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Mid-Day Report: Equities Lower as Emerging Market Worries Re-emerge, Euro Pressured by Weak CPIEuropean equities are generally down today as pressured once again by the developments in the emerging markets. DOW also points to a sharply lower open. The Turkish lira and South African rand are back under pressure with rand dropping as much as -1% against the dollar. Meanwhile, Russia reported that its economy grew 1.3% in 2013, at the slowest pace since 2009. That's also a sharp slowdown from 2012's 3.4% and missed consensus expectation of 1.5%. It was even below the Economy Ministry's estimate of 1.4%. In the currency markets, Aussie lost ground today and is now the weakest currency this week as risk aversion is back. Meanwhile, yen is seen firmer across the board together with dollar. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3509; (P) 1.3587 (R1) 1.3631; More.... EUR/USD drops to as low as 1.3495 in early US session and the break of 1.3507 confirms resumption of decline from 1.3892. Such fall is viewed as a correction to rise from 1.2755. Intraday bias remains on the downside for 38.2% retracement of 1.2755 to 1.3892 at 1.3458. Break will target 50% retracement at 1.3324. On the upside, above 1.3572 minor resistance will turn bias neutral. But risk will stay on the downside as long as 1.3739 resistance holds. |
| FX Outlook 2014 |
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AUD's Weakness To Persist Amid Economic HeadwindsRecent price movements indicated that any rebound of AUDUSD is short-lived. Although rising inflation in Australia might provide short-term support to AUD, Australia's terms of trade should deteriorate further and downside risks related to Chinese growth should continue to weigh on the Aussie. There's no sign of a reversal of the AUDNZD downtrend as we enter 2014. Instead, the decline has perpetuated amid concerns over China's economic slowdown and speculations of rate hikes in RBNZ. With China's economic reform, which attempts to shift the balance of economic growth from investment to domestic demand, and the growing divergence between Australia and New Zealand on the economic prospects, we expect the downtrend of AUDNZD to continue this year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fed Tapers Further...The Fed's move in January was widely anticipated. It decided to reduce monthly asset purchases by a further US$10B to US $65B, by reducing Treasury purchases to US$ 35B/month and MBS purchases to US$ 30B/month. The recent growth assessment was also upgraded. However, the policy statement was largely unchanged. The decision was made with unanimous support, the first time since June 2011. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Due to Chinese New Year holidays, next Candlestick and Ichimoku Trade Idea update will be made on Monday 3rd Feb 2014 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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