Intra-Day Market Moving New and Views EUR/USD, USD/JPY
21 Jul 2014 02:32GMT
EUR/USD - ... The single currency continued to edge higher after a brief sell off to a fresh 5-month low of 1.3491 last Fri due to short covering. Price rose above Fri's NY afternoon high of 1.3531 to 1.3534.
Although euro may move higher ahead of European open on broad-based weakness in greenback in Asia, price is expected to remain under pressure later today after Bank of Italy cut its growth forecast for 2014 last Fri n softness in euro's crosses vs jpy n stg.
Germany will release its PPI for Jun at 06:00GMT with forecasts of 0.0% m/m n -0.7% y/y vs previous readings of -0.2% n -0.8%. Later, Italy will release industrial orders n industrial sales for May at 08:00GMT.
At the moment, offers are noted at 1.3540-50 n then 1.3560/65 with mixture of offers n stops located at 1.3580-90. On the downside, bids are placed at 1.3510-00 n around 1.3490 with stops emerging further out below 1.3470.
21 Jul 2014 02:17GMT
USD/JPY - ... The greenback traded with a soft bias in Asia this morning n moved lower from Australian high of 101.37 to 101.27 in part due to cross-buying in yen vs other CCYs as risk aversion remained after the shooting down of a Malaysia Airlines jet in eastern Ukraine last Fri.
Today, expect range trading with mild downside bias until European open as market is thin in Asia due to national holiday in Japan. There are no major economic data release from U.S. and therefore, fund flow should be the main drive for this pair's direction.
At the moment, offers are noted at 101.35/40 and then 101.55/60 with stops emerging above last Wed's high of 101.79, whilst bids are noted at 101.15/10 and around 101.00 with mixture of bids and stops located at 101.80 and just below 2014 bottom at 100.76 (Feb).
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