Forex Day Trading Blog

FX Market Summary 04-08-2014: Dollar Under Pressure

April 8th, 2014

The Bank of Japan held policy steady at the latest meeting which was in line with expectations and Bank chief Kuroda was more optimistic surrounding the outlook which tended to dampen expectations of further easing at the late-April meeting which also curbed yen selling. The Japanese seasonally adjusted current account remained in slight deficit for February which maintained underlying concerns surrounding the fundamentals. Read the rest of this entry »

FX Market Summary 04-07-2014: Euro Bounces From Support

April 7th, 2014

USD/JPY found support close to the 103 level on Monday without being able to make any significant headway following the sharp losses on Friday. There was solid underlying dollar support on yield grounds while a firmer risk tone cubed any fresh advance for the Japanese currency as Asian equity markets held firm.  Read the rest of this entry »

FX Market Summary 04-04-2014: US Payrolls Data Priced In

April 4th, 2014

There was still solid US dollar buying support at lower levels in Asian trading on Friday given favourable yield spreads over the yen. The Bank of Japan will hold its latest policy meeting next week amid expectations that policy will eventually be expanded further even with a consensus of no change this time around as policymakers wait to asses the impact of higher sales tax. USD/JPY maintained a bid tone and consolidated just below the 104.00 level. Read the rest of this entry »

FX Market Summary 04-03-2014: Draghi Pushes Euro Lower

April 3rd, 2014

Trading conditions in early Europe on Thursday were inevitably lacklustre as players waited for the crucial ECB council decision. Risk appetite held generally firm with the yen still generally on the defensive, although with a reluctance to push the yen sharply weaker given underlying fears surrounding the Chinese outlook. Read the rest of this entry »

FX Market Summary 04-02-2014: Caution Prevails As Euro Nudges Lower

April 2nd, 2014

The Euro edged slightly lower on Wednesday with caution a key element ahead of substantial event risk over the next two days. Risk appetite was generally firm during Asian trading which curbed defensive demand for the Japanese currency, especially with US equity markets again challenging record highs. In this context, there was further speculation that the Japanese currency would be used as a funding unit if conditions remained more favourable. EUR/JPY challenged resistance above 143.0 while USD/JPY probed resistance around 104.0. Read the rest of this entry »