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| Action Insight Market Overview | Markets Snapshot |
Mid-Day Report: Euro Soft as Spanish and Italian Yields Continued to ClimbEuro remains broadly soft today even though no fresh selling was seen yet at the time of writing. Selloff in Spanish bonds continued as benchmark 10 year yield broke above 6.6% as markets are worried that the EUR 100b bank bailout plan will make the country miss its deficit target again this year. Fitch rating managing director Ed Parker even warned that Spain could miss the deficit by a "substantial margin" next year. Also, Parker said that if they see "further worsening or more general intensification of the euro zone crisis, then further negative news could lead to further negative rating action." Fitch also downgraded two of Spain's biggest banks by three notches yesterday, and downgraded Spain's sovereign rating by three notches last week. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2441; (P) 1.2507 (R1) 1.2580; More..... EUR/USD remains soft today but is holding above 1.2435 minor support and intraday bias remains neutral. Rebound from 1.2287 is viewed as a correction and break of 1.2435 will indicate its completion. In such case, deeper fall should be seen through this low to 100% projection of 1.4246 to 1.2625 from 1.3486 at 1.1865 which is close to 1.1875 low. Though, break of 1.2667 fibonacci level will likely bring stronger rise to 61.8% retracement at 1.2902 before the correction completes. |
| 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: The single currency traded within relatively narrow range today, hovering around 1.2500, offers from real money accounts and Asian CBs are lined up from 1.2520 up to 1.2540 with stops building up above 1.2550-60 but fresh offers are tipped further out at 1.2590-00. On the downside, bids from Middle East names remain at 1.2450-55 with stops building up below 1.2450 and also at 1.2430, followed by combination of bids and stops at 1.2400-10. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Buy at 0.9520Despite intra-day brief rise to 0.9649, as dollar has retreated after failing to penetrate Friday’s high of 0.9657, suggesting consolidation below this level would be seen and pullback to 0.9575-80 cannot be ruled out, however, the Ichimoku cloud bottom (now at 0.9556) should limit downside and previous support at 0.9515 should attract renewed buying interests, bring another rise later. Trade Idea: EUR/JPY – Buy at 99.00Although the single currency retreated after rising to 100.90 yesterday, as support at 98.55 has contained euro’s downside and price has rebounded, suggesting consolidation with upside bias would be seen for gain to 100.50, then retest of said resistance at 100.90, however, break there is needed to retain bullishness and extend the rise from 95.59 low (bottom of wave v and iii) in a leg of the wave iv to 101.60-70 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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