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Forex USD/JPY extending weekly decline to 95.50

The market is pressing further down as it enters European trading. The USD/JPY has already extended the weekly low of 95.64 printed yesterday by sliding down to 95.50 (-0.60% on the day) and threatening more losses.

Spain CPI rose 0.2% (MoM) and 2.8% (YoY) – consensus of 0.1% and 2.7% - in February, with HICP also having a higher final reading of 0.1% and 2.9%, against 0.0% and 2.8% consensus.

France nonfarm payrolls fell -0.2% in Q4 2012 (QoQ), following a -0.2% drop in Q3 that was revised from -0.3%. The final reading of French February CPI (EU norm) came in at 0.3% (MoM) and 1.2% (YoY).

“The market is under pinned by the 91.88 4 month uptrend, and while above here a bullish bias is entrenched. Additional support is offered at 94.77/93.78 (February high and the 20 day ma)”, wrote Commerzbank analyst Karen Jones, targeting 99.70 (50% retracement of the 2007 to 2011 drop) and then 101.40/67 (the 2000 and 2005 lows) on the longer term.

Forex: EUR/USD in highs around 1.3065/70

The single currency is printing fresh intraday highs in the vicinity of 1.3070 after French CPI came in short of expectations during February, rising 0.3% on a monthly basis and 1.2% over the last twelve months...
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