Intra-Day Market Moving News and Views
Update Time: 26 Mar 2020 04:30GMT
USD/JPY - 110.59... The greenback proved quite tricky to trade yesterday as despite dropping to session lows at 110.76 in Asian morning, price gained to 111.56 in early European morning, then ratcheted higher to session highs at 111.67 on usd's broad-based strength. However, lack of follow-through buying triggered profit-taking and price tumbled to 110.47 in Asian morning today before staging a recovery on news that the U.S. Senate will begin voting on the usd 2 trillion coronavirus economic stimulus bill.
Dollar's selloff from yesterday's high at 111.67 after failure to break Tuesday's 4-week peak at 111.71 signals recent upmove has made a temporary top there and consolidation with downside bias remains for stronger retracement to 110.09, then 109.80/90. Offers are now seen at 110.90/00 and more above at 111.10/20 with stops building up above there whilst initial bids are noted at 109.60/70.
US will release its final GDP figures at 12:30GMT. Street forecasts for GDP and GDP deflator are unchanged at 2.1% and 1.3% respectively.
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