Forex Analysis
JPY Mid-day Analysis
The Yen is technically forming a potential rebound as it made new lows while the daily slow stochastics made a higher low.
USD Mid-day Analysis
Yesterday’s US Weekly Unemployment Claims came in at the lowest level since January 2007 bringing the 4-week moving average to levels not seen since the middle of 2007.
FX Weekly – If not now, when?
* G10: Next week’s FOMC meeting should catalyze a breakout for G10 FX. We think this will be in favour of the dollar, given improving short term rate differentials and better data.
Morning FX Market Commentary
Still no clear trend EUR/USD still hovered up and down in the 1.33 area yesterday. USD/JPY lost some ground as core bond yields drifted lower, but this trend halted this morning.
FX Daily
Market movers today – The main focus today is US retail sales. We expect a decent report with growth of 0.3% in ‘core’ retail sales excluding cars and gasoline.
US Economic Update – September 2013
– US GDP for the June quarter revised up from 1.7% (annualized rate) to 2.5%. – While some partial indicators were soft at the start of the September quarter,
China Economic Comment – September 2013
There has been a large divergence in views over the future path of China’s monetary policy/stimulus over the medium term.
USDJPY – expected decline developing; wave-E target is 97.08
The $JPY sell-off commenced right from the wave-D target at 100.59 (100.61 high). Wave-E down is now unfolding and the down trade so far is supportive of the idea as it is firmly impulsive.
EURUSD – 5- waves up complete; minor correction to 1.3282/43
The wave-5 target of 1.3328/35 was satisfied with yesterday’s rally to 1.3325. Now 5 clean waves are in place and wave-1 = wave-5.
FX Daily Strategist: US
USD to garner momentum from yield support: we stick with long USDCHF USD weakness remains a notable theme in G10 FX with the greenback’s move lower linked to rising expectations of a “dovish” Fed taper,
EUR Mid-day Analysis
News out of Europe today has been decidedly negative putting downward pressure on the Euro. Yesterday’s small rally was on top of three days of upward movement by the Euro.
CHF Mid-day Analysis
The Swiss Franc has a slight negative tone to it today because of soft European economic data. Any potential movement in the Franc for today is waiting on US data.