Intra-Day Market Moving News and Views
Update Time: 13 Feb 2019 03:30GMT
USD/JPY - 110.60.. Despite usd's broad-based retreat in New York trading Tue on market's risk-on sentiment due to optimism over upcoming U.S./China trade talks (see early updates) together with rising U.S. yields and gain in the Dow, traders 'dumped' the safe-haven Japanese yen, leading to rally in eur/yen, gbp/yen and aud/yen (then nzd/yen today), the pair rebounded from 110.35 to 110.55 in New York trading.
D;r's intra-day rise to 110.64 in Asia as broad-based gains in Asian stocks (N225 currently up by 1.5% at 21195) boosted risk appetite and triggered another round of yen selling in Asian morning, suggesting upside bias remains for recent upmove to head to 110.82 retracement target (61.8% r of 114.55-104.79), however, weakening of upward momentum is expected to limit upside to 111.10/20.
Bids are noted at 110.45-35 with stops below 110.30 whilst offers are tipped at 110.60/65 with stops above 110.70/80.
On the U.S. data front, we have a slew of data due out starting with MBA mortgage applications, then January's MM and YY CPI n core CPI, real weekly earnings n Federal budget. We also have a number of key Fed officials speaking during N session (please refer to our EI section for details).
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