JPY continues to push upward, Turkish lira falls after Erdogan’s comments and gold touches 1344 level

The greenback is mildly recovering during the Asian session as it consolidates following a recent drastic sell-off.

JPY continues to push upward, Turkish lira falls after Erdogan’s comments and gold touches 1344 level

JPY continues to push upward

The greenback is mildly recovering during the Asian session as it consolidates following a recent drastic sell-off. Among its major peers, the Aussie is trading as the strongest one. The euro is trading as the second strongest supported by hawkish comments from ECB officials. It seems now, after last week’s December meeting minutes, ECB policymakers are starting to sing a chorus of ending asset purchases after September.

The Japanese Yen was the underperformer of an otherwise quiet Asia Pacific sessions, with share prices rising on most regional stock exchanges, leading up to an increase in risk appetite, which bodes an ill omen for the safe haven currency

In an interview, ECB Governing Council Member Ardo Hansson stated that there was a “need for action in our communication.”, which reflected the views notes on the December ECB minutes.

As for the UK, BoE MPC member Silvana Tenreyro stated in her speech on Monday that she agreed with the central’s bank projections in the November inflation report. However, the medium-term outlook, the risks to productivity looks to be titled to the upside

Japan domestic CGPI rose 3.1% YoY in December versus expectation of 3.2% YoY.

In commodities, U.S. West Texas Intermediate (WTI) crude futures tacked on 20 cents to $64.50 a barrel. Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., were at $70.00 a barrel, down 28 cents from their last close.

 

OUTLOOK:

Moving ahead, UK’s crucial consumer price inflation for December, slated to release in a few hours, would pique significant amount of investor attention.

 

TRADER’S VIEW:

GBPUSD is expected to find support at 1.3740, and a fall through could take it to the next support level of 1.3690. The pair is expected to find its first resistance at 1.3830, and a rise through could take it to the next resistance level of 1.3870.

 

EURUSD: Intraday bias in EUR/USD remains on the upside at this point.

EUR/USD

GBPUSD: Intraday bias in GBP/USD remains on the upside with focus on 1.3835 key resistance.

GBP/USD

USDCAD: Intraday bias in USD/CAD remains neutral as consolidation from 1.2355 continues.

USD/CAD

USDCHF: Intraday bias in USD/CHF remains on the downside as fall from 1.0040 is in progress for retesting 0.9420 low

USD/CHF

USDJPY: A temporary low is in place at 110.35 in USD/JPY. Intraday bias is turned neutral for consolidations.

USD/JPY

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***Information contained in this newsletter are gathered from third parties and should not be regarded in any way as trade advice or recommendations by CM Trading. CM Trading does not recommend or advise traders or investors in their decision making but merely provides information from the market for its clients as additional information is made available as per the events occurring in the financial markets.

 

HIGH RISK WARNING:

Trading Foreign Exchange (Forex) and Contracts for Differences (CFD’s) is highly speculative, carries a high level of risk and may not be suitable for all investors. You may sustain a loss of some or all of your invested capital, therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading on margin.

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