Intra-Day Market Moving News and Views

Update Time: 08 Nov 2019 04:30GMT

USD/JPY - 109.23... The greenback takes a breather after yesterday's rally to a 5-month peak at 109.48. Earlier in the day, despite dropping to dropping to session lows at 108.66, price gained to 109.19 in European morning, then higher to 109.58 in New York afternoon as comments from China's Commerce Ministry increased optimism over US-China trade deal. However, lack of follow-through buying triggered profit-taking and retreated to 109.16 in late New York and continues to remain under pressure in Tokyo morning.

Dollar's break of October's peak at 109.28 to 109.48 yesterday suggests Medium Term upmove from August's 33-month trough at 104.46 has resumed and buying on intra-day dips for a resumption of said uptrend is favored.
Bids are now seen at 109.00/10 and more below at 108.70/80 with stops building up below there whilst initial offers are noted at 109.80/90.

Pay attention to the release of University of Michigan Consumer Sentiment at 15:00GMT. Street forecast is for an uptick to 95.9 from previous reading of 95.5.

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