Intra-Day Market Moving News and Views
27 Jan 2016 02:12GMT
USD/JPY - ...... Despite yesterday's impressive cross-inspired rally from 117.66 at European open to as high as 118.62 due to strong gain in the crude oil price which in turn triggered broad-based rise in European stocks n the Dow, dlr pared said intra-day gain n retreated in Asia on Wed as benchmark Brent crude oil price gave up half of yesterday's gain, current renewed weakness in the Shanghai composite (down 2%) has triggered another wave of yen-buying on risk aversion.
Dlr's intra-day retreat from 118.62 suggests further choppy trading below last week's 118.88 high would continue n investors' risk sentiment is pretty fragile and would react to decline in oil n stock prices, making trading tricky to say the least.
Offers are tipped at 118.50/60 and more above with stops reported above 119.00.
Some bids are noted at 118.10-00 with stops below 118.00.
Although market's focus remains on stocks n oil price, pay attention to FOMC's rate decision later today but market has largely discount any rate move by the Fed due to recent market turmoil n market anticipates the nearest rate move will not come until March 15-16 meeting whether Fed Chair Janet Yellen will hold a press conference after the announcement.
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