Intra-Day Market Moving News and Views
05 May 2016 02:19GMT
USD/JPY - 107.17.. Dlr gained another day of respite yesterday after hitting a fresh 18-month bottom of 105.55 on Tuesday.
Price swung wildly in Asian trading before ratcheting lower in European morning on renewed buying in yen and briefly dropping to session lows of 106.25 at New York open after lower-than-expected U.S. ADP private payrolls, however, buying interest quickly emerged n lifted the pair. Dlr then erased intra-day loss and rallied due to subsequent release of upbeat U.S. ISM services PMI and factory goods order, price later climbed back to 107.26 in New York afternoon.
Japanese financial are shut today for the 3rd and final day of the so-called Golden Week holiday, so choppy swings inside yesterday's 107.47-106.25 range are expected to continue.
Bids are noted at 106.90-80 and more at 106.50-40 with stops below 106.25.
Offers are tipped at 107.35/45 with stop above 107.50, suggesting buying dlr on dips for intra-day trade is still cautiously favoured.
After yesterday's release of a slew of fairly important U.S. economic data, the only piece of data for market to chew on ahead of Friday's key U.S. jobs report is the usual weekly jobless claims, however, reaction to the number is expected to be muted.
Data to be released on Thursday:
Australia retail sales, imports, exports, trade balance, China Caixin service PMI, U.K. Markit service PMI, U.S. initial jobless claims and Canada building permits.
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