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Daily Report: Yen Steady after BoJ, Aussie Rebounds on CPI Spike The Japanese yen remains steady in range after BoJ left policies unchanged at widely expected. The target to expand monetary base by JPY 60T-70 T was maintained. The domestic economic assessments were left unchanged too as BoJ saw the economy as "recovering moderately". Overseas economic outlook was upgrade as the central bank saw advanced economies "starting to recover". Latest growth and inflation projections were also released. BoJ expects CPI to rise by 1.3% in 2014 fiscal year, starting this April, and by 1.9% in the following fiscal year. The inflation forecasts were unchanged form the October ones, indicating that the board is still confident in meeting the 2% inflation target within two years. GDP is expected to grow 2.7% in the current fiscal year. 2014 fiscal year growth projection was downgraded slightly to 1.4%. 2015 fiscal year growth forecast was unchanged at 1.5%. Full Report Here...
Featured Technical Report
AUD/USD Daily Outlook Daily Pivots: (S1) 0.8776; (P) 0.8807; (R1) 0.8838; More... The recovery from 0.8756 extends higher today and AUD/USD is back pressing 4 hours 55 EMA. Intraday bias stays neutral for some more consolidations. Note again that near term outlook will remain bearish as long as 0.9085 resistance holds. The larger decline is still expected to continue. Below 0.8756 will target 61.8% projection of 0.9757 to 0.8821 from 0.9085 at 0.8507, which is close to next long term fibonacci level at 0.8544. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

FX Outlook 2014

GBP To Outperform Euro, Underperform USD

Strong economic growth in the UK should support GBP against other key European currencies, resulting in our forecasts that the pound would strengthen against both the euro and the defensive Swiss franc. UK's job market has improved significantly and the BOE would likely revised lower its threshold of unemployment rate that might lead the consideration of a rate hike. Yet, the revision should only have short-term, if any, negative impacts, on sterling. With domestic demand the key driver of recent growth, the economic environment in the country should allow greater tolerance of currency strength. We remain cautious in GBPUSD, anticipating the pair to fall this year amid expectations that US' growth would be stronger. Moreover, the Fed's kickoff of QE tapering vs BOE's sidelined stance could widen the yield differential.

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2014 Elliott Wave Forecast

Economic Indicators Update

GMT	Ccy	Events	Actual	Consensus	Previous
	JPY	BoJ Rate Decision
0:30	AUD	CPI Q/Q Q4	0.80%	0.50%	1.20%
0:30	AUD	CPI Y/Y Q4	2.70%	2.50%	2.20%
0:30	AUD	CPI RBA Trimmed Mean Q/Q Q4	0.90%	0.60%	0.70%
0:30	AUD	CPI RBA Trimmed Mean Y/Y Q4	2.60%	2.30%	2.30%
0:30	AUD	CPI RBA Weighted Median Q/Q Q4	0.90%	0.60%	0.60%
0:30	AUD	CPI RBA Weighted Median Y/Y Q4	2.60%	2.30%	2.30%
4:30	JPY	All Industry Activity Index M/M Nov		0.40%	-0.20%
9:30	GBP	Claimant Count Change Dec		-32.3K	-36.7K
9:30	GBP	Claimant Count Rate Dec		3.70%	3.80%
9:30	GBP	ILO Unemployment Rate (3M) Nov		7.30%	7.40%
9:30	GBP	BoE Minutes		0--0--9	0--0--9
9:30	GBP	Public Sector Net Borrowing (GBP) Dec		12.3B	14.8B
10:00	CHF	ZEW(Expectations) Jan			39.4
15:00	CAD	BoCRate Decision		1.00%	1.00%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency slipped on weaker-than-expected German data, bids at 1.3530 were filled but defensive buy orders remain at 1.3500-05 with stops building up below barrier at figure, more buying interest is located at 1.3485, 1.3465 and 1.3450. On the upside, indicated offers remain at 1.3570-80, 1.3600-10 and also at 1.3630, more sell orders are located at 1.3650, 1.3670 and 1.3685, mixture of offers and stops is seen at 1.3700-05.

Trade Idea: EUR/GBP - Buy at 0.8200

Although the single currency has fallen again after meeting renewed selling interest at 0.8263 and marginal weakness to 0.8200 cannot be ruled out, loss of downward momentum should prevent sharp fall below there and bring rebound later, above said resistance at 0.8263 would suggest low is possibly formed and bring rebound to 0.8300 but only break of resistance at 0.8349 would confirm a temporary low is formed,

Trade Idea: USD/CAD - Sell at 1.1050

The greenback has risen again after brief pullback, retaining our view that near term upside risk remains for recent upmove to extend further gain towards 1.1050-55 (100% projection of 1.0271-1.0737 measuring from 1.0588), however, loss of upward momentum should prevent sharp move beyond there and this wave v should hold below 1.1100, risk from there is seen for a strong pullback to take place later.