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| Action Insight Weekly Report | Markets Snapshot |
Euro to Extend Rally as EU Boosted Firewall to EUR 800bThe major theme last week was buy European majors, sell commodity currencies. Euro was firm on anticipation of the finance ministers meeting during the weekend and on expectation that there would be a final agreement on boosting the firepower of Eurozone's bailout funds. Such expectation was fulfilled as EU finance ministers concluded the meeting by raising the ceiling of the combined lending power of ESM and EFSF to EUR 800b. On the other hand, commodity currencies, in particular Aussie, was pressured on concern of slow down in China. US dollar was mixed as equities consolidated while treasury yield dipped for most of the week. Fiscal year end repatriation balanced selling pressure in the Japanese yen and most yen crosses were stuck in range last week. |
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| Featured Technical Report | |
EUR/AUD Weekly OutlookEUR/AUD's rebound from 1.2132 extended further to as high as 1.2900 last week and remained firm. Initial bias remains on the upside this week for 1.2927 resistance next. Break will have larger bullish implication and should at least push for further rise to 61.8% retracement of 1.3808 to 1.2132 at 1.3168 and above. On the downside, below 1.2800 minor support will turn bias neutral and bring consolidations first. But near term outlook will remain cautiously bullish as long as 1.2623 support holds. |
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The Week in Review and Outlook | ||
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