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2013-08-13 00:54 GMT
Yen short trade revival subject to Japan's sales tax chatter...
By now, the market completes a full trading day in which investors and traders had the opportunity to digest what to make out of Monday's disappointing Japan Q2 GDP data, but most importantly, what might be the implications on the widely covered topic of the sales tax hike.
As reported yesterday, the big miss in the Japanese growth figures, displaying a -1% negative deviation from 3.6% expected to 2.6% preliminary data, is not helping the case to implement a planned 3% aggressive increase on the sales tax. Historically, there are well-founded reasons to fear that the economy may face some undesirable headwinds if being too aggressive on a tax hike.
Japanese policy-makers are growing more vocal on softer option to take on, including either a more conservative 1% incremental approach on the sales tax, or even delaying the tax hike by one year after Japan's PM Abe Adviser, Mr. Hamada,was quoted earlier yesterday saying "there is no need to hurry with the sales tax hike after the weaker-than-expected Q2 GDP as it might harm the economy."
On the flip side, BoJ Chief Kuroda said last week that it is not necessary a delay in the sales tax hike, saying that “ending deflation and raising the sales tax are achievable at the same time.”
Today morning, traders will get to digest German CPI, EuroZone Industrial Production, the German Current Situation / Economic Sentiment and EuroZone Economic Sentiment. Any or all of that data has the power to move the markets if the results are too far outside of consensus estimates. The difficulty for the euro, however, is that more and more analysts are starting to “expect” better results – thereby muting any surprise.-FXstreet.com
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2013-08-13 08:30 GMT
UK Consumer Price Index (YoY) (Jul)
2013-08-13 09:00 GMT
EMU ZEW Survey - Economic Sentiment (Jul)
2013-08-13 12:30 GMT
US Retail Sales (MoM) (Jul)
2013-08-13 14:00 GMT
US Business Inventories (Jun)
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2013-08-13 04:54 GMT
GBP/USD working off overbought condition with current pullback
2013-08-13 04:54 GMT
EUR/GBP treading water above 0.86 ahead of UK CPI
2013-08-13 03:56 GMT
EUR/JPY pushed up to fresh new 129.60 highs
2013-08-13 03:42 GMT
EUR/USD ignited on impressive rally
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EURUSD
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HIGH
1.3313
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LOW
1.32891
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BID
1.33032
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ASK
1.33032
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CHANGE
0.03%
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TIME
08:34:53
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Sideway
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
Medium
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MARKET ANALYSIS - Intraday Analysis
Upwards scenario: Price dip lower yesterday and finally stabilized. A violation of next resistance at 1.3313 (R1) might call for a run towards to next target at 1.3327 (R2) and any further appreciation would then be limited to final target at 1.3340 (R3).
Downwards scenario: We placed our support level right below the session low at 1.3288 (S1). Clearance here is liable to open way towards to our interim target at 1.3275 (S2) and then might expose final aim at 1.3262 (S3).
Resistance Levels: 1.3313, 1.3327, 1.3340
Support Levels: 1.3288, 1.3275, 1.3262
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GBPUSD
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HIGH
1.54649
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LOW
1.54472
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BID
1.54599
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ASK
1.54607
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CHANGE
0%
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TIME
08:34:54
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Downward
penetration
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
High
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Upwards scenario: Market trapped to the consolidation phase after initial uptrend development. Further buying interest might occur above the resistance at 1.5485 (R1). Our initial targets locates at 1.5512 (R2) and 1.5538 (R3)
Downwards scenario: On the downside Cable is approaching our next supportive barrier at 1.5442 (S1). Break here is required to drive market price towards to next visible targets at 1.5415 (S2) and 1.5388 (S3) later on today.
Resistance Levels: 1.5485, 1.5512, 1.5538
Support Levels: 1.5442, 1.5415, 1.5388
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USDJPY
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HIGH
97.561
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LOW
96.857
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BID
97.451
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ASK
97.454
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CHANGE
0.57%
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TIME
08:34:55
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OUTLOOK SUMMARY
Up
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TREND CONDITION
Upward
penetration
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
Medium
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Upwards scenario: Instrument gained momentum on the upside recently, turning short-term bias to the positive side. Next resistive structure on the way lies at 97.65 (R1), break here would suggest next intraday targets at 97.88 (R2) and 98.11 (R3).
Downwards scenario: Any downside fluctuations remains for now limited to the key support barrier at 97.14 (S1). Only clear break here would be a signal of possible market easing towards to our targets at 96.93 (S2) and 96.70 (S3) in potential.
Resistance Levels: 97.65, 97.88, 98.11
Support Levels: 97.14, 96.93, 96.70
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