Intra-day Market Moving News and Views
26 Jun 2015 02:09GMT
USD/JPY - ...... Dlr pared its early losses in NY session on Thursday due to renewed broad-based selling in yen and extended gain from its intra-day low at 123.32 (Europe) to 123.76 in NY morning following the release of a slew of strong U.S. eco. data (weekly jobless claims, personal income, personal consumption and PCE readings).
Later, despite the release of a surprise drop in U.S. Markit service PMI for June, dlr chopped inside 123.32-123.76 for rest of the NY session after news of no deal were made for Greek debt in the second day of emergency meeting.
Today, the lack of follow-through buying in the greenback after Thursday's release of strong U.S. eco. data and intra-day weakness in Tokyo morning suggests further choppy trading below this week's peak at 124.38 (Wednesday) would be seen with downside bias. Therefore, selling the pair on recovery is favoured.
Fund flow should dominate the market in Asian and early European session until the release of Reuters/Michigan consumer sentiment index and the speech from Fed's George on the Payments System in Kansas City at 14:00GMT and 16:45GMT respectively.
At the moment, bids are reported at 123.30-20 and then 123.05/00 with demand from Japanese importers tipped at 122.80-60.
On the upside, offers from various accounts are placed at 123.60-70 and more at 123.80/85 with stops building just above 124.00.
Friday will see the release of New Zealand's exports, imports and trade balance, Japan's all household spending, CPI and unemployment rate.
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