We have about 45 minutes until the close on Wall Street and we’re there with a full head of steam.
Markets are anticipating a very strong Chinese GDP this evening, upwards of 9%, on an annualized basis. God help the risk trade if China disappoints.
AUD, EUR and CAD would be hard hit while the JPY could rally.
With USD/JPY only 20 odd pips above rumored BOJ/Kampo bids in the 80.50/60 area, traders may want to take a probe toward the downside to try and smoke out official bids.
1.3210/15 remains modest resistance on rallies (though stronger now after our earlier stall) with more up at 1.3240. 1.3180/85 is support near-term with more at 1.3135. We trade now at 1.3189.
