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Daily Report: Markets Steady after Bernanke's Interview, IMF to Meet EU Finance MinistersMarkets are pretty steady in Asian today. Fed Chairman Bernanke's TV interview was the focus over the weekend but didn't trigger much new movements in the markets. Bernanke defended Fed's QE program and said that Fed's "not printing money" as "the amount of currency in circulation is not changing. The money supply is not changing in any significant way." And he hit back on criticisms and said fear of inflation is "way overstated". Bernanke said the program is for lowering interest rates by buying treasuries to stimulate economy to grow faster. He expects unemployment would take four to five years to come back from current 9.8% to normal level of 5-6%. Meanwhile, Bernanke said that it's " certainly possible" to buy more bonds depending on the efficacy of the program and on inflation and economic outlook. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 83.41; (P) 83.88; (R1) 84.29; More. At this point, intraday bias in USD/JPY remains on the downside with 83.02 minor resistance intact. As noted before, whole rebound from 80.29 might have finished at 84.39 already. Current decline should extend further to 61.8% retracement of 80.29 to 84.39 at 81.85 first. Break will target a test on 80 psychological level again. On the upside, above 83.02 minor resistance will turn intraday bias neutral and bring recovery. But upside should be limited well below 84.39 and bring another fall. |
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| Special Reports |
RBA And RBNZ's Monetary Policies In DecemberAustralia's GDP growth in 3Q10 missed market expectations and signaled the RBA's full-year forecasts will not be achieved. The question for monetary policy is whether weak data will follow in the near-term. If that's the case, the central bank may need to push the next rate hike later. We will keep monitoring upcoming economic data but for the time being, we retain our view that the RBA will set policy in a forward-looking manner and raise the cash 25 bps higher in 1Q11. |
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Trade Idea: USD/CHF – Sell at 0.9840As dollar has recovered after intra-day marginal fall to 0.9742 (Friday's low was 0.9750), suggesting minor consolidation would take place for retracement to 0.9820/25 (38.2% Fibonacci retracement of Friday's selloff from 0.9951 to 0.9742), however, reckon the Kijun-Sen (now at 0.9841) would attract renewed selling interest and bring another decline later. Trade Idea: GBP/USD – Buy at 1.5690As the British pound has retreated after intra-day marginal rise to 1.5775 (Friday's high was 1.5765), suggesting consolidation would take place and retracement towards 1.5683-89 (previous resistance and the current level of the Kijun-Sen) cannot be ruled out, however, renewed buying interest should emerge there and bring rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||
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