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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Euro Selloff Resumed on Spain, Sterling Hit HarderEuro's selloff resumed today after brief consolidation on negative news out of Spain. While markets are clearly still concerned with Greece situation, result of next election and whether Greece will exit euro eventually, investors are equally concerned, if not more, on the situation in Spain. The sharp jump in yield in today's Spain bond auctions reflected such worries. And news from Spain dragged European equities broadly down. Meanwhile, Sterling's fate has turned since the dovish BoE quarterly inflation report released yesterday. The pound seems to be losing its safe haven status in Eurozone political turmoil and the selloff accelerates today. |
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| Featured Technical Report | |
GBP/JPY Mid-Day OutlookDaily Pivots: (S1) 127.47; (P) 127.98; (R1) 128.31; More... GBP/JPY's fall accelerates today to as low as 126.68 so far. The break of 127.10 support confirmed resumption of whole decline from 133.48. Intraday bias remains on the downside for 61.8% retracement of 117.29 to 133.48 at 123.47 next. On the upside, above 127.82 minor resistance will turn bias neutral and bring consolidations first. |
| Special Report |
Language Of FOMC Minutes Signaled More Dovish OutlookThe April FOMC minutes indicated that policymakers acknowledged improvements in economic growth but these remained insufficient to change its current accommodative policy stance. While there was slight change in language from the previous meeting, it appeared that the central bank turned mildly more dovish. Overall, the Fed continued to pledge that it would do more if the economy deteriorates further. BOE Revised Lower Growth and Inflation ForecastsThe BOE released a dovish quarterly inflation report in May, lowering both inflation and GDP growth forecasts from February projections. Policymakers also cited the worsening situation in the Eurozone would affect the UK's path to recovery and there was a "risk of a storm heading our way from the continent". |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchGBP: Cable met heavy selling by model and macro funds and tumbled again today, tipped stops below 1.5850 and 1.5800 to a fresh 8-week low of 1.5789, offers from same parties are still noted at 1.5840-50 and also at 1.5890-00, followed by bigger sell orders at 1.5930-40. On the downside, some bids are reported at 1.5785-90 and more buying interests (for profit-taking purposes) should emerge around 1.5750 and further out at 1.5720-30. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: EUR/USD – Sell at 1.2810Although the single currency has fallen below yesterday’s low of 1.2682, loss of near term downward momentum should prevent sharp fall below 1.2650 and recent low of 1.2624 is likely to hold form here, risk from there is seen for a strong rebound later. Above the Kijun-Sen (now at 1.2713) would bring retracement to the Ichimoku cloud bottom (now at 1.2742) and possibly the upper Kumo (now at 1.2787) but previous support at 1.2814 would limit upside and bring another decline later. Trade Idea: AUD/USD – Sell at 1.0100As aussie has recovered after yesterday’s fall to 0.9870, suggesting minor consolidation would be seen and correction to 1.0010/15 is likely, however, renewed selling interests should emerge around 1.0100 and bring another decline to 0.9850 but loss of downward momentum should prevent sharp fall below 0.9820 and reckon 0.9800 should hold from here, risk from there is seen for a corrective rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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