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

AceTraderFx Jul 4: Intra-Day Market Moving News and Views USD/JPY

Intra-Day Market Moving News and Views
04 Jul 2016 02:16GMT

USD/JPY - .... Although short-term specs gave the greenback a brief bashing ahead of Asian open on stop hunting and pressured the pair briefly below Friday's 102.44 low to 102.43, lack of follow-through selling swiftly lifted price to 102.68, suggesting range trading is likely to continue in Asia.
As U.S. market is closed for Independence Day holiday, trading is likely to die down by European midday.

Friday's intra-day selloff from 103.40 (AUS) to as low as 102.44 in Europe n subsequent narrow move in New York session suggests a temp. top has been made there, so mentality today is to sell the pair on recovery for a retracement of last week's erratic rise from 101.41 (Monday).

Offers are tipped at 102.70/80 and more at 103.00/05 with stops building above 103.55.
Initial bids are noted at 102.45-102.35 with stops below there, more stops are touted below 102.00.

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AceTraderFx Jul 04: Intra-Day Market Moving News and Views EUR/USD

Intra-Day Market Moving News and Views
04 Jul 2016 09:05GMT

Euro hits intra-day low after downbeat Eurozone data, Reuters reported sentiment in the euro zone fell to an 18-month low in July, a survey showed on Monday, as investors and analysts fear a major economic fallout from Britain's vote last month to leave the European Union.

The Frankfurt-based Sentix research group's index fell to 1.7 from 9.9 in June. Analysts polled by Reuters has expected a reading of 5.0.
Statement from Sentix said that the Brexit vote at the end of June in the United Kingdom is having a very different impact globally in terms of economic expectations, investors are clearly differentiating and in addition to Switzerland, they see the euro zone as mostly affected. Therefore the euro zone economy is dangerously close to stagnation.
Reflecting those concerns, the sub-index measuring expectations fell to -2.0 from 10 in June, reaching its lowest level since November 2014. A sub-index measuring the euro zone's current condition fell to 5.5 from 9.8.

Sentix added that the European Central Bank (ECB) faces huge pressure from markets to act. A sub index measuring monetary policy expectations rose to 30.5 from 15.

The European Central Bank surprised many in March with interest rate cuts, additional monthly bond purchases and more cheap loans for banks designed as an incentive for them to lend more but left policy unchanged in April.

An index tracking Germany showed sentiment in Europe's largest economy fell to 18.4 from 20.7. Investors were sceptical about the outlook for the German economy and the index measuring expectations fell to 2.7 from 7.9.

This survey of 1,056 investors was conducted end of last week, between June 30 and July 2.

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Reuters reported Sharp Fall In British Business Confidence

AceTraderFx Jul 05: Intra-Day Market Moving News and Views GBP/USD

Intra-Day Market Moving News and Views
05 Jul 2016 02:05GMT

Yesterday at closing GBP/USD bids were seen at 1.3250/60 and more below at 1.3220/30 with stops building up below there whilst initial offers were noted at 1.3370/80, suggesting further choppy trading would be seen.
Reuters just reported confidence among British businesses fell sharply following the vote to leave the European Union, a survey showed on Tuesday, reinforcing the view that the economy could be in for hard times after the historic decision.
The number of businesses pessimistic about the economy over the next twelve months jumped to 49 percent in the week following the referendum from 25 percent before the vote outcome, according to a survey conducted by YouGov and the Centre for Economics and Business Research (Cebr).

Britain's vote to withdraw from the 28-nation club has prompted political chaos, a sharp drop in sterling and clouded the economic outlook.
Against this backdrop, Bank of England Governor Mark Carney has said it would likely need to provide more stimulus to the economy over the summer.
The survey of 1,000 British-based companies also showed 26 percent of respondents were pessimistic about their own business outlook, up from 16 percent before the referendum.
Businesses are increasingly downbeat about their operations in the year ahead, with expectations for domestic sales, exports and capital investment all dropping sharply, it showed.

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AceTraderFx Jul 05: Intra-Day Market Moving News and Views GBP/USD

Intra-Day Market Moving News and Views
05 Jul 2016 09:31GMT

GBP/USD - ....... Reuters reported uncertainty in the run-up to Britain's vote on its EU membership slowed service sector growth last month to a three-year low and sent business expectations to their weakest since the end of 2012, a survey showed on Tuesday.
The Markit/CIPS UK services PMI eased to 52.3 in June from 53.5 in May, matching April's level which was the lowest since April 2013. That was below a median forecast in a Reuters poll of economists for a 52.7 figure.
The vast majority of responses from services companies - 89 percent - were received before it became clear on June 24 that Britons had voted to leave the EU.
The result sparked pandemonium in Britain's two main political parties and sent sterling to a 31 year low against the dollar.
The PMI survey, along with similar ones for manufacturing and construction, pointed to economic growth of 0.2 percent in the second quarter down from 0.4 percent in the first three months of 2016. But that was unchanged from its outlook in May.
A further slowing, and possible contraction, looks highly likely in coming months as a result of the uncertainty created by the EU referendum, chief economist Chris Williamson said. He added that more policy action is therefore likely in the coming weeks.

Bank of England Governor Mark Carney on Thursday said the economic outlook had deteriorated and it would likely need further stimulus over the summer.
Markit reported that the growth in services activity over the second quarter as a whole was the weakest since the first quarter of 2013.
A measure of business expectations fell to 66.4 in June from 70.8, it was its lowest level since December 2012.
Employment growth also eased to its weakest since mid-2013.
Markit's composite index, including activity in the manufacturing, services and construction sector, fell to 51.8 in June from 52.9 in May, its lowest since March 2013.

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AceTraderFx Jul 06: Intra-Day Market Moving News and Views USD/JPY

Intra-Day Market Moving News and Views
06 Jul 2016 02:02GMT

USD/JPY - ..... Despite staging a minor short-covering recovery after New York close following hawkish comments by some Fed officials (see previous updates for details), the pair tumble ahead of Tokyo open as intra-day selloff in the sterling prompted fresh round of yen-buying by investors on risk aversion.
The intra-day weakness in the Nikkie (currently down 3% at 15192) suggests market remains in 'risk off' mode. Therefore, selling the greenback is recommended.

Offers have been lowered to 101.00/10 and more above, some bids are noted at 100.50-40 and more below with stops touted below 100.00.

Although U.S. will release some eco. data in New York morning, market may pay more attention to Fed minutes for June later in the day at 18:00GMT

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AceTraderFx Jul 06: Intra-Day Market Moving News and Views USD/MAJORS

Intra-Day Market Moving News and Views
06 Jul 2016 03:10GMT

Reuters reported sources from an influential U.S. central banker of the Federal Reserve, that they can be patient on raising interest rates due to low inflation and uncertainties over U.S. economic prospects.
While New York Fed President William Dudley, meeting with business and community leaders in Binghamton, New York, said that the U.S. economy is doing "ok" on average but that it was too soon to tell the effects of last month's so-called Brexit referendum.

A close ally of Fed Chair Janet Yellen, Dudley did not say when he expected the central bank to raise rates after having initially tightened monetary policy in December. But he cautioned there were reasons to wait and see.
Britons voted on June 23 to leave the EU, a shock decision that sent financial markets reeling and the dollar higher. Now, economists are not expecting the Fed to raise rates again until December or even next year.
"One of the biggest" clouds on the horizon for the U.S. economy is Britain's vote, even though it is "still early days" to understand the consequences, Dudley said, echoing recent comments of colleagues at the Fed.

Neither interview made clear what prompted Williams to step back from his view, expressed as recently as May, that the Fed could reasonably raise rates two or three times this year.
A weak jobs report last month had some Fed officials doubting the strength of the U.S. labor market's recovery, but Williams indicated he thought it was largely a statistical fluke.

Asked by Market Watch if his message is that "the economy is doing well. Full stop," Williams agreed.
Pointing to high valuations of real estate and stocks, he said the economy and financial system face risks if the Fed keeps rates too low for too long.

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U.S. benchmark and Treasury yields hit record lows, with some investors betting the Fed would keep rates on hold through 2017

AceTraderFx Jul 07: Intra-Day Market Moving News and Views
07 Jul 2016 01:02GMT

USD/MAJORS -U.S. benchmark and long-dated Treasury yields hit record lows, with some investors betting the Fed would keep rates on hold through 2017. The dollar, which has gained more than two percent against a basket of currencies since the Brexit vote and could weigh on U.S. exporters, weakened slightly following publication of the Federal minutes, see below.
Before the British vote, the Federal had signaled two interest rate hikes would likely be needed this year to keep the U.S. economy from eventually overheating.

But since the British referendum, several Fed policymakers have said the uncertainty warrants caution, including New York Fed President William Dudley who said on Tuesday the Fed needed to be patient on rate increases and that it was too soon to know the fallout from the British decision.
A severe slowdown in hiring during May and weak business investment even outside the sagging energy sector had raised questions about the U.S. outlook even before the Brexit vote.
Still, in the minutes of the June meeting, many Fed policymakers who participated in the policy discussion stressed the sharpness of the hiring slowdown could be statistical noise, and most argued the economy would be ready for rate increases unless a financial or economic shock knocks America off course, according to the minutes.

Since the Brexit vote, the British pound has plunged 13 percent against the dollar, including a 1 percent decline on Wednesday, and investors and policymakers are watching out for further signs of financial stress that could hit economic growth in America and worldwide.
Fed released minutes of its previous meeting overnight. Federal Reserve policymakers decided in June that interest rate hikes should stay on hold until they have a handle on the consequences of Britain's vote on EU membership, according to the minutes of the Fed's June policy meeting released on Wednesday.

The minutes of the June 14-15 meeting, which took place ahead of the June 23 referendum in which Britons voted to leave the European Union, showed widespread unease over the so-called "Brexit" vote, including among voting members on the rate-setting Federal Open Market Committee.

Worries have only intensified since the vote and Fed Governor Daniel Tarullo cited the rise in uncertainty on Wednesday when he argued for holding off on rate hikes until inflation had turned decisively higher.
At the June policy meeting, policymakers also cited a severe slowdown in hiring by U.S. employers as a reason for leaving interest rates steady last month, the minutes showed.

The Brexit vote shocked investors and triggered $2 trillion in losses in global stock markets the day after the referendum.
Anxieties remain, with global financial conditions tightening as investors anticipate it could take years before Britain and the EU agree to new rules on finance, trade and immigration.

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AceTraderFx Jul 07: Intra-Day Market Moving News and Views EUR/USD

Intra-Day Market Moving News and Views
07 Jul 2016 08:36GMT

EUR/USD - ...... Although buying in euro vs yen due to recovery in sentiment pushed price higher from 1.1074 to 1.1107 in Asia, price retreated in tandem with the British pound in European morning and dropped to a fresh session low of 1.1067.
Investors should pay attention the speech from ECB's Constancio at 16:00GMT.

At the moment, offers are noted at 1.1090-00 and more at 1.1110-20 with stops above there, whilst bids from various accounts are reported at 1.1060-50 and then 1.1040-30 with stops below 1.1020.

Reuters reported this morning that France, one of its biggest trading partners their Budget Minister Christian Eckert was saying the fallout from Britain's decision to leave the European Union will cost France between 0.1 and 0.2 points of economic growth. While he did not specify over which period, but they will have to monitor things carefully.
France had a trade surplus of more than 1 billion euros with Britain in May alone, its biggest of any country, according to customs data.

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AceTraderFx Jul 08: Intra-Day Market Moving News and Views USD/JPY

Intra-Day Market Moving News and Views
08 Jul 2016 01:11GMT

USD/JPY - ..... Japan government data showed today gains in Japanese price-adjusted real wages slowed further in May, a sign upward pressure on pay rises may be waning and adding to headaches for policymakers who want wage gains to spur private consumption.
Wage growth is key for Prime Minister Shinzo Abe's reflationary Abenomics policy, which aims to end two decades of deflation and stagnation. Abe has repeatedly urged companies to increase worker compensation, as tepid pay rises may make households tighten their purse strings.

Real wages, adjusted for inflation, rose 0.2 percent in May from a year earlier, less than a revised 0.4 percent annual increase in April, data from the labour ministry showed.
Wage earners' nominal cash earnings fell for the first time since June 2015, dipping 0.2 percent this May from a revised 0.0 percent annual change in April, the data showed. Previous data showed nominal cash earnings rose an annual 0.3 percent in April.

Regular pay, which determines base salaries, dropped an annual 0.1 percent. Overtime pay - a barometer of strength in corporate activity - rose 0.6 percent in May, but less than the revised 1.1 percent gain the previous month, the data showed.
Special payments fell 4.1 percent in May, compared with a revised 1.7 percent drop in April. Because special payments are generally small, even a slight change in the amount can cause big percentage changes.

The government data also shown Japan's current account surplus narrowed slightly in May from a month earlier as a strong yen curbed gains from investment overseas, while travel income hit a record surplus due to a rise in foreign tourists.
The Ministry of Finance said the current account surplus, which measures the flow of goods, services and investments into and out of the country, stood at 1.81 trillion yen ($17.96 billion), down from 1.88 trillion yen in April.
It was the 23rd straight month of surplus, the ministry said.
Economists polled by Reuters had forecast a surplus of 1.75 trillion yen.

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AceTraderFx Jul 11: Intra-Day Market Moving News and Views GBP/USD

Intra-Day Market Moving News and Views
11 Jul 2016 01:10GMT

British finance minister George Osborne will meet some of Wall Street's biggest investors in New York on Monday to urge them to stick with Britain despite last month's vote to leave the European Union, his office said.
The vote for Brexit has pushed the pound to 31-year lows against the dollar and many investors have warned that Britain - until this month the world's fifth-largest economy - faces years of uncertainty over everything from trade to investment.

In an opinion piece in the Wall Street Journal, Osborne said he wanted to strengthen trade ties with the United States, Canada and Mexico, and had spoken several times in the past two weeks to House of Representatives Speaker Paul Ryan. Adding Britain and the United States were the biggest foreign investors in each other's country.

Last month's vote has forced Britain, which has negotiated its trade deals through the EU for decades, to rethink its ties with the rest of the world, but reaching any new deals may prove hard while Britain's relationship with the EU is in flux.

At a meeting with Osborne last week, five U.S. investment banks promised that they would try to help London keep its top spot as an international financial centre - though one bank at the meeting privately warned that uncertainty about Britain's future EU trade ties made further investment hard.
Osborne's visit to New York will be the first of a series of trade missions to key global financial and political centres, including Singapore and China later this month, his office said.

He is also due later this week to meet U.S. Treasury Secretary Jack Lew in London and hold talks with other EU members' finance ministers in Brussels.
Last week British Business Secretary Sajid Javid began preliminary talks with India about a bilateral trade deal, and Osborne met senior Chinese officials, agreeing to work to foster stronger ties between the two countries.
New Zealand Trade Minister Todd McClay said on Monday he wanted to negotiate a trade deal with Britain but timing would depend on discussions Britain first needed to have with the EU.

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AceTraderFx Jul 11 Intra-Day Market Moving News and Views USD/JPY

Intra-Day Market Moving News and Views
11 Jul 2016 04:02GMT

USD/JPY - 100.63.. Dlr pared initial gain after ratcheting from 100.45 (New Zealand) to 100.88 following Sunday's landslide win by the ruling LDP in the upper house election.
Despite strong performance in the Nikkei (currently up 3.5% at 15642), the pair was unable to make further headway towards the 101.00 level, suggesting price is likely to move inside Friday's post-NFP range of 100.00-101.28 for rest of the day.

With no key U.S. economic data due out, technical trading and fund flows will have greater influence over intra-day price swings.
For now, offers are tipped at 100.90/00 and more above with stops reported above 101.50.
Initial bids are noted at 100.50-45 and more below with stops building below 100.00.

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AceTraderFx Jul 11: Intra-Day Market Moving News and Views EUR/USD

Intra-Day Market Moving News and Views
11 Jul 2016 09:05GMT

EUR/USD - ...... Euro moved sideways in a relative narrow range of 1.10341.1056 in Asia today following a volatile session in post-NFP last Friday before edging lower to 1.1016 in European morning due to broad-based firmness in the greenback triggered by usd/jpy pair.

Today, investors should pay attention to the headlines from Eurogroup meeting in Brussels at 13:0.0GMT.
The Eurogroup will exchange views on the economic and financial situation in the euro area. Ministers will also be briefed on the developments in financial markets following the outcome of the UK referendum on EU membership on 23 June.

At the moment, offers are noted at 1.1050-60 and more at 1.1070-80 with stops above there, whilst bids are reported at 1.1020-10 and then 1.1000-1.0990 with stops below 1.0980.

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AceTraderFx Jul 12: Intra-Day Market Moving News and Views GBP/USD

Intra-Day Market Moving News and Views
12 Jul 2016 01:11GMT

GBP/USD - ..... Reuters reported a survey on British consumer spending slowed in June as bad weather added to uncertainty around the June 23 referendum on Britain's membership of the European Union. There were also fresh signs of pessimism among the country's manufacturers in the run-up to the referendum, but a leading credit card firm said spending rose immediately after the vote.

The British Retail Consortium said spending rose by 0.2 percent last month compared with June of last year, slowing sharply from growth of 1.4 percent in May.
Clothing and footwear were hit as rain dominated the weather. On a 12-month basis, clothing recorded its slowest growth since December 2009 and footwear saw its slowest growth since records began in 2009.

On a like-for-like basis, stripping out changes in the amount of retail space open to shoppers over the past 12 months, the BRC said sales fell by 0.5 percent in June versus a year ago, compared with a 0.5 percent increase in May.
Britain's decision to leave the EU is expected to hurt the economy and there have been signs of a sharp hit to confidence among consumers and businesses.

A survey published by the British Chambers of Commerce on Tuesday gave another downbeat picture of the outlook.
The balance of manufacturers who expect turnover to improve fell to its lowest level since the third quarter of 2012 while a similar measure for the services sector remained unchanged at a historically low level, according to the survey which was conducted between May 23 and June 13.

But it wasn't all gloom and doom for retailers.
Consumer spending grew by 3.6 percent in May and June - its strongest growth since January, according to Barclaycard, which processes nearly half of Britain's credit and debt card transactions.
In the week after the referendum, spending grew by 2.1 percent although discretionary spending in pubs and restaurants fell, Barclaycard said.

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AceTraderFx Jul 13 Intra-Day Market Moving News and Views USD/JPY

Intra-Day Market Moving News and Views
13 Jul 2016 03:00GMT

USD/JPY - ..... In total stark contrast to dlr's spectacular rally seen on Monday and Tuesday (this 2-day rise was the biggest dlr's gain since 2014), the pair fell just ahead of Tokyo open.
Intra-day accelerated when Japan's government spokesman denied "helicopter money" as part of next stimulus measure, dlr later tumbled to as low as 103.95 before stabilising.

Looks like yesterday's 2-week high print at 104.99 would continue to hold and choppy trading with downside bias is likely as dlr longs established this week will be unwound, therefore, selling the pair on intra-day recovery is favoured.

Offers are tipped at 104.35/45 n more at 104.70.
Initial bids are noted at 104.00-103.90 with some stops touted below 103.70.

Yesterday, Abe's meeting with former U.S. Federal Reserve Chair Ben Bernanke, a proponent of "helicopter money" policies, also fueled speculation that the government's stimulus package could be funded by the Bank of Japan's easing.
Today, The Sankei newspaper reported Etsuro Honda, an economic adviser to Prime Minister Shinzo Abe, told the premier that now was a good time to embark on the policy, in which money is printed and directly handed to the private sector to stimulate the economy.
While Chief Cabinet Secretary Yoshihide Suga said that the Bank of Japan would decide monetary policy steps based on market movements and economic environment.

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AceTraderFx AceTraderFx Jul 14: Intra-Day Market Moving News and Views GBP/USD

Intra-Day Market Moving News and Views
14 Jul 2016 01:19GMT

GBP/USD - ..... Sterling was the biggest mover in hectic Wednesday's trading as market attention turned to BoE's 'super Thur'.
Reuters reported the Bank of England is set to cut interest rates for the first time in more than seven years as it tries to cushion the economy from the shock decision by voters to pull Britain out of the European Union.
Governor Mark Carney sent a clear signal two weeks ago that stimulus was on the way in an attempt to show the economy was in safe hands while the country's political leadership crumbled after the EU vote.

The central bank is expected to halve its benchmark interest rate to a new record low of 0.25 percent when its makes a monthly policy statement at 1100 GMT on Thursday.
Then, at its following meeting in three weeks' time, the BoE is likely to revive its massive bond-buying programme, according to a Reuters poll of economists.
Carney has warned that the financial risks of Brexit were materialising after a slump in the value of the pound and the freezing of some commercial property funds by investment funds.
Data released early on Thursday showed interest among buyers in Britain's housing market tumbled to its lowest level since mid-2008, adding to early signs of the Brexit hit to the economy.

The BoE has held its Bank Rate at 0.5 percent since March 2009, when the global financial crisis was hammering Britain. Before the referendum, it was widely expected to raise rates later this year or in early 2017, following the lead of the U.S. Federal Reserve as the economy picked up.

Now the question economists are asking is whether Britain can avoid falling back into recession.
The BoE has little hard evidence so far of how hard the referendum result has hit the economy.
The quicker-than-expected appointment on Wednesday of Theresa May as Britain's new prime minister has helped settle nerves in financial markets and reversed some of the pound's 13 percent slump against the dollar after the referendum.
But surveys and comments from retailers have shown a slide in confidence among consumers who drove Britain's recovery from the 2007-09 financial crisis. Hard data covering the post-referendum period is not expected until late July.

Nonetheless, the Bank has already lowered a capital requirement for banks in the hope of encouraging more lending.

Carney has expressed opposition to following the lead of the European Central Bank and the Bank of Japan by cutting rates below zero. Many economists say the BoE will instead revive its quantitative easing programme of buying bonds to help the economy as it faces the prospect of years of uncertainty about its trading relationship with the EU and the rest of the world.

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AceTraderFx AceTraderFx Jul 15: Intra-Day Market Moving News and Views EUR/USD

Intra-Day Market Moving News and Views
15 Jul 2016 03:00GMT

EUR/USD - ..... Although one will be forgiven to expect very narrow move to take place in Asian morning following euro's trendless trading in New York afternoon, intra-day rally in cable forced traders to buy the euro in sympathy (rally in eur/yen also triggered euro buying too), price ratcheted higher from 1.1102 to 1.1140.

Despite yesterday's intra-day retreat from 1.1165 to 1.1098 in New York morning following upbeat U.S. data, intra-day sterling-led rebound suggests consolidation with upside bias would be seen until European open. Having said that, traders are also mindful of 1.1186/90 being the res or top of recent trading range, so a break of this res is unlikely in the absence of supporting fundamental factors.
Bids are noted at 1.1110-00 and more below with stops below 1.1080, more stops are touted below 1.1040.
Offers are tipped at 1.1140/50 n at 1.1160/65 and more above with fairly large stops rumoured above 1.1200.

Italy will release trade data at 08:30GMT n EZ will release by the same together with inflation data afterwards.
Pay attention to release of a slew of U.S. eco. data later today with key U.S. CPI, retail sales, New York Fed mfg index at 12:30GMT, then we have industrial and manufacturer output, capacity utilization, bus. inventories, University of Michigan consumer confidence.
Last but not least, FOMC members Williams and Bullard will be speaking in New York afternoon.

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AceTraderFx Jul 18: Intra-Day Market Moving News and Views USD/JPY

Intra-Day Market Moving News and Views
18 Jul 2016 04:00GMT

USD/JPY - ..... The Japanese yen took centre stage in hectic trading on Monday despite closure of Japanese financial markets for Marine Day holiday.
Market volatility accelerated near New York close on Friday following breaking news of a military coup in Turkey, causing the pair to tank from around 105.70 to session lows of 104.64.
However, dlr opened higher in New Zealand on Monday following Bloomberg's report ahead of Asian open of early dovish comments by Japan's Chief Govt. spokesman Suga (see 00:00GMT update).
Price climbed from 105.07 to as high as 106.02 in Australia before retreating briefly to 105.31 at Asian open.

Dlr's aforesaid retreat from 106.02 suggests further choppy trading below Friday's 3-week peak of 106.32 would continue ahead of European open and in the absence of comments by Japanese official, the pair may drift lower.

Offers are tipped at 106.00/30 area from Japanese exporters) with stop above 106.50, however, more stops are touted above pre-Brexit high of 106.84.
Bids are noted are 105.40-30 and more below with some stops below 105.00.

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AceTraderFx Jul 18: Intra-Day Market Moving News and Views GBP/USD

Intra-Day Market Moving News and Views
18 Jul 2016 09:12GMT

GBP/USD - ...... Despite cable's brief but strong retreat from 1.3270 to 1.3186 ahead of Asian open, renewed buying in sterling vs other major currencies pushed price higher again in European morning and the pair later briefly rose to a fresh session high of 1.3292 following comments from BoE's Martin Weale (see our prev. MMNs).

Although intra-day gain in the British pound during European morning suggests consolidation with mild upside bias would be seen, sharp gain is not likely due to the absence of UK economic events n data in European and New York session.

At present, bids are reported at 1.3240-1.3230 and more at 1.3220-10 with stops below 1.3200.
On the upside, offers are noted at 1.3290-00 and then 1.3310-20 with stops above there.

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AceTraderFx Jul 19: Intra-Day Market Moving News and Views USD/JPY

Intra-Day Market Moving News and Views
19 Jul 2016 06:46GMT

USD/JPY - ..... Dlr swung wildly in volatile Tuesday's Asian session. Despite intra-day strg retreat from 106.33 (Australia) to 106.66 at Asian midday, price rebounded ahead of European open.

Reuters reported BoJ is expected to ease policy later this month, a combination of measures would be used in another attempt to boost anaemic inflation. If that happens, it would come just a few weeks after Prime Minister Shinzo Abe ordered a fresh round of fiscal stimulus following a sweeping election victory in the Upper House, and would underscore the deep malaise rooted in Japan's economy.

The yen has already weakened some 5 percent in the past week on speculation of a combination of more monetary stimulus by the BOJ and the government's big economic package.
The government is expected to compile the stimulus package focused on public works projects and payouts to households, and lawmakers are calling for spending of at least 10 trillion yen ($94.50 billion).
More than three years of "Abenomics" - policies that rely on aggressive monetary easing, spending and reforms - have so far failed to generate a sustainable return to inflation and growth.

One economist expects a central bank easing will come at the September policy meeting, two project the BOJ will ease in October and one said it would be some time next year.
That would take the BOJ's minus 0.1 percent interest rate to minus 0.2 percent in the current quarter and boost its monetary base target to 90 trillion yen from the current 80 trillion yen, the poll showed.

The BOJ's aggressive monetary stimulus has already pushed down Japan's sovereign bond yields to record lows and many analysts in the survey expect the benchmark 10-year JGB yield to fall as low as minus 0.350 percent this year.
But the yen, which tends to strengthen against the U.S. dollar on investor demand for safehaven assets, is expected to be crucial for the BOJ's and government's policies.

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AceTraderFx Jul 20: Intra-Day Market Moving News and Views USD/JPY

Intra-Day Market Moving News and Views
20 Jul 2016 03:17GMT

USD/JPY - ..... Although dlr continued its recent winning streak and climbed to a fresh 3-week high of 106.53 shortly after New York open on robust U.S. housing starts data (June data showed a monthly 4.8% vs previous reading of -0.3% increase).
However, active cross unwinding in yen then knocked price back down to 105.88 in New York afternoon. The pair staged a recovery to 106.26 ahead of Tokyo open before another wave of yen-buying pushed price to intra-day low of 105.84 in early Tokyo trading as the Nikkie moved into negative territory.

Looks look consolidation below 116.53 would continue in Asia, however, anticipated usd's strength vs G7 currencies suggests dlr would head towards pre-Brexit daily target at 106.84 (Jun 23 high) after intra-day sideways swings are over.
Bids are noted at 105.90-80 n more below with stops below 105.50. Initial offers are tipped at 106.25/35 and more above with stops reported above 106.85/90.

With no major U.S. economic data due out, technical trading and funds flow would be the dominant factors influencing intra-day price movements.

AceTrader - Best Intra-day Forex Trading Strategies
AceTrader has been in FX market since 1984, with proven analytical approach used by professionals and real-time updates