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Important pairs November 17/2016

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  • (Discuss) Important pairs November 17/2016

    USD/JPY spearheaded on Wednesday following the BOJ’s open market operation. The Bank committed itself to buy unlimited amounts of JGBs of specific maturities in September. Today we witnessed the first shot of the BOJ’s yield control policy that resulted in the immediate weakening in the yen. After the BOJ’s operation USD/JPY rolled back from 109.7 (its 5-month high) to 108.54. Now the pair is trading around the 109.00 mark.

    EUR/USD nudge up earlier this morning to 1.0711 after setting an 11-month low of 1.0666 overnight as US bond yields started to fall. Today’s focus will be on the bunch of statistical data coming from the US (building permits, monthly CPI, Core CPI, unemployment claims, manufacturing index) and on speeches of Fed’s senior officials (Fed’s Char Janet Yellen, Dudley, Brainard). While listening Ms. Yellen, pay attention to her comments on the market's election result reaction - including a rise in government bond yields; her views on potential economic effects of Trump's expansionary fiscal policies and assessment of the risk of a sharp rise in inflation rates. And, of course, we will be waiting for the confirmation of the Fed’s intention to raise interest rates in December. The possibility of the incoming Federal Reserve’s interest rates hike now is pricing at 94%.

    NZD/USD was a gainer of the last trading session. It reached 0.7106 having risen from its early low at 0.7033.

    AUD/USD is consolidating at 0.7480 level. Earlier today we had several data releases from Australia: there were a positive employment change and a lower unemployment rate. But we must admit that changes in figures were negligible, so they didn’t offer support to Aussie.

    USD/CAD slipped some points in the course of the session. The support line at 1.3416 (100-hour MA) braced the fall of prices. At the present moment, quotes are paving its way towards1,345o level located near the (50-hour MA). It seems that CAD didn’t pay heed to the oil prices drop overnight. Brent oil futures missed some points as soon as EIA report showed a significant build up in the US oil inventories. The data release outweighed hopes for a producers’ output cut following Russia’s comments about a possible meeting with Saudi Arabia.
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