Intra-Day Market Moving News and Views
21 Jan 2016 01:26GMT
USD/JPY - ...... In stark contrast to yesterday's selling pressure through Asian session, the greenback met renewed buying at 116.92 in Australia. and climbed above o/n New York top of 117.05 to as high as 117.48 in early Asia trading as intra-day recovery in the Nikkie after the Dow pared half of Wednesday's losses in the afternoon prompted continued yen-selling.
For those who had missed dlr's wild price action in Europe yesterday, price tumbled to a near 1-year trough of in Europe after tripping stops below 116.50, then 116.15.
However, market chatter of vernal warning of yen's strength by a Japanese government official attending the Davos conference in Switzerland triggered a ferocious short-covering rally to 116.97.
Despite intra-day strong retreat to 116.20 in NY due to initial selloff in U.S. stocks, subsequent rebound in the Dow squeezed out late dlr shorts.
Range trading is expected in Asia with an upside bias and intra-day broad-based rebound in Asian equities suggests buying the pair on dips is favoured.
Bids are noted at 117.10-00 and more below n some offers are touted at 117.60/70 and more above with stops building above 118.00.
Data to be released on Thursday:
New Zealand manufacturing PMI, Japan all industry activity index, France business climate, U.K. housing survey, Euro zone interest rate decision, consumer confidence, U.S. initial jobless claims and Philadelphia Fed survey.
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