USD continues to slide as investors await signs of QE tapering

<p>After not much in the way of movements from Friday, since the open we have seen a USD weakness continue through the Asian session, mostly […]</p>

After not much in the way of movements from Friday, since the open we have seen a USD weakness continue through the Asian session, mostly related to the US amidst speculation about when the tapering of QE will start.

The Upper House election was held in Japan, with victory going to Abe. This has had a positive effect on JPY as USD weakness sends USD/JPY down 70 points from the open.

Reports from China state that economic growth is likely to be around 7.5% and the economy will turn around, no hard landings expected, says the Finance minister.

A very quiet day is expected today as the only data due to be released is US Existing Home Sales, expected at 5.27mn. More strong data is expected and another sign of early tapering by the Fed.

 


EUR/USD

Supports 1.3110 1.3050 1.2995 | Resistance 1.3210 1.3255 1.3345


USD/JPY

Supports 99.60 98.90 98.45 | Resistance 100.50 101.05 101.55


GBP/USD

Supports 1.5250 1.5185 1.5115 | Resistance 1.5300 1.565 1.5395

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