Intra-Day Market Moving New and Views
17 Sep 2014 02:23GMT
USD/JPY - ..... Trading the greenback was tricky on Tuesday as price swung wildly.
Despite rebounding from Asian 106.93 low to 107.33 at European open after comments from BOJ governor Kuroda, price briefly dropped to a session low of 106.81 in NY on WSJ webcast saying the Fed will stick to near-zero rate language on Wed. Later, rally in the Dow to record high boosted risk sentiment, dlr rebounded to to 107.22 and then 107.28 shortly after Asian open, helped by gain in Nikkei in Tokyo morning (currently up 17 points to 15928).
Dlr's overnight rebound suggests buying on dips is still the favoured stragtegy but sharp gain beyond last Friday's 6-year peak at 107.40 is unlikely ahead of the release of Fed's latest policy statements (18:00GMT) and then Fed Chair Yellen's press ocnference. Bids are placed at 107.10-00 and then 106.85/80 with stops emerging below 106.60, whilst offers from various are noted at 107.40-50 and further out at 107.75/80 with stops emerging just above 108.00.
Market expects the Fed to keep interest rate at ultra-low level on Wednesday and to cut its monthly bond-buying program to $15 bln from $25 bln. Investors are hoping to see a timetable as to when U.S. interest rates may rise and focus more on wording the closing of its bond-buying program.
Wednesday will see the release of New Zealand's current account, Bank of England minutes, U.K. average earnings, claimant count unemployment, ILO unemployment, Swiss ZEW investor sentiment, eurozone inflation, U.S. core CPI, CPI, current account, NAHB housing market index, FOMC rate decision and monetary policy statement.
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