[B]Intra-Day Market Moving News and Views
10 Nov 2014[/B] [I]01:05GMT[/I]
[B]USD/JPY[/B] - 114.38.. Dlr opened in NZ around where it left off in NY Friday (around 114.62), however, renewed usd's broad-based weakness following a weak closing Friday pressured price in NZ/AUS, the pair fell 1-tick below Friday's 114.26 low at Tokyo open but lack of follow-through selling quickly lifted price.
Despite the Dow & S&P 500 indices touching record closing highs for the 3rd day in a row, intra-day weakness in the Nikkei (currently down 121 points at 16759) as well as falling U.S. treasury yields suggests dlr may well have formed a temporary high at Friday’s fresh 7-year peak at 115.62.
Offers are tipped at 114.60/65 n more above with stops touted above 115.00.
On the downside, initial bids are noted at 114.25-20 and more below at 114.10-00 with stops reported below there, suggesting consolidation with downside bias is in store.
Reuters reported citing source from the Japan’s Yomiuri newspaper Japan’s PM Shinzo Abe is considering dissolving the lower house of parliament and calling a snap election if he decides to delay a plan to raise the sales tax next year.
If Abe does dissolve the lower house, an election could be held on Dec. 14 or Dec. 21, the Yomiuri reported on Sunday citing several government and ruling party sources.
Abe has also told members of his party’s coalition partner of this plan, the Yomiuri said. In a TV interview on Fri, Abe said he was not thinking of calling an early election, but then he hedged his bets by saying this is something a prime minister always has to say.
Abe has to decide by year’s end whether to go through with a plan to raise the sales tax to 10 percent from 8 percent in October 2015.
Abe could delay this plan by a year and a half if 3rd quarter GDP, which is due on Nov. 17, struggles to accelerate, the Yomiuri said.
If Abe does delay the tax hike he would call an election to ask the public to judge his economic policies, the Yomiuri said.
[B]Data to be released this week:[/B]
Australia housing finance, China CPI, PPI, Italy industrial output, EU sentix index and Canada housing starts [B]on Monday.[/B]
Japan trade balance, current account, tertiary industry index, Australia home price index, NAB business confidence, France market holiday, Canada market holiday and U.S. market holiday [B]on Tuesday. [/B]
Australia Wage price index, UK average earnings, claimant count, ILO unemployment, BoE inflation report, EU industrial production, U.S. redbook retail sales, wholesale inventories and wholesale sales [B]on Wednesday. [/B]
Japan CGPI, machinery orders, industrial output, capacity utilization, China industrial output, retail sales, Germany CPI, HICP, Swiss PPI, Italy CPI, Canada housing price index, U.S. jobless claims and Federal budget [B]on Thursday. [/B]
France GDP, Germany GDP, Italy GDP, UK construction output, EU GDP, CPI, U.S. retail sales, export prices, import prices, business inventories, U. of Michigan sentiment and Canada manufacturing sales [B]on Friday.[/B]