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Mid-Day Report: Disappointing NFP Triggered Knee Jerk Reaction in DollarDollar has some knee jerk reaction after disappointment from US employment data. But there is no follow through selling in the greenback and it quickly recovered. Outlook in dollar stays bullish in general in spite of the sharp retreat. Non-farm payroll report showed 209k growth in July, below expectation of 230k. Prior month's figure, meanwhile, was revised higher from 288k to 298k. Unemployment rate also missed expectation and rose to 6.2%. Also released from US, personal income rose 0.4% in June while spending rose 0.4%. Core PCE dropped to 1.6% yoy. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6851; (P) 1.6888; (R1) 1.6921; More... GBP/USD drops further to as low as 1.6802 so far today and intraday bias remains on the downside. As noted before, a medium term top could be formed at 1.7190 already and the trend is reversing. Deeper fall should be seen to 1.6692 key support level for confirmation. On the upside, above 1.6894 minor resistance will turn bias neutral and bring consolidations. But recovery should be limited below 1.7058 resistance and bring fall resumption. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency jumped in NY morning on weaker-than-expected IS job data (both NFP and unemployment rate), offers at 1.3400 and 1.3420-30 were filled but sell orders are still noted at 1.3440-50 (stops above) and further out at 1.3470-80, followed by mixture of offers and stops at 1.3490-00, selling interest is tipped at 1.3520-30. On the downside, bids are raised to 1.3385-90 and in good size at 1.3365-75, 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 Update: GBP/USD - Sell at 1.6950As the British pound has recovered after intra-day fall to 1.6812, suggesting minor consolidation would be seen and recovery to 1.6885-90 cannot be ruled out, however, reckon minor resistance at 1.6955 would limit upside and bring another decline later, below said support would signal recent decline from 1.7192 top is still in progress for retracement of early upmove to 1.6800 but near term oversold condition should limit downside to 1.6770 and reckon 1.6740-50 would hold. Trade Idea Update: USD/CHF - Buy at 0.9010Dollar's retreat after faltering below this week's high of 0.9107 has retained our view that near term sideways trading is likely to continue and correction to 0.9035 cannot be ruled out, however, reckon downside would be limited to 0.9004-08 support and bring another upmove later, above this week's high at 0.9107 would extend the erratic rise from 0.8699 low towards resistance at 0.9157 but near term overbought condition should prevent sharp move beyond 0.9175-80 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
Technical Highlights
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