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TRADING TIPS :
USD/JPYtraded at 119.06, up 0.03% against the dollar.The Bank of Japan is to publish the minutes of its latest policy meeting, which contain valuable insights into economic conditions from the bank’s perspective.The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was quoted at 94.40.Last week, the euro pushed higher against the dollar and the yen on Friday after euro zone finance ministers agreed on a deal to extend Greece’s bailout by four months. The euro zone approved the extension of Greece’s €240 billion bailout, removing concerns that the country would face a liquidity crunch when its current bailout agreement expired at the end of the month.
INTRADAY OUTLOOK
Support: 118.77
Resistance: 119.41
RECOMMENDATION:
1. Buy USD/JPY Above 119.43-TG: 119.63/119.93 SL 119.13
2. Sell USD/JPY Below 118.75-TG: 118.55/118.25 SL 119.05
INTRADAY OUTLOOK
Immediate Support: 1.1292
Immediate Resistance: 1.1372
RECOMMENDATION:
1. Buy EUR/USD Above -1.1374 TG: 1.1394/1.1424 SL 1.1344
2. Sell EUR/USD Below -1.1290 TG:1.1270/1.1240 SL 1.1320
MARKET UPDATES :
The FBM KLCI index gained 1.52 points or 0.08% on Monday. The Finance Index fell 0.25% to 15871.39 points, the Properties Index up 0.22% to 1323.1 points and the Plantation Index rose 0.26% to 8105.72 points. The market traded within a range of 7.80 points between an intra-day high of 1812.75 and a low of 1804.95 during the session.
STOCK RECOMMENDATION :
BUY ONLY WORLD AT 1.550 – 1.560 TARGET 1.610 1.700 SL 1.470
INTERNATIONAL COMMODITY NEWS :
Gold prices rose slightly in early Asia on Tuesday with China markets set to re-open on Wednesday and Greece still to turn over its list of reforms needed to secure further euro zone loans. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.14% to trade at $1,203.10. Overnight, Gold futures turned higher on Monday to reclaim the key $1,200-level, after data showed that U.S. existing home sales fell more than expected in January to hit the lowest level in nine months, dampening optimism over the health of the housing market. The National Association of Realtors said earlier that existing home sales decreased 4.9% to 4.82 million units last month from 5.07 million in December. Analysts had expected existing home sales to fall 0.8% to 4.97 million units in January.
TRADING STRATEGY :
BUY GOLD ABOVE 1205 TARGET 1210 1216 SL 1199
SELL GOLD BELOW 1197.50 TARGET 1192.50 1186.50 SL 1203.50
The euro fell against the dollar Monday, as the initial enthusiasm for Greece’s bailout extension gave way to anxiety that debt problems may have been delayed rather than resolved.
The shared currency EURUSD, +0.04% recovered somewhat from the day’s low to trade at $1.1334, up from a session low of $1.1295, but down from around $1.1378 late Friday in New York.
The dollar USDJPY, +0.20% bought 118.84 yen, down a touch from ¥119.07 late Friday in New York.
The pound GBPUSD, -0.07% gained against the dollar, rising to $1.5460 from $1.5399 late Friday ahead of Bank of England Governor Mark Carney’s remarks at a Treasury select committee hearing Tuesday.
The ICE U.S. Dollar Index DXY, +0.05% gained 0.32% to 94.5610.
U.S. stocks ended Monday’s choppy session roughly where they started it, as a late-afternoon rebound helped pare early losses.
The S&P 500 SPX, -0.03% closed flat at 2,109.66. Monday’s trade was skewed toward defensive plays, as investors preferred utilities and health-care stocks, while staying away from telecoms, energy and consumer discretionary companies.
