Daily Report: Euro Firm as Officials' Pledges Continue
Dollar is mildly high today as markets are digesting last week's risk appetite moves. Asian equities are broadly higher, following rally in US stocks on Friday, with Nikkei up 60 pts at the time of writing. Euro is back below 1.23 level for moment but remains firmly supported by expectations that ECB would act to bring down Spanish and Italian bond yields. Luxemburg Prime Minister Juncker was quoted in a newspaper over the weekend that EFSF and Eurozone leaders will act together with ECB to stabilize Euro. Juncker pledged that officials must "clearly show through all means possible that we are firm on assuring the stability of the monetary union." Current EFSF has around EUR 200b left and is allowed to buy public debt on secondary markets. The fund could have enough impact on the bond markets. Italy will auction EUR 3-5.5b in bonds today, mostly 5- and 10-years debt.Full Report Here...
UR/JPY Daily Outlook
Daily Pivots: (S1) 95.74; (P) 96.54; (R1) 97.43; More
With 95.64 minor support intact, intraday bias in EUR/JPY remains mildly on the upside for falling trend line resistance (now at 98.66). On the downside, below 95.64 minor support will turn bias back to the downside for retesting 94.11 low. However, note that a short term bottom is in place at 94.11 on bullish convergence condition in 4 hours MACD. Thus, more consolidative trading could be seen above there in near term.
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