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Mid-Day Report: Dollar Extends Rebound on Strong Job Data, Euro Pressured by Rising YieldsDollar extends rebound against other majors currencies after release of much stronger than expected ADP employment report. The data showed significant expansion of 297 in the private job markets in US in December, nearly triple of expectation of 100k expansion. This raises hope that friday's Non-Farm Payroll would exceed consensus of 140K. Also released today, Challenger report showed planned layoff were down -29% yoy. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3255; (P) 1.3344 (R1) 1.3397; More. . EUR/USD's fall from 1.3433 accelerates to as low as 1.3158 in early US session but it's still staying in range of 1.3054 and 1.3496. As noted before, price actions from 1.2969 are likely consolidation patterns, possibly in form of triangle. Break of 1.3054 support will suggest that fall from 1.4281 is resuming for 1.2969 and below. On the upside, above 1.3433 will dampen this view and bring stronger rebound for 1.3785 resistance instead. |
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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/JPY – Hold long entered at 81.75Although near term sideways trading is likely to continue ahead of U.S. opening, as long as indicated minor support at 81.68 holds, bullishness remains for the upmove from 80.93 temporary low to bring a stronger retracement of recent decline. Above yesterday's high of 82.28 would extend gain to 82.54, however, reckon resistance at 82.96 would hold from here and bring another decline later this week. Trade Idea: USD/CAD – Hold short entered at 1.0010Despite yesterday's rebound to 1.0035, current retreat has retained our bearishness and consolidation with downside bias remains and below 0.9915/20 would signal the rebound from this week's low at 0.9889 has ended at 1.0035 and bring resumption of decline for a retest of this level. A break there would extend downtrend to 0.9850, however, near term oversold condition should limit downside to 0.9800 and risk has increased for a rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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