Forex Market
USD/JPY Analysis
Closed in NY Friday at Y78.38 having recovered off the spike low of Y78.187 following Fed Bernanke’s speech. Dollar-yen opened in Asia around Y78.30 and was dragged lower to Y78.19 on supply from Japanese name accounts in aussie-yen.
GBP/USD Analysis
Closed in NY Friday at $1.5868 off spike highs of $1.5895 following Fed Bernanke’s speech and was seen in consolidation mode. Cable opened in Asia at $1.5875 and ground lower in tandem with euro-dollar to print $1.5850, later recovering on dip demand to $1.5870 as traders reported of thin volumes.
EUR/USD Analysis
Closed in NY Friday at $1.2576 having eased off pullback highs of $1.2638 following Fed Bernanke’s speech that failed to deliver on QE. Euro-dollar was pulled lower by the aussie in early Asia to $1.2560 following weekend’s PMI data out of China, the move cushioned by demand in euro-aussie.
Asia today: Asian PMIs continue the weak tone; Risk holds up well
The first of the global manufacturing PMI reports confirmed what we already suspected – a slowing global marketplace.
Asian Currencies Technicals
AUD/USD: Oversold tech studies could be an issue. Oversold daily tech studies looking to correct may be an issue for the immediate continuation lower with the Ichimoku cloud top and 38.2% Fibo ($1.0222) lurking below.
Jackson Hole was a snooze fest as market tries to react
Bernanke’s speech offered the market virtually nothing to go on, even less, in fact than the very little the market was expecting. Was there anything worth reacting to?
Americas FX Daily
All eyes on Jackson Hole What happened overnight * Japan’s industrial production sharply weaker than expected in July * German retail sales surprise weak in July
FX Daily Strategist: US
* Waiting for a dovish speech from Fed Chairman Bernanke As markets wait with bated breath for Fed Chairman Bernanke’s much-anticipated Jackson Hole speech, the USD has lost come of its ground against G10 FX but remains within recent ranges.
FX Market Analysis
GBP: Opened early Europe at $1.5823, stg0.7923, GBP closed in NY at $1.5786, after rate had been pressured to lows of $1.5772 following the earlier rejection from $1.5875.
Technical Analysis
EZ spreads widening, stronger NOK, weaker EM’s… EUR/USD Possible a triangle… AUD/USD Deeper into the ma bands… EUR/SEK Looks peaky… USD/SEK Approaching interesting lvls…
FX Market Technical Research
EUR/USD: Risks a Fade Ahead of 100-Day Moving Average. The pair holds above the former 61.8% retracement level, which had capped at $1.2444, with this level now turning support, although the daily studies are showing signs of fading.
GBP/USD Analysis
Closed in NY at $1.5786, after rate had been pressured to lows of $1.5772 following the earlier rejection from $1.5875 (76.4% $1.5912-1.5754) with reported reserve and corporate selling emerging.