Intra-day Market Moving News and Views
29 Jul 2015 01:32GMT
USD/JPY - ...... Dlr rallied on Tue as recovery in Chinese stocks after an initial 4%-drop prompted selling in yen, price rose fROm Asian low at 123.08 to as high as 123.80 at NY open before retreating in part due to profit-taking.
Later, dlr dropped back to 123.50 following the release of downbeat U.S. consumer confidence and then moved sideways for rest of the NY session and as well as in subdued Asian trading on Wed as investors are keeping their powder dry ahead of the release of important FOMC monetary policy statements later today (18:00GMT).
The U.S. Federal Reserve is widely expected to leave its benchmark federal funds rate unchanged. But market participants will sit through the statement for hints about when and how the Fed will start hiking the rate, which has been set at a range of 0.00-0.25% since Dec, 2008, in the throes of the financial crisis.
In addition, investors should pay attention to the release of U.S. pending homes sales at 14:00GMT.
At the moment, bids are reported at 123.30-20 and around 123.10 with stops building below 123.00.
On the upside, offers from various accounts are tipped at 123.80-90 then 124.00/05 with stops just above 124.20.
Wednesday will see the release of Japan's retail sales, Germany's GfK consumer sentiment, Swiss UBS consumption indicator, U.K. mortgage approvals and CBI distributive trades, U.S. pending home sales change, FOMC rate decision and Fed's monetary policy statement.
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