Intra-Day Market Moving News and Views
30 Oct 2014 03:27GMT
USD/JPY - ...... Although the Dow staged a recovery on Wednesday after the FOMC announcement n ended the day down 31 points, the Nikkei rose to a 2-week high of 15666 in Tokyo trading. Some attributed to today's gain on Bloomberg report.
Japan's $1.2 tin pension fund will double its allocation target for local stocks, according to analysts, who've ratcheted up expectations for equity buying while sticking with projections for a reduction in bonds.
The GPIF will increase its domestic equity allocation to 24% of assets fm 12%, according to the median estimate of 12 fund managers. That's up fm 20% in a similar survey in May.
The Topix index soared 4% on Oct. 20 on a Nikkei newspaper report that the fund would set a 25% local-share target.
The Government Pension Investment Fund will increase its domestic equity allocation to 24 percent of assets from 12 percent, according to the median estimate of 12 fund managers
The greenback rallied to 108.96 in NY after upbeat FOMC statements judged the U.S. economy strong enough to end its 6-year long asset-purchase program by end of Oct.
Price ratcheted higher after meeting renewed buying interest at 108.75 in Australia n rose abv 109.00 level to a fresh 3-1/2 week high at 109.12 in Tokyo morning after comments fm Japan PM Abe (see our prev. report).
As dlr has maintained a firm undertone in Tokyo morning, suggesting buying dlr on dips in Asia is the way to go.
However, investors shud pay close attention to U.S. weekly jobless claims n advance Q3 GDP in NY morning as the readings may paint a mixed picture to recent U.S. economy n we may well see another volatile session in NY.
Bids are noted at 108.80-70 n around 108.50 with mixture of bids n stops noted further out at 108.30/25.
On the upside, cross-selling interest are placed at 109.20-30 with offers fm various accounts at 109.50-60 n then 109.75/80.
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