News Headline Summary
Continued JPY weakness sees USD/JPY approaching the 82.00 level where optionality is said to be high
- Watching out for any offers into the 82.00 level, trades 81.95 (+26 pips).
- The move comes as the JPY has continued to weaken throughout the last two weeks on the premise that the ruling party in Japan will lose power to the LDP party in the December elections.
- Abe the leader of the LDP has been clear in his calls for further easing in monetary policy if he were to come to power.
- Most recently we have also seen the latest trade balance data in Japan for October show a larger deficit than analysts were expecting.
- The weaker JPY is assisting gains over in the local equity market with the Nikkei 225 up close to 1% on the session underpinned by strength in exporters, particularly tech based.
- As of 0136GMT it seems offers into the 82.00 level have stalled the surge higher in USD/JPY for the time being.
- Note, there is talk of large stops building above the 82.00 mark.
- Trades 81.92 (+25 pips) last.
01:11, 21 Nov 2012 -
23:26, 21 Nov 2012
Recent move higher in EUR/USD attributed to stops being tripped at the 1.2835 level with thin volumes, owning to the US thanksgiving holiday, exacerbating the move
05:57, 21 Nov 2012
Market talk of bids in NZD/USD return ahead of 0.8124 100-day mov, stops below 0.8120 - unconfirmed, trades 0.8140 (-32 pips) last
05:53, 21 Nov 2012
Market talk of bids in AUD/USD at 1.0340/50, stops below 1.0300 - unconfirmed. trades 1.0359 (-3 pips) last
05:00, 21 Nov 2012
Bank of Japan says weaken tone on economic outlook
04:17, 21 Nov 2012
EUR/USD trips stops just below the 1.2750 level with the pair having lost a total of 81 pips since the comments from the German finance minister that there has been no agreement on Greece and that they are not to meet again until Monday
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