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

Trading Discussion Currencies
107

[B]Intra-day Market Moving News and Views
18 Sep 2015[/B] [I]01:30GMT[/I]

[B]USD/JPY[/B] - … Although dlr gained temporary respite in Australian morning after o/n tumble from intra-day 120.99 high to 119.80 as unchanged Fed’s rate decision and its downgrade of its long-term outlook on U.S. economy led to broad-based selloff in the greenback.
Price resumed yesterday’s descent at Tokyo open as weakness in the Nikkei triggered buying of yen on risk aversion, price drpped to 119.66 but later spiked to 120.42 (not quite sure the reason for this ferocious move) before retreating.

Looks like 119.66-120.42 may well be the range for now and gyrations inside there is envisaged until European open. As no major U.S. eco. data are due out on Friday, dlr is expected to ratchet lower later today in post-FOMC blues.

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

China house prices, euro zone current accounts, Canada CPI, and U.S. leading index change.

108

[B]Intra-day Market Moving News and Views
21 Sep 2015[/B] [I]02:13GMT[/I]

[B]USD/JPY[/B] - ..... Japanese financial markets are closed for Respect for the Aged Day holiday today and Tue including Wednesday are also national holidays too. However, we have seen intra-day price swings in thin market condition on Monday.

The pair opened lower (119.79) in NZ following Friday’s strong rally from 119.06 to as high as 120.04 and briefly climbed to 120.22 after tripping light stops above 120.05/10. However, price soon retreated due to lack of follow-through buying and decline extended to 119.78 in Asian morning.

Looks like the said intra-dy high print is here to stay, at least until European traders come in and range trading is expected to continue. However, dlr’s rally in NY session Friday suggests buying the pair on dips is recommended. Bids are noted at 119.80-70 and more below with some stops touted below 119.40.
Offers are tipped at 120.10/20 and more above with stops reported above 120.45.

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

Germany producer price index, Canada wholesale sales, U.S. existing home sales on Monday. Japan Respect-for-the-Aged Day Bank Holiday.

Australia house price index, China CB leading economic index, Switzerland trade reports, UK public sector net borrowing, CBI industrial trend survey, U.S. Redbook, housing price index, Richmond Fed manufacturing index, euro zone consumer confidence on Tuesday. Japan bank holiday.

Australia CB leading indicator, financial stability review, RBA annual report, China Caixin manufacturing PMI, Markit manufacturing PMI and Service PMI for France, Germany, and euro zone, France GDP, Canada retail sales, Markit manufacturing PMI for U.S. on Wednesday. Japan Autumnal Equinox Day holiday.

New Zealand trade reports, Japan manufacturing PMI, all industry activity index, UK Nationwide housing price, mortgage approvals, Germany Gfk consumer confidence survey, IFO reports, euro zone target LTRO, Italy industrial orders, retail sales, U.S. jobless claims, durable goods orders, new home sales, Chicago Fed national activity index on Thursday.

Japan inflation reports, CSPI, Germany import price index, Italy wage inflation, U.S. GDP, personal consumption expenditures, Markit Service PMI and University of Michigan consumer sentiment index on Friday.

109

[B]Intra-day Market Moving News and Views
22 Sep 2015[/B] [I]00:27GMT[/I]

[B]USD/JPY[/B] - ...... The greenback has run into some profit-taking offers after yesterday's rally to 120.66 in NY morning as U.S. equities rose on reassuring comments from Fed officials over the past few days.

Price continues to remain under pressure in thin trading conditions at Asian open as Japan continues to remain closed for market holiday.

Although there is no major eco. data due today, one should keep an eye on the release of U.S. house price index mm at 13:00GMT. Street forecast is 0.4% vs previous reading of 0.2.%.

Bids have now been lowered to 120.20/30 and more below at 120.00/10 with stops building up below 119.80 whilst initial offers are noted at 120.90/00, suggesting buying on dips still remains the favored strategy.

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

Australia house price index, China CB leading economic index, Switzerland trade reports, UK public sector net borrowing, CBI industrial trend survey, U.S. Redbook, housing price index, Richmond Fed manufacturing index, euro zone consumer confidence on Tuesday. Japan bank holiday.

110

[B]Intra-day Market Moving News and Views
23 Sep 2015[/B] [I]00:20GMT[/I]

[B]USD/JPY[/B] - ...... The greenback met renewed selling pressure at 120.54 ahead of European open yesterday and tanked to session low at 119.69 in European morning. However, price pared its losses and rebounded to 120.18 before easing in New York afternoon. Dlr found renewed support ahead of Asian open at 119.99 and ratcheted higher to 120.33 in Asian morning in thin trading conditions as Japanese markets remained closed for a 3rd consecutive day.

Investors are now looking ahead to the next key mkt mover, Fed Chair Yellen’s speech on Thursday in Amherst, Massachusetts, on ‘Inflation Dynamics and Monetary Policy’. Traders will be paying attention to the language used by Yellen for hints on when the central bank wud begin its rate liftoff (later this year or earlier next year).

Bids have now been raised to 120.00/10 and more below at 119.80/90 with stops building up below 119.70 whilst initial offers are noted at 120.70/80, suggesting buying on dips is still the favored strategy.

111

[B]Intra-day Market Moving News and Views
24 Sep 2015[/B] [I]00:20GMT[/I]

[B]USD/JPY[/B] - ...... Despite dlr's strong rebound from yesterday's low at 119.63 to 120.55 in New York morning, price met renewed selling below Monday's low at 120.66 n retreated to 120.05 before stabilising.

The greenback trades narrowly at Asian open as Japanese traders return from a 3-day market holiday.

Expect intra-day sideways move inside 120.55-55 as today’s market’s main focus is on Fed Chair Janet Yellen’s speech right at NY close at 21:00GMT in Amherst, Massachusetts, on ‘Inflation Dynamics and Monetary Policy’.

Traders will be paying attention to the language used by Yellen for hints on when the central bank would begin its rate liftoff (later this year or earlier next year).
Until then, pay attention to intra-day performance of the Nikkei and Asian stocks as renewed weakness may trigger another round of yen-buying on risk aversion.

Bids are noted at 120.00/10 and more below at 119.70/80 with stops building up below 119.60 whilst initial offers are seen at 120.80/90.

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

New Zealand trade reports, Japan manufacturing PMI, all industry activity index, UK Nationwide housing price, mortgage approvals, Germany Gfk consumer confidence survey, IFO reports, euro zone target LTRO, Italy industrial orders, retail sales, U.S. jobless claims, durable goods orders, new home sales, Chicago Fed national activity index.

112

[B]Intra-day Market Moving News and Views
25 Sep 2015[/B] [I]01:16GMT[/I]

[B]USD/JPY[/B] - ..... Although the pair is currently around the same rate it was trading at this time yesterday, price actually tumbled to as low as 119.21 in NewYork morning due to intra-day broad-based usd's selling which started in Asian morning and throughout European session.

However, the greenback regained composure ahead of European close and rallied broadly ahead of the much-awaited Fed chair Janet Yellen’s speech to 120.08. Price then climbed to 120.36 when Yellen’s prepared speech was released.

Dlr has maintained a firm undertone in Tojyo morning after edging marginally higher to 120.38, however, as Nikkei has just moved back to negative territory, consolidation is likely to be in store before prospect of further rise but recent broad range trading should continue.

Offers are tipped at 120.45/55 and more above with stops touted above 121.00.
Initial bids are noted at 120.10-00 and more below with stops reported below 119.80. Therefore, buying dlr on dips is recommended.

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

Japan inflation reports, CSPI, Italy wage inflation, France consumer confidence, U.S. GDP, personal consumption expenditures, Markit Service PMI and University of Michigan consumer sentiment index on Friday.

113

[B]Intra-day Market Moving News and Views
29 Sep 2015[/B] [I]01:02GMT[/I]

[B]USD/JPY[/B] - ...... The greenback continued to edge lower throughout Asia n Europe yesterday, eventually falling to session low at 119.69 in New York morning on dlr's broad-based weakness due to dovish comments from Fed's Evans together with a 300+ points drop in DJI.

Dlr met renewed selling at 120.01 in Australia today and fall sharply to 119…60 at Tokyo open as Nikkei-225 index tumbled by over 2% in early trade.

Reuters reported, Chicago Fed President Charles Evans, while answering questions at Marquette University, said Fed should leave interest rates near zero longer than planned and take an “extra patient approach” to tightening policy due to the risk that inflation will not rebound as quickly as expected. He also added ‘Federal Reserve would need to deliver more stimulus "if things were to weaken very much.’

Pay attention to U.S. consumer confidence at 14:00GMT today. Street forecast is for a drop to 96.0 from previous reading of 101.5.
Offers have now been lowered to 119.90/00 and more above at 120.10/20 with stops building up above 120.40 whilst initial bids are noted at 119.10/20, suggesting selling the buck on recovery is still favored.

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

UK Rightmove housing price, CBI distributive trades, euro zone consumer confidence, industrial sentiment, and service sentiment, Germany inflation reports, Canada producer prices, U.S. consumer confidence.

114

[B]Intra-day Market Moving News and Views
30 Sep 2015[/B] [I]00:40GMT[/I]

[B]USD/JPY [/B]- ...... Despite yesterday's initial fall to 119.25 at European open, the greenback rose to 120.05, then session high at 120.16 in New York morning on broad-based selling of jpy as some calmness returned to the mkts following Monday's rout in stock mkts n as U.S. consumer confidence rose in Sep.

Later, dlr retreated to 119.53 in late New York afternoon, however, renewed support there lifted the pair n price rose to 120.02 at Tokyo open, helped by release of downbeat Japan data (see prev. MMN).

Pay attention to the release of U.S. ADP jobs report at 12:15GMT. Street forecast is for 194K vs previous reading of 190K. Investors shud also keep a keen eye on headlines coming fm Fed Chair Yellen’s opening remarks at a conference later today at 19:00GMT.

Bids are now raised to 119.80/90 and more below at 119.50/60 with stops building up below there whilst initial offers are noted at 120.50/60, suggesting buying on intra-day dips is the favored strategy.

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

New Zealand building consents, NBNZ business outlook, Japan industrial reports, retail sales, housing starts, construction orders, Australia building approvals, private sector credit, UK Gfk consumer confidence, Nationwide house price, current account, GDP, France consumer spending, producer price, Switzerland KOF indicator, Germany unemployment reports, Italy unemployment rate, inflation reports, producer prices, U.S. ADP national employment, Chicago PMI, and Canada GDP.

115

[B]Intra-day Market Moving News and Views
02 Oct 2015[/B] [I]00:37GMT[/I]

  [B]USD/JPY[/B] - ...... Despite y'day's initial rise to session high at 120.28 after the release of Chinese PMIs, the greenback met renewed selling and tumbled to intra-day low at 119.49 in New York morning, weighed down by the release of downbeat U.S. jobless claims and ISM manufacturing PMI.

Later, dlr staged a short-covering rebound to 119.96 in New York afternoon before retreating. However, price found renewed support at 119.78 ahead of Tokyo open and gained to 119.94 in Asian morning.

Mkt focus is now solely on the release of U.S. jobs report at 12:30GMT. Street forecast for NFP is an increase to 203K fm prev. reading of 173K whilst unemployment rate is expected to remain unchanged at 5.1%. An upbeat report wud further boost the case for a rate hike before the end of this year whereas a downbeat data cud see Fed Chair Yellen delay it to next year.

Bids are now seen at 119.30/40 and more below at 119.10/20 with stops building up below there whilst offers are noted at 120.20/30, suggesting choppy trading would be seen till European open.

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

Japan all household spending, unemployment rate, Australia retail sales, Markit construction PMI for UK, euro zone producer prices , U.S. non-farm payroll, unemployment rate, average earnings, durable goods (revised), and factory orders.

116

[B]Intra-day Market Moving News and Views
05 Oct 2015[/B] [I]01:04GMT[/I]

[B]USD/JPY[/B] - ...... The greenback has stabilisied around 120 mark in early trading on Monday after Fri's volatile trading, following the release of disappointing U.S. jobs report. Dlr remains well bid and found support at 119.88 in Australia and gained to 120.10 in Asian morning, due partly to the 200+ points rally in the Nikkei-225 index.

Pay attention to the release of U.S. ISM non-manufacturing PMI at 14:00GMT. Street forecast is for a decrease to 58.0 from previous reading of 59.0.

Bids are now seen at 119.70/80 and more below at 119.50/60 with stops building up below there whilst initial offers are noted at 120.40/50, suggesting buying on dips for near term gain is favored.

Some news worth noting, Reuters reported, New York Fed President William Dudley, at a conference in Boston on Saturday, said U.S. is a long way from putting in place rules that will protect the financial system and the economy from broad risks, due in part to regulatory structure and to the difficulties of predicting the next crisis.

He added ‘while the use of macroprudential tools holds promise, we are a long way from being able to successfully use such tools in the U.S.’

117

[B]Intra-Day Market Moving News and Views
06 Oct 2015[/B] 0[I]0:40GMT[/I]

[B]USD/JPY [/B]- ...... The greenback opened slightly higher in New Zealand yesterday and continued to trade with a firm bias throughout Australia and Asia. Dlr gained to 120.31 in European morning and ratcheted higher to session high at 120.55 in New York afternoon, helped by the rise in U.S. equities.

Price is trading with a firm undertone in Tokyo morning as Nikkei-225 is currently up by 300+ points.

There is no major eco. data to be released from U.S. today, however, investors should keep an eye on headlines from Fed William’s speech at 21:00GMT. Though it is safe to assume the Fed won’t raise rates anytime soon, in light of recent disappointing jobs report, the central banker should drop hints on if the Fed can raise rates before the end of the year.

Bids are now seen at 120.10/20 and more below at 119.80/90 with stops building up below there whilst initial offers are noted at 120.70/80, suggesting buying on dips is favored.

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

New Zealand business confidence, Australia Westpac consumer confidence, imports, exports and trade balance, RBA rate decision and statement, Germany factory orders, U.K. Halifax house prices, Switzerland CPI, U.S. trade balance, Redbook, and Canada trade reports.

118

[B]Intra-Day Market Moving News and Views
07 Oct 2015[/B] [I]00:47GMT[/I]

[B]USD/JPY[/B] - ...... The greenback met renewed selling at 120.57 in Asian morning yesterday and retreated to 120.12 b4 staging a rebound. However, price came under renewed pressure and dropped marginally below to session low at 120.11 at New York midday. Later, dlr pared its losses n gained to 120.38 in New York afternoon and continues to remain well bid at Tokyo open.

Market attention is now on BoJ’s rate decision around 03:00GMT. Although it is widely expected there won’t be any new monetary decisions made today, the central bank has come under pressure from the government to provide additional stimulus for the economy. Hence, investors should pay attention to Governor Kuroda’s press conference at 06:30GMT, as he may drop hints about his plans considering QE.

Bids are now seen at 119.90/00 and more below at 119.70/80 with stops building up below there whilst initial offers are noted at 120.50/60, suggesting choppy trading would be seen ahead of BoJ’s rate decision.

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

Japan BoJ rate decision, BoJ monetary policy statement, BoJ governor Kuroda press conference, leading economic index, Australia HIA new home sales, Germany industrial production, France exports, imports and trade balance, ECB’s non-monetary policy’s meeting, UK industrial production, manufacturing production; NIESR GDP estimate, Canada building permits

119

[B]Intra-Day Market Moving News and Views
08 Oct 2015[/B] [I]00:44GMT[/I]

[B]USD/JPY[/B] - ...... The greenback fell sharply to 119.77 in Asian morning yesterday after BoJ announced no new policy measures before staging a rebound to 120.18 ahead of New York open.

However, renewed selling there pressured the pair lower to session low at 119.75 in New York morning before recovering. Dlr came under pressure ahead of Asian open and dropped to 119.84 after data showed Japan machinery orders unexpectedly fell in August.

Mkt focus is now on the release of FOMC minutes at 18:00GMT. Investors will be looking for the points which Fed delayed its rate hike and for hints about when the central bank will consider raising rates.

Bids are now seen at 119.80/90 and more below at 119.60/70 with stops building up below there whilst initial offers were noted at 120.50/60, suggesting buying on dips is favored.

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

Japan machinery orders, current account, consumer confidence, machine tool orders, Australia HIA new home sales, Switzerland unemployment rate, Germany trade reports, UK RICS housing price, BoE rate decision, QE total, MPC vote outcome, monetary policy statement, BoE meeting minutes, ECB meeting minutes, Canada housing starts, new housing price, and FOMC meeting minutes.

120

[B]Intra-Day Market Moving News and Views
09 Oct 2015[/B] [I]00:44GMT[/I]

[B]USD/JPY[/B] - ...... The greenback continued to edge lower throughout Asia yesterday and hit session low at 119.63 in early European morning. Despite staging a recovery to 119.98, price spiked down to 119.68 in New York afternoon after the release of dovish FOMC minutes before rebounding again to 120.03. Dlr met renewed buying at 119.85 in Australia and trades with a firm undertone in Tokyo morning, helped by the initial rise in Nikkei-225 index.

Pay attention to the release of U.S. wholesale inventories and wholesale sales at 14:00GMT. Street forecasts are 0.0% n -0.3% vs prev. readings of -0.1% n -0.3% respectively.

Bids are now seen at 119.70/80 and more below at 119.50/60 with stops building up below there whilst initial offers are noted at 120.30/40, suggesting upside bias would be seen till European open.

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

Australia housing finance, invest housing finance, France budget balance, industrial output, Italy industrial output, UK trade balance, Canada jobs reports, BoC business outlook survey, and U.S. wholesale inventories, whole said sales.

121

[B]Intra-day Market Moving News and Views
12 Oct 2015[/B] [I]00:52GMT[/I]

[B]USD/JPY[/B] - ...... The greenback opened slightly lower to 120.16 in NZ before rebounding to 120.26 in Australia, however, renewed selling emerged over there and pressured the pair lower to 120.09 in thing trading conditions at Asian open as Japanese markets remain closed for Sports-day holiday.

Despite increasing pressure from the government, BoJ’s Governor Haruhiko Kuroda reiterated that he sees no urgent need for further easing right now. Reuters reported, at a press conference in Lima, he said ‘many advanced nations have a price target of 2 percent and it’s true actual inflation is below that level. But most of this is due to declines in oil and commodity prices; I don’t think there’s a need to rush into action at this point.’

Trading is expected to be thin with some bids seen at 119.90/00 and more below at 119.70/80 with stops building up below there whilst initial offers are noted at 120.50/60, suggesting choppy trading would be seen till European open.

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

France current account on Monday. Market holiday in Japan and Canada.

Australia NAB business conditions, NAB business confidence, China trade reports, Japan consumer confidence, Germany CPI, HICP and ZEW reports, Switzerland producer/import price, U.K. BRC retail sales, CPI, PPI and RPI, U.S. Redbook and Fed budget on Tuesday.

Japan CGPI, China CPI and PPI, France CPI, Italy CPI, UK average earnings, claimant count unemployment change, ILO unemployment, euro zone industrial production, Switzerland ZEW investor sentiment, U.S. retail sales and business inventories on Wednesday.

New Zealand manufacturing PMI, Australia employment change, full-time employment and unemployment rate, Japan industrial output, capacity utilization, U.S. real weekly earnings, NY Fed manufacturing, CPI and Philly Fed business index on Thursday.

New Zealand CPI, Italy trade balance, euro zone trade balance, inflation reports, Canada manufacturing sales, U.S. capacity utilization, industrial output, net long-term flows on Friday.

122

[B]Intra-day Market Moving News and Views
13 Oct 2015[/B] [I]01:00GMT[/I]

[B]USD/JPY [/B]- 119.95... The greenback remained under pressure throughout Asia and Europe and dropped to session low at 119.90 in post European close on speculation that the Federal Reserve won't raise its rates this year. Despite a brief recovery to 120.08 ahead of Asian open, dlr met renewed selling and dropped to 119.90 in Tokyo morning.

There is no major data from U.S. today as markets will open after a long weekend due to Columbus day holiday yesterday.
Offers are now seen at 120.20/30 and more above at 120.40/50 with stops building up above there whilst initial bids are noted at 119.40/50, suggesting choppy trading would be seen.

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

Australia NAB business conditions, NAB business confidence, China trade reports, Japan consumer confidence, Germany CPI, HICP and ZEW reports, Switzerland producer/import price, U.K. BRC retail sales, CPI, PPI and RPI, U.S. Redbook and Fed budget.

123

[B]Intra-day Market Moving News and Views
14 Oct 2015[/B] [I] 00:49GMT[/I]

[B]USD/JPY[/B] - ...... The greenback continued to ratchet lower throughout Asian n European session and fell to session low at 119.55 at New York open on increased caution surrounding Fed's timing of a rate hike. Despite a brief recovery to 119.90 in New York morning, dlr met renewed selling n retreated again. Dlr's descent accelerated at Tokyo open and price tumbled to 119.54 due to the selloff in Nikkei-225 index (currently down by 279 points).

U.S. will release its retail sales and retail sales ex. autos at 12:30GMT. Street forecasts are 0.3% n 0.1% vs previous readings of 0.2% and 0.1% respectively.
A surprise to the downside would stoke further speculation that the Fed won’t raise its rates this year, sending the dlr lower.

Bids have now been lowered to 119.40/50 and more below at 119.20/30 with stops building up below there whilst initial offers are noted at 119.90/00, suggesting choppy trading would be seen.

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

Japan CGPI, China CPI and PPI, France CPI, Italy CPI, UK average earnings, claimant count unemployment change, ILO unemployment, euro zone industrial production, Switzerland ZEW investor sentiment, U.S. retail sales and business inventories.

124

[B]Intra-day Market Moving News and Views
15 Oct 2015[/B] [I]00:44GMT[/I]

[B]USD/JPY[/B] - ....... The greenback continued to ratchet lower throughout Asian and European sessions and dropped to 119.07 in New York morning after the release of poor U.S. retail sales data. Intra-day decline accelerated and price tumbled to intra-day low at 118.63 in New York afternoon as the release of a slightly dovish Fed Beige book increased speculation that the Fed won't raise its rates anytime soon.

However, price found renewed support at Asian open and rebounded strongly to 119.09 due to the early rise in Nikkei-225 index.

There is a slew of data from U.S. today but pay particular attention to the release of jobless claims and CPI mm and YY at 12:30GMT. Street forecasts are 270K, -0.1% and -0.2% respectively. A release of downbeat figures would further fuel speculation that the central bank is not ready to hike its rates, hence sending dlr lower.

Bids are now seen at 118.80/90 and more below at 118.60/70 with stops building up below there whilst initial offers are noted at 119.20/30, suggesting further choppy trading would be seen before recent decline resumed.

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

New Zealand manufacturing PMI, Australia employment change, full-time employment, participation rate and unemployment rate, Japan Tertiary Industry Index, industrial output, capacity utilization, U.S. real weekly earnings, jobless claims, NY Fed manufacturing, CPI and Philly Fed business index.

125

[B]Intra-day Market Moving News and Views
16 Oct 2015[/B] [I]00:43GMT[/I]

[B]USD/JPY[/B] - ...... Despite yesterday's resumption of recent downtrend to a fresh 6-week trough at 118.06 ahead of New York open, the greenback rebounded to 118.78 at New York open, then rallied to 119.16 at Asian open, helped by the release of upbeat U.S. inflation n jobless claims data together with hawkish comments from some of the Fed officials.

U.S. will release its prelim. figure of University of Michigan consumer sentiment at 14:00GMT. Street forecast is for an increase to 89.0 from previous reading of 87.2.

Offers have now been raised to 119.40/50 n more above at 119.60/70 with stops building up above there whilst initial bids are noted 118.40/50, suggesting further choppy trading would be seen.

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

New Zealand CPI, Australia Financial Stability Report, Italy trade balance, euro zone trade balance, inflation reports, Canada manufacturing sales, U.S. capacity utilization, industrial output, net long-term flows.

126

[B]Intra-day Market Moving News and Views
19 Oct 2015[/B] [I]00:39GMT[/I]

[B]USD/JPY [/B]- ....... Despite Friday's rise to 119.66 in New York morning, helped by the release of upbeat U. of Michigan Conusumer sentiment, the greenback retreated to 119.27 in New York afternoon and continued to remain under pressure in Australia today and dropped to 119.22 at Asian open.

In other news, Reuters reported, Japan FinMin Taro Aso voiced skepticism on Friday on whether a fresh round of monetary easing would be launched ahead of a Bank of Japan rate review, citing a surplus of cash in the Japanese economy and weak domestic demand. He added ‘The Bank of Japan may not ease policy further any time soon.’

Since there is no major eco. data due today, order book remains relatively thin with bids now lowered to 118.90/00 and more below at 118.70/80 with stops building up below there.
Whilst initial offers are noted at 119.90/00, suggesting buying on dips is still favored.

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

China GDP, industrial output, retail sales, UK Rightmove house prices, U.S. NAHB housing market index on Monday. Canada Federal Election.

Australia RBA meeting minutes, Germany producer prices, Switzerland trade balance, euro zone current accounts, Canad wholesale trade, U.S. building permits, house starts, and Redbook on Tuesday.

Japan trade reports, All Industry Activity Index, Australia CB leading indicator, Westpac leading index, UK PSNB, PSNCR, Canada BoC rate decision on Wednesday.

France Business Climate, Italy trade balance, UK retail sales, euro zone ECB rate decision, ECB’s press conference, consumer confidence. Canada retail sales, U.S. jobless claims, monthly home price, existing home sales, Leading Index on Thursday.

China house prices, Caixin manufacturing PMI, Makit manufacturing PMI and service PMI for France, Germany and euro zone, Italy industrial orders, retail sales, wage inflation, Canada CPI on Friday.