AceTraderFx : Intra-day Market Moving News and Views on Majors

AceTraderFx Mar 16: Intra-Day Market Moving News and Views (USD/JPY)

Intra-Day Market Moving News and Views (USD/JPY)
16 Mar 2016 02:06GMT

USD/JPY - ...... Dlr pared yesterday's sharp losses and jumped in Asian morning on BoJ Kuroda's dovish remarks. Speaking in parliament, Bank of Japan Governor Haruhiko Kuroda said that it was theoretically possible for the central bank to cut interest rates to around minus 0.5 percent. But he could not say at this moment which policy tools the BOJ would use in case it decided to expand monetary stimulus again, saying that it would depend on economic conditions at the time.

The BOJ added a negative interest rate policy to its massive asset-buying programme in January and began charging a 0.1 percent interest on a portion of excess reserves financial institutions park with the central bank.

Japan's PM Shinzo Abe is meeting with foreign economists to help him prepare for hosting a Group of Seven summit that will be hosted by Japan in May, and U.S. Nobel laureate and economist Joseph Stiglitz said that he had Shinzo Abe to delay a sales tax increase scheduled for next year and focus more on fiscal spending to boost a recovery from recession.
Stiglitz told Abe that G7 need to coordinate policy as weak aggregate demand was harming the global economy and contributing to income disparity.

The G7 talks, according to some economists, could give Abe a convenient reason to postpone tax hikes, relax fiscal austerity and and introduce more stimulus to avoid relying too much on monetary policy.
"A consumption tax increase now would be going in the wrong direction," said Stiglitz, a professor at Columbia University. "This is a time to have stimulating fiscal policy."

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US Nobel Laureate & Economist Joseph Stiglitz Advised Shinzo Abe To Delay Sales Tax Increase & Focus On Fiscal Spending

Intra-Day Market Moving News and Views (USD/JPY)
16 Mar 2016 02:06GMT

Japan's PM Shinzo Abe is meeting with foreign economists to help him prepare for hosting a Group of Seven summit that will be hosted by Japan in May 2016, and U.S. Nobel laureate and economist Joseph Stiglitz said that he had advised Shinzo Abe to delay a sales tax increase scheduled for next year and to focus more on fiscal spending to boost a recovery from recession. Stiglitz told Abe that G7 need to coordinate policy as weak aggregate demand was harming the global economy and contributing to income disparity.

The G7 talks, according to some economists, could give Abe a convenient reason to postpone tax hikes, relax fiscal austerity and and introduce more stimulus to avoid relying too much on monetary policy.
"A consumption tax increase now would be going in the wrong direction," said Stiglitz, a professor at Columbia University. "This is a time to have stimulating fiscal policy."
Abe is scheduled to raise the nationwide sales tax to 10 percent from 8 percent in April next year, but some of Abe's closest advisers are calling for the plan to be shelved.
Abe had raised the levy to 8 percent from 5 percent in April 2014, which was agreed under the previous government in order to curb Japan's massive public debt, but this move triggered a recession and some economists say consumer spending still has not fully recovered.

Stiglitz advised the Japan's government the need to adapt its policies in response to changes in the economy, and that taxes on carbon emissions could be a better way to spur innovation and improve domestic demand.
A G20 summit last month had called for more fiscal spending and less reliance on monetary policy to help the fragile global economy, which some investors say has reached its limit after years of quantitative easing and negative real interest rates.

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The greenback remains under pressure in Asia after yesterday's unchanged Fed rate decision

AceTraderFx Mar 17:Intra-Day Market Moving News and Views
17 Mar 2016 02:03GMT

USD/MAJORS - The greenback remains under pressure in Asia after yesterday's unchanged Fed rate decision. The Fedheld interest rates steady on Wednesday and indicated that moderate U.S. economic growth and "strong job gains" would allow it to tighten policy this year, with fresh projections showing policymakers expected two quarter-point hikes by the year's end, half the number seen in December.
The U.S. central bank, however, noted that the United States continues to face risks from an uncertain global economy.

In a press conference, Fed Chair Janet Yellen said it remained to be seen whether a recent firming in U.S. core inflation, which excludes volatile energy and food components, would be sustained.
Fed policymakers projected weaker economic growth and lower inflation this year and lowered their estimate of where the targeted lending rate would be in the long run to 3.30 percent from 3.50 percent - a signal that the economic recovery would remain tepid.

The interest rate outlook is a shift from the four hikes expected when the Fed raised rates in December for the first time in nearly a decade. The majority of policymakers now said they expected it would be appropriate to raise rates by about a half a percentage point by the end of this year.
The new rate outlook came as the Fed attempts to steer through recent global market volatility and keep its rate hike plans somewhat intact.

The Fed had adopted a cautious approach at its last policy meeting in January, amid a selloff on financial markets, weaker oil prices and falling inflation expectations. As in its January policy statement, the Fed did not say directly how it regards the balance of risks to the U.S. economy.

Fed policymakers also see continued improvement in the job market, with the unemployment rate expected to decline to 4.7 percent by the end of the year and fall further in 2017 and 2018.
Fed policymakers marked down their forecast for inflation this year to 1.2 percent from 1.6 percent, but see it recovering to close to the central bank's 2 percent medium-term target next year.
Kansas City Fed President Esther George was the only policymaker to dissent on Wednesday.

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AceTraderFx Mar 17: Intra-Day News and Views (USD/JPY) & data to be released today

Intra-Day Market Moving News and Views
17 Mar 2016 03:12GMT

USD/JPY - ..... Dlr pares o/n sharp losses in choppy Asian trading. Despite intra-day selloff from 113.82 to as low as 112.33 after Fed reduced its rate hike projection (see 01:53GMT update) from 4 to two this year, price ratcheted higher on steady short-covering. The pair climbed to 112.96 shortly after the Nikkie opened higher (currently up but 235 points at 17209) before retreating.

Looks like range trading above yesterday's 112.33 low would continue, offers are tipped at 112.85/95 with stops above 113.00/05, however, more selling interest is touted at 113.30/35.
On the downside, fairly good buying interest is reported at 112.35-25 with stops below 112.20.

Data to be release on Thursday:

New Zealand GDP, Japan, exports, imports, trade balance, Australia employment, full time employment, participation rate, unemployment rate, Swiss producer and import prices, Italy trade balance, retail sales, Eurozone trade balance, CPI, U.K. BoE interest rate decision, MPC vote, QE total, U.S. current account, wholesales and leading indicator

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AceTraderFx Mar 18: Intra-Day Market Moving News and Views (USD/JPY)

Intra-Day Market Moving News and Views (USD/JPY)
18 Mar 2016 01:10GMT

USD/JPY - ...... Bank of Japan- BOJ made two proposals, one to expand the bank's massive asset-buying programme and another to add negative interest rates to asset purchases, at the January rate review, minutes of the meeting showed on Friday.
The BOJ eventually decided to adopt the negative interest rate policy after several members argued the move would help forestall the risk of external factors delaying the eradication of Japan's "deflationary mindset," the minutes showed.

The BOJ unexpectedly deployed the negative interest rate policy in January to stimulate the economy, although four of the nine board members dissented the decision, which drew criticism from lawmakers for failing to boost stock prices or arrest an unwelcome rise in the yen.
The central bank kept policy settings unchanged at a subsequent meeting in March but offered a bleaker view on the economy, signalling its readiness to roll out further stimulus if needed to hit its ambitious 2 percent inflation target.

In a separate news conference, Japan chief govt spokesman, Chief Cabinet Secretary Yoshihide Suga comment that it is not true that the government had started in considering a sales tax hike delay, and that that there was no change in plans for Japan to increase the sales tax next year, unless any major financial crisis or natural disaster happened.
The Yomiuri newspaper reported on Friday that Prime Minister Shinzo Abe was considering delaying for a second time a planned increase in the nation's sales tax if the economy continued to stagnate.

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AceTraderFx Mar 18: Intra-Day News and Views (USD/JPY) & data to be released today

Intra-Day Market Moving News and Views
18 Mar 2016 03:00GMT

USD/JPY - ..... Dlr remains under pressure in nervous Tokyo trading after yesterday's brief but sharp jump from 110.67 to as high as 112.00 at New York open, traders cited such unusual move was on market report of rate check by BoJ, however, price quickly erased intra-day gain and fell back to as low as 110.97 before trading sideways in directionless New York afternoon session.

The fact that price has fallen in Asia due to renewed weakness in the Nikkie (currently down 320 points at 16616), suggesting yen-buying may continue.
Initial bids are noted at 110.70-60 with stops below there, however, more buying interest is touted at 110.40-30 with fairly large stops below 'psychological' level at 110.00.
Offers have been lowered to 112.00/10 and more above with stops above 111.60.

Data to be released on Friday:

Germany producer price index, Eurozone labour cost, U.S. Philadelphia Fed business index, Reuters/University of Michigan consumer sentiment index, Canada CPI and retail sales.

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AceTraderFx Mar 18: Intra-Day Market Moving News and Views (USD/EUR) & data to be released today

Intra-Day Market Moving News and Views (USD/EUR)
18 Mar 2016 08:40GMT

EUR/USD - ....... Although the single currency briefly edged up to 1.1337 in Asian morning, price dropped sharply to 1.1275 at European open as ECB's Praet hinted that ECB cud cut its rates further and continues to remain under pressure.

Germany's producer price index fell more-than-expected last month.
In a report, Destatis said that German Producer Price Inflation fell to a seasonally adjusted annual rate of -0.5%, from -0.7% in the preceding month.

Offers are now seen at 1.1290/00 and more above at 1.1310/20 with stops building up above there whilst initial bids are noted at 1.1220/30, suggesting selling on pullback is favored.

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AceTraderFx Mar 21: Intra-Day Market Moving News and Views (GBP/USD)

Intra-Day Market Moving News and Views
21 Mar 2016 02:01GMT

GBP/USD - ..... Cable fell at New Zealand open on Monday and weakened to intra-day low of 1.4430 on renewed 'Brexit' concern. British PM David Cameron was forced into a hasty cabinet reshuffle on Saturday as the dramatic resignation of a senior minister threatened to widen divisions over Europe within the ruling Conservative party.

The rancorous departure of Work and Pensions Secretary Iain Duncan Smith, a leading campaigner for Britain to quit the European Union, also deals a blow to the political ambitions of finance minister George Osborne, commentators said.
Cameron and Osborne are both urging Britons to vote to remain in the EU in a June 23 referendum but many Conservative lawmakers and activists favour a "Brexit". The issue has riven the party for decades.

Duncan Smith in his resignation letter on Friday, cited cuts to disability benefits outlined in Osborne's annual budget last week, which also included tax cuts for richer households. He complained about pressure from the Treasury to cut welfare payments in order to meet fiscal conditions set out by Osborne.

Reuters reported a British vote to leave the European Union could cost the economy 100 billion pounds ($145 billion) and 950,000 jobs by 2020, according to research commissioned by employers' group the Confederation of British Industry (CBI).
The CBI said "Brexit" would deliver a serious shock to the British economy, regardless of any trade deals the country could negotiate with its former European partners.

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AceTraderFx Mar 21: Intra-Day News and Views (USD/JPY) & data to be released today

Intra-Day Market Moving News and Views
21 Mar 2016 3:03GMT

USD/JPY - ..... Dlr trades with a soft bias in subdued Asian morning as final markets in Japan are closed for Vernal Equinox Day holiday.
Despite intra-day gain in the Nikkei futures following Friday's modest rise in the Dow, renewed wave of yen-buying on risk aversion has pressured the pair, however, Friday's erratic rise from 110.82 to 111.75 (New York) suggests choppy price swings above last week's 16-month bottom at 110.67 (Thursday) would continue.

Offers are tipped at 111.55/65 and more above with stops reported above 112.00, some bids are noted at 111.15-25 and more below with fairly large stops building below 110.60.

Data to be released:

EU current account, U.K. CBI industrial trends survey, U.S. Chicago Fed national activity index, existing home sales and consumer confidence on Monday.

Australia house price index, Japan Nikkei manufacturing PMI, all industry activity index, Swiss exports, imports, trade balance, Germany business climate, current assessment, expectations, ZEW economic sentiment, current situation, U.K. CPI, retail price index, producer price index, DCLG house price index, public sector net borrowing, Eurozone ZEW current situation, U.S. Redbook, housing price index and Richmond Fed manufacturing index on Tuesday.

Italy wage inflation, Swiss ZEW investor sentiment, U.S. mortgage applications and new home sales on Wednesday.

New Zealand exports, imports, trade balance, Germany GfK consumer sentiment, Markit manufacturing flash PMI, Markit service flash PMI, France business climate, Markit manufacturing flash PMI, Markit service flash PMI, Italy industrial orders, industrial sales, retail sales, Eurozone Markit manufacturing flash PMI, Markit service flash PMI, U.K. retail sales, CBI distributive trades survey, U.S. building permits, durable goods, initial jobless claims and Markit manufacturing flash PMI on Thursday.

Japan CPI, leading economic index, coincident index, France GDP, consumer confidence, U.S. GDP and personal consumption expenditures prices on Friday.

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AceTraderFx Mar 21: Intra-Day Market Moving News and Views (USD/EUR) & data to be released today

Intra-Day Market Moving News and Views (USD/EUR)
21 Mar 2016 09:13GMT

EUR/USD - ...... Despite opening slightly lower in New Zealand, the single currency rebounded to 1.1285 in Asian morning on cross-buying in eur/gbp.
However, renewed selling there pressured the pair lower and price dropped sharply to session low at 1.1236 in early European morning and continues to remain under pressure.

Bids are now lowered to 1.1220/30 and more below at 1.1200/10 with stops building up below there whilst initial offers are noted at 1.1270/80, suggesting further choppy trading would be seen.

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AceTraderFx Mar 22: Intra-Day Market Moving News and Views (USD/JPY)

Intra-Day Market Moving News and Views (USD/JPY)
22 Mar 2016 02:38GMT
USD/JPY - Japan FinMin Aso told reporters after a cabinet meeting on Tuesday that the Japanese economy's fundamentals were firm and there was no need to adopt fresh fiscal spending to stimulate the economy, and they we need to continue to coordinate with the international community.
Aso made the remark when asked about growing calls in some quarters for Japan to take a leadership role as G7 chair in coordinating fiscal steps to boost domestic demand.

While their EconMin Ishihara speaking to reporters today that the effects of the Bank of Japan's surprise negative interest rate policy on Japan's real economy are not yet clear. They would need to monitor for about 3 months to see the effects of negative rate policy and to gauge the impact.
The BOJ unexpectedly cut a benchmark interest rate below zero in January, stunning investors with another bold move to stimulate the economy.

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AceTraderFx Mar 22: Intra-Day Market Moving News and Views (USD/EUR) & data to be released today

Intra-Day Market Moving News and Views (USD/EUR)
22 Mar 2016 03:10GMT

EUR/USD -..... Euro stages a minor bounce in Asian morning after initial brief break of o/n New York low of 1.1234 to 1.1229/30 at Asian open. Although short-term specs sold euro on stop-hunting, lack of follow-through selling quickly lifted the pair, suggesting range trading with near term upside bias is in store.

Today is PMI day in Europe, France will release mfg & services PMIs at 08:00GMT, then followed by Germany at 08:30GMT and EZ PMIs will come in at 09:00GMT. Pay particular to release of important German Ifo business confidence index at 08:30GMT, street forecast for March is 105.8 vs previous reading of 105.7.

Offers are tipped at 1.1275/85 and more above with stops above 1.1300.
Bids are reported at 1.1230-20 and more below with fairly stops stops building up below 1.1200.

Data to be released on Tuesday:

Australia house price index, Japan Nikkei manufacturing PMI, all industry activity index, Swiss exports, imports, trade balance, Germany business climate, current assessment, expectations, ZEW economic sentiment, current situation, U.K. CPI, retail price index, producer price index, DCLG house price index, public sector net borrowing, Eurozone ZEW current situation, U.S. Redbook, housing price index and Richmond Fed manufacturing index.

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AceTraderFx Mar 23: Fed Reserve Bank Harker is optimistic that wage pressures will influence U.S. inflation measures

Intra-Day Market Moving News and Views
23 Mar 2016 00:12GMT

USD/MARJORS - President of Federal Reserve Bank of Philadelphia Patrick Harker in a meeting, telling the reporters that he is "pretty optimistic" that wage pressures will influence broader U.S. inflation measures, and that Fed should consider another rate hike if economy continues on path with all fomc meetings in play for future rate rise.
He will back more rate hikes than median Fed 'dots' forecast, the supported holding rates steady last week in part due to recent market volatility.
He added that the core inflation moving is in the right direction, and with the oil appears to have stabilized or bottomed, and that they need to continue to "get on with" rate hikes, economy resilient.

Further, he thinks that there is a strong case to continue to raise rates and a need to tighten moves that hang on economic conditions. They would prefer to hike rates more than twice this year, and it's ok to overshoot 2 pct inflation target.
With the monetary policy limited, that cannot boost U.S. growth potential, so a needed debate over potential growth at heart of debate within fomc.
He expects subdued growth over the next 2-3 years, and can sees possible 'slow-growth trajectory for some time to come'.
He also suggests tax, education measures that would boost long-term growth prospects.
More of his comments to follow.

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AceTraderFx Mar 23: BOJ will proceed with loose monetary policy via asset purchases and low interest rates.

Intra-Day Market Moving News and Views (USD/JPY)
23 Mar 2016 03:00GMT

USD/JPY - ...... Bank of Japan board member Yukitoshi Funo in a speech to business leaders in Kobe said that the central bank will proceed with ultra-loose monetary policy via aggressive asset purchases and low interest rates.
"The BOJ is ready to steadily promote monetary easing using all three policy tools of quantity, quality (of asset buying), as well as interest rates". He also warned that sluggish emerging market demand and volatile markets may hurt exports and capital expenditure.

Funo a former Toyota Motor Corp executive who joined the BOJ last July, he was among those on the nine-member board to vote for the decision in January to adopt a negative interest rate policy to prevent external risks from delaying a sustained end to deflation.
The poll of 513 big and mid-sized Japanese companies between March 3-17, of which 259 responded, came a week after the BOJ downgraded its economic view because of sluggish exports and factory output. The central bank stood pat at last week's policy review, after adopting a negative interest rate policy in January.

The upcoming BOJ tankan on April 1 is among key indicators the central bank scrutinises when making monetary policy. Expectations linger that it could ease again in coming months to hit its ambitious 2 percent price target.
Many manufacturers complained about the slowdown in China and emerging markets, and rises in the yen, which hit a 17-month high below 111 versus the dollar JPY this month.

Compared with three months ago, the manufacturers' index worsened by three points, is suggesting BOJ's tankan may show a deterioration in the big manufacturers' sentiment. The service-sector index rose to 24 from 21 in February, led by retailers and information/communications. The index is seen worsening again in the next three months.

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USD dipped low after releasing BoJ minutes before staging a strong rebound

Intra-Day Market Moving News and Views (USD/JPY)
24 Mar 2016 01:14GMT

USD/JPY - ...... Dlr briefly dipped to intra-day low of 112.29/30 after the release of BoJ minutes before staging a strong rebound. Bank of Japan policymakers engaged in heated debate on the pros and cons of their decision in January to adopt negative interest rates, with one even saying it was preferable to roll it back, a summary of their opinions at the March 14-15 rate review showed today.
Quote: "It's preferable to roll back the negative rate policy. But abandoning it immediately after introducing it would cause market confusion and risk eroding trust in the BOJ. With the effects (of the policy) still not clear, we should maintain the policy".
Just published summary of BoJ meeting on March 14-15:
The balance risks to Japan, and the overseas economies remain tilted to downside and while markets remain unstable at the start of year that has no disruption in Japan's economy.
Their exports, production are weak so this may affect capex, together with weak wage growth, data on inflation expectations also falling; chances of consumer inflation excluding volatile food, energy remaining above 1 pct has diminished.

Negative rate policy is exerting intended effects and that is preferable than to abandon it, but rolling it back now would erode confidence in BoJ policy so should maintain it for time being. But the Negative rate policy has not spurred portfolio rebalancing effect as much as expected, and with all the drawbacks of negative rates, such as giving market the impression that BoJ is reaching limits to Japanese Government Bond buying, are materialising.
Again, negative rate policy has strengthened deflationary mindset by causing public anxiety on outlook, now offering exemptions to negative rate policy could heighten market volatility.
Communication with markets has become very difficult as markets beginning to price in further BoJ action and they are aiming for 'surprise' effect which has heightened uncertainty on what could trigger BoJ action, heightened market instability.

MOF rep will closely be watching the markets, coordinating with global community and the communique of Feb G20 finance leaders' meeting will also include on the factors which Japan considered important.

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AceTraderFx Mar 24: Intra-Day Market Moving News and Views (USD/EUR)

Intra-Day Market Moving News and Views (USD/EUR)
24 Mar 2016 04:07GMT

EUR/USD - 1.1170.. Euro is nursing loss in Asian morning after falling for 4 consecutive days to 1.1159 in New York on Wednesday in the aftermath of Tuesday's bombing attacks in Brussels.
The lack of a rebound suggests intra-day downside bias remains as offers are tipped at 1.1190/00 and more above with stops reported above 1.1240.
Some bids are noted at 1.1160 with stops touted below 1.1150.

Ahead of the long Easter holiday in Europe, there is a slew of economic data due out in European morning with Germany's April Gfk consumer sentiment, France's business climate, Italy's industrial orders and retail sales .

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AceTraderFx Mar 29: Intra-Day Market Moving News and Views (USD/JPY)

Intra-Day Market Moving News and Views
29 Mar 2016 01:16GMT

USD/JPY - ..... Dlr moves sideways in quiet Asian trading after clocking up 7 days of consecutive gains on Monday. Despite climbing to a fresh 1-week high of 113.69 in holiday-thinned Asian morning yesterday, price briefly dropped to 113.15 in New York morning on soft U.S. PCE data as the lower-than-expected reading quickly led U.S. economists cut their forecast on U.S. Q1 GDP growth.

Looks like range trading below said yesterday's temporary top would continue in Asian morning, however, as dlr is still in trending mode, buying the pair on dips is still the favoured strategy.
Bids are noted at 113.25-15 and more below with stops touted below 112.90, offers are tipped at 113.65/75 and more above with stop reported Book value-bv 114.00.

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AceTraderFx Mar 29: Intra-Day Market Moving News and Views (EUR/USD)

Intra-Day Market Moving News and Views
29 Mar 2016 02:23GMT

EUR/USD - ...... Euro edges lower in Asian morning after yesterday's intra-day rally following release of soft U.S. inflation data, price jumped above 1.1176 res immediately after the data, tripping stops above there and euro then climbed to 1.1220 before paring intra-day gain on upbeat U.S. pending home sales report.

Current softness suggests consolidation below said Monday's 1.1220 top would be seen, however, as yesterday's rally signals recent decline has made a temporary low last week at 1.1144 (Thursday), buying interest near 1.1176 is expected to contain weakness and bring another rebound later today.
Offers are tipped at 1.1210/20 with stops above there, more selling interest is reported at 1.1240/50.
Bids are noted at 1.1180-70 and more below with stops touted below 1.1140.

The only economic data coming from Europe today is Italy's business and consumer confidence indices, so all eyes are on U.S. data n Fed Chair Yellen's speech later today.

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AceTraderFx Mar 29: Intra-Day Market Moving News and Views (GBP/USD)

Intra-Day Market Moving News and Views
29 Mar 2016 03:03GMT

GBP/USD - ...... Although the British pound rallied to 1.4283 versus the U.S. dollar in New York session after release of soft U.S. PCE data, price pared intra-day gain on upbeat U.S. pending home sales report and retreated to 1.4229, then moved sideways.

Intra-day softness suggests further choppy consolidation below yesterday's high at 1.4283 would be seen in Asia. In European session, the release of a statement from the Bank of England's Financial Policy Committee following its meeting last week at 08:30GMT should draw market's attention.

At the moment, bids are reported at 1.4230-20 and around 1.4210 with stops below 1.4200, whilst on the upside, offers are noted at 1.4260-70 and more at 1.4280-90 with stops above 1.4300.

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AceTraderFx Mar 30: Intra-Day Market Moving News & Views & data to be released today (USD/JPY)

Intra-Day Market Moving News and Views
30 Mar 2016 01:14GMT

USD/JPY - ....... Although the greenback stabilized near New York close after early intra-day selloff from a high of 113.80 (Europe) to as low as 112.61 on dovish remarks from Fed's chair Yellen, price weakened again in Tokyo morning on Wednesday and fell to 112.40.

Intra-day weakness in Asia suggests consolidation with downside bias would be seen but sharp decline is not likely ahead of the release of ADP employment data at 12:15GMT.
In addition, investors should pay close attention to the speech from Chicago Federal Reserve President Charles Evans who recently said he expects two rate hikes this year, given his forecast for 2 percent to 2.5 percent economic growth and for unemployment to fall further to 4.75 percent by the end of the year.

At present, offers are reported at 112.70-80 and mores at 112.90-00 with mixtures of offers and stops in the region of 113.00-113.20.
On the downside, bids from various accounts are noted at 112.30-20 and then 112.10-00 with stops below there.

Data to be released on Wednesday:

New Zealand building permits, Japan industrial production, Swiss UBS consumption indicator, KOF indicator, France consumer spending, Eurozone business climate, economic sentiment, services sentiment, industrial sentiment, consumer confidence, consumer inflation expectation, selling price expectation, Germany CPI, Harmonised index of consumer prices, U.S. MBA mortgage application and ADP employment change.

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