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Mid-Day Report: Sterling Rebounds on Manufacturing Data, Euro Mildly HigherSterling stages a strong rebound today, in particular in crosses, after stronger than expected manufacturing data. Manufacturing PMI unexpectedly rose to 58.3 in December versus expectation of a fall to 57.4. The was the strongest reading since September 1994. Details were also solid with new orders rose at fastest pace since may on increased export demand. Employment growth remained near to record high seen in November. Mortgage approvals, while staying near to recent low, did improve more than expected to 48k in November. There was little reaction to other data which saw M4 money supply unexpectedly dropped -0.8% mom in November. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5419; (P) 1.5502; (R1) 1.5570; More. GBP/USD rebounds strongly today but is still limited below 1.5664 resistance. INtraday bias remains neutral. After all, outlook remains unchanged and further rise cannot be ruled out yet. But we'd expect strong resistance at near term falling trend line (now at 1.5700) to limit upside and bring resumption of recent decline from 1.6298. Break of 1.5343 will target 1.5296 key cluster support (50% retracement of 1.4230 to 1.6298 at 1.5264) |
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| 2011 Currency and Monetary Policy Outlook | 2011 Elliott Wave Forecast |
JPY to be Weighed Down by Lower Yields and BOJ's Additional EasingFiscal Tightening the Main Theme for UK in 2011Uneven Growth Story Prolongs EZ's Hard Time while Money-Printing Nature in SMP will Send Euro LowerUS - A Shift from Monetary to Fiscal Stimulus |
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| Economic Indicators Update |
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Trade Idea Update: USD/CHF – Buy at 0.9400Dollar's intra-day cross-inspired rally signals a temporary low has been formed at 0.9301 last week and consolidation with upside bias is seen for retracement of recent decline to 0.9480/85 (50% Fibonacci retracement of 0.9666 to 0.9301), then towards 0.9500, however, reckon upside would be limited to resistance at 0.9534 and bring another decline later. Trade Idea: AUD/USD –Hold long entered at 1.0090The Australian dollar dropped on the first trading day of 2011, suggesting caution on our long position entered at 1.0090 and intra-day support at 1.0055 needs to hold to retain bullishness for uptrend to resume after consolidation. A break of Friday's high at 1.0257 would extend upmove towards 1.0300 but reckon 1.0405/10 (61.8% projection of 0.8770 to 1.0183 measuring from 0.9536) would hold. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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