Action Insight Market Overview

Daily Report: Euro Steady but Sentiments Weak on European Debt While Euro remains steady against dollar and yen, commodity currencies are broadly lower as market sentiments are weighed down by continuous concern on European debt crisis. AUD/USD stayed below parity as Asian markets are broadly lower following the -1.13% fall in DOW. Markets are still talking about Spain's 10 year bond auction yesterday, which completed with yield close to the unsustainable 7%. Focus will turn to new Greek Prime Minister Papademos' final budget for 2012 today. Finance Minister Venizelos will present the 2012 plan to cabinet. Then Papademos will fly to Brussels next Monday to meet with EU President Van Rompuy and EC president Barroso and then EU head of Finance Ministers Juncker the day after. IMF emphasized that Greece will receive the next tranche of bailout fund of EUR 8b if the "unity government now shares its commitment to the implementation of the economic program". It's important that Papademos' plan could secure political support from EU officials. Full Report Here...
Featured Technical Report
EUR/JPY Daily Outlook Daily Pivots: (S1) 103.27; (P) 103.72; (R1) 104.03; More Intraday bias in EUR/JPY remains neutral for the moment and more consolidations could be seen above 103.40 temporary low. But note that another fall is still expected with 106.45 resistance intact. Below 103.40 will extend the decline from111.57 to retest 100.74 low first. Break will confirm resumption of whole decline from 123.31 and should target 61.8% projection of 123.31 to 100.74 from 111.57 at 97.62 next. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook