Japanese Yen: Broad range holds despite weak momentum against US Dollar – UOB
United Overseas Bank (UOB) strategist Quek Ser Leang observes USD/JPY fluctuated between 156.94 and 158.21, closing at 157.83, with intraday trading expected inside 157.10–158.10. Over 1–3 weeks, he now favours a broad consolidation between 156.35 and 158.70 rather than deeper pullbacks. On a 1–3 month horizon, however, he still flags rapid downside momentum that could drive further weakness toward the January low at 152.08.
Dollar-Yen seen consolidating within wide band
"24-HOUR VIEW: Last Thursday, USD rose to 158.45 and then closed 0.43% higher at 158.07. When USD was at 157.90 in the early Asian session, we indicated that “the upside bias has eased,” and we expected it “to trade in a range between 157.20 and 158.30.” USD subsequently rose to 158.21, but during the NY session, it briefly plunged to a low of 156.94. USD rebounded from the low to close at 157.83 (-0.15%). The price action provides no fresh clues. Today, USD could trade between 157.10 and 158.10."
"1-3 WEEKS VIEW: In our most recent narrative from last Monday (28 Sep, spot at 157.50), we highlighted that USD “could pull back further, but any decline should stay within a 156.00/158.70 range.” Aside from a brief dip to 156.35, USD has made little headway on the downside. From here, rather than pulling back further, USD is likely to trade in a range between 156.35 and 158.70."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Copper-clad laminate (CCL) upgrades to higher precision packaging substrates
US Dollar: Holds gains as Fed pricing stays firm – ING
BUZZ - Boosted by market sentiment from Bolsonaro’s strong performance, Brazilian ADR prices rise
October 5 – As Brazil's right-wing senator Flávio Bolsonaro outperformed expectations in the first round of the presidential elections on Sunday, shares of Brazilian companies listed in the U.S. rose in pre-market trading (link). Bolsonaro held a narrow lead over the incumbent president Luiz Inácio Lula da Silva, with both set to compete in a runoff on October 25. The senator is the son of right-wing former president Jair Bolsonaro. “Bolsonaro's stronger-than-expected performance, coupled with a rightward shift in Congress, should support Brazil’s benchmark stock index Ibovespa and put downward pressure on long-term yields,” said Andrés Abadía, Chief Latin America Economist at Pantheon Macroeconomics. Shares of state-owned oil company Petrobras (PBR.N) rose 10.4%, while Latin America's largest private bank Itau Unibanco (ITUB.N) climbed 11.2%. Banco Bradesco (BBD.N) increased 10.8%, and aircraft manufacturer Embraer (ERJ.N) gained 6.3%. Brazilian e-commerce and fintech company MercadoLibre (BBD.N) and digital bank Nu Holdings (NU.N) rose 6.8% and 10.4% respectively. The iShares MSCI Brazil ETF (EWZ.P) was up 11.6%. As of the previous trading session, Brazil’s benchmark Bovespa Index (.BVSP) had gained over 19% year-to-date. (For the convenience of non-English speakers, Reuters automates the translation of its reports into several other languages. Automated translations may contain errors or may not provide needed context; Reuters does not guarantee the accuracy of automated translation texts and provides them solely for reader convenience. Reuters accepts no liability for any damage or loss caused by the use of automated translation functions.)
Crypto prices
More
