US session: USD/JPY breaks 116
City Index November 11, 2014 7:47 PM
<p>Veterans Day is here and the USD has made significant gains against the yen, breaking the 116 level. The fall in yen is down to […]</p>
Veterans Day is here and the USD has made significant gains against the yen, breaking the 116 level. The fall in yen is down to a likely sales tax delay. Currently trading up 80 points around 115.70, the upward trend is back on track for this pair. Also having a big reaction to this is the EUR/JPY and GBP/JPY, both up over 100 points today.
Most other major pairs have strengthened against the USD and with smaller ranges than a usual trading day with the US holiday. EUR/USD is currently trading at 1.2420 pretty much flat for the day, with little coming up to inspire it.
GBP/USD is having a better day against the greenback, rallying 25 points now at 1.5865. With no data out today, it seems to be trading between 1.5840 and 1.5880.
Wednesday is a big day for the pound with average earnings, claimant count and the unemployment rate all to be announced. Average earnings are expected at0.9%; a slight lift here will give the pound a boost in the right direction as this seems to be a concern for the BoE and raising rates.
Carney is due to speak as well about the inflation report, which will be closely watched to gauge a solid timeline for improved data and a rate increase.
Supports 1.2390 1.2360 1.2300 | Resistance 1.2450 1.2485 1.2540
Supports 114.50 114.15 113.50 | Resistance 115.20 115.60 116.25
Supports 1.5820 1.5790 1.5740 | Resistance 1.5870 1.5900 1.5945
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