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Mid-Day Report: Yen Selloff Continues, RBNZ in FocusYen weakness remains the main focus throughout the day after Japan intervened in the forex markets for the first time since 2004. Yen crosses are generally picking up momentum again in early US session and extending today's rally. So far, European yen crosses are the bigger winners with EUR/JPY up 4% this week, while CHF/JPY and GBP/JPY are up around 3%. Dollar on the other hand, is helped by the strong rebound from USD/JPY from 15 year low of 82.86 and is trying to recapture some of the sharp losses against other majors. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 82.71; (P) 83.24; (R1) 83.55; More. USD/JPY's strong rally from 82.86 extends further to as high as 85.76 so far in early US session. Intraday bias remains on the upside and further rise should be seen to 85.89 resistance next. Break will target medium term fibo level at 38.2% retracement of 94.97 to 82.86 at 87.46 next. On the downside, below 84.72 minor support will indicate that a temporary top is formed and turn bias neutral for some consolidations first. |
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Preview of SNB Meeting: No Immediate Need for Rate HikeThe SNB will maintain the 3-month LIBOR target at 0.25% for an 18th month in September. Although economic growth has exceeded the central bank's expectations, inflation remained moderate. There's no immediate need for a rate hike at the moment. Concerning appreciation of Swiss franc, the SNB will reiterate its stance but we doubt much will be done in curbing the rise. Preview of RBNZ Meeting: A Pause in SeptemberAfter raising the policy rate at 2 consecutive meetings, we expect the RBNZ to leave the OCR unchanged at 3% this month. Both of growth and inflation have not evolved as strong as the central bank forecast in June and the earthquake in Christchurch last week may lead policymakers to revise down the economic forecasts. Given heightened uncertainty in the domestic and foreign growth prospects, the RBNZ will take a more cautious stance in determining the next step in its monetary policy. |
| Economic Indicators Update |
Attend The Futures & Forex Expo Las Vegas, September 23-25, at Caesars Palace, where industry experts will help Forex & Futures traders make profitable trading decisions. Register FREE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: EUR/USD – Buy at 1.2910Euro's near term sideways trading after after yesterday's rally to 1.3034 is expected to continue and although pullback to the flat ground Kijun-Sen (now at 1.2933) cannot be ruled out, renewed buying interest should emerge around previous resistance at 1.2910 and bring another rally to 1.3049 (61.8% Fibonacci retracement of 1.3334 to 1.2588) Trade Idea Update: USD/JPY – Buy at 84.20Although current firmness suggests dollar's near term rally from 82.87 low is still in progress and gain towards 86.11 (61.8% Fibonacci retracement) cannot be ruled out, overbought condition would cap price below previous resistance at 86.39 and risk from there is seen for a strong retreat later. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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