Intra-Day Market Moving News and Views
24 Nov 2014 02:07GMT
USD/JPY - ...... Although dlr opened higher at 117.95 (Reuters) at NZ open, renewed broad-based weakness in greenback knocked price down to 117.58 shortly after Asian open.
Looks like choppy trading inside near term established range of 117.36-118.12 (Fri's Asian low n European high respectively) would continue ahead of today's European open as most of the investors are sidelined in thin Asia session due to Japan's market holiday.
Bids are noted at 117.50-40 with mixture of bids n stops located at 117.15/10 and just below 117.00, whilst offers are placed at 117.80-90 and then 118.05/10 with stops placed just abv 118.20.
Looking ahead, investors shud pay close attention to the release of U.S. Markit Service PMI at 14:54GMT as economists forecast the reading in Nov to be 56.8, down fm 57.1 in previous month.
If the actual data comes out to be below 57.0 or even lower than the said median forecast, dlr wud go under pressure n may post a test of 117.00 level in NY session.
A piece of news from Nikkei Asian Review over the weekend worth mentioning.
The latest Nikkei opinion survey showed that Japanese voters are not impressed with PM Shinzo Abe's economic policy but still favor his ruling party over the opposition camp.
The survey showed: - In the Dec 14 election, 35% said they will vote for the LDP candidates - 9% backed the opposition Democratic Party of Japan - Japan Innovation Party, Komeito (Abe's coalition partner) and Japanese Communist Party each 3% support - 45% are undecided or do not know Abenomics does not seem to be getting much traction, either, with 51% saying they do not approve of Abe's economic policy as opposed to the 33% endorsing his approach. 44% said they expect Abenomics to spur a recovery or wage hikes, while 49% said they have no such hopes.
The survey was conducted via random-digit dialing fm Fri to Sun. Of 1,613 households with eligible voters, 1,031, or 63.9%, provided valid responses.
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