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Daily Report: Dollar Jumped as Fed Began Tapering, Painted Better Economic OutlookFOMC said it will dial back the USD 85b in monthly bond purchases by USD 10b to USD 75b per month, starting January. The purchases will then consist of USD 40b in treasuries and USD 35b in MBS. Fed chairman Bernanke said in the post meeting press conference that the "modest" reduction in pace of asset purchase reflected "cumulative progress and an improved outlook for the job market". He noted that the decision was "intended to keep the level of accommodation the same overall and to push the economy forward" and stressed that Fed is committed to bring inflation back to target. And, in the future, Bernanke said "if we're making progress in terms of inflation and continued job gains, then I imagine we'll continue to do, probably at each meeting, a measured reduction". He's confident that "by the time we complete this process, I think it's very likely that we'll easily pass the hurdle of a substantial improvement in the outlook for the labor market." Meanwhile, FOMC also emphasized that interest rates will stay low "well past the time that the unemployment rate declines below 6.5 percent", in particular if inflation continues to run below the 2% target. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 103.11; (P) 103.73; (R1) 104.90; More... USD/JPY's rally resumed by soaring to as high as 104.36 so far. The development is now suggesting resumption of larger up trend. Intraday bias is back on the upside for the moment. Current rally would target 38.2% projection of 77.13 to 103.73 from 96.56 at 106.72 next. On the downside, break of 102.49 is needed to signal short term topping. Otherwise, outlook will stay bullish in case of retreat. |
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US Session: Orders and Options WatchEUR: The single currency slipped in European morning on cross-selling in euro against sterling after BOE and UK data and bids at 1.3750 were filled, however, bids are still seen from 1.3730 down to 1.3700 with stops building up below 1.3680-90, fresh demand should emerge around 1.3650-60 with more stops tipped below there. On the upside, offers are reported from 1.3780 up to 1.3810 (stops above), mixture of offers and stops is located at 1.3820-25, selling interest is tipped at 1.3840-50 (option barrier) and 1.3870-85. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CAD - Hold long entered at 1.0565As the greenback has rebounded after holding above indicated support at 1.0561 (last week's low), retaining our bullishness for recent upmove to resume after consolidation, above indicated resistance at 1.0670-75 would signal the pullback from 1.0708 has ended and bring a retest of this level later but break there is needed to extend recent upmove from 1.0182 low (wave (c) bottom) to 1.0730 Trade Idea: EUR/GBP - Buy at 0.8340As the single currency has retreated quite sharply after rising to 0.8467 yesterday on solid UK data and BOE MPC minutes, suggesting first leg of rise from 0.8252 has possibly ended there and consolidation with mild downside bias is seen for weakness to 0.8360 (50% Fibonacci retracement of 0.8252-0.8467), however, reckon 0.8334 (61.8% Fibonacci retracement) would limit downside and bring another rise later. Above 0.8450 would bring another test of said resistance at 0.8467 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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