Intra-Day Market Moving News and Views
Update Time: 06 May 2019 04:40GMT
USD/JPY - 110.59.. Despite trading narrowly for 5 consecutive days in Asian morning last week due to closure of Japanese markets for Golden Week holiday, the greenback swung wildly in hectic Mon session due to active safe-haven yen buying following Trump's tweet late Sun to threaten tariffs on China (see early updates for details) triggered risk aversions, resulting in yen and chf buying but selloff in the commodity currencies.
Dlr gaped lower below Friday's 111.07 (New York) low to 110.61 in New Zealand n fell from 110.97 to 110.54. Although price staged a short-covering recovery to 110.84, news of China's response to consider cancelling its trade talk in Washington this week triggered another round of yen-buying, the pair hit a 5-week trough of 110.28 before recovering ahead of Asian lunch break.
Dlr's intra-day firm break of daily sup at 110.85 sup bodes ill for the pair n price may later head towards next daily chart obj. at 109.71. European traders are likely to buy the yen broadly in reaction to latest U.S./China trade tensions (key China Shanghai Composite Index currently at 2920, down over 5% !), so selling on recovery is the way to go. Order board is pretty thin, so no much to report after stops below 111.00 n 110.80 were hit.
After Fri's key U.S. jobs report, no eco. data is due out today. However, we have more Fed officials scheduled to speak starting with Chicago Fed President Evans at 10:00GMT n later Philly Fed's Harker at 13:30GMT.
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