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Mid-Day Report: Euro Correction Continues, Sterling Weighed Down by Cautious CommentsEuro continues to weaken against other major currencies, except sterling, on uncertainties in Greece and Spain. So far, there is no news on whether Greece would agree on austerity program and make a deal on the two-year extension that it sought. Also, it's unsure whether Greece would get its next tranche of bailout funds even though there is little chance that it wouldn't. Meanwhile, Spain continues to stand still regarding full sovereign bailout. In addition, former Italian prime minister Berlusconi threatened to bring down Monti's government and there are uncertainties in the regional elections in Sicily. Spanish and Italian yield are mildly higher today. In US, personal spending rose more than expected by 0.8% in September while income rose 0.4%. Headline PCE rose to 1.7% yoy and core PCE also rose to 1.7% yoy. The data triggered little reaction to the markets though. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9325; (P) 0.9356; (R1) 0.9378; More... No change in USD/CHF's outlook. Recovery from 0.9214 might extend. But we'd expect upside to be limited below 0.9431 resistance and bring fall resumption eventually. Below 0.9290 minor support will flip bias to the downside for 0.9214. Break will resume whole fall from 0.9971 to 0.8930 key support next. |
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Trade Idea Update: USD/JPY – Sell at 80.20Despite intra-day marginal rise to 80.38, as the greenback has retreated sharply from there, suggesting a temporary top is possibly formed and consolidation with downside bias is seen but break of 79.70 support is needed to add credence to this view, bring weakness to previous resistance at 79.47, then 79.20, however, reckon support at 79.08 would hold from here, bring another rally later. Trade Idea: AUD/USD – Sell at 1.0360Despite yesterday’s rebound to 1.0397, as aussie met renewed selling interests below indicated resistance at 1.0412, suggesting further consolidation within near term range would be seen and weakness to 1.0290-00 is likely, break there would bring another fall to support at 1.0236, once this support is penetrated, this would suggest the rebound from 1.0149 has ended and bring weakness to 1.0200, then towards this support which is likely to hold on first testing. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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