Intra-Day Market Moving News and Views
31 May 2016 01:23GMT
USD/JPY - ...... Although the greenback rose to session high at 111.45 in early European morning, price retreated to 111.03 and continued to trade in a narrow range in holiday-thinned conditions as UK and US markets were closed.
Dlr briefly dropped to 110.80 at Tokyo open after Japan reported better-than-expected industrial production data before rebounding in Tokyo morning.
Factory output rose 0.3 percent in April from the previous month, against a median market forecast for a 1.5 percent drop, data by the Ministry of Economy, Trade and Industry showed on Tuesday. It followed a 3.8 percent rise in March.
Pay attention to the release of U.S. consumer confidence data at 14:00GMT. Street forecast is for a rise to 96.0 fm prev. reading of 94.2.
Bids are now seen at 110.90/00 and more below at 110.70/80 with stops building up below there whilst initial offers are noted at 111.60/70, suggesting buying on dips for a resumption of recent uptrend is favored.
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