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Daily Report: Kiwi Knocked Down by Weak CPINew Zealand dollar was knocked down in Asian session sharply by weaker than expected inflation data. CPI rose 0.3% qoq in Q3 while the annual rate slowed to 1.0% yoy, missing expectation of 1.3% yoy and compared with expectation of 1.6% yoy. That's also lower than RBNZ's expectation of 1.3% and could prolong the central bank's pause in the tightening cycle. According to swaps data, markets are pricing 80% chance that RBNZ would keep OCR unchanged at the current 3.50% by the end of first half next year. There were also talks that RBNZ could delay the next hike till as late as September 2015. |
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| Featured Technical Report | |
USD/CHF Daily OutlookDaily Pivots: (S1) 0.9491; (P) 0.9517; (R1) 0.9562; More.... Intraday bias in USD/CHF says neutral for the moment with focus back on 0.9561 minor resistance. Price actions from 0.9688 is viewed as a correction. Break of 0.9561 will suggest that such correction is finished at 0.9359 already and will turn bias back to the upside for retesting 0.9688 first. Break will extend that larger rise from 0.8698 towards 0.9838/9971 key resistance zone. In case of another fall, we'd expect strong support from from 0.9300/9395 support zone to complete the correction and bring rebound. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency has fallen again after brief recovery, bids at 1.2675-80 were filled, however, buy orders are located at 1.2650, buying interest should emerge around 1.2630-40 (stops below 1.2620) and further out at 1.2600-10. On the upside, offers are lowered 1.2700, 1.2730 and 1.2740-50, more sell orders are tipped at 1.2770, 1.2785-00 area and 1.2815-20, mixture of offers and stops is seen at 1.2850. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Sell at 0.7970As the single currency has remained under pressure after retreating sharply from last week's high of 0.8047, retaining our view that the a leg of the correction from 0.7766 low has ended there and consolidation with mild downside bias is seen for retracement of the rise from 0.7766 in wave b, hence bearishness is seen for weakness towards support at 0.7850, having said that, reckon 0.7820-25 would limit downside and 0.7790-00 would hold Trade Idea: USD/CAD - Buy at 1.1100As the greenback has slipped again after intra-day brief bounce to 1.1294, retaining our view that further consolidation below 1.1366 (last week's high) would be seen and pullback to 1.1180 and then 1.1140-50cannot be ruled out, however, price should stay above previous support at 1.1082 and bring another rise later, above 1.1300 would bring retest of said resistance at 1.1366, break there would extend recent rise from 1.0660 low to 1.1440-50 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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