Intra-Day Market Moving New and Views
25 Sep 2014 02:25GMT
USD/JPY - ....... Dlr ended up higher above 109.00 level yesterday as release of robust U.S. new home sales data triggered broad-based buying in greenback in NY n investors ignored the comments from Japan PM Abe who expressed concerns over the impact of a weak yen ahead of Wednesday's Tokyo open.
Despite dlr's retreat after climbing to 109.34 ahead of Tokyo open, intra-day near 200 points rally in the Nikkei should continue to boost risk sentiment and buying dlr on dips is still the way to go, however, sharp gain beyond last Friday's 6-year peak at 109.46 is not likely ahead of release of a slew of U.S. data in NY morning where are expected to come in weaker than previous readings.
Bids are noted in the region of 109.00-108.80 and then 108.60-50 with stops emerging below 108.30, whilst offers are placed at 109.45/50 and further out at 109.80-90 with stops located just above psychological barrier at 110.00.
U.S. will release durable goods, weekly jobless claims and Markit Service PMI today. Economists forecast durable goods orders to drop 18.0% in August after July's unusual 22.6% jump which mainly caused by a 317% spike in civilian aircraft n parts orders due to Boeing booking of a record 327 airplane orders.
For the weekly jobless claims and Markit Service PMI, market expects the number to climb to 299K a week ago and to drop to 59.0 in Sept from 59.5 in previous month respectively.
Thursday will see the release of U.K. CBI distributive trades, U.S. building permits, durable goods and Markit services PMI.
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