MARKET REVIEW: Dollar mixed on security fears and slightly higher than expected U.S. ISM
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Dollar eased on Monday as fresh security concerns on possible attacks by Al Qaeda on U.S. landmarks and geopolitical risks in Middle East weighed on the greenback. However, the downside was limited due to the release of a stronger than expected U.S. ISM ((manufacturing) for July, which rose to 62.0 from 61.1 the previous month.
Euro rallied to 1.2093 before retreating to 1.2027 in late U.S. session while dlr/chf dipped to 1.2688 before rebounding back to 1.2790. Cable rose to 1.8336 on speculation of possible BOE interest rate hike on Thursday MPC meeting. Dlr/yen weakened to 110.58 on active cross buying in yen against European currencies.
Tuesday will see the release of E-12 PPI and employment report for July, as well as U.S. personal income and consumption data. Major focus remains on Friday's release of U.S. non-farm payrolls.
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Intraday/daily/weekly recommendations, medium term outlook, daily technical outlook, wave analysis (Majors) - USD 300/m,(Majors/Minors/Crosses) - USD 360/m
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Major Economic Indicators for Today (Aug 3, 2004)
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Time Country Indicator
0900 E-12 PPI M/M Jul
0900 E-12 PPI Y/Y Jul
0900 E-12 Unemployment Y/Y Jun
1230 U.S. Personal Income Jun
1230 U.S. Personal Consumption Jun
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TODAY'S FOREX MARKET OUTLOOK
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Update Time : 00:45GMT
USD/YEN - 110.66
Yesterday's breach of 110.81 due to active cross buying in yen indicates the decline from 112.49 to retrace intermediate rise from 107.56 remains in progress and further weakness towards 110.00 is seen before prospect of a rebound due to loss of momentum.
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Standard Package
Daily/weekly recommendations, medium term outlook, daily technical outlook, wave analysis(Majors) - USD 150/m, (Majors/Minors/Crosses) - USD 240/m
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YESTERDAY'S RECOMMENDED TRADE
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Update Time : 2004/08/02 01:02GMT
DAILY USD/CHF OUTLOOK - +1.2775+
Similar to euro, as long as 1.2832/35 holds, consolidation with downside bias is in store n below 1.2686 wud confirm recent upmove has made a top earlier at 1.2860 n bring retrace. to 1.2610/20.
Reinstate short, stop abv said minor res, break wud risk one more rise to 1.2890/00 b4 correction occurs later this week...
Rate: +1.2775+
Strategy: +Hold short+
Position: +Short at 1.2775+
Objective: 1.2690 1st
Stop-Loss: 1.2840
Resistance: 1.2860/1.2929/1.3000
Support: 1.2715/1.2686/1.2591
Alex Tsui
Sales Manager - Internet Based Business
Trendsetter Financial Markets Limited
Tel: (852) 2865 2059
Fax: (852) 2525 9443
email: alex@acetrader.com
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