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Daily Report: Global Markets Selloff Continues, Yen HigherThe selloff in global markets continue in Asia today with Nikkei down -2.5% at the time of writing. Hong Kong HSI is losing -2.3% while Singapore Straits Times loses -1.3%. Korea's KOSPI also drops -1.4%. Yen extends recent broad based rally against other major currencies on risk aversion trades. Nonetheless, the gain is so far limited as major yen crosses quickly recovered back into Friday's range. Elsewhere, dollar is steady against Europeans and commodity currencies as most pairs are bounded in tight range. Gold extends recent recovery on safe haven demand. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 167.37; (P) 169.84; (R1) 171.12; More..... GBP/JPY drops further to as low as 167.76 so far today and the break of 168.34 support confirms resumption of the correction from 174.84. Intraday bias remains on the downside and deeper fall should be seen to 166.57 support and below. On the upside break of 170.00 minor resistance will turn bias neutral and bring consolidations. But risk will stay on the downside as long as 173.65 resistance holds. |
| FX Outlook 2014 |
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GBP To Outperform Euro, Underperform USDStrong 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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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency continued to surge after rallying on PMI data, stops above 1.3610 and 1.3650 were tripped, however, offers are still noted at 1.3670 and 1.3685, combination of offers and stops is seen at 1.3700. On the downside, buy orders are raised to 1.3620-25, 1.3590 and in good size at 1.3530-40 as well as 1.3500-10 (stops below), more bids are expected at 1.3485, 1.3465 and 1.3450. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/GBP - Hold long entered at 0.8200Despite yesterday's selloff to 0.8168, the subsequent rebound has retained our near term bullish view for retracement of recent decline and consolidation with upside bias remains for rebound to resistance at 0.8263 but break there is needed to signal a temporary low is formed and bring correction to 0.8300, only break of resistance at 0.8349 would confirm, bring further subsequent gain towards resistance at 0.8393 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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