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USD/JPY was deflected by the strong resistance area 110 - 110.5 (February high, 200 DMA, 50 WMA) last week, after briefly trading above the big figure. There was enough demand in the 108.5 - 109 area (100 DMA) and with Iran risk out of the way, the pair can now make another shot at the resistance. U.S. PPI (today) and CPI (tomorrow) inflation reports could provide some fuel for the rally.
Блог al_dcdemo
U.S. data and BOC outlook worth watching
Main economic event in the week ahead is probably the release of U.S. CPI and Retail Sales data for December, on Friday. Add to that U.S. PPI on Thursday. Monday's BOC Business Outlook Survey will be the bank's last communication before eagerly awaited monetary policy decision on January 17th.
EURo doesn't like the upside
Euro's break above the ascending triangle, formed over the past three weeks, proved to be fake and the pair is now heading towards the lower extreme of the pattern. Greece uncertainty has outweighted wavering Fed and weaker US CPI print as we are heading into the weekend.
Direction is unclear at the moment, the above-mentioned pattern will need to be convincingly broken either way to establish bullish or bearish bias. Supply band: 1.1400 - 1.1450. Possible demand band: 1.1250 - 1.1300.
Direction is unclear at the moment, the above-mentioned pattern will need to be convincingly broken either way to establish bullish or bearish bias. Supply band: 1.1400 - 1.1450. Possible demand band: 1.1250 - 1.1300.
EURo gained overnight
The Dollar pulled back across the board overnight into a holiday extended weekend. There's Whit Monday in some European countries, Spring Bank Holiday in UK and Memorial Day in US on the first day of the next week.
The notable movers were the Australian and New Zealand dollars, but the Euro managed to put up 50 pips, which is quite a lot for the Asian Session. Today's calendar is full, but the market will be focusing on the (Core) CPI report from the States.
The notable movers were the Australian and New Zealand dollars, but the Euro managed to put up 50 pips, which is quite a lot for the Asian Session. Today's calendar is full, but the market will be focusing on the (Core) CPI report from the States.
US Retail Sales disappoint
The Dollar sold off sharply after the release of weaker than expected US Retail Sales report. Cable surged 100 pips on the release and added another 50 or so pips after IMF revised down US GDP projections. It is up nearly 200 pips from post-CPI daily low just above 1.46. Immediate resistance comes in at 1.4790 - 1.4800 (H1 200 SMA, H4 50 SMA, D1 10 SMA).
US inflation positive
US CPI report came out solid and it appears sentiment has reversed (at least short term). However, immediately after knee-jerk reaction to the news, there was a short squeeze in which Euro made new high and briefly traded above 1.10. Particularly weak is Cable as UK CPI missed expectations earlier in the day.
EURopean deflation slows
Euro ticked higher in the morning on better than expected (less deflationary) CPI data. However, it wasn't able to push through Friday high just below 1.1250. ISM Manufacturing PMI just came out and it slightly missed expectations, but the Dollar is still being bought as Euro turned lower and USD/JPY broke 120 (again).