AceTraderFx Mar 07: Intra-Day Market Moving News and Views -USD/JPY
Intra-Day Market Moving News and Views
07 Mar 2018 03:25GMT
USD/JPY - 105.69… Dlr has stabilised after initial selloff ahead of Tokyo open when news of resignation of Trump’s top economic adviser Gary Cohn hit the wires around 22:30GMT.
The pair tumbled from 106.18 (AUS) to as low as 105.56 on broad-based active yen buying due to renewed market jitters of escalating trade tensions (as Cohn resigned due to dispute with Trump over trade tariffs), however, short covering later lifted dlr to 105.86 (yesterday’s low, now res - pretty technical reaction) before retreating.
Expect range trading above 105.46 ahead of European open n pay attention to reaction by European traders on the Cohn’ news.
For now, offers are tipped at 105.85/90 with stops above 106.00, bids are noted at 105.50-40 with stops below 105.25, however, there has been recent market chatter of option defence at 105.00 (this level may be a tough nut to crack this week) with stops reported below 105.00.
U.S. will release a slew of eco. data and the most important one is ADP private payrolls at 13:15GMT, then trade balance, labor costs, non-farm productivity and lastly, Fed Beige book. We also have 2 voting members of the FOMC officials speaking, first is out-going NY Fed’s Dudley and then Atlanta Fed’s Bostic.