Share This Story
Forex Market UpdateUSD falls in Asia after G7 meeting!
The G7 called for appreciation of the Yuan and other Asian currencies, with added pressure from the Riksbank's reallocation into the EUR!
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€˘ Canadian wholesale sales Feb, out at -1.1% vs. 0.0% expected.
â€˘ Canadian retail sales Feb, out at -0.4% vs. 0.2% expected.
â€˘ Canadian retail sales less autos Feb, out at 0.3% vs. 0.2% expected.
â€˘ Japan's supermarket sales (yoy) March, out at -2.1% with a prior reading of -1.7%.
â€˘ Japan's nationwide dept. sales (yoy) March, out at 2.0% better than the prior reading of 0.5%.
â€˘ Australian producer price index Q1, out at 0.8% vs. 1.0% expected.
â€˘ Australian new motor vehicle sales March, out at -2.0% vs. 0.6% expected.
THEMES TO WATCH â€“ UPCOMING SESSION
The JPY crosses was the story in Asia with USDJPY gapping lower in the pre-Tokyo open triggering tons of stops from the 116.50 down to 115.50 on the G7 calling for appreciation of the Asian currencies. Also helping USDJPY was USD weakness as Russian Finmin Kudrin commenting that the dollar was not the absolute reserve currency adding even more downward pressure on USDJPY. But we have seen this scenario before where market participantâ€™s are selling these sort of rumors. But with the market unable to follow through. So we will look for a close below 113.40-80 area to confirm a medium term bearish view.
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
Saxo Bank A/S shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information herein contained. The contents of this publication should not be construed as an express or implied promise, guarantee or implication by Saxo Bank that clients will profit from the strategies herein or that losses in connection therewith can or will be limited. Trades in accordance with the recommendations in an analysis, especially leveraged investments such as foreign exchange trading and investment in derivatives, can be very speculative and may result in losses as well as profits, in particular if the conditions mentioned in the analysis do not occur as anticipated.
Please read our full Analysis Disclosure & Disclaimer at www.saxobank.com/analysis/disclaimer.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."