Intra-Day Market Moving New and Views
23 Sep 2014 02:20GMT
USD/JPY - 108.78.. Although dlr remained under pressure at Asian open following o/n weakness in NY session as decline in the Dow (down 107 points) triggered broad-based buying of yen on risk aversion.
The pair briefly penetrated NY low of 108.74 n fell to intra-day low of 108.60, however, release of stronger-than-expected China HSBC flash mfg PMI (Sep came in at 50.5 vs forecast of 50.0) boosted risk sentiment n lifted price to 108.81.
Range trading is expected in quiet Asian morning session as financial markets in Japan are closed for Autumn Equinox holiday.Bids are reported at 108.65-55 with stops touted below 108.50.
Offers are noted at 109.00/10 n more abv with stops abv 109.20. However, more selling interest is reported near last Fri's fresh 6-year peak at 109.46.
In an interview at a Bloomberg's eco. forum in NY on Mon, NY Fed President William Dudley said a sharply stronger dollar could hamper Fed efforts to spur growth n lift inflation.
Tuesday will see the release of China's HSBC manufacturing PMI, German and eurozone Markit service PMI, U.K. PSNB and PSNCR, Canada's retail sales, U.S. Redbook and Markit manufacturing PMI.
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