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Mid-Day Report: Euro Soft after Weak Recovery Bankia Trading SuspendedEuropean majors attempted for a recovery earlier today on profit taking, along with European equities but strength was very weak. Trading of shares of Bankia, the fourth largest Spanish bank which was nationalized this month, was suspended as it would seek funds from the government as part of a restructuring plan to be announced later today. Earlier this week, Spanish economy minister Luis de Guindos said that it would require at least EUR 9b to clean up Bankia's assets but it's also reported that the amount could be as high as EUR 15b. The financial sector in Spain is one of the biggest worry of the Eurozone. And indeed, Fitch said yesterday that Spanish and Italian insurers have largest potential contagion effect of Greek exit. In contrast, German and British insurers are "well-insulated from rising risks in the euro-zone periphery". |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2492; (P) 1.2555 (R1) 1.2596; More..... EUR/USD edges lower to 1.2506 in early US session and intraday bias remains on the downside for 61.8% projection of 1.4246 to 1.2625 from 1.3486 at 1.2484. Break will pave the way to 100% projection at 1.1865 which is close to 1.1875 low. On the upside, though, 1.2619 minor resistance argue that a short term bottom is formed and could bring rebound back to 1.2824 resistance before staging another fall. |
| 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 WatchGBP: The British pound has remained confined within relatively narrow range in part due to cross-trading in sterling against euro, dovish comments from BOE's Weale continued to put pressure on pound and offers are still noted from 1.5700 up to 1.5730 and more selling interests from UK clearer should emerge around 1.5770 and 1.5800. On the downside, bids are expected above 1.5625 stops and mixture of bids and stops is located further out at 1.5600 option barrier. | |||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Buy at 0.9500As the greenback has risen again after finding support around the Ichimoku cloud top, suggesting recent upmove is still in progress and further gain to 0.9620, then 0.9640-50 would be seen, however, loss of momentum would limit upside to 0.9670 and risk from there has increased for a correction to take place later today or early next week. Trade Idea: EUR/JPY – Sell at 102.10As the single currency has rebounded after falling to 99.37 yesterday, suggesting a minor low is possibly formed and consolidation would be seen with mild upside bias for retracement to 100.90-00, however, upside should be limited to 101.50-60 and renewed selling interest should emerge around previous resistance at 102.13 and bring another decline. A breach of said support would extend weakness to previous support at 99.25 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||
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Fundamental Highlights
Technical Highlights
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