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| Action Insight Weekly Report | Markets Snapshot |
Risk Rally Extended on Fed's QE3, Euro Gained MostAfter much anticipation, Fed finally announced a new quantitative easing program that's open-ended, and is focused on MBS last week. While ECB's announcement of Outright Monetary Transaction paved the base for risk rally, stocks further skyrocketed after Fed's announcement. S&P 500 jumped another 1.9% over the week to close at 1465.77 and is now just less than 7% from its all time high of 1576.09 set in 2007. DOW closed at 13593.37 and was even closer to 2007 high of 14198.1, just 4.3% away. Dollar index lost 1.75% to close at 78.84 and further confirm the medium term trend reversal scenario. |
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| Featured Technical Report | |
EUR/JPY Weekly OutlookEUR/JPY's rally continue last week as expected and surged to as high as 103.02. The strong break of upper channel resistance showed acceleration. Initial bias remains on the upside and current rise should now target 61.8% retracement of 111.43 to 94.11 at 104.81 next. On the downside, below 10.98 minor support will turn bias neutral and bring consolidations. But retreat should be contained well above 99.52 support and bring rally resumption. |
| Special Reports | ||
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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The Week in Review and Outlook
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