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Dollar recovered mildly against Euro and Yen but stays weak against other major currencies after Fed chair Janet Yellen's testimony before Senate Banking Committee. Yellen noted a few risks to law makers including "Brexit". She said that "a UK vote to exit the European Union could have significant economic repercussions". Also, "mixed readings on labor market and economic growth" warranted caution together with "vulnerabilities" in the global economy. Nonetheless, she's optimistic that the headw…
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EUR/USD Daily
EUR/USD jumps sharply today but stays below 1.1414 resistance. Intraday bias remains neutral first. On the downside, break of 1.1097 support will confirm resumption of fall from 1.1615. More importantly, that will indicate completion of rebound from 1.0517. And, in that case, retest of 1.0461/517 resistance zone would be seen. Nonetheless, above 1.1414 will turn focus back to 1.1615 instead.
In the bigger picture, overall price actions from 1.6039 long term top is viewed as a corrective pattern …
In the bigger picture, overall price actions from 1.6039 long term top is viewed as a corrective pattern …
EURopean Majors
European majors open the week sharply higher as latest Brexit polls in UK showed that support has swung back to the "remain" camp. A poll by Survation for the Mail on Sunday showed 45% supporting "remain" with EU and 42% supporting "leave". A YouGov survey for the Sunday Times showed 44% supporting "remain" and 43% supporting leave. An Opinium poll showed a tie of 44% each. The poll results showed and turn in the momentum after the tragic murder of pro-EU British MP Jo Cox. Campaigns of both cam…
Aussie Steady after Balanced RBA Statements
Aussie is steady in tight range after RBA kept interest rate unchanged at 2.00% and published a rather balance statement. The central noted that "there were reasonable prospects for continued growth in the economy, with inflation close to target". But "consumer price inflation is likely to remain low over the next year or two." And, this "may provide scope for easier policy, should that be appropriate to lend support to demand." Regarding recent volatility, RBA noted that "funding conditions for…
Asian Equities Higher and Recovery Continues
Asian equities open higher today in reaction to the rebound in US equities overnight. DJIA closed up 117.65 pts or 0.72% to close at 16515.22 but was kept well below 17000 handle. At the time of writing Nikkei is up 2.7%, HK HSI up 2% and China SSE composite up 0.8%. Trade data from China also provide some support to sentiments. Trade surplus widened to USD 58.2b in December versus expectation of USD 52.2b. In Yuan term, exports surprised with 2.3% yoy rise comparing to expectation of -4.1% yoy …