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Daily Report: Euro Soft in Tight Range ahead of GDP ReleasesEuro stays in tight range against dollar as markets are looking forward to Q2 GDP data from Eurozone today. German GDP is expected to contract -0.1% qoq versus Q1's impressive 0.8% qoq. French GDP is expected to grow 0.1% qoq versus Q1's % qoq. Overall Eurozone GDP is expected to grow 0.1% qoq versus Q1's 0.2% qoq. Eurozone will also release July CPI final and ECB monthly bulletin. According to a Reuters poll, economists expected a 15% chance that ECB will adopt quantitative easing this year, and over 30% chance in 2015. Economists noted that the eurozone is facing the problem of losing momentum in recovery together with deflationary risks. And indeed, the Eurozone could be one major shock away from deflation. Geopolitical risks in Ukraine also posted downside risks to Eurozone's growth. |
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| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.7945; (P) 0.7982; (R1) 0.8043; More... Despite a deep retreat, EUR/GBP was held above 0.7915 minor support and the rebound from 0.7873 then recovered. The cross hit as high as 0.8019 so far. Intraday bias remains on the upside and the rebound from 0.7873 short term bottom should target 0.8033 resistance first. The larger trend is possibly reversing and break of 0.8033 will target 0.8157 key support turned resistance for confirming this bullish case. On the downside, below 0.7920 will dampen this bullish case and turn bias back to the downside for 0.7873 support. |
| Economic Indicators Update |
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US Session: Orders and Options WatchGBP: The British pound tumbled today on dovish remarks from BOE's Carney, bids at 1.6785-90, 1.6765, 1.6750 and 1.6700-30 area were filled, offers are lowered to 1.6740-50 and in good size at 1.6775-80, more selling interest is tipped at 1.6800-10 and further out at 1.6840-50 (stops above). On the downside, some bids are reported at 1.6690-95 with stops placed below there, fresh demand should emerge around 1.6660-70, followed by bigger stops below 1.6650. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Hold long entered at 0.7945The single currency did held above 0.7920 and has rallied on sterling's broad-based weakness after dovish remarks from Carney, retaining our near term bullishness for the erratic rise from temporary low at 0.7874 (formed last month as wave v trough) to bring retracement of recent decline to resistance at 0.8034 (previous 4th of a lesser degree) and possibly towards 0.8050 Trade Idea: USD/CAD - Buy at 1.0850Although the greenback retreated after faltering below last week's high of 1.0986 and further consolidation below this resistance would be seen with mild downside bias for correction of recent rise, reckon 1.0850 would limit downside and bring another rise later, above said resistance at 1.0986 would signal recent rise from 1.0621 low (tentatively wave c trough) is still in progress for at least a retracement of recent decline towards 1.1000 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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