Intra-Day Market Moving News and Views
20 Oct 2014 08:43GMT
USD/JPY - ...... BoJ Nagoya branch manager was quoted saying 'many firms in Tokai central Japan region feel rapid fx moves, whether it's yen rise or fall, are undesirable; hard to judge now how recent choppy yen moves affect economy in Tokai region.'
Earlier, comments by Japan's junior coalition party Komeito official, quote:
don't expect gov't to resort to FX manipulation to correct yen weakening; excessive yen weakness wud be unwelcome, nagtive eefects emerging in economy; extra budget needed to deal with stalling economy regardless of decision on next sales tax hike.
Dlr finally pares intra-day gain after opening high abv Fri's 106.95 top to 107.27 in NZ, then climbing to session high of 107.39 in Tokyo as a sharp rally in the Nikkei boosted risk sentiment (Nikke closed up by 578 points at 15111). However, present retreat in the Nikkei futures in Europe (down 80 points at 14040) triggered broad-based buying of yen, price retreated to 107.05, suggesting sideways trading is in store.
Offers are tipped at 107.30/40 n more abv with stops abv 107.50. Initial bids are noted at 107.00/106.90 with some stops below there, however, more buying interest is touted at 106.70/60, suggesting buying dlr on dips is still favoured.
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