Intra-day Market Moving News and Views
08 Jul 2015 02:25GMT
USD/JPY - ...... Although dlr staged a rebound from 122.01 to 122.65 in NY session as Dow pared early its losses and ended in a positive territory on Tuesday (DJI rebounded from intra-day low at 17465 and closed up 0.53% to 17776), price fell again to 121.97 in Tokyo morning on Wednesday as decline in Asian stocks markets triggered broad-based buying in yen for risk aversion.
Looks like buying of yen would continue ahead of European open and therefore, selling on intra-day recovery is recommended, however, near term outlook remains consolidative and reckon Mon's fresh 1-month trough at 121.70 would hold in Asia.
Having said that, investors should pay attention to the Eco Watch Survey released by the Cabinet Office at 05:00GMT as it is a survey that is considered as basic material for assessing short-term economic trends in Japan.
Later in NY afternoon at 18:00GMT, Fed's Williams will speak on the economic outlook before the International Conference of Commercial Bank Economists and Fed will release minutes of its latest meeting.
At the moment, offers are noted at 122.30-40 and more around 122.50 with mixture of offers and stops at 122.60-70.
On the downside, bids are reported at 121.90/85 and then 122.75/70 with mixture of bids and stops just below 121.70.
Wednesday will see the release of U.K. BRC Shop Price Index, Japan's Current Account, Economy Watchers Poll, U.K. Budget Report, Canada's Building Permits and U.S. FOMC Minutes.
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