The USD found a few friends overnight albeit in small numbers and one pair which is over positioned, namely cable, might be ripe for a pre-weekend correction? EUR/GBP looks very heavy still but there is heavy demand reported on the … Continue reading
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HSBC China manufacturing PMI at 5-month high of 49.7; New Zealand job ads +2.6% in April, +15.4% YoY; Regional stock markets traded higher by around 1% on average with the Nikkei +2%; Japanese demand for foreign bonds reported at 9-month … Continue reading
Will the strong positive sentiment on the Nikkei be enough to get USD/JPY back up through those 101.70 stops? I guess we will find out shortly.
This pair is also worth watching. The short-term market has been bearish and generally short, so there will be plenty of trailing stops scattered along the way.
Once again the range-trader is King. Intraday support should now form around .9240 as the bears give up on their ambitions for today at least.
The general expectation had been for some weaker data but a 5-month high of 49.7 has sent the AUD shorts scurrying.