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| Action Insight Weekly Report | Markets Snapshot |
Euro Stayed in Range after a Week of IMF Reports and Spain's DowngradeEquities did pull back last week on growth worry as IMF lowered global GDP forecasts. That helped the greenback and yen recovered but there was no sustainable buying. European majors somewhat shrugged off IMF's comments and Spain's downgrade and reclaimed much ground against other major currencies towards the end of the week. EUR/USD and EUR/JPY were kept in recent range and the sideway trading could extend initially this week. Nonetheless, we'd anticipate recent rally in the two pairs to resume soon, possibly in the latter part of this week. |
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| Featured Technical Report | |
EUR/JPY Weekly OutlookEUR/JPY's fall was contained at 100.14 last week and recovered. But still, it's bounded inside recent converging range. Initial bias remains neutral this week for some more sideway trading first. On the upside, above 102.79 will argue that recent rally from 94.11 is finally resuming and will turn bias to the upside for 103.86 first. Break will confirm and target 61.8% retracement of 111.43 to 94.11 at 104.81 and then 111.43 key resistance. On the downside, below 100.14 will bring deeper decline to extend the correction fro 103.86. But we'd expect strong support from 97.98/99.18 support zone to contain downside and complete the consolidations. |
| Special Reports | ||
Beige Book Said US Economy Showed Modest ExpansionThe latest Beige Book survey by the Fed showed that the US economy 'expanded modestly', compared with the reference 'expanded gradually' used in the August report. While most districts showed modest growth, the New York District had 'a leveling off' in economic activity and Kansas City showed 'some slowing in the pace of growth'. Overall, improvement was seen in the housing market and the automobile sector. Consumption was 'generally flat to up slightly' while the manufacturing sector was 'somewhat improved'. The report appeared to be inline with Fed Chairman Ben Bernanke’s earlier comments that the pace of economic growth is insufficient to bring the employment conditions back to normal. | ||
| Suggested Readings | ||
The Week in Review and Outlook | ||
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