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Mid-Day Report: Sterling Tumbled on Dovish BoE Inflation ReportSterling dropped further today markets pushed back BoE interest rate hike expectations well into 2015. The BoE's latest quarterly inflation report turned out to be more dovish than expected. Although policymakers raised the GDP growth forecast to 3.5% from 3.0% previously, they were concerned about the "heightened uncertainty" of slack in economy. The central bank also warned of weakness of pay growth and noted that rate hike would be "gradual and limited", a comment that sent no further indication of the BOE's tightening schedule. On global economic outlook, BOE Governor Mark Carney indicated that "geopolitical risks have intensified, and structural adjustment continues in the euro area, where growth is expected to be modest". Meanwhile, "financial conditions are likely to tighten as the global recovery progresses". |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6772; (P) 1.6794; (R1) 1.6831; More... GBP/USD's fall resumes after brief recovery and dives to as low as 1.6698 so far in early US session . Intraday bias is back on the downside with focus on 1.6692 key support. Decisive break there will confirm larger reversal. And in that case, the fall from 1.7190 medium term top should target 1.6251 cluster support (38.2% retracement of 1.4813 to 1.7190 at 1.6282). On the upside, break of 1.6844 resistance is needed to signal short term bottoming. Otherwise, outlook will stay bearish in case of recovery. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Update: GBP/USD - Sell at 1.6760Despite intra-day brief bounce to 0.9099, dollar faltered below indicated resistance at 0.9105 and has dropped sharply in NY morning after the release of weaker-than-expected US data, dampening our bullishness and test of last week's low at 0.9033 cannot be ruled out, however, break there is needed to revive bearishness and signal top has been formed at 0.9115 Trade Idea: AUD/USD - Hold short entered at 0.9360As the Australian dollar has rebounded again after holding above last week's low at 0.9239, suggesting further consolidation would be seen, however, reckon upside would be limited to 0.9320-30 and bring another decline, break of said support at 0.9239 would confirm the decline from 0.9505 top has resumed and bring retracement of recent upmove to 0.9190-00 and later towards 0.9140-50, however, oversold condition should prevent sharp fall below latter level Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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