The [EUR/YEN] is off the 118.04 high to the 117.30 level. Price actions at the peak are 118.04/03/00, and thus the territory above 118.00 looks heavy. 117.30 stops and 117.50 offers have been tripped and filled on the way up. Pension fund's Yen crosses buying has been noted in the AM session. The pair is partly above the hourly Ichimoku cloud top (117.68). 04:42 GMT - The [DLR/YEN] eases through 91.00 after hitting the high at 91.27 midday (91.20 stops tripped). A US investment bank has been a good seller initially, with exporters' sales constantly noted. Pension fund and models (especially for [STG/YEN]) are the reported buyer in the morning session. Also price actions at the peak are like 91.27/26/27 (for about half an hour), so good two way businesses went through.
Weak crude oil prices which fell below the $35 level and the other commodities with the exception of gold saw the Loonie reaching a three-week low against its US counterpart. The [USD/CAD] rose to a high of 1.2550 as soaring risk aversion on market uncertainty on whether the US financial rescue plan is going to work gave a lift to the Greenback. The Dow dropping close to 300 points was also a drag on the Loonie but its recovery to finish the session for a loss of just 6 points saw the Loonie bounced sending the pair to an o/n low of 1.2387 before opening this morning around the 1.2425 level. The pair is likely to trade in a tight range with only Canadian new motor vehicle sales and U of Michigan Confidence on tap. Buying orders at 1.2380 and selling orders at 1.2480 will keep the range this session.
Weak crude oil prices which fell below the $35 level and the other commodities with the exception of gold saw the Loonie reaching a three-week low against its US counterpart. The [USD/CAD] rose to a high of 1.2550 as soaring risk aversion on market uncertainty on whether the US financial rescue plan is going to work gave a lift to the Greenback. The Dow dropping close to 300 points was also a drag on the Loonie but its recovery to finish the session for a loss of just 6 points saw the Loonie bounced sending the pair to an o/n low of 1.2387 before opening this morning around the 1.2425 level. The pair is likely to trade in a tight range with only Canadian new motor vehicle sales and U of Michigan Confidence on tap. Buying orders at 1.2380 and selling orders at 1.2480 will keep the range this session.
those who can, do. those who cant, talk about those who can