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AceTraderFx Oct 20: Intra-Day Market Moving News and Views -USD/JPY
Intra-Day Market Moving News and Views
20 Oct 2017 3:20GMT
USD/JPY - 113.19.. Despite trading in relative stable to firm manner in early Asian morning, the greenback 'jumped' across the board on news headline '"U.S. Senate passes budget blueprint to Trump tax reform", market interpreted this as paving the way for Trump's tax cut package by the Republican without support from the Democrats, U.S. Treasury yields immediately rose (benchmark 10-year rallied from 2.316 to 2.359%) and this sent the pair rallying 112.74 to as high as 113.31.
As long as U.S. yields are on the rise, dlr will head higher on this, so trading the buck from long side is therefore recommended n European traders will most likely do the same when they arrive in reaction to this U.S. tax reform news.
Bids are noted at 113.05-112.95 and more below with some stops below 112.70.
Offers are tipped at 113.30/40 with stops touted above 113.50.
BoJ Gov. Kuroda will deliver a speech at 06:35GMT at an annual conference in Tokyo.
U.S. will release existing home sales and later at 18:00GMT, Cleveland Fed President Mester (non-voter) will speak in New York and last but not least, Fed chair Yellen will make a very late speech at 23:30GMT in Washington at a dinner conference.
AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in FX market since 1984, with proven analytical approach used by professionals and real-time updates
Intra-Day Market Moving News and Views
20 Oct 2017 3:20GMT
USD/JPY - 113.19.. Despite trading in relative stable to firm manner in early Asian morning, the greenback 'jumped' across the board on news headline '"U.S. Senate passes budget blueprint to Trump tax reform", market interpreted this as paving the way for Trump's tax cut package by the Republican without support from the Democrats, U.S. Treasury yields immediately rose (benchmark 10-year rallied from 2.316 to 2.359%) and this sent the pair rallying 112.74 to as high as 113.31.
As long as U.S. yields are on the rise, dlr will head higher on this, so trading the buck from long side is therefore recommended n European traders will most likely do the same when they arrive in reaction to this U.S. tax reform news.
Bids are noted at 113.05-112.95 and more below with some stops below 112.70.
Offers are tipped at 113.30/40 with stops touted above 113.50.
BoJ Gov. Kuroda will deliver a speech at 06:35GMT at an annual conference in Tokyo.
U.S. will release existing home sales and later at 18:00GMT, Cleveland Fed President Mester (non-voter) will speak in New York and last but not least, Fed chair Yellen will make a very late speech at 23:30GMT in Washington at a dinner conference.
AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in FX market since 1984, with proven analytical approach used by professionals and real-time updates
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