AceTraderFx Feb 18: Intra-Day News and Views (USD/JPY) & data to be released today

Trading Discussion Currencies
1

[B]Intra-Day Market Moving News and Views
18 Feb 2015[/B] [I] 02:11GMT[/I]

[B]USD/JPY [/B]- ....... Despite yesterday's brief drop to 118.24 in Asia, active short-covering above Monday's low at 118.20 lifted the pair. U.S. dollar ratcheted higher on renewed cross selling in jpy due to improved risk appetite amid speculation Greece will resolve its stand off with creditors.

The pair rose to as high as 119.41 in late NY before easing.
Bids are now located at 119.05-00 n more at 118.80-70.
Trading is thin ahead of a Bank of Japan policy decision.

A piece of news report ahead of BoJ monetary policy announcement worth noting. Reuters reported the BoJ is set to maintain its massive asset buying stimulus spree on Wed n revise up its view on output, even as data showing only a feeble recovery fm recession tempers its optimism.

A much-awaited rebound in exports has offered some hope for BOJ policymakers, who prefer to hold off on expanding stimulus for now even as falling oil prices push inflation further away from its 2% target. Data on Mon confirmed the economy pulled out of recession in the 4th-quarter last year but annualised growth of 2.2% was much weaker than expected, underscoring the lingering impact fm a sales tax hike last Apr.

Still, the BOJ is likely to stick to its view that the economy is recovering moderately, and on track to hit 2% inflation next fiscal year as companies raise wages and spending. With industrial production up 1.0% in Dec n exports having risen the most in a year, the central bank is also seen revising up its view on output and exports, said sources familiar with its thinking.

At Wed’s meeting, the BOJ is widely expected to maintain its stimulus programme that pledges to print money at an annual pace of 80 tln yen ($675 bln). Markets are focusing on how Governor Haruhiko Kuroda will respond to criticism, mainly fm opposition lawmakers, that his radical stimulus is spurring excessive yen falls that hurt consumer sentiment by driving up import costs.

With the BOJ’s massive bond purchases drying up liquidity and heightening volatility in the bond market, many within the BOJ hope to keep policy steady for now. Advisers to PM Shinzo Abe back the BOJ’s wait-and-see stance, worried that more easing could send the yen to damagingly low levels.

Kuroda has been unwavering in his view that a weak yen is good for the economy, n so will reiterate that the BOJ will do whatever it takes to hit 2% inflation, analysts say.

[B]Data to be released on Wednesday: [/B]

Australia’s CB Leading Indicator, Westpac Leading Index, Japan’s BoJ rate decision and press conference, U.K.'s Average Earnings, Claimant Count, ILO Unemployment Rate, BoE’s MPC vote outcome, BoE’s meeting minutes, Switzerland’s ZEW Investor Sentiment, Canada’s Wholesale Trade, U.S.'s Building Permits, Housing Starts, Industrial Output, Capacity Utilization and Fed FOMC minutes on Wednesday. Market in China will be closed due to Chinese New Year Holiday.

2

[B]Intra-Day Market Moving News and Views
23 Feb 2015[/B] [I]00:32GMT[/I]

[B]USD/JPY[/B] - ...... More on earlier release of BoJ minutes. Reuters reported 3 members of the BoJ's policy board expressed doubts the BOJ can meet its inflation target because of a slowdown in underlying inflation and falling oil prices, minutes of the bank's January monetary policy meeting showed.

One of the three members said that even though the yen is weak, annual inflation excluding food and energy is only slightly above zero, according to minutes published on Monday.
Another of the three members said the collapse in oil prices from last year has slowed inflationary momentum.

In a quarterly review of its long-term forecasts in January, the BOJ cut its core consumer inflation projection to 1.0% from an estimate 1.7% issued 3 months ago, largely due to the global oil price slump.

BOJ January meeting minutes showed members agreed to share common forecast for oil prices as oil price swings could have big impact on CPI;
many members saw no change to long-term price trend;
many members said high chance of meeting inflation target around FY 2015 assuming gradual increase in oil prices.

[B]Data to be released this week :[/B]

Japan BoJ minutes, China market holiday, Germany Ifo business climate,current conditions, expectations, UK CBI trades and U.S. existing home sales [B]on Monday.[/B]

China market holiday, New Zealand RBNZ inflation expectation, Germany GDP, France business climate, UK BBA mortgage approvals, EU inflation, U.S. Caseshiller and consumer confidence, Federal Reserve Chair Janet Yellen’s testimony before the U.S. Senate Banking Committee [B]on Tuesday.[/B]

Australia Wage price, China manufacturing PMI, Italy trade balance and U.S. new home sales [B]on Wednesday.[/B]

New Zealand exports, imports, trade balance, Australia capex, Germany consumer sentiment, unemployment rate, France consumer confidence, U.K.GDP, Italy retail sales, business confidence, consumer confidence, EU services sentiment, business climate, consumer confidence, economic sentiment, Canada inflation, U.S. inflation, jobless claims, durable goods and monthly home price [B]on Thursday.[/B]

Japan inflation, unemployment rate, retail sales, industrial output, housing starts, construction orders, UK consumer confidence, France producer prices, Swiss KOF indicator, Italy CPI, Germany CPI, U.S. Chicago PMI and pending home sales [B]on Friday.[/B]

3

[B]Intra-Day Market Moving News and Views
24 Feb 2015[/B] [I]02:14GMT[/I]

[B]USD/JPY [/B]- ....... The greenback briefly rebound to 119.35 on Monday, however, active cross buying in yen knocked price lower in New York.

Offers are now tipped at 119.15/20 and more at 119.30-40.
On the downside, some bids are located at 118.80 and more at 118.70-65 with stops only seen below 118.50.

On the data front, U.S. existing home sales, released on Monday, declined 4.9 percent to an annual rate of 4.82 million units, the lowest level since last April. U.S. home resales fell sharply to their lowest level in nine months in January amid a shortage of properties on the market.

Although Nikkei-225 index retreated briefly in Tokyo morning, it pared early losses and currently rose by 17 points to 18484, prompting some investors to buy usd/jpy.
Earlier Japan ECONMIN Amari says Japan-US TPP talks are behind schedule.

Yesterday although the greenback met selling interest at Asian open and retreated to 118.88 in Asia, price pared its losses and rose to intra-day high at 119.35 in early European morning.
However, renewed selling there capped gains and price fell to session low at 118.82 in NY as investors remain cautious ahead of Fed Yellen’s testimony on Tuesday.

[B]Data to be released on Tuesday: [/B]

China market holiday, New Zealand RBNZ inflation expectation, Germany GDP, France business climate, UK BBA mortgage approvals, EU inflation, U.S. Caseshiller and consumer confidence, Federal Reserve Chair Janet Yellen’s testimony before the U.S. Senate Banking Committee.

4

[B]Intra-Day Market Moving News and Views
26 Feb 2015 [/B] [I]02:22GMT[/I]

[B]USD/JPY[/B] - .... ... The greenback ratcheted higher in Tokyo morning due to the rise in Nikkei-225 index which rose by 87 point to 18673 after Wednesday's release of upbeat U.S. housing and Chinese factory data. U.S. dollar rebounded to 119.09 before easing as offers are tipped at 119.10-20 and more at 119.40.

On the downside, some bids are located at 118.80 and more at 118.65-60 with mixture of bids and stops seen at 118.50.

Comment from BOJ broad member Ishida, quote:

  • Expects Global Economy To Gradually Accelerate Pace Of Growth
  • Japan Economy Recovering Moderately As A Trend
  • Private Consumption Firm, Likely To Resume Moderate Recovery
  • Shouldn’t Adjust Policy To Target Certain Timing For Hitting 2% Price Target
  • Policy Ought To Be Adjusted When There Is Big Risk Japan May Fail To Achieve Stable Price Growth, Sustainable Economic Growth
  • Too Early To Debate Exit Strategy From QQE Now
  • If Inflation Accelerates Ahead, Time Will Come When BOJ Needs To Gradually Whittle Down Pace Of Asset Purchases
  • Falling Oil Prices Led To Downgrade To BOJ’s Inflation Forecast For Fiscal 2015 But Will Push Up Price Growth As A Trend
  • Don’t Think Oil Price Falls Pose Problems To Monetary Policy As Long As Consumer Inflation Accelerates Again Toward 2%
  • Some People Advocate Focusing More On Core-Core CPI But Need To Look At Price Gauges Including Food Costs To Judge Broad Price Trend
  • See No Change In Broad Uptrend In Japan Consumer Inflation
  • IMF’s Downgrade Of Global Growth Estimates Shows There Are Vulnerabilities In Global Recovery Trend
  • Japan Real Exports Clearly Turned Positive, Positive Economic Momentum Steadily Increasing Amid Weak-Yen Environment

[B]Data to be released on Thursday: [/B]

New Zealand exports, imports, trade balance, Australia capex, Germany consumer sentiment, unemployment rate, France consumer confidence, U.K.GDP, Italy retail sales, business confidence, consumer confidence, EU services sentiment, business climate, consumer confidence, economic sentiment, Canada inflation, U.S. inflation, jobless claims, durable goods and monthly home price.

5

[B]Intra-Day Market Moving News and Views
27 Feb 2015[/B] [I]02:37GMT[/I]

[B]USD/JPY [/B]- ...... Despite yesterday's brief drop to 118.68 in European morning, the greenback rebounded strongly to 119.51 due to dlr's broad-based strength after hawkish comments Federal Reserve's James Bullard together with upbeat U.S. economic data.

Bids are now located at 119.20-15 and more at 119.05-00 with some stops seen below 119.00.
On the upside, offers are tipped at 119.50 and more at 119.70-80.

Reuters reported Japanese households cut spending more than expected and retail sales fell for the first time in 7 months in Jan, data showed on Friday, a sign the central bank’s radical stimulus has yet to convince consumers that inflation will take hold.

Factory output jumped in January as exports rebounded on solid U.S. and Asia demand, but manufactures see output rising only slightly in the current month and then slumping in March, adding to evidence of an uneven economic recovery.

The soft consumption is a headache for the BoJ, which hopes its aggressive money printing will fuel expectations that prices will rise ahead and prompt households to spend more now.

Yesterday BOJ Gov Kuroda said that they won’t tolerate price rises exceeding beyond price stability goal and there is no plan to change Monetary Policy in response to sales tax hike scheduled In 2017.

[B]Data to be released on Friday: [/B]

Japan inflation, unemployment rate, retail sales, industrial output, housing starts, construction orders, UK consumer confidence, France producer prices, Swiss KOF indicator, Italy CPI, Germany CPI, import price index, U.S. GDP, Chicago PMI and pending home sales.

6

[B]Intra-Day Market Moving News and Views
03 Mar 2015[/B] [I]02:06GMT[/I]

[B]USD/JPY[/B] - ....... The greenback extending yesterday's rally to 120.27 in Tokyo morning due to the initial rise in Nikkei-225 following the rise in global stock markets on Monday.

The Dow Jones industrial average and the S&P 500 both posted fresh record closing highs, while the Nasdaq Composite broke 5,000 for the first time in 15 years.

However, profit-taking capped dollar’s upside somewhat and the pair retreated due to the retreat in Nikkei-225 index (currently dropped by 70 points to 18757).
Offers are now tipped at 120.20-30 and more at 120.50.
On the downside, bids are located at 119.80 adn more at 119.60-50 with stops seen below 119.50.

Yesterday the greenback maintained a firm undertone after extending last Friday’s rise to 119.95 in Tokyo morning(Monday) due to dlr’s broad-based strength n the continued rise in Nikkei-225 index which rose by 31 points to 18829. Bids was located at 119.65-60 n more at 119.50. On the upside, some offers were tipped at 119.95/00 with stops seen above 120.00 n 120.05, however, selling interest was noted at 120.30-40.

On Friday, BOJ Deputy Governor Hiroshi Nakaso said the Bank of Japan’s commitment to achieving its 2% price target is “unshakable,” and Japan now has a good chance of witnessing a “true dawn” with the economy emerging from the hit from last year’s consumption tax hike and now back on a sustained growth path.

[B]Data to be released on Tuesday: [/B]

Australia building approvals, RBA rate decision, Swiss GDP, Germany retail sales, UK construction PMI, EU producer prices, Canada GDP, producer prices, U.S. redbook retail sales and ISM New York index.

7

[B]Intra-Day Market Moving News and Views
04 Mar 2015 [/B][I]02:21GMT[/I]

[B]USD/JPY [/B]- ...... The greenback tumbled from yesterday's Asian high at 120.27 to as low as 119.38 due to active cross buying in jpy together with the retreat in Nikkei-225 futures following the decline in U.S. Dow Jones index which closed down 85 points to 18203.

Offers are now tipped below NY res at 119.79 with stop building up above 119.91.
On the downside, bids are located at 119.50-40 and more at 119.30.

Comments from BOJ’s Miyao, quote:
very likely to achieve 2% price stability target;
precise timing of reaching 2% inflation may be sooner or later than intended; improvements in output gap, labour demand suggest upward pressure on prices to increase;
a central bank could lose policy flexibility if it provides overly specific information about time spans and economic indicators.

Yesterday, although the greenback found renewed buying at 119.57 ahead of European open and rebounded to 119.91 in European morning, renewed selling emerged and price tumbled to session low at 119.39 on dlr’s broad-based weakness before staging a brief recovery.

[B]Data to be released on Wednesday: [/B]

Australia GDP, China HSBC services PMI, Italy services PMI, France services PMI, Germany services PMI, EU services PMI, retail sales, UK services PMI, Canada BoC rate decision, U.S. ADP employment and Fed beige book.

8

[B]Intra-Day Market Moving News and Views
06 Mar 2015[/B] [I]02:14GMT[/I]

[B]USD/JPY[/B] - ...... Although the greenback rallied above 120.27 to an intra-day high of 120.40 on Thursday due to dollar's broad-based strength, U.S. dollar pared some of the gains today on profit-taking but renewed buying interest is located at 119.95-90 and more at 119.80 with stops only seen below 119.60 and 119.50.

On the upside, offers are tipped at 120.30-40 with stops seen above 120.50.

Yesterday despite Tuesday’s sell off from 120.27 to 119.38, the greenback traded narrowly inside 119.50-119.83 range as focus was on the single currency.
Offers was tipped at 119.85-90 with stops seen above 120.00.
Nikkei-225 index then rebounded by 47 points to 18750. If Japanese shares rises more, it may lift the usd/jpy pair despite the sell off in eur/jpy.

[B]Data to be released on Friday: [/B]

Japan leading indicator, Germany industrial output, France exports, imports, budget balance, Swiss CPI, Italy producer prices, EU GDP, Canada building permits, exports, imports, trade balance, U.S. non-farm payrolls, private payrolls, average earnings, unemployment rate and international trade.

9

[B]Intra-Day Market Moving News and Views

06 Mar 2015 [/B] [I]08:09GMT[/I]

[B]USD/JPY [/B]- ..... Reuters reported earlier revised 4th-quarter Japanese data next Monday is likely to show capital spending was slightly stronger than expected, but overall economic growth was little changed from initial estimates, confirming the economy only managed to limp out of recession.

Among other key data next week, core machinery orders probably fell in January for the 1st time in three months largely due to a reactionary pullback after a jump in Dec.
Orders are an important indicator of capital spending in the coming 6 to 9 months. Firms’ spending on plant and equipment and an increase in wages hold the keys to the ultimate success of PM Shinzo Abe’s policy strategy to generate a virtuous demand cycle in the economy n end decades of deflation.

Corporations have been cautious about spending as they are worried about the outlook for the economic recovery, but analysts project strong corporate earnings n lower oil prices will help their spending.

Capital expenditure, one of the components of GDP, probably rose 0.3% for the quarter fm a preliminary 0.1% gain, the poll showed.
But the expected upward revision in the capex will not be strong enough to change the overall economic growth for the 4th quarter.

10

[B]Intra-Day Market Moving News and Views
09 Mar 2015[/B] [I] 01:00GMT[/I]

[B]USD/JPY[/B] ...... Comments from BOJ's Nakaso, quote:
  • No Need To Respond Via Monetary Policy If Inflation Heading Toward 2 Pct As A Trend
  • Need To Take Monetary Policy Action If Oil Price Falls Affect Long-Term Inflation Expectations, Make It Difficult To Hit 2 Pct Inflation
  • BOJ Didn’T Ease Policy In October Last Year Directly In Response To Oil Price Falls
  • Must Look At Various Indicators In Gauging Price Trend
  • Expect Inflation Expectations To Heighten Steadily
  • Timing Of Hitting 2 Pct Inflation May Change Somewhat Depending On Oil Price Moves
  • Will Adjust Policy If There Is Change In Price Uptrend
  • BOJ Is Aiming To Achieve Price Rises Accompanied By Economic Expansion, Increases In Corporate Revenues And Wages
  • Effect Of Weak Yen Finally Starting To Boost Export Volume

Reuters reported earlier Japanese GDP rose an annualised 1.5% in the Oct-Dec quarter, revised gov’t data showed on Mon, less than the preliminary reading of a 2.2% increase as capital expenditure weakened.

The median forecast was for 2.2% annualised growth in a Reuters poll of economists.
On a quarter-on-quarter basis, the economy grew 0.4% in the 4th quarter, the Cabinet Office data showed. That compared with a preliminary reading of a 0.6% increase n the median estimate of 0.6% growth.

Capital expenditure fell 0.1% fm the previous quarter, versus a preliminary 0.1% increase n below the median estimate of a 0.3% expansion.

[B]Data to be released this week: [/B]

Japan current account, GDP, Germany imports, exports, trade balance, Swiss retail sales, EU sentix index and Canada housing starts[B] on Monday. [/B]

UK BRC retail sales, Australia NAB business conditions, business confidence, China CPI, PPI, Swiss unemployment, France industrial output, Italy industrial output, U.S. redbook retail sales, wholesale sales and wholesale inventories [B]on Tuesday. [/B]

Australia Westpac consumer confidence, Japan CGPI, machinery orders, China industrial output, retail sales, France current account, UK industrial output, manufacturing output and U.S. Federal budget [B]on Wednesday.[/B]

New Zealand RBNZ rate decision, Australia employment, Japan consumer confidence, Germany CPI, HICP, France CPI, EU industrial production, UK trade balance, U.S. export prices, import prices, jobless claims, retail sales, business inventories and Canada capacity utilisation [B]on Thursday. [/B]

Japan capacity utilisation, industrial output, Italy CPI and Canada employment[B] on Friday.[/B]

11

[B]Intra-Day Market Moving News and Views
12 Mar 2015[/B] [I]01:42GMT[/I]

[B]USD/JPY[/B] - ...... Reuters reported earlier big Japanese manufacturers grew less optimistic in January-March and they expect business conditions to worsen in the following quarter, a government survey showed on Thursday, underscoring the economy's fragile recovery from recession.

The business survey index (BSI) of sentiment at large manufacturers stood at plus 2.4 in January-March, compared with plus 8.1 in the prior 3 months, according to the joint survey by the Ministry of Finance and the Cabinet Office.

The BSI measures the percentage of firms that expect the business environment to improve from the previous quarter minus the percentage that expect it to worsen.
Positive figures mean optimists outnumber pessimists.

Japanese firms plan to raise capital spending by 5.1% in the current business year to March 2015, the survey also showed, more than the 4.9% seen in the previous poll.
Capital spending is expected to fall 3.9% in the next fiscal year.

[B]Thursday [/B]will see the release of New Zealand RBNZ rate decision, Australia employment, Japan consumer confidence, Germany CPI, HICP, France CPI, EU industrial production, UK trade balance, U.S. export prices, import prices, jobless claims, retail sales, business inventories and Canada capacity utilisation.

12

[B]Intra-Day Market Moving News and Views
13 Mar 2015[/B] [I]02:32GMT[/I]

[B]USD/JPY [/B]- ...... Although dlr briefly tumbled below Wed's low at 120.86 to 120.65 in NY yesterday after reports from U.S. Commerce Dep't showed an unexpected drop in retail sales in Feb (actual ceme in at -0.6% vs street forecast of 0.3%), renewed buying interest quickly emerged n lifted price to 121.42, then 121.47 in Tokyo morning today.

As intra-day rally rally in the Nikkei (N225 has risen abv the 19000 mark since 2000) has boosted risk appetite n other major Asian stock markets, buying dlr on dips ahead of European open is recommended, however, a move back abv y’day’s high at 121.67 is needed to retain bullishness for gain twd of Tue’s fresh near 8-year peak at 122.03.

At present, bids are noted at 121.20-10 n then 121.00 with mixture of bids n stops located at 120.85/80 n just below 120.65. On the upside, offers fm various accounts are placed at 121.55-65 n further out at 121.80-90.

Yesterday BoJ policymakers were sending a concerted signal to investors that they see no need to expand their already-massive monetary stimulus for a second time in response to a slowdown in inflation driven by the fall in oil prices.
6 of the BOJ’s 9 board members, including Governor Haruhiko Kuroda, went public in the past 2 weeks to push the message that, while they expected inflation to grind to a halt or even fall in coming months, they remained hopeful that a pick-up in consumption will rekindle consumer prices down the line.
"Falling prices will push up real interest rates, shattering the transmission channels of the BOJ’s stimulus programme needed to boost private consumption and capital expenditure."
Some BOJ officials admitted that they had only themselves to blame. The central bank justified its surprise easing in October as aimed at preventing oil price falls, and a subsequent slowdown in prices, from hurting inflation expectations.

[B]Friday[/B] will see the release of Japan capacity utilisation, industrial output, Italy CPI and Canada employment data.

13

[B]Intra-Day Market Moving News and Views
17 Mar 2015[/B] [I]02:21GMT[/I]

[B]USD/JPY [/B]- ....... Despite dlr's brief retreat to 121.10 in NY morning on Mondady, subsequent broad-based rebound in greenback lifted price in NY session and dlr climbed to 121.52 in Tokyo morning as rise in Nikkei index boosted risk appetites (N225 index was last seen at 19,405, up 0.83%).

Market’s focus in Asia will be on the release of BoJ monetary policy decision (between 03:00-04:00GMT) and the press conference from governor Kuroda (a few hours later).
The Japan’s central bank is expected to hold on further stimulus, despite the very soft inflation figures for January.

At present, bids are noted at 121.30-20 and then 121.10 with mixture of bids and stops emerging below 121.00.
On the upside, offers are placed at 121.65/70, 121.80/85 and then 121.90-00 with stops located just above last Tuesday’s fresh 8-year peak at 122.03.

[B]Tuesday [/B]will see the release of RBA meeting minutes, Bank of Japan policy statement and press conference; Germany’s ZEW economic sentiment, eurozone inflation data and employment, U.S. housing starts and building permits, Canada’s manufacturing sales and U.S. redbook.

14

[B]Intra-Day Market Moving News and Views
18 Mar 2015[/B] [I]02:16GMT[/I]

[B]USD/JPY[/B] - ...... The greenback spent another lackluster day inside a narrow range of 121.57-121.10 yesterday as investors were keeping their powder dry ahead of the release of important FOMC monetary policy statements later today (18:00GMT) and Fed chief Janet Yellen's press conference 30 mins afterwards.

Dlr retreated from 121.52 to 121.11 before rebounding in NY session, climbed to 121.40 and then marginally higher to 121.41 in Australia this morning.

Dlr is expected to gyrate inside 121.10-121.50 ahead the European open. At the moment, bids are noted at 121.20-10 n then 121.00 with mixture of bids and stops emerging below 120.80.
On the upside, offers are placed at 121.50-60 and then 121.75/80 with stops located just above 121.00.

Japan Chief government spokesman Yoshihide Suga said he expects higher pay rises vs last year to spread beyond auto, electronic makers.

[B]Wednesday[/B] will see the release of New Zealand current account, Japan’s import, export and trade balance, China’s house prices, U.K. ILO unemployment rate, claimant count uneployment change, Bank of England MPC vote outcome, Swiss ZEW investor sentiment and Canada’s wholesale trade.

15

[B]Intra-Day Market Moving News and Views

20 Mar 2015[/B] [I]02:20GMT[/I]

[B]USD/JPY[/B] - ....... Dlr strengthened on Thursday due to renewed broad-based demand in the greenback. Buying interest emerged above Wednesday's post-FOMC bottom at 119.29 and lifted price from Asian low at 119.68 to as high as 121.04 near NY closing before retreating on profit-taking.

Price later dropped to 120.72 and then 120.71 in Tokyo morning today after release of BoJ minutes (see our prev. MMN).

After the volatile sessions this week, the pair is expected to settle inside 120.00-121.00 level on Friday due to lack of key economic data from the U.S. and position adjustments ahead of the weekend may affect intra-day move.
Therefore, trading the dlr fm both sides of the market is recommended.

At the moment, bids are noted at 120.30-20 and more at 120.00 with mixture of bids and stops emerging just below latter level.
On the upside, offers are placed at 120.80/85, 121.00 and then 121.20-30 with stops located just above 121.50.

[B]Friday [/B]will see the release of Germany’s producer prices, eurozone current account and net investment flow, U.K. PSNCR, Canada’s CPI and retail sales.

16

[B]Intra-Day Market Moving News and Views

20 Mar 2015[/B] [I]08:06GMT[/I]

[B]USD/JPY[/B] - 120.87... Although dlr edged lower from yesterday's high of 121.04 (NY) to 120.61 in Asia after the release of Feburary BoJ board minutes, which showed concern on the trend in consumer prices, the pair moved sideways afterwards as focus was on other usd/majors.

At the moment, bids from various accounts are noted at 120.65/60, 120.30-20 and more at 120.00 with mixture of bids and stops emerging just below latter level.
On the upside, offers are placed at 120.80/85, 121.00 and then 121.20-30 with stops located just above 121.50.

Later today, pay attention to two FOMC speakers in NY session. Federal Reserve Bank of Atlanta President Dennis Lockhart will speak on monetary policy n the economic outlook b4 the Georgia Law Review Symposium at 14:20GMT, whilst Federal Reserve Bank of Chicago President Charles Evans will be a panelist at the Brookings Institution conference, “Risk Management for Monetary Policy Near the Zero Lower Bound” (15:30GMT).

17

[B]Intra-Day Market Moving News and Views
23 Mar 2015 [/B] [I]07:20GMT[/I]

[B]USD/JPY [/B]- ..... Although dlr edged lower in Asia and dropped marginally below Australia's low at 119.83 to 119.76 due to cross-buying in yen, price moved sideways afterwards as focus is on other majors ccys.

Investors should pay close attention to the release of U.S. existing home sales for February at 14:00GMT as there is more uncertainty than usual about housing numbers in these months due to the harsh winter weather. Market expects the data to improve to 1.7% and 4.90 mln units from -4.9% and 4.82 mln units in previous month respectively.

At the moment, offers are noted at 120.25/30 and then 120.55/60 with mixture of offers and stops emerging above 120.80.
On the downside, bids are placed at 119.80-70 and around 119.60 with mixture of bids and stops located at 119.40 and further out below last Wednesday’s 2-week trough at 119.29.

Early this morning although euro traded with a biddish tone at Monday open on buying by st specs, price briefly re-tested Friday’s NY high of 1.0882, failure to penetrate this res prompted long-liquidation and the single currency then fell to 1.0784 ahead of Tokyo lunch session.

Intra-day euro’s weakness suggested further consolidation below said Friday’s high would continue before the rally from last Thursday’s low at 1.0613 resumes.
Therefore, buying the single currency on dips was favoured, however, profit should be taken on subsequent rise.
Investors should pay attention to the release of Bundesbank’s monthly report at 11:00GMT and then speech by ECB President Draghi at 14:00GMT, he will make an introductory statement at the Quarterly Hearing before the Committee on Economic and Monetary Affairs (ECON) of the European Parliament in Brussels.

18

[B]Intra-Day Market Moving News and Views
27 Mar 2015[/B] [I]02:23GMT[/I]

[B]USD/JPY[/B] - ...... Although dlr retreated after rallying from yesterday's fresh 5-week low at 118.33 to 119.43 and then briefly dipped to 119.06 in Tokyo morning due to buying in yen after release of encouraging Japan's jobs data, renewed strength in the greenback vs other major ccys lifted price n dlr bounced back to 119.40 intra-day gain in the Nikkei-225 index (currently up 0.5% to 19569) has boosted risk appetite.

Intra-day rebound from 119.06 suggests consolidation with upside bias remains in Asia n Europe, therefore, trading the dlr on dips is recommended. In NY session, investors should close attention to the release of revision to U.S. Q4 GDP, PCE and University of Michigan consumer sentiment.
Last but not least, market should watch out for the speech by Fed chair Janey Yellen who will speak on “Monetary Policy,” before the Federal Reserve Bank of San Francisco Conference at 19:45GMT as dovsih comments from her may spark off another round of dlr selling which may spill into Monday’s NZ morning session.

At the moment, bids are noted at 119.20-10 and then 119.00 with mixture of bids and stops located just below 118.80.
On the upside, offers are placed at 119.50-60 and around 119.80 with stops emerging just above 120.00.

Earlier Bloomberg headlines reported Japanese PM Sinzo Abe who was speaking in parliament said “definitely getting results on exiting deflation in Japan” and “Will make the economy grow so escape from deflation permanent”.

[B]Friday [/B]will see the release of Japan’s household spending, CPI, unemployment rate and retail sales and U.K. GfK consumer confidence.

19

[B]Intra-Day Market Moving News and Views
31 Mar 2015[/B] [I]01:45GMT[/I]

[B]USD/JPY[/B] - ....... The greenback climbs to a 1-week high of 120.36 in Tokyo morning after meeting renewed buying at 119.99 just ahead of Tokyo open.

The firmer open in the Nikkei following yesterday’s broad-based rally in global stocks has boosted risk sentiment, triggering a broad-based selling of yen vs other currencies.

As yesterday’s rally above Friday’s 119.50 to 120.23 near NY close signals recent correction from Mar’s near 8-year peak at 122.03 has made a low last week at 118.33, buying dlr on dips is the way to go.
At present, bids are noted at 120.00-119.80 with stops below there, on the upside, offers are touted at 120.30/40 and more at 120.60/65.

News earlier on Japan’s ECOMIN Akira Amari, he said that there is no change to gov’t fiscal discipline target of achieving primary budget surplus in fiscal 2020 and focus will probably shift to debt/GDP ratio after primary budget surplus achieved.

[B]Tuesday[/B] will see the release of Australian HIA New Home Sales, U.K. GfK consumer sentiment, Japan’s housing starts, German retail sales and unemployment, eurozone inflation and unemployment rate, U.S. Redbook, Chicago PMI and consumer confidence.

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[B]Intra-day Market Moving News and Views on Japan
15 Apr 2015[/B] [I]02:06GMT[/I]

OECD just released its economic outlook statements on Japan, that the BoJ must continue buying assets aggressively to sustainably achieve its 2% inflation target, while keeping an eye on risks, such as disrupting the bond market and fuelling asset bubbles, the OECD said on Wednesday.

The global think tank also warned that without a credible plan to rein in its huge public debt, Japan may face a bond market sell-off that could hit banks with huge bond holdings.

Aggressive purchases by the BOJ, which now holds a quarter of Japan’s gov’t bond market, have kept borrowing costs low but that will not last indefinitely, leaving the country vulnerable to rising interest rates, the OECD said.

“The outlook for the gov’t bond market will be more uncertain once the BOJ achieves its inflation target” n phases out its quantitative and qualitative easing (QQE) stimulus programme, it said in report on recommendations for Japan.

The Paris-based body estimated that without further fiscal reforms, Japan’s gov’t debt will exceed 400% the size of its economy by 2040, double the current ratio.