DAILY MARKET OUTLOOK on Major
Update Time: 12 Sept 2018 09:30 GMT
USD/JPY - 111.47
Despite dollar's initial drop to 110.38 on Friday on active yen-buying, subsequent rally to 111.25 the same day, then to 111.65 today suggests recent decline from 111.83 to retrace upmove from August's trough at 109.78 has made a temporary low there and choppy trading with upside bias would be seen for gain towards 111.83.
However, near term loss of momentum would keep price below 112.13, yield retreat.
On the downside, only below 110.38 would revive bearishness for weakness towards 110.11 but August's low at 109.78 would hold on first testing.
On the data front, U.S. will later release MBA mortgage applications, Aug PPI, core PPI and last but not least Fed's beige book at 18:00GMT.
We also have 3 Fed officials delivering speeches later today, pls refer to EI page for details.
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 keeps range above 1.0800 after German Retail Sales data
EUR/USD struggles to gain traction and continues to move in a tight channel slightly above 1.0800. The data from Germany showed that Retail Sales declined by 1.9% on a monthly basis in February, making it difficult for the Euro to attract buyers.
GBP/USD stays depressed below 1.2650 amid market caution
GBP/USD remains defensive below 1.2650 in European trading on Thursday. The hawkish tone from Fed Governor Christopher Waller keeps the US Dollar afloat amid a cautious trading environment ahead of key US data releases and the Good Friday trading lull.
Gold price bulls keenly await US PCE Price Index on Friday before placing fresh bets
Gold price (XAU/USD) continues with its struggle to make it through the $2,200 mark on Thursday and oscillates in a narrow trading band through the early part of the European session.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
The other terminal rate: How far will policy rates be cut?
Recent communication by the Federal Reserve and the ECB has made it clear that the first cut in official interest rates is coming. Both central banks are saying the same but the ECB communication is more opaque than that of the Fed.