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Mid-Day Report: Euro Weakened as Spain Slipped Back into Recession, CAD Dropped on GDPEuro Weakened again as Spain's GDP contracted -0.3% qoq in Q1, slightly better than expectation of -0.4% qoq. Nonetheless, today's data still marked that Spain is back into recession after similar contraction in last Q4. Spanish bonds responded positively together with European stocks but the boost faded quickly. S&P rating services downgraded credit rating of 16 Spanish banks. Santander's rating was lowered from A- to A-2 while that of it's core subsidiary Banco Espanol de Credito S.A. was lowered from A+ to A-1. Rating of BBVA was lowered from A/A-1 to BBB+/A-2 with long term negative outlook. S&P noted that the negative outlooks mirrored that on the long term rating of Spain's sovereign debt. In addition, it's reported that the government is discussing with banks a new scheme to isolate banks from toxic assets and segregate these assets into a government-financed "bad bank". Though, there were also talks that there wouldn't be such a "bad bank" but rather an private fund run asset management company that would manage risks of the toxic assets. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3177; (P) 1.3224 (R1) 1.3290; More..... With 1.3157 minor support intact, choppy recovery from 1.2994 might extend higher. But still, recent price actions have been very indecisive, as seen in the triangle pattern from 1.3486. And, break of 1.2994 or 1.3385 is needed to clear the outlook. Otherwise, we'll stay neutral. Break of 1.3384 will indicate that consolidation from 1.3486 has completed and rebound from 1.2625 is resuming. On the downside, break of 1.2994 will revive the case that rebound from 1.2625 is finished and would possibly resume the larger decline from 1.4939. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency retreated in European session on month-end trading activities (some profit-taking), however, bids from Asian sovereign names are still noted at 1.3205-10 with stops remain below 1.3200, fresh demand is still seen at 1.3170-80, followed by mixture of bids and stops at 1.3150-55 and bigger stops are placed below 1.3100. On the upside, offers are lined up at 1.3270-80 with stops building up above option barrier at 1.3300 and next barrier at 1.3350, some option expires are located at 1.3250, 1.3275 and 1.3200 (all NY cut). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/JPY – Sell again at 80.95Friday’s anticipated selloff adds credence to our view that recent decline from 81.78 is still in progress and the subsequent breach of 80.29 confirms the decline from 84.19 top has resumed, hence further weakness to psychological support at 80.00 and then 79.80 would be seen, however, near term oversold condition should prevent sharp fall below 79.50 and risk is seen for a rebound later. Trade Idea: AUD/USD – Target met and buy again at 1.0350The Australian dollar surged last week in line with our expectations and indicated upside target at 1.0430 (with 175 points profit) was met on Friday and price rose to as high as 1.0475, this anticipated breach of previous resistance at 1.0453 adds credence to our view that low has been formed at 1.0226 and bullishness remains for retracement of recent decline to 1.0500 and possibly towards 1.0540-45 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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