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Forex Trading StrategiesUSDJPY find selling interest in Asia
Exporters sold USDJPY ahead of 119.00 resistance, but longer term indicators remain positive and we could soon see a test of 121.40, the 05 high.
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€˘ It was noted in FOMC minutes that after the rate hike Jan 31, policy "seemed close to where it needed to be".
â€˘ The US leading indicator rose above forecast at 0.6% to 1.1%
â€˘ Canadian retail sales rose in Dec. rose from 0.1% to 0.4%
â€˘ The ECB's Quaden was noted saying the bank has "not excluded" a rate rise in the coming weeks.
â€˘ Australian Q4 wages rise +0.9%, below expectations for +1.1%. Skilled vacancies rebounded in February, jumping +27.6%.
â€˘ RBA Stevens' comments look in line with those last week. Repeats that "bank more likely to tighten policy than ease" but adds "in the foreseeable future".
â€˘ US Fed Fischer says Fed will be data-driven as it makes policy going forward. He expects very strong growth in Q1, and says that the Fed will be watching for evidence of energy price pass through to inflation
â€˘ Ecuador was forced to shut down its main private pipeline following ongoing violent protests in the Napo province.
â€˘ In Nigeria, militants have threatened that attacks on oil infrastructures will continue in the Delta region.
THEMES TO WATCH â€“ UPCOMING SESSION
â€˘ 9.00am GMT ECB Euro-Zone Current account for Dec expected to have dropped -0.6 bln vs. previous period's -10.1 bln drop.
â€˘ 9.30am GMT UK Bank of England Minutes to be released.
â€˘ 12.00pm GMT CA CPI Ex Food and Energy for Jan (YoY) to have increased 1.7% (+1.6% previously)
â€˘ 13.30pm GMT US Consumer Price Index for Jan (MoM) expected to have increased 0.5% (-0.1% previously)
Note: the support/resistance levels used in the matrixâ€™s of this document are levels derived from yesterday high, low and close. Reference in the text to other support/resistance levels will occur.
22 Feb 06
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