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Mid-Day Report: Risk Rebound Lost Steam and Spanish Yield Rose AgainRisk markets and Euro opened the week strongly on news of Spain's EUR 100b bank bailouts. However, both seemed to be losing steam as the European session went on. Officials all from Germany, France, and other non-European countries like Japan and US hailed the plan. The plan seemed to have failed in restoring investors confidence on Spain's sovereign debts. Indeed, after a brief dip, the benchmark 10 year Spanish yield jumped back above 6.3%. Meanwhile, benchmark 10 year Italian yield is already back pressing 6% level. Also, investors are cautious as Greece will finally have another election later in the week. |
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| Featured Technical Report | |
EUR/JPY Mid-Day OutlookDaily Pivots: (S1) 98.58; (P) 99.42; (R1) 100.31; More EUR/JPY retreated sharply after initial rise to 100.90. But with 98.53 minor support intact, another rise is still mildly in favor to 1.8% retracement of 108.00 to 95.64 at 103.27 first. Break will put focus on key near term resistance level at 104.61. Note that while the rebound from 95.64 is so far stronger there expected, there is no clear sign of reversal yet. And, such rebound might still be a correction only. Below 98.53 minor support will flip bias back to the downside for 95.64 low and below. |
| Special Reports |
Spain To Be The Fourth Country To Ask For BailoutOver the weekend, the Spanish Finance Minister Luis de Guindos announced that the country would request financial assistance from the EU for recapitalization of the Spanish banking system. While the final amount would be released after the results of 2 independent audits due June 21, the sum is estimated to be 100B euro, covering estimated capital requirements and additional safety margin. Both the EU and the IMF welcomed the request. For investors, the move is expected to lift market sentiment in the near-term. However, it does not resolve the long-term problem in the peripheral European economies that is the lack of growth prospect without which the 17-nation bloc would find it impossible to get out of the crisis. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Despite opening higher earlier today in reaction to the Span bailout, the single currency ran into heavy offers around 1.2670 and has retreated since European session, offers from Asian CBs are still noted at 1.2600 and also at 1.2650 with sizeable sell orders remain at 1.2670-80. On the downside, stops below 1.2520 are now in focus, however, bids are reported at 1.2505-10 with bigger stops placed below 1.2500 (NY cut option), more buying interests are expected to emerge around 1.2440-50, followed by bigger stops below 1.2430 and 1.2400. | |||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/JPY – Buy at 78.75Although the greenback has rebounded after finding support at 79.12 last Friday, break of indicated resistance at 79.80-83 is needed to retain bullishness and extend the rise from 77.65 for a stronger retracement of recent decline to psychological resistance at 80.00 but still reckon price would falter below previous chart point at 80.15. Trade Idea: AUD/USD – Target met and buy again at 0.9850Aussie found renewed buying interests at 0.9820 last week and has risen in line with our expectations, the long position entered at 0.9835 met target at 0.9950 this morning (with 115 points profit), however, as price has eased after rising to 1.0010 today, suggesting consolidation would be seen and pullback to 0.9900 cannot be ruled out, however, said support at 0.9820 should continue to hold, bring another rise later. 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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