Intra-Day Market Moving News and Views
25 Feb 2015 02:28GMT
USD/JPY - ...... The greenback is nursing loss in Asian trading after tanking from Tuesday's near 2-week high of 119.84 to 118.76 in NY, then to 118.63 in Tokyo morning after tripping light stops below 118.70.
Although traders sold yen broadly ahead of Fed chief Janet Yellen's testimony before the Congress and the approval of Greek debt extension boosted risk sentiment, broad-based selling in dlr quickly occurred when Yellen's released testimony gave no clear indication of when the much-awaited rate increase would take place, subsequent release of downbeat U.S. consumer confidence further added pressure to the pair.
Looks like consolidation with downside bias would be seen today, however, intra-day gain in the Nikkei to a fresh 15-year peak should keep price above last week's low at 118.20. Offers are tipped at 118.90/00 and more above with some stops reported above 119.40 whilst some bids are noted at 118.60-40 and more below with fairly large stops touted below 118.20.
Yesterday despite rising through Asian and European sessions to an intra-day high at 119.84 in NY morning, the greenback met heavy selling interest after comments from Fed's Yellen hinted that there would be no rate hike sometime soon and tumbled to as low as 119.03 at NY midday and continues to remain under pressure.
Offers was now seen at 119.30/40 and more above at 119.50/60 with stops building up above there whilst initial bids was noted at 118.60/70, suggesting selling on recovery was still favored.
Data to be released on Wednesday:
Australia Wage price, China manufacturing PMI, Italy trade balance and U.S. new home sales and second of the 2-day Fed Chair Yellen's testimony before the Congress.
Recommended Content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold reaches to all-time highs near $2,230, US PCE eyed
Gold price appreciates to all-time highs near $2,230 per troy ounce, attempting to continue its winning streak for the fifth successive session on Friday. However, trading volumes are light as market participants are likely observing Good Friday.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.