Intra-Day Market Moving News and Views -USD/JPY
|Intra-Day Market Moving News and Views
14 Sept 2017 2:50GMT
USD/JPY - 110.63.. Dlr stands tall in Tokyo trading after yesterday's gain to a 2-week high of 110.69 due to broad-based usd's strength n rising U.S. Treasury yields. Despite subsequent retreat n sideways move in New York afternoon and Australia earlier today.
Renewed buying at 110.41 shortly after Tokyo open sent the pair to intra-day high of 110.73 due partly to renewed weakness in the eur/usd.
As dlr's near term ascent which began last Friday seems to be losing steam, strong gain is not expected n consolidation is likely to take over as traders await release of key U.S. inflation data later in the day to predict whether a Fed rate hike would be warranted at next Wednesday's FOMC meeting.
Offers are tipped at 110.70/80 and more above with stops above 111.05.
Bids are noted at 110.45-35 with stops below 110.20, a mixture of bids and stops is touted at 109.90/85.
U.S. will release U.S. inflation data and weekly jobless claims at 12:30GMT, pay attention to Aug annual CPI ex-food & energy, street forecast is looking for an increase of 1.6% vs previous reading of 1.7%.
If actual figures comes in above forecast, then usd will climb, if it misses estimate, then expect a bigger pullback after this week's spectacular rise.
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