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

Trading Discussion Currencies
127

[B]Intra-day Market Moving News and Views
20 Oct 2015[/B] [I]00:48GMT[/I]

[B]USD/JPY[/B] - ....... Despite initial retreat to 119.14 in Asian morning, the greenback rose to session high at 119.61 in Asia on broad-based selling of JPY. Later, dlr retreated n continued to trade inside aforesaid range for the remainder of the day.

U.S. is set to release a slew of housing data today but market’s focus will remain on speeches from Fed’s Powell and Dudley, then Chief Yellen’s at 15:00GMT.
Investors will be looking for any hints about prospects of Fed’s first rate hike and whether it would be anytime this year or early next year.

Bids are now seen at 119.20/30 and more below at 119.00/10 with stops building up below there whilst initial offers are noted at 119.80/90, suggesting further choppy trading would be seen with neutral bias.

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

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.

128

[B]Intra-day Market Moving News and Views
22 Oct 2015 [/B] [I]01:12GMT[/I]

[B]USD/JPY [/B]- ....... Although the greenback traded with a firm bias yesterday and edged up to 120.07 ahead of European open, price retreated to 119.81 as risk appetite diminished due to selloff in Chinese stocks. However, dlr pared its losses and rose to session high at 120.09 in New York morning before falling to 119.82 in New York afternoon. The pair met renewed selling at 119.95 at Tokyo open and continues to remain under pressure in Tokyo morning.

Pay attention to the release of U.S. jobless claims at 12:30GMT. Street forecast is for a slight increase to 265K from previous reading of 262K. An upbeat figure would provide further evidence to the Fed that the labor market is improving n they can raise rates sometime this year.

Bids are now seen at 119.70/80 n more below at 119.50/60 with stops building up below there whilst initial offers are noted at 120.20/30, suggesting buying on intra-day dips is favored.

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

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.

129

[B]Intra-day Market Moving News and Views
23 Oct 2015[/B] [I]01:12GMT[/I]

[B]USD/JPY[/B] - ....... Although price edged lower to 119.61 in Asia yesterday, the greenback rallied to 120.76 at New York midday, helped by the release of upbeat U.S. housing and jobless claims data. Dlr continued to ratchet higher and rose to 120.99 at Tokyo open today, helped by the initial 400+ points rally in the Nikkei-225 index.

However, profit-taking offers there capped intra-day gains and price retreated in Tokyo morning.

U.S. will release its preliminary reading of manufacturing PMI at 13:45GMT. Street forecast is for a slight decrease to 52.8 fm prev. figure of 53.1.

Bids have now been lowered to 120.50/60 and more below at 120.20/30 with stops building up below there whilst initial offers are noted at 121.20/30, suggesting buying on intra-day dips is still favored.

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

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.

130

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

[B]USD/JPY[/B] - ....... The greenback has finally retreated from 121.51 in thin trading conditions ahead of Australian open as New Zealand markets are closed for Labour day holiday and price retreated to 121.10 at Tokyo open on profit-taking offers. Dlr rallied from Friday's European low at 120.23 to as high as 121.47 in New York afternoon on improved risk appetite, triggered by interest rate cut from China's central bank together with rally in U.S. equities.

In the absence of major eco. data from U.S., orderbook is light with bids noted at 121.00/10 and some more below at 120.80/90 with stops building up below there whilst initial offers are noted at 121.50/60, suggesting mild upside bias would be seen.

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

Germany Ifo reports, Bundesbank monthly report, UK BBA mortgage approvals, CBI industrial trends, U.S. new home sales on Monday.

New Zealand trade balance, Australia CPI, Switzerland UBS consumption indicator, UK GDP (prelim), U.S. durable goods orders, Redbook, building permits (revised) and consumer confidence on Tuesday.

New Zealand RBNZ rate decision, Japan retail sales, Germany Gfk consumer sentiment, France consumer confidence, Italy consumer confidence, business confidence, U.S. goods trade balance on Wednesday, Fed’s interest rate decision on Wednesday.

Japan industrial output, industrial production, Australia exports and imports, UK Nationwide house price, Germany unemployment reports, CPI and HICP, euro zone business climate, consumer inflation expectation, economic sentiment, industrial sentiment, U.S. pending home sales on Thursday.

Japan all household spending, CPI, unemployment rate, construction orders, housing starts, New Zealand NBNZ Business outlook, UK GfK consumer confidence, Australia housing credit, PPI, France consumer spending, producer prices, Switzerland KOF indicator, Italy unemployment rate, CPI (prelim), producer prices, euro zone inflation (flash), unemployment rate, U.S. employment costs, employment wages, PCE, personal consumption real, personal income, consumption, core PCE, Chicago PMI, and Canada GDP on Friday.

131

[B]Intra-day Market Moving News and Views
27 Oct 2015[/B] [I]00:46GMT[/I]

[B]USD/JPY[/B] - ....... The greenback met profit-taking offers at 121.51 yesterday in Australia and continued to ratchet lower in Asia and Europe, eventually falling to session low at 120.60 in New York morning. Dlr briefly recovered to 120.10 in New York afternoon.

However, renewed selling interest capped recovery and price fell sharply at Tokyo open to 120.77 on broad-based buying of JPY.

There is a slew of U.S. eco. data to be released today, including durable goods, building permits, CaseShiller house prices, Services PMI n consumer confidence. Pay particular attention to the consumer confidence at 14:00GMT. Street forecast is for a slight decrease to 102.5 from previous reading of 103.0.

Offers are now lowered to 121.00/10 and more above at 121.20/30 with stops building up above there whilst bids are noted at 120.40/50 and more below at 120.20/30, suggesting initial downside bias would be seen but position traders should look to buy on intra-day dips.

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

New Zealand trade balance, Switzerland UBS consumption indicator, UK GDP (prelim), U.S. durable goods orders, Redbook, building permits (revised) and consumer confidence.

132

[B]Intra-day Market Moving News and Views
28 Oct 2015[/B] [I]01:11GMT[/I]

[B]USD/JPY[/B] - ........ The greenback met renewed selling interest at 120.74 at European open n dropped to session low at 120.16 at New York open and continued to remain under pressure for remainder of the New York session as the Federal Reserve concludes its 2-day meeting today and announces its rate decision.

Despite a brief rebound to 120.55 at Tokyo open, dlr fell again to 120.24 in Tokyo morning on broad-based buying of jpy.

Mkt shifts to Fed’s rate decision at 18:00GMT, however, it is widely expected there won’t be any rate hike this month due to underlying concerns over a slowdown in China and the broader impact on global growth.

Offers are now seen at 120.50/60 and more above at 120.70/80 with stops building up above there whilst initial bids are noted at 119.90/00, suggesting downside bias would be seen, hence selling on intra-day pullback is favored.

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

Japan retail sales, Germany Gfk consumer sentiment, France consumer confidence, Italy consumer confidence, business confidence, U.S. goods trade balance, and Fed’s interest rate decision.

133

[B]Intra-day Market Moving News and Views
29 Oct 2015[/B] [I]01:12GMT[/I]

[B]USD/JPY -[/B] ........ Despite a brief spike down to 120.02 post FOMC's unchanged rate decision, the greenback surged to 121.26 in New York afternoon on an unexpectedly hawkish Fed, who said a rate hike in December is still on the table. However, price pared its gains and retreated to 120.91 near New York close, then ratcheted lower to 120.59 at Tokyo open on broad-based buying of jpy after the release of upbeat industrial output eased pressure on the BoJ to add to its stimulus measures.

The BoJ began its 2-day meeting today n will announce its rate decision tomorrow. Although it is widely expected that the central bank will not add to its already huge stimulus program, traders should pay attention to the language used by Kuroda in his press conference for an forward guidance.

Bids have now been lowered to 120.30/40 n more below at 120.10/20 with stops building up below there whilst initial offers are noted at 121.20/30, suggesting choppy sideways trading would be seen.

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

New Zealand RBNZ rate decision, Japan industrial output, industrial production, Australia exports and imports, UK Nationwide house price, Germany unemployment reports, CPI and HICP, euro zone business climate, consumer inflation expectation, economic sentiment, industrial sentiment, U.S. jobless claims, and pending home sales.

134

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

[B]USD/JPY[/B] - ...... The greenback is in holding pattern as market awaits BoJ's monetary policy announcement around Tokyo lunch time with trepidation. Market is fairly evenly divided whether BoJ will add more stimulus measure to induce price inflation after the Fed stood pat on its rate decision 2 days ago.

Our view is if the central bank increases its QE programme, the dlr will jump, if they don’t, then we will see more broad-based yen buying which began ahead of Asian open today.

Until then, some offers are noted at 121.15/25 and more above with stops above this week’s high at 121.51.
Initial bids are seen at 120.85/80 and more below with stops touted below 120.50, however, more buying interest is reported at 120.10-00.

135

[B]Intra-day Market Moving News and Views
03 Nov 2015[/B] [I]01:01GMT[/I]

[B]USD/JPY[/B] - ......... Despite yesterday's initial weakness to 120.26 in Asian morning, the greenback gained to 120.70 in European morning before easing. Dlr found renewed buying at 120.50 in New York morning and ratcheted higher to 120.81 near New York close, then 120.85 in thin trading at Asian open as Japanese markets will remain closed today for culture day holiday.

There is a slew of data to be released from U.S. today but traders should pay attention to release of factory orders at 15:00GMT. Street forecast is -0.9% vs previous reading of -1.7%.

Bids are now seen at 120.50/60 and more below at 120.30/40 with stops building up below there whilst initial offers are noted at 121.30/40, suggesting near term upside bias is seen, hence buying on dips is favored.

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

Australia RBA cash rate decision, RBA rate statement, Japan’s financial market closed for Culture Day holiday, UK Markit/CIPS consutruction PMI, U.S. Redbook, durable goods revised, factory orders.

136

[B]Intra-day Market Moving News and Views
04 Nov 2015[/B] [I]01:10GMT[/I]

[B]USD/JPY[/B] - ........ The greenback found renewed buying at 120.60 in early European morning and rose to session high 121.23 New Yoyk morning on broad-based dlr strength.

However, profit-taking offers there pressured the pair lower n price retreated to 120.94 in New York afternoon. Later, price found renewed support and gained ahead of Asian open before rallying to 121.26 in Tokyo morning due to the 350+ points rally in Nikkei-225 index.

Market focus now shifts on Fed Chair Janet Yellen’s speech at 15:00GMT, who will testify before the House Financial Services Committee on Federal Reserve actions and plans for bank regulation and supervision. Although the focus of the talk is not monetary policy, traders shouldd look out for any hints dropped by the Chief about a possible rate hike in December.

Bids are now seen at 121.00/10 and more below at 120.80/90 with stops building up below there whilst initial offers are noted at 121.70/80, suggesting buying on dips is the way to go.

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

New Zealand HLFS jobs reports, labour cost index, Australia AIG service index, trade balance, exports, imports, retails sales, UK BRC shop price index, China Caixin service PMI, Japan consumer confidence, Markit service PMI for Italy, France, Germany, euro zone and UK, euro zone producer price, U.S. ADP national employment, international trade, Markit service PMI, ISM non-manufacturing PMI, and Canada trade reports

137

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

USD/JPY - ......... The greenback found renewed buying at 121.00 at European open yesterday and gained to 121.34 in European morning, then rallied to intra-day high at 121.72 in New orkY morning on dlr's broad-based strength following the release of upbeat U.S. services PMI and ISM non-manufacturing PMI data.

However, profit-taking offers there capped intra-day gains and price retreated. Dlr continues to remain under pressure in Tokyo morning after the release of BoJ minutes, weighed by broad-based buying of JPY.

Pay attention to the release of U.S. jobless claims at 13:30GMT. Street forecast is for a slight increase to 262K from previous reading of 260K.

Bids are now lowered to 121.30/40 and more below at 121.10/20 with stops building up below there whilst initial offers are noted at 121.90/00, suggesting buying on dips is still the favored strategy.

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

Japan BoJ monetary policy meeting minutes, Switzerland consumer confidence, CPI, Germany industrial orders, euro zone retail sales, U.K. BoE inflation report, BoE MPC vote outcome, BoE rate decision, U.S. initial jobless claims, unit labour cost, productivity, and Canada Ivey PMI.

138

[B]Intra-day Market Moving News and Views
06 Nov 2015[/B] [I]01:03GMT[/I]

[B]USD/JPY [/B]- ......... The greenback rose from Asian low at 121.39 to intra-day high at 122.01 at New York open, however, price pared its gains and retreated to 121.52 at New York midday, weighed down by the release of mildly downbeat U.S. jobless claims. Later, dlr staged a rebound to 121.80 in New York afternoon before retreating again and remaining under pressure at Tokyo open.

Market focus is now solely on the release of U.S. jobs report. Street forecast of non-farm payroll is for an increase to 180K from previous reading of 142K whilst unemployment rate is expected to remain unchanged at 5.1%. An upbeat employment report would further boost the case of a December rate hike n send the dlr higher.

Bids are now seen at 121.40/50 and more below at 121.10/20 with stops building up below there whilst initial offers are noted at 122.10/20, suggesting choppy trading would be seen ahead of the jobs report release.

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

Australia AIG construction index, Japan leading indicator, Germany industrial output, France budget balance, trade reports, U.K. Halifax house price, industrial output, manufacturing output, trade balance, U.S. non-farm payrolls, unemployment rate, average earnings, and Canada building permits, employment change, unemployment rate.

139

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

[B]USD/JPY [/B]- ........ The greenback rallied to as high as 123.27 at New York midday on Friday after the release of an upbeat U.S. jobs report increased speculation that the Fed will raise its rates in December this year. Dlr opened higher to 123.36 in New Zealand n continued to trade with a firm undertone in Tokyo morning.

Since there is no major eco. data due today, traders in Asia and Europe are likely to trade the buck on Friday’s jobs report. Bids are seen at 122.90/00 and more below at 122.70/80 with stops building up below there whilst initial offers are noted at 123.50/60, suggesting upside bias would be seen.

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

Germany imports, exports, trade balance, EU Sentix index, Canada housing starts and U.S. employment trends on Monday.

Japan current account, economy watcher poll, Australia housing finance, invest housing finance, business condition, business confidence, China CPI, PPI, Swiss unemployment rate, France industrial output, Italy industrial output, U.S. business optimism, export prices, import prices, Redbook, wholesale inventories and wholesale sale on Tuesday.

China urban investment, industrial output, retail sales, U.K. average earning, claimant count unemployment change, unemployment rate, mortgage market index and mortgage market refinance index on Wednesday.

New Zealand manufacturing PMI, Japan corp goods price, machinery orders, U.K. housing survey, Australia employment, unemployment rate, Germany CPI final, HICP final, France CPI, current account, inflation ex-tobacco, EU industrial production, Canada new housing price index and U.S. Federal budget on Thursday.

Japan capacity untilisation index change, industrial output, France GDP preliminary, non-farm payrolls, Germany GDP flash, Swiss producer import price, Italy GDP Prelim, consumer prices, CPI, EU Eurostat trade, GDP flash, U.S. retail sales ex-auto, retail sales ex-gas/auto, retail sales and business inventories on Friday.

140

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

[B]USD/JPY [/B]- ...... Although the greenback resumed its recent ascent and rose to session high at 123.61 in European morning, price pared its gains and retreated to intra-day low at 122.97 in New York afternoon on profit-taking and due to the selloff in U.S. equities. Dlr staged a rebound to 123.19 at Tokyo open but renewed selling interest there capped intra-day gain and price fell once again.

U.S. will release a slew of data today, ranging from export n import price index to wholesale inventories and sales. On the whole, the release of better-than-expected data would further strengthen the case of a Fed rate hike in December this year.

Bids are now seen at 122.80/90 and more below at 122.60/70 with stops building up below there whilst initial offers are noted at 123.60/70, suggesting choppy trading would be seen for the time being.

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

Japan current account, economy watcher poll, Australia housing finance, invest housing finance, business condition, business confidence, China CPI, PPI, Swiss unemployment rate, France industrial output, Italy industrial output, U.S. business optimism, export prices, import prices, Redbook, wholesale inventories and wholesale sale.

141

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

[B]USD/JPY[/B] - ....... Despite edging up to session high at 123.44 in New York morning yesterday, failure to penetrate Monday's high at 123.61 triggered profit-taking and price retreated to 123.05 in New York afternoon before recovering.

However, renewed pressure at 123.29 sent the pair lower and dlr fell further in Tokyo morning to 122.83, due partly to the initial retreat in Nikkei-225 index.

There is no eco. data due from U.S. today as markets will be closed for Veterans day holiday, hence trading is likely to be thin with bids now lowered to 122.60/70 and some more below at 122.40/50 with stops building up below there whilst initial offers noted at 123.40/50.

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

China urban investment, industrial output, retail sales, U.K. average earning, claimant count unemployment change, unemployment rate, mortgage market index and mortgage market refinance index. It is Veterans Day in U.S. and Remembrance Day in Canada on Wednesday.

142

[B]Intra-day Market Moving News and Views
12 Nov 2015[/B] [I]01:17GMT[/I]

[B]USD/JPY[/B] - ........ The greenback rose from session low at 122.74 in Asia to intra-day high at 123.21 in European morning, however, the dlr pared its gains and retreated to 122.85 at New York midday, then marginally lower to 122.83 in late New York.

Price continued to remain under pressure n dropped to 122.74 ahead of Tokyo open on dlr’s broad-based weakness. Later, the pair found renewed support there and rebounded to 122.88 in Tokyo morning on broad-based selling of jpy.

U.S. will release its jobless claims at 13:30GMT. Street forecast is for a decrease to 270K from previous reading of 276K. An upbeat data would further bolster the case of a December rate hike, following last Fri’s robust jobs report.
Later, attention will shift to Fed Chair Yellen’s speech at 14:30GMT at the Fed’s policy conference. Traders should be on the lookout for the language used by her, regarding the timing of the first rate hike.

Offers are now seen at 122.90/00 and more above at 123.10/20 with stops building up above there whilst initial bids are noted at 122.40/50, suggesting selling for near term weakness is favored but position traders should look to buy on further pullback.

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

New Zealand manufacturing PMI, Japan corp goods price, machinery orders, U.K. housing survey, Australia employment, unemployment rate, Germany CPI final, HICP final, France CPI, current account, inflation ex-tobacco, EU industrial production, Canada new housing price index and U.S. Federal budget.

144

[B]Intra-day Market Moving News and Views
13 Nov 2015 [/B] [I]01:50GMT[/I]

[B]USD/JPY[/B] - ...... Dlr finally pares initial loss after extending yesterday's decline caused by broad-based weakness in the greenback in New York session to 122.55 near Thursday's close and hit a marginal low of 122.50 as the Nikkie lower following o/n weakness in the Dow, however, traders bought the pair when the N225 index staged a recovery.

Looks like a minor low has been made and sideways trading is in store in Asia morning but offers at 123.00/10 area should cap intra-day rebound, suggesting selling the dlr on further recovery is recommended.

Bids are noted at 122.55/50 with stops now touted below there, however, more buying interest is reported near 122.35-30.

Pay attention to key U.S. retail sales later today, market is looking for Oct monthly retail sales to come in at 0.3% vs previous reading of 0.1%. A robust number wud trigger another bout of usd buying whilst a disappointed figure shud meet renewed renewed selling.

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

Japan capacity untilisation index change, industrial output, France GDP preliminary, non-farm payrolls, Germany GDP flash, Swiss producer import price, Italy GDP Prelim, consumer prices, CPI, euro zone trade data, GDP flash, and U.S. retail sales, PPI and business inventories.

145

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

[B]USD/JPY [/B]- ........ Despite the greenback's rise to session high at 122.99 in New York afternoon on Friday, price retreated sharply to around 122.60 near New York close.

Dlr opened significantly lower in New Zealand today and dropped to intra-day low at 122.21 on broad-based buying of yen on risk aversion, following Friday’s Paris attacks.
However, the pair pared its losses and staged a strong short-covering rebound to 122.61 on speculation that the BoJ will announce new easing measures after data showed Japan’s economy slid back into recession in July-September.

Offers have now been raised to 122.60/70 and more above at 122.80/90 with stops building up above there whilst initial bids are seen at 121.90/00, suggesting initial upside would be seen but traders should look to sell on pullback for subsequent weakness.

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

New Zealand retail sales, U.K. Rightmove house price index, Japan GDP, euro zone inflation, U.S. NY empire state manufacturing index, and Canada manufacturing sales on Monday.

Australia RBA meeting minutes, New Zealand inflation expectation, Italy trade balance, U.K. CPI, PPI, RPI, Germany ZEW reports, euro zone ZEW economic sentiment, U.S. CPI, Redbook, capacity utilization, industrial output and NAHB housing market index, net L-T Flows, net capital flows on Tuesday.

Australia wage price index, China house prices, Swiss investor sentiment, Canada housing starts, U.S. building permit and housing start, FOMC minutes Wednesday.

New Zealand producer prices, PPI output, Japan export import trade balance, BoJ rate decision and press conference, industry activity index, Swiss trade balance, export, import, EU current account, U.K. retail sales, CBI trends, U.S. jobless claims, Philly Fed Business index, leading index and Canada wholesale trade on Thursday.

Japan BoJ economic survey, Germany producer prices, U.K. public sector net borrowing, Canada CPI and EU consumer confidence flash on Friday

146

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

[B]USD/JPY[/B] - ...... Despite the initial gap-down open and retreat to session low at 122.21, the greenback rose to 123.14 at New York open, then higher to 123.28 in late New York afternoon before easing. Dlr found renewed buying at 123.16 and gained to 123.34 ahead of Tokyo open on increased speculation that BoJ would announce new easing measures after data yesterday showed Japan slipped back into recession.

U.S. is set to release a slew of eco. data but traders shud pay particular attention to CPI mm and yy at 13:30GMT. Street forecasts are 0.2% and 0.1% vs previous readings of -0.2% and 0.0% respectively. As long as there is no surprise to the downside, speculation of a December rate hike will remain.

Bids are now seen at 123.00/10 and more below at 122.70/80 with stops building up below there whilst initial offers are noted at 123.60/70, suggesting upside bias remains and one should look to buy on intra-day dips.

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

Australia RBA meeting minutes, New Zealand inflation expectation, Italy trade balance, U.K. CPI, PPI, RPI, DCLG house price, Germany ZEW reports, euro zone ZEW economic sentiment, U.S. CPI, Redbook, weekly real earnings, capacity utilization, industrial output and NAHB housing market index, net L-T Flows, net capital flows.

147

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

[B]USD/JPY[/B] - ....... Despite a brief retreat from Asian high at 123.43 to 123.18 in early European morning, the greenback found renewed buying and rose marginally higher to intra-day high at 123.49 in New York before retreating again to 123.26 in New York afternoon.

However, dlr pared its losses and rebounded to 123.47 ahead of Tokyo open n continues to trade with a firm bias in Tokyo morning.

Although U.S. will release some housing related data today, market focus is on the release of FOMC minutes later today at 18:00GMT. Traders will look for hints in the statement about a possible December rate hike and the factors that would influence the Fed in making such a decision.

Bids are now seen at 123.20/30 and more below at 123.00/10 with stops building up below there whilst initial offers are noted at 123.80/90, suggesting upside bias would be seen and buying on dips is the favored strategy.

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

Australia wage price index, CB leading indicator, Westpac leading index, China house prices, Swiss ZEW investor sentiment, Canada housing starts, U.S. building permit, housing start, and FOMC minutes.