Intra-Day Market Moving News and Views EUR/USD and USD/JPY
EUR/USD - 1.3794.. The single currency languishes near Mon's fresh 1-week low at 1.3787 (NY) in subdued Asian trading on Tue.
Euro came under renewed selling pressure ahead of NY open on Mon due to usd's broad-based strength, the release of upbeat U.S. leading indicator (Mar figure rose the most in 4 months to +0.8% vs prev. reading of 0.5%) attracted more euro bashing, the pair briefly penetrated last week's 1.3790 low to 1.3787, however, lack of follow-through selling helped euro to stabilise abv said session low n euro moved narrowly in NY afternoon n this price action continues in Asia.
No major EZ eco. data is due out until later today at 14:00GMT where EZ flash consumer confidence for Apr will be released (street forecast is -9.05 vs prev. reading at -9.30). Therefore, Asian traders are likely to remain sidelined until European markets re-open after the long Easter weekend vacation. Offers are noted at 1.3805/15 n more abv with stops tipped abv 1.3830, some bids are reported at 1.3790-80 with stops touted below there.
02:37GMT
USD/JPY - 102.65.. Dlr pares initial gain after rising for 7-consecutive days to a near 2-week high of 102.73 at Tokyo open as release of upbeat U.S. data on Mon n a higher open in the Nikkei 225 boosted risk appetite, st specs sold yen broadly, however, offers at 102.70/80 fm Japanese exporters checked intra-day gain.
Expect minor range trading to take place b4 recent erratic upmove fm Apr's low at 101.32 resumes. Initial bids are noted at 102.55-50 n more below with a mixture of more buying interest n stops near 102.35-30, suggesting buying dlr on dips is the way to go.
Japan's Economy Minister Akira Amari says "still fees considerable gap in TPP (Trans-Pacific Partnership) talks with U.S.".
Japan FinMin Taro Aso says 'expect strengthening of Japan-US alliance through this week's summit.'
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