Risk off! Is the JPY move coming to an end?

<p>Risk off is the theme this morning as Asian equities get sold off following disappointing results warning from Apple that its rapid sequence of product […]</p>

Risk off is the theme this morning as Asian equities get sold off following disappointing results warning from Apple that its rapid sequence of product launches would potentially weigh on profitability in the run up to Christmas, sentiment was then dealt a further blow when rating agency S&P downgraded France’s largest bank BNP Paribas and its changed its outlook to negative for a further 10 French Banks.

Reuters reported that the Japanese cabinet had approved a JPY 423 billion economic stimulus package but as this had already been priced in the Japanese currency we witnessed a buy-the-rumour sell-the-fact scenario.

In terms of data today the focus will be on the US Q3 GDP this afternoon with consensus looking for 1.8% and a core reading of 1.3%. The Michigan consumer sentiment will be released at 2.55pm this afternoon with the market looking for a pretty much unchanged reading of 83.

 


EUR/USD

Supports 1.2900-1.2850-1.2835 | Resistance 1.3025-1.3080-1.3145


USD/JPY

Supports 79.65-79.40-79.00 | Resistance 80.35-80.55-80.85


GBP/USD

Supports 1.6045-1.5910-1.5885 | Resistance 1.6145-1.6185-1.6215

 

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