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JPY Mid-day Analysis

The Yen remains vulnerable on the charts and generally positive equity market gains overnight would seem to

While the Dollar is showing some modest early strength to start today, the currency has largely remained within the prior session’s trading range.

The December Canadian has regained a four month old down trend channel resistance line at 89.01.

The Pound is begrudgingly benefiting from the quasi-risk-on vibe this week.

EUR/USD is grinding higher towards the hourlyresistance at 1.2743. A break of this level isneeded to

A slower China and strong commodity supply are consistent with a lower AUD The house GDP growth forecast for

The USD continued to weaken, albeit only modestly. The EUR ground higher to 1.271,

EURUSD: Yesterday’s rise to 1.2723 might very well have been thefinal move higher in

In the US, durable goods orders are due for release and consensus is for an increase of0.5% m/m in September.

The pullback following last week’s spike above the 55-DMA continues with gold having dipped briefly below

The relief coming after the ECB stress tests proved very short-lived, as a weak German Ifo reminded that the remaining problems were large.

The Euro continues to trade in a messy overlapping range which supports our case that we are mired in a wave-4 correction.