Intra-Day Market Moving News & Views
28 Aug 2014
USD/JPY - ..... Despite a recovery from 103.79 to 104.00 in NY session, dlr came under renewed selling pressure shortly after Tokyo open n briefly weakened to 103.70 as fall in Nikkei triggered broad-based buying in yen (N225 was last seen down 80 points to 15454).
Although dlr's intra-day breach of yesterday's NY low at 103.75 suggests further choppy trading below Mon's 7-month peak at 104.49 would continue, sharp fall is unlikely ahead of the release of a slew of U.S. data (U.S. Q2 GDP, PCE, jobless claims n pending home sales) in NY morning.
Therefore, trading dlr from both sides of the market is recommended.
Bids are placed at 103.70/65 n 103.55 with stops emerging just below 103.50. On the upside, offers are noted at 103.80-90 n then 104.00 with stops located above 104.10.
Japan's FinMin is to request record 25.8238 tln yen for debt servicing costs for fiscal 2015/16.
Last night despite dollar's brief bounce to 104.16 in Asian morning, selling interest below penetrated Tuesday's NY res at 104.17 capped dollar's upside and price ratcheted lower to 103.79 in New York morning before trading sideways. Offers are now tipped at 104.00-10 whilst some bids are located at 103.80-75 with some stops seen below there but buying interest is located well above 103.50 sup.
Federal Reserve said to hold open meeting on Sept 3 on final rules for liquidity ratio, margin for non-cleared swaps.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.