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Daily Report: Markets Rocked by Argentina Default, Focus on Non-Farm PayrollsThe financial markets were rocked by Argentina's default overnight, with weakened sentiments on concerns that the Fed might begin tightening earlier than expected. The S&P 500 index ended the day -2%, or 39.4 pts lower and took out key near term support of 1944.69. DJIA fell -1.88%, or -317.06 pts, to close at 16563.3, also broke key near term support of 16805.38 firmly. Argentina defaults its debts for the second time in 13 years as the government failed to make a USD 539M payment due on its discount bonds due in 2033. The payment was originally due on June 30 subject to a 30-day grace period. The expiry date was Wednesday. S&P downgraded the South American country's foreign currency credit rating to "selective default" because"the grace period expired with bondholders not receiving their payment". The rating agency also stated that "if and when Argentina cures the payment default on the Discount Bonds" it would revise the ratings "depending on our assessment at that time of Argentina's residual litigation risk, its access to international debt markets, and its overall credit profile". |
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| Featured Technical Report | |
EUR/USD Daily OutlookDaily Pivots: (S1) 1.3373; (P) 1.3387 (R1) 1.3402; More.... A temporary low is in place at 1.3366 and intraday bias in EUR/USD is turned neutral for the moment. Some consolidations would be seen but upside of recovery should be limited by 1.3486 resistance and bring fall resumption. Below 1.3366 will extend the whole fall from 1.3993 towards 100% projection of 1.3993 to 1.3502 from 1.3700 at 1.3209 next |
| Economic Indicators Update |
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US Session: Orders and Options WatchEUR: The single currency traded narrowly after falling to 1.3367 yesterday, offers are still noted at 1.3400 and from 1.3420 up to 1.3450 (stops above), more sell orders are located at 1.3470-80, followed by mixture of offers and stops at 1.3490-00, selling interest is tipped further out at 1.3520-30. On the downside, bids remain at 1.3370, followed by mixture of bids and stops at 1.3350 barrier, fresh demand should emerge around 1.3325 and further out at 1.3300-10 with stops placed below another barrier at figure. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Buy at 0.7855Euro's near term sideways trading is expected to continue and near term downside risk remains for a test of last week's low at 0.7874, break there would extend recent decline towards 0.7850-55, however, as this move is still viewed as the final leg of recent impulsive wave, downside should be limited and 0.7815-20 would hold, bring rebound later. A firm breach above 0.7940-50 would suggest a temporary low is possibly formed Trade Idea: USD/CAD - Buy at 1.0850As the greenback has retreated after intra-day brief rise to 1.0930, suggesting minor consolidation would be seen and pullback to 1.0850 cannot be ruled out, however, reckon 1.0820-25 would limit downside and bring another rise later, break of said resistance would extend the rise from 1.0621 low for at least a retracement of recent decline to 1.0950 and possibly towards 1.0990-00 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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