DAILY MARKET OUTLOOK on Major
Update Time: 29 July 2020 09:30GMT
USD/JPY - 104.82
Dollar's intra-day break below yesterday's fresh 4-month trough at 104.96 suggests erratic decline from March's 111.71 peak remain in progress and further weakness to 104.40/45 would be seen after consolidation, however, reckon 104.11/16 should remain intact due to loss of momentum and bring correction later this week.
On the upside, above 105.24 signals temporary bottom has been made and risks stronger retraceent to 105.37, then 105.69.
Data to be released on Wednesday :
UK BRC shop price index, Australia CPI, German import prices, France sonsumer confidence, Italy producer prices, Swiss investor sentiment.
U.S. MBA mortgage applications, trade balance, wholesale inventories, pending home sales, FOMC interest rate decision.
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