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Mid-Day Report: Euro Weakens as Montoro Said Spain Shut Down from Financial MarketsEuro's recovery lost steam today and weakened after Spanish Treasury Minister Cristobal Montoro said that "the risk premium says Spain doesn't have the market door open" and Spain has problems in "accessing markets" for refinancing its debt. Montoro also warned that "Spain cannot be rescued in the technical sense of the term". The comments is seen by some as a way to pressure ECB and EU officials to intervene in the markets, with purchases of Spanish government bonds. Montoro some what played down the effort needed as said there's no need for "excessive" amounts to capitalize and the figures are not astronomical. Spanish 10 year yield stays below 6.5% for the moment but Euro is now back pressing 1.24 against dollar and 97 against yen. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2420; (P) 1.2464 (R1) 1.2544; More..... EUR/USD failed to sustain above 4 hours 55 EMA and weakened from 1.2541. Nonetheless it's staying in range above 1.2287 temporary low. And thus, intraday bias remains neutral for the moment. Some more consolidations could still be seen. In case of another recovery, we'd expect upside to be limited by 1.2641 resistance, which is close to 38.2% retracement of 1.3283 to 1.2287 at 1.2667, and bring fall resumption. Below 1.2287 will target 100% projection of 1.4246 to 1.2625 from 1.3486 at 1.1865 which is close to 1.1875 low. |
| Special Reports |
RBA Eases For A Second Consecutive MonthAs expected the RBA lowered the cash rate by -25 bps, following a -50 bps cut in May, to 3.5% in June. Deterioration in the sovereign debt crisis in the Eurozone and moderation in the Chinese economic growth were reasons triggering the reduction. Moreover, cautiousness of business and household spending which might continue in the near-term also contributed to the need for further easing. After the rate cut, policymakers believed that borrowing costs have dropped to be a 'little below their medium-term averages'. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchJPY: Dollar jumped in reaction to comments from Japan's Finance Minister Azumi on yen's strength, however, as focus of statements from G7 remains on eurozone (especially Spain), traders are not convinced that there will be any joint intervention from G7. At the moment, option related offers are noted at 79.00-10 with stops remain above 79.25-35 and 79.50 whilst on the downside, bids are raised to 78.50 and decent demand is tipped at 78.00-10 with stops building up below 77.90. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Buy at 0.9610Dollar’s rebound after intra-day initial fall to 0.9577 and the firm breach above previous support at 0.9640 signal an intra-day low is formed and consolidation with upside bias is seen for test of the Ichimoku cloud bottom (now at 0.9690), however, break of the upper Kumo (now at 0.9707) is needed to signal the retreat from 0.9771 has possibly ended and bring a stronger rebound to 0.9720-30 Trade Idea: EUR/JPY – Buy at 96.25Although euro has retreated sharply after intra-day brief rise to 98.27 and consolidation with mild downside bias is seen for weakness to 96.80, if our view that a temporary low has been formed at 95.59 last Friday is correct, downside should be limited to 96.20-25 and further consolidation above this level would be seen with mild upside bias for another rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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