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Daily Report: Euro Steady on ECB's Plan to Set Yield Limits, Yen WeakensThe Japanese yen edged lower against dollar in Asian session in otherwise quite markets. As mentioned before, recent weakness in yen was primarily driven by sharp jump in US treasury yield, which reflected receding expectation on additional easing from Fed in near term. The FOMC minutes due Wednesday will be the key for this week as these would a gauge on the Fed's next action. As policymakers decided to leave the monetary stance unchanged at the last week, we expect they mainly discussed main options if further easing is need. Possible measures they considered include extending the earliest date of the first rate hike, providing "exit guidance" on asset sales, cutting interest rates on reserves and QE3. The minutes, together with the Beige Book and the Fed Chairman Bernanke's speech at the Jackson Hole Symposium (both due next week), might give the public a better picture about the Fed's action in September. Or in more accurate description, these events will likely show that Fed won't do anything in September. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 79.32; (P) 79.45; (R1) 79.66; More... USD/JPY edges higher to 79.65 today and intraday bias remains on the upside for 79.96/80.61 resistance zone. Note that current development doesn't warrant the case that fall from 84.17 has reversed. And hence, we'll be cautious on topping signal at around 80.61. On the downside, below 79.22 minor support will turn bias neutral and bring consolidations. Though, break of 78.59 is needed to indicate completion of such rebound. Or, further rally will remain in favor. |
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rs Update
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Orders and Options Watch | ||||||||||||||
European Session: Orders and Options WatchEUR: The single currency has rebounded after again today in Asia after staging a strong bounce from 1.2289 on Friday as buying interests from Asian names emerged around 1.2320-25, however, offers are still noted from 1.2380 up to 1.2400 and more selling interests from funds are tipped further out at 1.2440-50 (related to barrier at 1.2450) with more stops placed above there. On the downside, bids from same parties remain at 1.2320-25 as well as 1.2300 with stops building up below 1.2280 but sizeable buy orders from various parties (including Asian and Middle East names) are expected at 1.2255-60 with mixtures of bids and stops located at 1.2240 and 1.2210-20. | ||||||||||||||
| Forex Trade Ideas | ||||||||||||||
Trade Idea: GBP/USD – Buy at 1.5650Although the British pound has rebounded after retreating to 1.5674 last Friday and test of 1.5725-30 cannot be ruled out, a break of resistance at 1.5745 is needed to signal recent rise has resumed and extend further gain to previous resistance at 1.5768, however, only above there would retain bullishness and bring subsequent rise towards 1.5800-10. Trade Idea: EUR/USD – Buy at 1.2280Although the single currency has staged a strong rebound after finding support at 1.2289 last Friday and test of indicated key resistance at 1.2386-87 would be seen, a firm breach of this level is needed to suggest the fall from 1.2444 has ended at 1.2242 and bring further gain to 1.2400-10 but said resistance at 1.2444 should cap upside from here. 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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