggressive measures. Similarly, although EU ministers voiced that Greece’s stay in the bloc is preferred, no compromise has been made on the balance between austerity and growth. French President Hollande called for the issuance of the Eurobonds, but it was, as expected, objected by Germany. Indeed, there are several prerequisites that France itself has to meet before it is ready for such sovereign bonds. BOE's Decision In May Ignored Deterioration Of Eurozone CrisisThe BOE unveiled in the minutes for the May meeting that, while the members voted unanimously to leave interest rates unchanged, they were split in the asset purchase program. David Miles opted for increasing the size of purchases by 25B pound while Adam Posen indicated he might join Miles' camp at the next meeting even though he would leave the Committee when his term ends on August 31. The tone of the minutes was more dovish than the April one, reflecting concerns over the situation in the Eurozone sovereign debt crisis. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Despite yesterday's brief bounce to 1.2620, the single currency ran into fresh offers and dropped again overnight, however, defensive bids are still noted at 1.2505-15 (for protection of large barrier at 1.2500), some profit-taking bids ahead of U.S. long weekend also expected further out at 1.2470 and 1.2450. On the upside, offers from various parties remain at 1.2590-00 and also at 1.2620 with mixture of offers and stops located at 1.2640-50. | |||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Sell at 1.5850Although the British pound has remained under pressure after falling to a 10-week low of 1.5639 and weakness to indicated minor support at 1.5634 would be seen, loss of near term downward momentum should prevent sharp fall below 1.5600 and reckon downside would be limited to 1.5570-80 and risk from there is seen for a corrective rebound to take place later. Trade Idea: EUR/USD – Sell at 1.2690Although euro has retreated after yesterday’s brief bounce from 1.2516 to 1.2620, as price has rebounded after holding above said support, suggesting consolidation above this level would be seen and retracement to the Ichimoku cloud bottom (now at 1.2596) is likely, however, renewed selling interests should emerge around previous resistance at 1.2690 and bring another decline, below said support would extend recent decline to 1.2500 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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