From the Saxo Trading Desk: USDJPY weakness; AUDUSD in range

Pierre MagnussenPierre Magnussen , FX Trader, Saxo Bank
Filed in FX Update
Denmark, 23 October 2012 at 08:39 GMT+0
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The yen continued to weaken overnight, and USDJPY managed to break the important 80.00 level and EURJPY 104.50. Despite the print above 80.00, little follow through has been seen and we find USDJPY and EURJPY back at yesterday’s levels at 79.80 and 103.90.

AUDUSD looks to be capped within yesterday’s range 1.0290-1.0350 and I don’t expect to see much diversion from these levels today. New Zealand was out yesterday but like the Aussie, I think we'll spend the day in a rather tight range. The rate announcement on Thursday will most likely keep us within 0.8140-0.8200 until then.

The retail sales figures and rate announcement from Canada is the main event today among the commonwealth currencies. Rates will most likely stay status quo, but focus will be on the tone of comments.

Good luck.

 

22/23 October 2012

AUDUSD

Low

High

New York

1.02960

1.03400

Asia

1.03140

1.03390

Europe

1.02890

1.03250

 

NZDUSD

Low

High

New York

0.81590

0.81890

Asia

0.81630

0.81840

Europe

0.81540

0.81700

 

USDCAD

Low

High

New York

0.99170

0.99650

Asia

0.99170

0.99300

Europe

0.99240

0.99540

 

USDJPY

Low

High

New York

79.78

79.96

Asia

79.80

80.01

Europe

79.72

79.96

 

EURJPY

Low

High

New York

104.11

104.46

Asia

104.15

104.59

Europe

103.83

104.38

 

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Disclaimer

Saxo Bank provides an execution-only service. The material on this website does not contain (and should not be construed as containing) investment advice or an investment recommendation, or a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Saxo Bank accepts no responsibility for any use that may be made of these comments and for any consequences that result.

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