[GBP/USD] fell to an intraday low around the 1.6285/90 level on selling from an Aussie name before buying from intraday specs and a US Prime saw the pair climbing to an intraday high around the 1.6350/55 level. The pair was also given a prop on Gbp/Jpy buying from Japanese margin accounts who had been short the cross after the release of the much worse thanexpected UK GDP data. However, a fund and German selling near the high saw seen the pair retreating back to current level of 1.6310/15 with the downside bias still intact.
[JAPAN]'s Finance Ministry has raised its assessment on the regional economy for a 2nd qtr by saying in its Sept qtrly rpt that 'some areas of the economy, such as production, are showing signs of picking up, even though the economy is in a severe state". The ministry upgraded its assessment on 7 out of the 11 regions and left the remaining 4 unchanged. Similarly, we saw BOJ raise its assessment on all of its nine regions covered in last wks regional rpt. That said; the CB continues to reflect more optimism over the economy than the Govt; with Fin Min Fujii in fact remarking tdy that the BOJ, when saying the economy is getting better, is looking at the economy in its own way. Further official pressure is expected into Frids BOJ meeting, especially with speculation brewing that the CB will let some of its corp support measures expire.
[NZD/YEN] remains heavy around 69, and edges lower to the low of 68.57 earlier on overall Yen crosses' decline and NZ PM Key's comments that possibility of rate hike this year is low, and it would be better for FX rate to be lower than now. The uptrend began on Oct 2, extended to Oct 23, and it includes 10 white candle sticks, 3 black candle sticks and 3 cross formation, so caution would be needed to downside.
dont test 500 pip your sl on eu..remember catipillar cut 550 jobs. this is a big deal. weaker dollar made cat equip cheaper and its still selling less. in an anticipated boom economy cat would be hiring. canary in the coal mine? i dont know. but im not betting against it just yet..cat is needed to take raw crap out the ground.
[JAPAN]'s Finance Ministry has raised its assessment on the regional economy for a 2nd qtr by saying in its Sept qtrly rpt that 'some areas of the economy, such as production, are showing signs of picking up, even though the economy is in a severe state". The ministry upgraded its assessment on 7 out of the 11 regions and left the remaining 4 unchanged. Similarly, we saw BOJ raise its assessment on all of its nine regions covered in last wks regional rpt. That said; the CB continues to reflect more optimism over the economy than the Govt; with Fin Min Fujii in fact remarking tdy that the BOJ, when saying the economy is getting better, is looking at the economy in its own way. Further official pressure is expected into Frids BOJ meeting, especially with speculation brewing that the CB will let some of its corp support measures expire.
[NZD/YEN] remains heavy around 69, and edges lower to the low of 68.57 earlier on overall Yen crosses' decline and NZ PM Key's comments that possibility of rate hike this year is low, and it would be better for FX rate to be lower than now. The uptrend began on Oct 2, extended to Oct 23, and it includes 10 white candle sticks, 3 black candle sticks and 3 cross formation, so caution would be needed to downside.
dont test 500 pip your sl on eu..remember catipillar cut 550 jobs. this is a big deal. weaker dollar made cat equip cheaper and its still selling less. in an anticipated boom economy cat would be hiring. canary in the coal mine? i dont know. but im not betting against it just yet..cat is needed to take raw crap out the ground.
those who can, do. those who cant, talk about those who can
