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Mid-Day Report: Euro's Retreat Continues on Spain StalemateEuro retreated further against dollar and yen today as markets are back to reality that Spain is still not going to seek bailout yet. Spanish prime minister Rajoy reiterated that no decision has been made on seeking aid yet and he's under no pressure for it. Nonetheless, in the EU summit, leaders have agreed that all 6000 banks inside Eurozone would come under ECB supervision, with day-to-day oversight delegated to national authorities. ECB would be responsible for supervision of systemically important banks only and oversees others when necessary. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 78.97; (P) 79.21; (R1) 79.52; More... No change in USD/JPY's outlook and intraday bias remains on the upside. As noted before, fall from 84.17 has completed at 77.13 already. Current rise from 77.13 should extend to 80.61 resistance (50% retracement of 84.17 to 77.13 at 80.65) next. On the downside, below break of 78.60 minor support is needed to indicate short term topping. Otherwise, outlook will stay cautiously bullish even in case of retreat. |
| Special Reports |
China Watch: Government Feels Less Urgency in Monetary EasingChina's latest set of economic data showed some positive signs in the growth outlook. 3Q12 GDP expanded +7.4% from the same period last year and +2.2% from the previous quarter. Premier Wen Jiabao indicated that 'growth has started to stabilize amid positive changes in the third quarter', signaling a bottom might have been seen in the last quarter. Other data such as retail sales, industrial production and fixed asset investment also showed acceleration in growth in September. In our opinion, the improvement in Chinese economic data should delay the next round of monetary easing as policymakers would prefer to take a “wait-and-see” mode and gauge the impacts of previous reverse repos operations. |
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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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