USD/JPY outlook still unclear, rangebound likely near term – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group noted the pair’s outlook stays unclear, although extra sideline appears probable in the near term.

Key Quotes

24-hour view: “Instead of extending its decline (as expected yesterday), USD rebounded strongly from a low of 110.45. The underlying tone has improved with the recovery but any further USD strength is not expected to break above the major 111.50 resistance (minor resistance is at 111.30). Support is at 110.65 followed by 110.40”.

Next 1-3 week: “The price action in USD continues to confound us as it surrendered most of the gains made over the past two days. Note that USD rebounded strongly from a low of 110.10 Monday (13 Aug) and hit a high of 111.42 yesterday (15 Aug) before dropping sharply and closed at 110.73 in NY (-0.36%). As highlighted yesterday, the outlook is unclear and it appears that USD is trading in a broad range now. After yesterday’s price action, the expected range is likely lower between 109.85 and 111.50 (instead of 110.30/112.20 as expected previously)”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

GBP/USD hovers around 1.3450 amid upbeat mood, ahead of ADP

GBP/USD is inching higher above 1.3450 in European trading on Wednesday, helped by reduced haven appeal for the US Dollar as markets cheer a potential US-Iran deal on the Strait of Hormuz reopening. The decision is due later in the day. Traders also look forward to the US ADP and ISM Services PMI data.

EUR/USD keeps range near 1.1550 on Hormuz reopening optimism

EUR/USD holds ground near 1.1550 in the early European hours on Wednesday. The pair stays supported amid hopes for a US-Iran deal on the reopening of the Strait of Hormuz, which lifts risk sentiment and keeps the safe-haven US Dollar on the back foot. The US ADP Employment data and ISM Services PMI report are in the spotlight alongside Mideast headlines.

USD/INR: Indian Rupee eases from monthly highs after RBI's neutral hold

Indian Rupee is easing from its highest level in a month above the 95.00 level against the US Dollar on Wednesday, holding gains after the Reserve Bank of India (RBI) held the Repo Rate at 5.25%, as expected, maintaining a neutral stance amid still-modest inflation.

Top 3 Price Predictions: Bitcoin, Ethereum, Ripple – BTC eyes breakout, ETH consolidates, XRP finds stability

Bitcoin, Ethereum and Ripple move toward the key technical levels on Wednesday, which could determine the next directional bias. BTC is near the 50-day Exponential Moving Average, ETH trades sideways while XRP is showing signs of stabilization.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.