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Daily Report: Euro Dips Further after IMF GFSR ReportEuro continues to correct lower against other major currencies after IMF warned that the Eurozone is exposed to a "downward spiral of capital flight, breakup fears and economic decline". In the Global Financial Stability Report, IMF said that risks to financial stability have increased since April as "confidence in the global financial system has become very fragile". And, "intensification of the crisis has manifested itself in capital outflows from the periphery to the core at a pace typically associated with currency crises or sudden stops." And IMF predicted that European banks might need to offload as much as $2.8b in assets over the next two years to lower their exposures. That's $200b higher than the estimate back in April. Yesterday, IMF lowered estimates of global GDP to 3.3% for this year and 3.6% for 2013. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.8028; (P) 0.8064; (R1) 0.8085; More... The break of 0.8057 minor support suggests that rebound from 0.7922 might be finished at 0.8099 already. Intraday bias is mildly on the downside for deeper decline and EUR/GBP could dip back to 0.7922 support. But at this point, we'd stay cautiously bullish as long as 0.7886 support holds and rebound from 0.7755 is still in favor to continue. Above 0.8099/8114 will target 38.2% retracement of 0.9083 to 0.7755 at 0.8262 next. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency extended this week's decline and slipped to 1.2835 this morning in Asia, however, euro found some support there and has recovered on buying by Asian names, bids from them are still noted at 1.2820-30 with some stops place below 1.2820, followed by mixture of bids and stops at 1.2800, more buying interests are likely to emerge further out at 1.2750-60. On the upside, offers from various parties (including European names and funds) are reported at 1.2880, 1.2900 as well as 1.2930-40 with some stops seen above 1.2950 and 1.2970 but sizeable stops only emerging above 1.3000. | |||||||||||||||||||||||||||||||||||
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Trade Idea: GBP/USD – Sell at 1.6070 or buy at 1.5930As the British pound has remained under pressure after meeting renewed selling interests at 1.6046 yesterday, near term downside risk remains for decline from 1.6310 top to bring a stronger retracement of early upmove to 1.5975 (100% projection of 1.6310-1.6067 measuring from 1.6218), however, loss of near term momentum should prevent sharp fall below 1.5923-35 (previous support and 50% projection of 1.6218-1.6001 measuring from 1.6043), bring rebound later back to the Ichimoku cloud bottom (now at 1.6051), then previous support at 1.6067 Trade Idea: USD/JPY – Buy at 77.85The greenback has remained confined within a narrow range as suggested in our previous update and still reckon the Ichimoku cloud top (now at 78.48) would limit upside, bring another decline, below support at 78.09 would extend the retreat from 78.88 for a deeper correction of the rise from 77.44 to 78.00, however, support at 77.80 (last week’s low) should limit downside and bring another rise later. A break of the upper Kumo would bring retest of said resistance at 78.88, above there would extend recent rise from 77.44 to 79.00, then previous resistance at 79.23 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||
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