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Mid-Day Report: European Majors Soft after Poor Economic DataEuropean majors remain generally weak today after a string of poor economic data. Recovery in European equities and US stock futures provided some support to risk sentiments and Aussie. But there no clear strength for a sustainable rebound. Data from US saw initial jobless claims at 370k in the week ended May 19. Headline durable goods orders rose 0.2% in April while ex-transport orders dropped -0.6%, and both were below expectation. Though, little reaction was seen on from the markets. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5649; (P) 1.5710; (R1) 1.5747; More... GBP/USD dipped further to 1.5640 today and touched mentioned 61.8% retracement of 1.5234 to 1.6300 at 1.5641 before recovering mildly. Near term outlook remains bearish with 1.5847 resistance intact. Sustained trading below 1.5641 should pave the way to retest 1.5234 low. On the upside, though, break of 1.5847 resistance will argue that a short term bottom is formed and bring lengthier consolidation before staging another decline. |
| 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Despite falling to another 22-month low of 1.2516 earlier today in European session (on soft PMI readings out of France), short-covering lifted the pair and the release of much weaker-than-expected U.S. durable goods less transportation orders (came in negative) also put some pressure on the greenback and offers at 1.2600 were filled, however, fresh sell orders should emerge around 1.2640-50 and also at 1.2690-00. On the downside, some bids are now seen at 1.2550-60 and also at 1.2510-20 in good size(for protection of option barrier at 1.2500). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF – Buy at 0.9470Although yesterday’s rally to 0.9572 signals recent upmove is still in progress and dollar did retest indicated previous resistance at 0.9595 as suggested in our previous update, loss of near term upward momentum should prevent sharp move beyond 0.9605-10 (61.8% projection of 0.9115-0.9500 measuring from 0.9368) and reckon 0.9650 would hold, from has increased for a minor correction to take place. Trade Idea: EUR/JPY – Sell at 102.10Although the single currency has remained under pressure and recent downtrend may extend weakness to previous support at 99.25, loss of near term downward momentum should prevent sharp fall below 99.00 and risk from there is seen for another corrective rebound to take place, above 100.15-20 would bring retracement to 100.90-00, however, renewed selling interests should emerge around this week’s high of 102.13 and bring another decline later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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