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FC: MAJOR CURRENCY PAIRS September 29, 2017 at 08:45AM

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Eur/Usd $1.1734 (-$0.0006)

 

Eur/Usd opened in Asia at $1.1785 towards the upper end of Thursday’s range. We began the session on the front foot, rising to today’s high of $1.1791. The pair came under pressure as the session wore, dropping to today’s low of $1.1773. The market is off the lows as we head into the European open, trading at $1.1778. From a technical view, we look for support at Wednesday’s low of $1.1715 followed by the August 17th low at $1.1661. On the upside, Wednesday’s high at $1.1795 and Tuesday’s high at $1.1861 are in focus.

 

Gbp/Usd $1.3411 (-$0.0027)

 

Cable opened in Asia at $1.1349 towards the upper end of Thursday’s range. We began the session on the front foot, rising to today’s high of $1.3445 shortly after the open. The pair have been under pressure since then, falling to today’s low of $1.3405. The market is away from the lows as we head into the open in Europe, trading at $1.3411. In terms of technicals, we look for support at yesterday’s low of $1.3341 followed by the September 13th high at $1.3328. On the upside, Wednesday’s high at $1.3461 and Tuesday’s high at $1.3514 are in focus.

 

Usd/Jpy ¥112.61 (+¥0.28)

 

Usd/Jpy opened in Asia at ¥112.33 towards the lower end of Thursday’s range. We began the session on the back, instantly dropping to today’s low of ¥112.26 at the open. The pair have found support as the session wore after the latest raft of data from Japan – Japanese inflation rose in line with forecasts in August, up 0.6% y/y, excluding fresh food 0.7% y/y and excluding fresh food and energy up 0.2% y/y, the held at +2.8%, as expected, in August, while the job-to-applicant ratio held at +1.52 (f/c +1.53), retail sales m/m fell more than forecast in August, down 1.7% (f/c -0.5%), while trade y/y rose less than expected, up 1.7% (f/c +2.5%), overall household spending missed y/y in August, up 0.6% (f/c +0.9%). On the upside, August preliminary industrial production beat, up 2.1% (f/c +1.8%) and 5.4% (f/c +5.2%) y/y. While the BoJ September meeting Summary of Opinions said they are to patiently maintain current easy policy. A combination of data misses and the BoJ release saw Usd/Jpy head to a high of ¥112.69. The market is off the highs as we head into the European open, trading at ¥112.61. From a technical view, we look for support at Wednesday’s low of ¥112.19 and Tuesday’s low at ¥111.46. On the upside, Wednesday’s two-month high at ¥113.25 and the July 14th high at ¥113.57 are in focus.

 

Gbp/Eur €1.1387 (-€0.0015)

 

Gbp/Eur opened in Asia at €1.1402 towards the upper end of Thirsday’s range. We began the session on the front foot, rising to today’s high of €1.1404 shortly after the Asian open. The pair came under pressure as the session wore on, falling to today’s low of €1.1381. The market is off the lows as we approach the European open, trading at €1.1387. From a technical view, we look for resistance at the July 7th high of €1.1434 followed by the June 16th high at €1.1466. On the downside, Tuesday’s low at €1.1359 and Monday’s low at €1.1304 are in focus.

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