OctaFX | OctaFX Forex Broker
Open trading account

Forex: USD/JPY going higher on US session

The USD/JPY is pushing higher on the US session as the greenback gets stronger on better than expected US ADP employment and US factory orders data. Investors will also be pricing expectations ahead of the BoJ meeting taking place overnight. The USD/JPY moved to as high as 93.69 but has returned to 93.50/60.

The US ADP employment data says that the economy added 198K jobs in February, instead of 170K, and revised January's figure from 192K to 215K. Although US factory orders have dropped -2.0% in January, actual data came in better than the -2.2% expected. December data had risen by 1.3%.

“Although the pair has failed to break through 92.20 lows, my outlook here remains bearish, for a slide towards 92.03, en route to 90.86 low”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial resistance at 93.75.

ECB isn't likely to move rates; BoE might expand QE program - Yohay Elam

According Yohay Elam, analyst at Forex Crunch, the European Central Bank should remain on hold in March, as "Draghi's warning on the exchange rate of the euro already had a significant effect, and the elections in his home country already did more than a rate cut could have done.”
Read more Previous

Forex: NZD/USD trading positively at 0.8318/25

The NZD/USD has rallied during American trading, establishing a session high of 0.8352 Wednesday. However, the pair has pulled back in recent minutes towards the 0.8318/25 region, still up +0.10%.
Read more Next
Start livechat