DAILY MARKET OUTLOOK on Major
Update Time: 23 May 2017 09:18 GMT
USDJPY - 111.21
The greenback's recent swings after last Thursday's rebound from 110.24 to 111.73 are likely to continue and intra-day rebound from 110.86 has retained bullishness but above 111.73 is needed to yield stronger retracement of decline from May's peak at 114.37 towards 112.24/30, however, resistance at 112.94 should remain intact this week and yield retreat.
On the downside, only below 110.53 would confirm the recovery from 110.24 has ended instead and turn outlook bearish for weakness to 110.24, break, 110.00 later.
Data to be released on Tuesday:
Swiss trade balance, France business climate, manufacturing PMI, services PMI, Germany GDP, manufacturing PMI, services PMI, EU manufacturing PMI, services PMI, UK PSNB, PSNCR, CBI trends, U.S. redbook, manufacturing PMI, services PMI and new home sales.
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
EUR/USD consolidates weekly gains above 1.1150
EUR/USD moves up and down in a narrow channel slightly above 1.1150 on Friday. In the absence of high-tier macroeconomic data releases, comments from central bank officials and the risk mood could drive the pair's action heading into the weekend.
GBP/USD stabilizes near 1.3300, looks to post strong weekly gains
GBP/USD trades modestly higher on the day near 1.3300, supported by the upbeat UK Retail Sales data for August. The pair remains on track to end the week, which featured Fed and BoE policy decisions, with strong gains.
Gold extends rally to new record-high above $2,610
Gold (XAU/USD) preserves its bullish momentum and trades at a new all-time high above $2,610 on Friday. Heightened expectations that global central banks will follow the Fed in easing policy and slashing rates lift XAU/USD.
Week ahead – SNB to cut again, RBA to stand pat, PCE inflation also on tap
SNB is expected to ease for third time; might cut by 50bps. RBA to hold rates but could turn less hawkish as CPI falls. After inaugural Fed cut, attention turns to PCE inflation.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.