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| Action Insight Market Overview | Markets Snapshot |
Mid-Day Report: Euro Firm as Spanish Yield Dips, Risk Supported by Economic DataEuro remains generally firm against other major currencies as Spanish 10 year yield dipped to as low as 5.51% today, the lowest level since April. Sentiments was supported as Moody's affirmed Spain's Baa3 rating, even with a negative outlook, after the review started in June. Thus, in Moody's eyes, Spanish debts still avoid a junk status. Also, expectations are high ahead of EU summit in Brussels and markets are expecting Spain to finally activate ECB's OMT bond buying program soon. Meanwhile, Sterling also strengthened today, following rallies in risk markets, and as BoE minutes unveiled divided opinions on asset purchases. Housing data released from US are also risk supportive. Housing starts rose to 872k in September versus expectation of 770k. Building permits also jumped to 894k versus expectation of 810k. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2977; (P) 1.3018 (R1) 1.3095; More..... Intraday bias in EUR/USD remains on the upside for 1.3171 resistance. Recent development suggest that rise from 1.2042 is resuming. Break of 1.3171 will confirm this bullish case and target 1.3486 key resistance next, which is close to 50% retracement of 1.4939 to 1.2042 at 1.3491. On the downside, though, below 1.3015 minor support will delay the bullish case and turn bias neutral for more consolidations first. |
| Special Reports |
BOE Minutes Unveiled Divided Opinions On Asset PurchasesThe October BOE minutes indicated that the 9 members voted unanimously to leave the Bank rate unchanged at 0.5% and the asset purchase program at 375B pound at the meeting. The minutes also unveiled that policymakers were divided regarding whether asset purchases should be extended after its completion by the MPC meeting in November. Members were also split on the effectiveness of the program on the country's economy. Therefore, the month's minutes omitted the language that policymakers 'felt that additional stimulus was more likely than not to be needed'. |
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Due to holidays, no update next week and next Candlestick and Ichimoku Trade Idea update will be made on Monday 22 Oct 2012. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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