The Dollar index gained strength against major currencies, pushing the Euro down following weaker business activity reports in the Eurozone economy. The report analyzes the performance of various currency pairs including USDJPY, EURJPY, AUDUSD, GBPUSD and USDCNY, highlighting key support and resistance levels, and predicting potential movements based on upcoming events like BOJ Governor's speech and RBA meeting.
The Dollar index gained strength, and Euro came down after the weaker business activity reports in the euro zone economy. The index needs to see a rise past 101 to turn bullish towards 102 in the coming sessions, while Euro can trade within 1.1070-1.12.
and EURJPY are coming off contrary to our view of seeing a rise towards 145/146 and 162 respectively in the near term. BOJ Governor’s speech today would be important to watch for further directional clarity in both pairs. Aussie needs to see a rise past 0.6850, or else may fall back towards 0.67/66. RBA meeting is scheduled today wherein the Central Bank is likely to keep the interest rates unchanged. The pound could remain ranged between 1.31-1.33/34.
rose a bit after Governor Pan Gongsheng, at a news conference said the central bank will cut the reserve requirement ratios by 50bps. It needs to sustain above the current levels and rise higher to negate a fall to 7.0250 or lower in the coming sessions. could trade within 94-92 region for a few sessions.
is holding well above the interim support at 83.40 and while it holds, it can bounce back higher towards 83.60/80 in the coming sessions. Watch out for the US Case Schiller and US Consumer Confidence data release scheduled today. The US Treasury yields have inched up. But resistances ahead can cap the upside and keep the broader downtrend intact. We expect the yields to fall back after testing the resistance. The German yields have come down indicating that the downtrend could have resumed.
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