JPY remained in holiday trading-mode with USD/JPY and JPY crosses confined to ranges. USD/JPY was confined to a range between 118.20 and 118.50. Orders continue to bracket the market with offers noted from the 118.50 level, some reportedly from central banks and option accounts.
Japanese exporters have offers trailing up to 119.00 and above. These offers are seen especially heavy above 119.00. An Asian central bank is tipped offering large at 119.20-30. Some stops are mixed in above 118.60 and 118.75, highs dating back to November 9 and October 27. On the downside, stops are tipped below 117.90 but more bids are seen below, especially towards 117.70, around 117.50 and then towards 117.00.
JPY crosses were relatively firm with EUR/JPY and GBP/JPY both rising from Asian lows on bargain hunting from funds. AUD/JPY and NZD/JPY were also steady, with the latter helped by more uridashi issues in the pipeline and turn-of-the-year carry trade demand on dips. Market also has US PCE, durable goods and Michigan sentiment to contend ahead of the Xmas break.
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