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Forex Trading StrategiesCross JPY selling through Asia
The JPY crosses were heavily sold through Asia by Japanese Banks and securities houses on Fukui comments suggesting that price rises is becoming more crucial than before.
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€˘ Tertiary Industry Index MoM (Dec), expected at 0.3%, reported at 0.2%.
â€˘ Adj Merchandise Trade Balance (Jan), expected at Y650 Bln reported at -Y 572.3 bln.
â€˘ Corporate Service Price Index YoY (Jan) reported as -0.1%. Market expected a -0.2% figure.
â€˘ All Industry Index reported at 0.4%, expected at 0.5%.
â€˘ BoJ's Fukui spoke after the Japanese data, saying that the economy is firmly recovering and confient that it will last, with financial markets moving in line with BOJ thinking.
â€˘ Private Capital Expenditures (4Q), expected at 3.5% reported at 9.2%, previous period was +2.9%.
â€˘ Average Weekly Wages QoQ, reported at 0.4% while YoY it increased 5.0%. Both lower than prev periods.
THEMES TO WATCH â€“ UPCOMING SESSION
â€˘ 9.30am GMT UK Total Business Investment (QoQ) for 4Q expected to be reported. Previously at 0.3% (no expectations). YoY was 1.2%.
â€˘ 1.30pm US Initial Jobless Claims expected to be at 300k, close to the previous 297k.
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.
23 Feb 06
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