The EURUSD made another rejection to consistently move below 1.4820 key support level on Friday. This fact surely keep the major bullish scenario intact, but the bearish reversal scenario warning showed by double top pattern with peaks around 1.5062 area is also still valid and the bias should remains neutral as market is consolidating now. Overall, this pair has been indecisive in the last two weeks and we need a significant movement above 1.5062 to continue the bullish continuation towards 1.5150 and 1.5300 or consistent move below 1.4820/00 area to confirm further bearish pressure towards 1.4625 and 1.4450 area. Immediate resistance at 1.4965 and the upper line of my bearish channel, which vulnerable to be tested today after rejection below 1.4820. A violation to the bearish channel should be seen as potential threat to the bearish reversal scenario re-testing 1.5062 area.
On fundamental side, we will have many news from Euro zone today (manufacturing and services PMI) and Trichet is going to make another statement which potentially move the market significantly, especially if we have big surprise whether in the numbers or Trichet’s comment. We know the he support a strong Dollar, but the market respond has been mixed so far.Singapore on Thursday declared a severe recession over after two straight quarters of growth and predicted the economy would expand by up to 5.0 percent in 2010. Data from the Ministry of Trade and Industry showed gross domestic product (GDP) rose 14.2 percent in the July-September period on a quarter-on-quarter annualised basis after a 21.7 percent surge in the previous three-month period. "Effectively, the recession in Singapore is over," said Ravi Menon, the permanent secretary of the Ministry of Trade and Industry (MTI). "Economies around the world are now turning the corner," he told a news conference. "Singapore has benefited from these global and regional trends." Private-sector economists said Singapore sprang out of recession faster than many had predicted, but cautioned the road ahead remained bumpy. "Logically, if it's been accelerating so fast for two quarters, don't be surprised to see a deceleration in the fourth quarter," said Alvin Liew, an economist with Standard Chartered Bank. Year-on-year, Singapore's GDP grew 0.6 percent in the third quarter compared with a 3.3 percent contraction in the April-June period, the MTI said in its third-quarter economic survey. A recession is technically deemed over after two successive periods of quarter-on-quarter growth. The 0.6 percent annual growth in the July-September period was the economy's first positive showing since the third quarter of 2008, when the city-state slid into a recession. Growth in the third quarter was powered by the manufacturing sector, which posted expansion of 26.6 percent on a quarterly basis following a 58.5 percent surge in the April-June period, the ministry said. Other sectors also turned in a positive performance including services, which grew 10.8 percent after a 7.9 percent increase in the second quarter, it said. The services sector, which includes wholesale and retail, makes up two-thirds of the economy. In its outlook for 2010, the ministry forecast economic growth of 3.0-5.0 percent, which would be a sharp turnaround from the existing projection of a contraction of 2.0-2.5 percent this year. "Global economic developments suggest that the recession has ended in most countries," the ministry said in a statement accompanying the quarterly survey. "Singapore's economic outlook for 2010 will be closely linked to global conditions." It was the first time that the ministry has put out a growth forecast for 2010. Former prime minister Lee Kuan Yew, now a senior cabinet adviser, had said earlier this month the economy was likely to expand 3.0 percent next year. The city-state's trade-reliant economy was the first in Asia to sink into a recession last year as the global downturn hit demand for its exports, especially from the United States. Its worst recession since gaining independence in 1965 took place in 2001 when GDP shrank 2.4 percent. The US economy's recovery from its recession will be key to Singapore's growth prospects, the ministry said. "The key economy to watch is the US. We see the recovery there continuing into 2010 but at a sluggish pace," said Menon. "We do not expect a collapse in US private demand, however... but private demand will nonetheless be sluggish," he said. The US economy, a major market for Asia's export-led economies including Singapore, has emerged from a prolonged recession that started in late 2007 as its GDP grew 3.5 percent in the July-September period. It was the world's largest economy's first economic expansion since the second quarter of 2008 but analysts have cautioned the recovery remains fragile. The Far Eastern Economic Review and its editor have paid over 400,000 Singapore dollars (290,000 US) to settle a defamation suit filed by Prime Minister Lee Hsien Loong and his father, the magazine's lawyer said Wednesday. "They have paid it yesterday," said Peter Low, who defended the Hong Kong-based publication and its editor Hugo Restall against the defamation suit filed by the premier and his father Lee Kuan Yew. The two parties reached a settlement on the amount that FEER and Restall should pay the two Singapore leaders, said Low. Court orders issued on November 13 to enforce the settlement showed the prime minister got 200,000 Singapore dollars in damages and 30,000 Singapore dollars in legal costs. Lee Kuan Yew, 86, who now serves as a senior adviser in the cabinet, was to be paid 150,000 Singapore dollars in damages and 25,000 Singapore dollars in legal costs, the documents said. The settlement was reached after the Court of Appeal last month upheld a 2008 decision finding the defendants guilty of defaming the Lees in a 2006 article based on an interview with Chee Soon Juan, an opposition party leader. Dow Jones and Co., which owns the magazine, said in a statement that it disagreed with the verdict and denied any wrongdoing, but would settle the damages instead of prolonging the process. "The Court casts significant doubt as to whether Singapore will ever recognise the fair and honest reporting privilege accorded to responsible journalism -- a privilege available in the United Kingdom and other Commonwealth countries with diverse histories and cultures," Dow Jones said. FEER, at its height one of Asia's most influential and respected publications, is to be shut down in December, one of a growing number of newspapers and magazines which have fallen victim to the Internet age. The article at the heart of the case -- entitled "Singapore's 'Martyr', Chee Soon Juan" -- described the opposition Singapore Democratic Party secretary general's battle against the ruling People's Action Party and its leaders. In the article, editor Restall also touched on the success of Singapore officials in libel suits against critics. Singaporean leaders have won hundreds of thousands of dollars in damages from domestic critics and foreign publications. They say the lawsuits are necessary to protect their reputations from unfounded attacks and dismiss criticism from human rights and media groups accusing Singapore of suppressing media freedom.
On fundamental side, we will have many news from Euro zone today (manufacturing and services PMI) and Trichet is going to make another statement which potentially move the market significantly, especially if we have big surprise whether in the numbers or Trichet’s comment. We know the he support a strong Dollar, but the market respond has been mixed so far.Singapore on Thursday declared a severe recession over after two straight quarters of growth and predicted the economy would expand by up to 5.0 percent in 2010. Data from the Ministry of Trade and Industry showed gross domestic product (GDP) rose 14.2 percent in the July-September period on a quarter-on-quarter annualised basis after a 21.7 percent surge in the previous three-month period. "Effectively, the recession in Singapore is over," said Ravi Menon, the permanent secretary of the Ministry of Trade and Industry (MTI). "Economies around the world are now turning the corner," he told a news conference. "Singapore has benefited from these global and regional trends." Private-sector economists said Singapore sprang out of recession faster than many had predicted, but cautioned the road ahead remained bumpy. "Logically, if it's been accelerating so fast for two quarters, don't be surprised to see a deceleration in the fourth quarter," said Alvin Liew, an economist with Standard Chartered Bank. Year-on-year, Singapore's GDP grew 0.6 percent in the third quarter compared with a 3.3 percent contraction in the April-June period, the MTI said in its third-quarter economic survey. A recession is technically deemed over after two successive periods of quarter-on-quarter growth. The 0.6 percent annual growth in the July-September period was the economy's first positive showing since the third quarter of 2008, when the city-state slid into a recession. Growth in the third quarter was powered by the manufacturing sector, which posted expansion of 26.6 percent on a quarterly basis following a 58.5 percent surge in the April-June period, the ministry said. Other sectors also turned in a positive performance including services, which grew 10.8 percent after a 7.9 percent increase in the second quarter, it said. The services sector, which includes wholesale and retail, makes up two-thirds of the economy. In its outlook for 2010, the ministry forecast economic growth of 3.0-5.0 percent, which would be a sharp turnaround from the existing projection of a contraction of 2.0-2.5 percent this year. "Global economic developments suggest that the recession has ended in most countries," the ministry said in a statement accompanying the quarterly survey. "Singapore's economic outlook for 2010 will be closely linked to global conditions." It was the first time that the ministry has put out a growth forecast for 2010. Former prime minister Lee Kuan Yew, now a senior cabinet adviser, had said earlier this month the economy was likely to expand 3.0 percent next year. The city-state's trade-reliant economy was the first in Asia to sink into a recession last year as the global downturn hit demand for its exports, especially from the United States. Its worst recession since gaining independence in 1965 took place in 2001 when GDP shrank 2.4 percent. The US economy's recovery from its recession will be key to Singapore's growth prospects, the ministry said. "The key economy to watch is the US. We see the recovery there continuing into 2010 but at a sluggish pace," said Menon. "We do not expect a collapse in US private demand, however... but private demand will nonetheless be sluggish," he said. The US economy, a major market for Asia's export-led economies including Singapore, has emerged from a prolonged recession that started in late 2007 as its GDP grew 3.5 percent in the July-September period. It was the world's largest economy's first economic expansion since the second quarter of 2008 but analysts have cautioned the recovery remains fragile. The Far Eastern Economic Review and its editor have paid over 400,000 Singapore dollars (290,000 US) to settle a defamation suit filed by Prime Minister Lee Hsien Loong and his father, the magazine's lawyer said Wednesday. "They have paid it yesterday," said Peter Low, who defended the Hong Kong-based publication and its editor Hugo Restall against the defamation suit filed by the premier and his father Lee Kuan Yew. The two parties reached a settlement on the amount that FEER and Restall should pay the two Singapore leaders, said Low. Court orders issued on November 13 to enforce the settlement showed the prime minister got 200,000 Singapore dollars in damages and 30,000 Singapore dollars in legal costs. Lee Kuan Yew, 86, who now serves as a senior adviser in the cabinet, was to be paid 150,000 Singapore dollars in damages and 25,000 Singapore dollars in legal costs, the documents said. The settlement was reached after the Court of Appeal last month upheld a 2008 decision finding the defendants guilty of defaming the Lees in a 2006 article based on an interview with Chee Soon Juan, an opposition party leader. Dow Jones and Co., which owns the magazine, said in a statement that it disagreed with the verdict and denied any wrongdoing, but would settle the damages instead of prolonging the process. "The Court casts significant doubt as to whether Singapore will ever recognise the fair and honest reporting privilege accorded to responsible journalism -- a privilege available in the United Kingdom and other Commonwealth countries with diverse histories and cultures," Dow Jones said. FEER, at its height one of Asia's most influential and respected publications, is to be shut down in December, one of a growing number of newspapers and magazines which have fallen victim to the Internet age. The article at the heart of the case -- entitled "Singapore's 'Martyr', Chee Soon Juan" -- described the opposition Singapore Democratic Party secretary general's battle against the ruling People's Action Party and its leaders. In the article, editor Restall also touched on the success of Singapore officials in libel suits against critics. Singaporean leaders have won hundreds of thousands of dollars in damages from domestic critics and foreign publications. They say the lawsuits are necessary to protect their reputations from unfounded attacks and dismiss criticism from human rights and media groups accusing Singapore of suppressing media freedom.
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