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Weekly Review and Outlook: Euro Broadly Lower as Focus Turns to ECB
Euro turned into consolidation after initial dip against the greenback last week. But finally, the common currency seemed to have given up on Friday and extended recent decline, closing near the weekly low at 1.3130 against dollar. Indeed, weakness of the euro was rather broad based. In particular, EUR/AUD and

EUR/USD Weekly Outlook
EUR/USD's fall extended to as low as 1.3103 last week after some consolidations. Initial bias remains on the downside this week. The decline from 1.3993 would target 161.8% projection of 1.3993 to 1.3502 from 1.3700 at 1.2906 next. On the upside, above 1.3221 minor resistance will turn bias neutral and

USD/JPY Weekly Outlook
USD/JPY edged higher to 104.27 but turned sideway since then as it faced some resistance from 104.12. With 103.49 minor support intact, further rise is mildly in favor. Above 104.27 will bring retest of 105.41 high. On the downside, below 103.49 will turn bias back to the downside for 103.08.

GBP/USD Weekly Outlook
GBP/USD edged lower to 1.6534 and formed a temporary bottom there and turned sideway. Initial bias is neutral this week for some sideway trading. But upside of recovery should be limited by 1.6737 resistance and bring fall resumption. Below 1.6534 will extend the fall from 1.7190 to 1.6251 cluster support (38.2% retracement of 1.4813 to 1.7190 at 1.6282).

USD/CHF Weekly Outlook
USD/CHF turned into sideway consolidation last week after breaking 0.9156 key resistance. Initial bias is neutral this week. Another fall cannot be ruled out as the consolidation extends. But we'd expect downside to be contained well above 0.9022 support and bring another rally. Break of 0.9184 will target 161.8% projection

AUD/USD Weekly Outlook
AUD/USD's recovery last week suggests that the corrective fall from 0.9504 has completed at 0.9236 already, just ahead of 38.2% retracement of 0.8659 to 0.9504 at 0.9181. Further rise is in favor this week as long as 0.9300 minor support holds, for 0.9475/9504 resistance zone. Break of 0.9504 will extend

USD/CAD Weekly Outlook
USD/CAD's fall from 1.0997 extended lower last week. The break of 1.0859 support suggests that deeper decline would be seen before the correction completes. As long as 1.0908 minor resistance holds, we'd probably see another fall to 61.8% retracement of 1.0620 to 1.0997 at 1.0764. But we'd expect strong support

GBP/JPY Weekly Outlook
GBP/JPY's rebound from 170.42 extended higher last week and the development suggests that fall from 175.36 has completed at 170.42 already, ahead of 169.53 key support. The development argues that price actions form 175.36 are developing into a sideway consolidation pattern rather than reversing the trend. Initial bias is mildly

EUR/JPY Weekly Outlook
EUR/JPY continues to stay in range below 138.02 resistance and outlook remains mildly bearish. Initial bias is neutral this week first. With 138.02 intact, deeper decline is still mildly in favor for 135.50 key support level. Decisive break there will carry larger bearish implications. Nonetheless, break of 138.02 will indicate

EUR/GBP Weekly Outlook
EUR/GBP's fall from 0.8305 extended lower last week and the break of 0.7920 support aurges that rebound form 0.7873 has completed already. The corrective structure of such rebound indicates that the larger decline is still in progress and is possibly resuming. Initial bias is mildly on the downside for 0.7873

EUR/CHF Weekly Outlook
EUR/CHF's decline continued last week and reached as low as 1.2048. There is no clear sign of bottoming yet even though the cross is losing downside momentum as seen in bullish convergence in 4 hours MACD. Further fall is still expected initially this week. But again, we're expecting strong support

Weekly Economic and Financial Commentary
Despite some noisy numbers this week, the U.S. economy continues to strengthen. The biggest headline of the week came from the durable goods report, where orders jumped a massive 22.6 percent. July's gain the largest on record was exaggerated by a surge in aircraft orders for Boeing's 777

The Weekly Bottom Line
Optimism over the U.S. economy is quite high at the moment, and it is warranted. The second estimate of real GDP showed that the economy grew 4.2% in the second quarter, above the previous estimate of 4%. The underlying details revealed stronger business fixed investment, with less inventory accumulation, suggesting

ECB: From Jackson Hole to Frankfurt, a World of Difference
This past weekend, the most influential central bankers from around the world gathered in Jackson Hole, Wyoming to compare business cards, challenge each other to Rubik's-Cube-solving contests and, occasionally, give speeches that impact the lives of billions of people and the future of global economies and markets. European Central Bank

Week in FX Americas - BoC To Remain With Neutral Stance
Friday's data revealed that the Canadian economy accelerated at the fastest pace in nearly three-years in Q2. The usual culprits supported the annualized +3.1% gain between April and June: exports, consumer spending and business investments (an area that Canada is falling well behind in to its largest trading partner, the

Week in FX Europe - ECB Not Influenced by Flash CPI
Month-end portfolio demand, geopolitical and event risk are all taking a stab at making an impact on forex prices. So far, and not unfamiliar, investors continue to wade through the same contrived trading ranges, but this time the EUR bear must be feeling a tad stronger in their convictions. It was

Week in FX Asia - Yields and Geopolitical Tensions Hit Asian Markets
Japan's consumer inflation was steady at 3.3% with a real 1.3% figure which is below the Bank of Japan and Prime Minister Shinzo Abe's target but overall positive given the two decades of Japanese deflation. The government faces a tough balancing act. How to spur inflation after two decades, while

Weekly Focus: Very Dovish ECB to Keep Hopes of More Easing Alive
Tug of war for risk appetite between expectations of QE from the ECB and geopolitical risks from the Ukrainian crisis. Rising debate on a possible early rate hike from Fed in the wake of strong US data and relatively hawkish minutes from the last Fed meeting. Continued declines in inflation and inflation

Trade Idea Wrap-up: USD/CHF - Buy at 0.9105

Although the greenback has rebounded again and retest of this week's high of 0.9185 cannot be ruled out, break there is needed to extend recent upmove for gain to 0.9200 and possibly 0.9225-30 (100% projection of 0.9024-0.9146 measuring from 0.9103) but reckon upside would be limited to 0.9250 and reckon

Trade Idea Wrap-up: GBP/USD - Hold long entered at 1.6600

As cable has retreated after faltering below yesterday's high of 1.6614, suggesting further consolidation would be seen but as long as 1.6567-70 holds, mild upside bias remains for recovery to 1.6620, above there would suggest a temporary low has possibly been formed at 1.6537 earlier this week, bring retracement of

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