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Daily Report: Dollar and Yen Dived on Risk Appetite after Fed's QE3 AnnouncementFinancial markets responded very positively to Fed's announcement overnight, sending the DJIA and the S&P 500 indices +1.55% and +1.63% higher to new 2012 high. Gold also enjoyed and impressive rally and breached 1780 level briefly today. Nonetheless, bonds have indeed weakened with 30 year yield breached 3.00% while 10 year yield closed flat at 1.756%. Responses in bonds were interpreted as Fed showed tolerance of higher inflation by its open-ended MBS purchase. In the currency markets, dollar was broadly sold off with EUR/USD breaking 1.3 while sterling and commodity currencies were also sharply higher. Yen's gain against dollar was relatively limited so far as supported by yield and indeed, yen crosses were also sharply higher thanks to risk appetite. |
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| Featured Technical Report | |
GBP/USD Daily OutlookDaily Pivots: (S1) 1.6091; (P) 1.6132; (R1) 1.6195; More... GBP/USD's rally resumed after brief consolidations and reaches as high as 1.6205 so far today. Intraday bias is back on the upside and current rally should now target 1.6300 key resistance level next. On the downside, though, break of 1.6067 minor support will indicate short term topping after being overbought and bring lengthier consolidations. |
| Special Report |
Fed Announces QE3, Extends Operation Twist And Delays First Rate Hike To Mid-2015The Fed announced additional quantitative easing measures, together with extension of operation twist and change in the interest rate guidance, in September as the pace of US economic recovery has been sluggish so far. The Fed expressed its concerns about the downside risks to the economy, the long-term unemployment, the possibility that inflation would stay below its target over the medium-term. Investors responded positively to the long-awaited QE3 sending the DJIA and the S&P 500 indices +1.55% and +1.63% higher. |
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European Session: Orders and Options WatchEUR: The single currency surged after the QE3 announcement overnight and barriers at 1.2950 and 1.3000 were tripped, the single currency has continued to move higher this morning in Asia, however, some offers are reported at 1.3070-80 and another layer of defensive sell orders are expected ahead of 1.3100 barrier. On the downside, bids from various parties are raised to 1.3000-10 and some light stops are tipped at 1.2980 but fresh demand should emerge from 1.2970 down to 1.2950 with more stops placed below 1.2930 and 1.2900 but sizeable stops only tipped below 1.2850. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/USD – Buy at 1.2960Despite yesterday’s brief retreat to 1.2859, euro found renewed buying interests just above the lower Kumo and has rallied in part due to the QE3, suggesting recent upmove is still in progress and further gain to 1.3070-75 would be seen, above would extend to 1.3100-10 but near term overbought condition should limit upside to 1.3140-50 and risk from there is seen for a minor correction to take place later. Trade Idea: GBP/USD – Buy at 1.6110Despite yesterday’s brief retreat to 1.6071, renewed buying interests quickly emerged there and cable has rally from there on dollar’s broad-based weakness after QE3, suggesting recent upmove is still in progress and further gain to 1.6220-25 and possibly 1.6250 would be seen, however, near term overbought condition should limit upside to 1.6275-80 and price should falter below 1.6300-10, risk from there is seen for another retreat later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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