MAS surprises but still room to loosen policy - Capital Economics
The Monetary Authority of Singapore (MAS) left its policy stance unchanged today and it will continue to allow the NEER to trade within a target band of “modest and gradual appreciation”. The slope, mid-point and width of the target band will stay the same. The decision came despite stood at -1.5% q/q on an annualized basis in Q3.
A relatively quiet London session lies ahead, with no EZ sovereign debt auctions as usual on Fridays, and only minor EUR data related coming out, starting with French current account at 06:45 GMT, followed by the Netherlands trade balance at 07:30 GMT, Italy CPI at 08:00 GMT, and EU industrial production 1 hour later. The IMF-WB meetings will keep going throughout Sunday, with BoJ governor Shirakawa to speak at 12:20 GMT. Special attention might come from Spain, as the nation government holds its regularly weekly meeting, and markets expectations are growing on the country asking for the bailout after S&P downgraded Spain's credit ranking to one notch away from junk status.
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All. IMF Meeting
2012-10-12 09:00 GMT European Monetary Union. Industrial Production
2012-10-12 12:30 GMT United States. Producer Price Index
2012-10-12 13:55 GMT United States. Reuters/Michigan Consumer Sentiment Index
2012-10-12 04:42 GMT GBP/USD pressured ahead of Europe
2012-10-12 04:33 GMT EUR/USD clings to range game; time to salute 1.30 again?
2012-10-12 02:34 GMT AUD/JPY threatening offers near 80.80
2012-10-11 23:34 GMT USD/JPY gently bid; further advances ahead?
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EURUSD 1.29291 / 1.29294
DAILY WEEKLY MONTHLY
1.3009 1.2980 1.2951
1.2914 1.2885 1.2854
SUMMARY Up
TREND Upward penetration
MA10 Bullish
MA20 Bullish
STOCHASTIC Neutral
MARKET ANALYSIS - Intraday Analysis
Technical Summary: Medium term bias remains positive and today we expect further appreciation as main scenario. Main scenario: Strengthening above the resistance at 1.2951 (R1) might open way towards to next targets at 1.2980 (R2) and 1.3009 (R3). Alternative scenario: Next support can be found at 1.2914 (S1), clearance here would enable lower targets at 1.2885 (S2) and 1.2854 (S3).
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GBPUSD 1.60289 / 1.60296
DAILY WEEKLY MONTHLY
1.6109 1.6082 1.6057
1.6020 1.5993 1.5966
SUMMARY Up
TREND Upward penetration
MA10 Bearish
MA20 Bullish
STOCHASTIC Neutral
MARKET ANALYSIS - Intraday Analysis
Technical Summary: GBPUSD deviate from last week losses and current consolidation might extend its power above the suggested resistance levels today. Main scenario: Rise above the resistance at 1.6057 (R1) would suggest next target at 1.6082 (R2) and then final resistance can be found at 1.6109 (R3). Alternative scenario: Next support level holds at 1.6020 (S1), break here would suggest next target at 1.5993 (S2) and any further fall would then be limited to 1.5966 (S3).
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USDJPY 78.341 / 78.343
DAILY WEEKLY MONTHLY
78.79 78.67 78.54
78.27 78.13 77.99
SUMMARY Up
TREND Upward penetration
MA10 Bullish
MA20 Bullish
STOCHASTIC Neutral
MARKET ANALYSIS - Intraday Analysis
Technical Summary: Fresh high provided today is our key point for further instrument appreciation however penetration below the suggested support level might enable bearish force on the short term perspective. Main scenario: Next resistance is placed at 78.54 (R1), break here might expose next target at 78.67 (R2) and any further rise would then be targeting 78.79 (R3). Alternative scenario: Our now bullish short term outlook will remain in place while USDJPY trades above the support at 78.27 (S1). A downside move below it might expose our next targets at 78.13 (S2) and 77.99 (S3) in potential.
Source: FX Central Clearing Ltd, (http://www.fxcc.com)