4Q09 GDP expanded +5.7% qoq (annualized) , compared with market expectation of +4.7%, from +2.25 in the previous quarter. The growth was the strongest since 3Q03 and was mainly driven by inventories which contributed 3.4% to the headline gain. It’s a good news that inventory declined at a significantly lower… Read more… Technorati Tags: 5.7%, [...]
AUD/USD’s fall resumes by taking out 0.8909 and reaches as low as 0.8888 so far. Current decline is still expected to continue as long as 0.9048 minor resistance holds and should target 0.8734 support next. On the upside, above 0.9048 will indicate that a short term bottom might be formed… Read more… Technorati Tags: Analysis, [...]
Dollar surges across the board as FOMC members lost unanimity on keeping borrowing costs low. Fed left rates unchanged at 0-0.25% today and in the accompanying statement, it still said that rate “are likely to warrant exceptionally low levels of the federal funds rate for an extended period.” However, one… Read more… Technorati Tags: Analysis, [...]
No change in EUR/USD’s outlook. Intraday bias remains neutral as recovery from 1.4028 continues. Further rise to 4 hours 55 EMA (now at 1.4253) cannot be ruled out but after all, upside is expected to be limited below 1.4334 resistance and bring fall resumption. Below 1.4028 will indicate that whole… Read more… Technorati Tags: Analysis, [...]
Since January 2007, the pound has dropped -23.5% against its major trading partners with the decline against the euro slightly more than that against the dollar. Although the pound managed to gained against most of these partners in 2009, much of the return was erased in the second half of… Read more… Technorati Tags: against, [...]
Intra-day euro-led decline adds credence to our view that recent upmove has formed a top at 1.6459 and consolidation with mild downside bias remains for retracement of recent upmove to 1.6208-11 (50% Fibonacci retracement and previous support), however, support at 1.6194 (previous resistance turned support) should attract renewed buying interest,… Read more… Technorati Tags: Analysis, [...]
Despite intra-day resumption of the rise from 1.5832, lack of follow through buying and the retreat from 1.6380 suggest minor consolidation would take place and break of the Tenkan-Sen (now at 1.6295) would bring correction to the Kijun-Sen (now at 1.6248), however, 1.6211-18 (previous support and 38.2% Fibonacci retracement of… Read more… Technorati Tags: Analysis, [...]
Euro was broadly pressured last week on growing concern of Greece’s large deficits and doubts over its sovereign creditworthiness, in particular after ECB Trichet made it clear that there will not be any special treatment to a signal member of the Eurozone. Yen rose against most major currencies on risk…Read more… Technorati Tags: Analysis, concern, [...]
Euro was broadly pressured last week on growing concern of Greece’s large deficits and doubts over its sovereign creditworthiness, in particular after ECB Trichet made it clear that there will not be any special treatment to a signal member of the Eurozone. Yen rose against most major currencies on risk… Read more… Technorati Tags: Analysis, [...]
