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Mid-Day Report: Dollar Recovers after Job Data, But Stays Weak against EuroDollar recovers mildly after suffering much selling pressure against Euro but the greenback stays soft. Released from US, initial jobless claims dropped -8k to 276k in the week ended May 30. That was basically inline with expectation of 277k. That was the 13th straight week of sub 300k reading which was seen as sign of momentum in labor market improvement. The four-week average rose 2.75k to 274.75k. Continuing claims dropped 30k to 2.2m in the week ended May 23, the lowest since November 2000. Also released from US, non-farm productivity was revised down to -3.1% in Q1 while unit labor cost was revised up to 6.7%. So far dollar is holding above near term support against sterling, yen and aussie. The key to dollar's near term direction will lie on tomorrow's non-farm payroll report, where job growth, unemployment rate and wage growth will be released. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.1141; (P) 1.1213 (R1) 1.1346; More.... Intraday bias in EUR/USD remains on the upside for the moment. Further rise should be seen to 1.1466 and above. At this point, the choppy rise from 1.0461 is viewed as a correction. Hence, we'd expect strong resistance from 38.2% retracement of 1.3993 to 1.0461 at 1.0181 and bring reversal. On the downside, below 1.1192 minor support will turn bias neutral first. But another rally will remain in favor as long as 1.0818 support holds. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency finally retreated after rising to 1.1380 in European session, bids at 1.1290-00 and 1.1250-55 were filled but buy orders are still noted at 1.1225-30, 1.1200 and 1.1185, buying interest is located at 1.1150, 1.1120 and 1.1100, fresh demand should emerge around 1.1080 and 1.1050. On the upside, offers are now seen at 1.1300, 1.1325-30 and 1.1350, sell orders are reported at 1.1380 and 1.1400 (stops above), selling interest is tipped at 1.1430 and 1.1450. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF - Buy at 0.9230Although current break of support at 0.9303 signals the fall from 0.9543 is still in progress and near term downside risk remains for this decline to extend weakness towards 0.9243 (1.236 times projection of 0.9543-0.9348 measuring from 0.9484 and 100% projection of 0.9484-0.9303 measuring from 0.9424), however, reckon 0.9220 would hold and bring rebound later. Above 0.9371 resistance would signal an intra-day low is formed Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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