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Daily Report: Sterling Pares Initial Gains as PMI DisappointsSterling opened the week higher against other major currencies but pared back some gains after disappointing manufacturing data. The PMI manufacturing dropped to 52.5 in August comparing to expectation of 55.1. Mortgage approvals dropped to 67k in July versus expectation of 66k. M4 money supply rose 0.3% mom in July versus expectation of 0.5% mom. Also released today, Eurozone PMI manufacturing was finalized at 50.7 in August. German GDP was finalized at -0.2% qoq in Q2. Swiss SVME PMI dropped to 52.9 in August. China official PMI manufacturing dropped to 51.1 in August versus expectation of 51.3. HSBC manufacturing PMI was revised lower to 50.2. Japan capital spending rose 3.0% in Q2. New Zealand terms of trade rose 0.3% qoq in Q2. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 172.18; (P) 172.49; (R1) 173.03; More..... GBP/JPY's rebound from 170.42 continues today and reaches as high as 173.19 so far. Intraday bias remains on the upside for 174.21/175.36 resistance zone. Price actions from 175.36 could be developing into a sideway pattern. Thus, we'd be cautious on reversal from there to extend the pattern. On the downside, below 171.67 minor support will turn bias back to the downside for 169.53 key support instead. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency traded narrowly today, defensive buy orders are still noted above barrier at 1.3150 with stops building up below there, more buying interest is located at 1.3135, 1.3120 and 1.3100-05 (stops below), fresh demand should emerge around 1.3085, 1.3065 and 1.3050. On the upside, offers remain at 1.3200 and from 1.3220 up to 1.3250 (stops above), more sell orders are tipped at 1.3280-85, 1.3300 and 1.3320 with stops placed above there, selling interest is expected at 1.3350 and 1.3370. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD - Buy again at 1.6610Although cable slipped on Friday to 1.6563, sterling found renewed buying interest there and staged another rebound, adding credence to our view that low has been formed at 1.6537 last week and consolidation with upside bias is seen for gain towards resistance at 1.6679, a break above there would provide confirmation, bring retracement of recent decline to 1.6700-10 but resistance at 1.6739 should hold Trade Idea: EUR/USD - Buy at 1.3090Although the single currency resumed recent decline and near term bearishness remains for further weakness to 1.3090-95 (1.236 times projection of 1.3993-1.3503 measuring from 1.3700), loss of downward momentum should prevent sharp fall below there and reckon 1.3060-65 (61.8% projection of 1.3412-1.3153 measuring from 1.3221) would hold and bring rebound later. Above the Kijun-Sen (now at 1.3158) would suggest low is possibly formed Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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