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Mid-Day Report: Yen Weakened after Fitch DowngradeFitch lowered Japan's long-term currency rating by two notches from AA to A+ today. The more important local currency rating was also lowered by 1 notch from AA- to A+. Both were give a negative outlook. Fitch noted that the downgrades and negative outlooks "reflect growing risks for Japan's sovereign-credit profile as a result of high and rising public debt ratios". Fitch criticized that Japan's fiscal consolidation plan is "leisurely" and its implementation is "subject to political risks". Fitch projected Japan's general government debt to be 239% of GDP by end of 2012. In response to this, Finance Minister Jun Azumi reiterated that the government will accelerate the tax and welfare reform to improve the country's finance. BoJ meeting will be a focus in the next Asian session. While the yen was pressured after Fitch's announcement, buying could emerge again after BoJ. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 79.11; (P) 79.27; (R1) 79.46; More... USD/JPY's recovery from 78.99 temporary low extends further today and is heading back to 80 psychological level. More upside could be seen. But after all, near term outlook remains bearish with 80.54 resistance intact and deeper decline is still expected. Below 78.99 will extend the fall from 84.17 towards 75.56/76.02 support zone. Though, break of 80.54 will indicate short term bottoming and bring stronger rebound back to 81.77 resistance. |
| Special Report |
China Watch - Wen Reiterates to 'Maintain Growth'During his field study in Wuhan, capital of China's Hubei province, Premier Wen Jiabao urged enhanced efforts to maintain economic growth which has moderated rapidly since the last quarter of 2011. Wen's comments indicated that the country has placed growth in a higher priority than before and more easing measures are anticipated to be put forward. We expect further RRR reduction. Yet, besides this, there are several other ways the government would consider in bolstering growth. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchCHF: The greenback has rebounded today on back of the retreat in euro, however, offers are still noted at 0.90440-50 with more selling interests from European names tipped further out at 0.9470-75 and 0.9500, stops are building up above the latter level. On the downside, bids from Swiss names are seen at 0.9390-00 and also at 0.9365-70, followed by mixture of bids and stops located at 0.9330-40. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: EUR/USD – Sell at 1.2870Although euro has retreated after marginal rise to 1.2824, a sustained breach below 1.2725-27 (yesterday’s low and current level of the Ichimoku cloud bottom) is needed to signal top is formed and bring further weakness to 1.2700, then towards 1.2670-75. If said support continues to hold, then near term upside risk remains for the bounce from 1.2642 to bring a stronger retracement of recent decline Trade Idea: AUD/USD – Sell at 1.0015Aussie’s recovery after holding above Friday’s low of 0.9794 suggests consolidation would be seen and retracement to 0.9950-60 cannot be ruled out, however, renewed selling interests should emerge around 1.0015-20 and bring another decline later. A break of said support would extend recent decline to 0.9750 but loss of downward momentum should prevent sharp fall below 0.9700 and reckon 0.9650 should hold from Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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