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Mid-Day Report: Dollar Continues Post FOMC Minutes SelloffDollar dips further against other major currencies today as the post FOMC minutes selloff continues. The slightly more dovish than expected minutes triggered speculations that Fed might not hike rates as early as expected. The markets are pricing less than 30% change of rate hike by July next year, comparing to 45% chance just two days ago. Initial jobless claims dropped 1k to 287k in the week ended October 4. The four week moving average dropped to 287.75k, lowest since February 2006. Continuing claims dropped 21k to 2.38m in the week ended September 27, lowest since May 2006. Also released in US session, Canadian new housing price indexx rose 0.3% mom in August. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6071; (P) 1.6126; (R1) 1.6220; More... The recovery from 1.5951 short term bottom is still in progress and intraday bias remains mildly on the upside. Nonetheless, we'd expect upside to be limited well below 1.6523 resistance and bring fall resumption. Below 1.6031 minor support will turn bias to the downside. Break of 1.5951 will extend the decline from 1.7190 and target 61.8% retracement of 1.4813 to 1.7190 at 1.5721 next. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency retreated after faltering below 1.2800 and bids at 1.2750, 1.2720-25 and 1.2710 were filled, however, buy orders are reported at 1.2700, 1.2680-85, 1.2650 and 1.2620-25, mixture of bids and stops is located at 1.2600. On the upside, offers are now seen at 1.2750, 1.2780-90 and 1.2800-10, more selling interest is tipped at 1.2820-25, 1.2850, 1.2880 and further out at 1.2900-10. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF - Hold long entered at 0.9490Although the greenback has remained under pressure after yesterday's selloff and near term downside risk remains for the decline from 0.9690 top to bring retracement of recent upmove, loss of downward momentum should limit downside and reckon 0.9457 support would hold, bring rebound later, above the Kijun-Sen (now at 0.9542) would suggest low is possibly formed, bring test of previous support at 0.9568, then the lower Kumo Trade Idea Update: GBP/USD - Buy at 1.6115The British pound found renewed buying interest at 1.6032 yesterday and has rallied again, suggesting the rise from this week's low at 1.5951 is still in progress and may bring retracement of recent decline to 1.6230, however, loss of near term upward momentum should prevent sharp move beyond previous resistance at 1.6250-52, risk from there is seen for a retreat later. 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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