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| Action Insight Weekly Report | Markets Snapshot |
Dollar Surged With Help from Dovish ECB, BoC and PBoCDollar surged broadly last week as driven up by dovish actions from Eurozone's ECB, Canada's BoC and China's PBoC. The dollar index is building up momentum for a take on 100 handle again. Euro ended the week sharply lower as ECB hinted at the possibility of additional stimulus in December meeting. Canadian dollar followed next to Swiss Franc as BoC revised down growth projections. Meanwhile, equities were given a strong boost as PBoC cut interest rate again. DJIA and S&P 500 could now be heading back to historical highs of 18351 and 2134.7 respectively. Thanks to strength in the greenback, both crude oil and gold ended the week lower. |
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| Featured Technical Report | |
EUR/USD Weekly OutlookEUR/USD's sharp decline last week confirmed resumption of fall from 1.1713. More importantly the develop suggests that corrective rise from 1.0461 has already completed ahead of 38.2% retracement of 1.3993 to 1.0461 at 1.1810. Initial bias remains on the downside for 1.0807 next. Break will pave the way for a test on 1.0461. On the upside, above 1.1139 minor resistance will turn bias neutral and bring consolidation before staging another decline. |
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The Week in Review and Outlook | ||
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