USD/JPY back in play near 110.00 after recovering from Tuesday's dip

The USD/JPY is trading close to the 110.00 handle in early Wednesday action following Tuesday's drop-and-bounce as broader markets roiled following a notable ramp-up in the trade war rhetoric between the US and China.

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US White House reports that Deputy Chief of Staff, Joe Hagin resigned.

Stats New Zealand reported a seasonally adjusted current account deficit for the March 2018 quarter at $3 billion- the highest level since the 2008 global financial crisis.

Some Bank of Japan(BOJ) board members feel it is appropriate to ditch the timeframe for achieving the inflation target because investors are linking the timeframe to changes in the monetary policy.

Wednesday sees a trio of speeches from three central bank leaders, the European Central Bank (ECB), the US Federal Reserve, and the Reserve Bank of Australia (RBA), all scheduled at 13:30 GMT.

Looking to the data, the market expects the Q1 current account deficit to narrow to $128.2bn while existing home sales for May are expected to rise 1.1% to an annualized 5.52m units.

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EUR/USD analysis: risk aversion pauses, but the bearish stance prevails

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USDCAD's potential short-term support

AUD/USD: The Australian dollar could be due for a turnaround.

Valeria Bednarik

A hawkish Fed and a dovish ECB made the EUR/USD pair collapse toward weekly lows

What a week! Things moved in slow motion until Thursday across the FX board, but intense headlines kept coming pretty much since the week started. The dollar refused to surge despite encouraging local data, as speculative interest wanted to asses all the first-tier events before making up their minds one way or the other.

Yohay Elam

Another defeat for the UK government in the House of Lords and the reports that the US wants to impose new tariffs on $200 billion worth of Chinese goods weighs on Sterling. Where can it fall to?

The Technical Confluences Indicator shows that the area of 1.3200-13210 is an area of struggle for GBP/USD as it is the convergence of the one-month low, the one-hour low, the Pivot Point one-day Support 2, and other lines.

Should the pair lose this level, support lines are few and far between. Substantial support is only at 1.3078 which is the confluence of the Pivot Point one-week Support 2 and the potent Pivot Point one-month Support 1.

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