Philip Chua Business Blog

Posts Tagged ‘move’

Last week we suggested that EUR/USD might base out in the 1.2150/2200 area and then begin a correction higher and that Elliott Wave projection proved spot on. Market short-covering, spurred on by rumors of intervention (actual in the case of the SNB in EUR/CHF), sparked the move higher, but there's more to it than that. Despite the cacophony of doomsayers predicting the demise of the EUR and an end to the global recovery, markets actually got what they have been demanding for the last several weeks: passage of the peripheral-EU rescue package by Germany and others and a commitment to defend the EUR. A sovereign debt default by Greece, Portugal, or Spain has effectively been forestalled for the next several years, buying those nations time to get their fiscal houses in order.

EUR having decisively broken and held above its Mar 03’10 high at 1.3735 has cleared the way for a move higher towards the 1.3787 level, its Feb 17’10 high. A clean penetration and negation of that level will leave the pair targeting its bigger resistance located at the 1.3838 level,…

LAWS to give the authorities more bite when it comes to loan sharks and their accomplices came into effect yesterday, ahead of the opening of Singapore’s first casino, in a move lauded by MPs and counsellors as timely.
The changes to the Moneylenders Act also come in the wake of a rising tide of illegal moneylending activities in recent years.
Latest figures released by the police showed that ther… more

THE Housing Board has released 1,534 flats at two new projects, in the latest move to allay widespread fear of a public housing shortage.
Yesterday, it launched 750 build-to-order (BTO) units in Punggol and 784 in Woodlands. A further 1,000 BTO flats in Sengkang and Sembawang are slated for launch next month.
The launches are in line with the HDB’s plan to offer an islandwide spread of 7,000 BTO f… more

The greenback looks to have made a significant reversal as we head into the year-end. The proximate catalyst was a better than expected November jobs report (see below), which saw Fed interest rate expectations move up, but the move was unfolding from earlier in the week as USD/JPY staged a…

Instead they appointed Temasek unit ST Asset Management – a move backed by the independent directors – in a bid to revive the company’s flagging fortunes.

The move had been opposed by the previous manager, a unit of collapsed Australian investment bank Babcock & Brown, which fell victim to the financial crisis.

Babcock, the firm’s No. 1 shareholder with a 13.8 per cent stake, is in liquidat… more