Intra-day Market Moving News and Views
04 Nov 2015 01:10GMT
USD/JPY - ........ The greenback found renewed buying at 120.60 in early European morning and rose to session high 121.23 New Yoyk morning on broad-based dlr strength.
However, profit-taking offers there pressured the pair lower n price retreated to 120.94 in New York afternoon. Later, price found renewed support and gained ahead of Asian open before rallying to 121.26 in Tokyo morning due to the 350+ points rally in Nikkei-225 index.
Market focus now shifts on Fed Chair Janet Yellen's speech at 15:00GMT, who will testify before the House Financial Services Committee on Federal Reserve actions and plans for bank regulation and supervision. Although the focus of the talk is not monetary policy, traders shouldd look out for any hints dropped by the Chief about a possible rate hike in December.
Bids are now seen at 121.00/10 and more below at 120.80/90 with stops building up below there whilst initial offers are noted at 121.70/80, suggesting buying on dips is the way to go.
Data to be released on Wednesday:
New Zealand HLFS jobs reports, labour cost index, Australia AIG service index, trade balance, exports, imports, retails sales, UK BRC shop price index, China Caixin service PMI, Japan consumer confidence, Markit service PMI for Italy, France, Germany, euro zone and UK, euro zone producer price, U.S. ADP national employment, international trade, Markit service PMI, ISM non-manufacturing PMI, and Canada trade reports
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