The US dollar continues to push higher against the yen on Thursday. The pair is trading near the 98 line in the European session. The dollar received a boost as Janet Yellen has been nominated by President Obama to head the Federal Reserve. In addition, the minutes of the FOMC meeting indicated that most policy makers favor tapering QE before the end of the year. In economic events, Japan posted strong manufacturing data, but that was not enough to stem the movement of the dollar up. In the US, today's highlight is the Unemployment Claims.
The solid Wednesday night watched Japanese numbers. Order core machinery rose 5.4% in September, compared to a 0.0% flat last month. It easily beat the estimate of 2.9% and raised thee months. This is an encouraging release of the manufacturing sector, especially after the preliminary machine tool orders fell -6.3% earlier in the week. There was more good news than Tertiary industry activity rose 0.7%, improving the previous reading of -0.4%. The estimate was 0.5%.
The dollar was broadly higher in Wednesday trading as President Obama appointed Susan Yellen to head the Federal Reserve. Yellen take over from Bernard Bernanke, who is due to retire next year. Yellen, who is currently vice president of the Fed, became the main candidate after former Treasury Secretary Lawrence Summers withdrew his candidacy. Yellen is considered favorable to the status quo in position and supported Bernanke in three rounds of QE increases. His appointment must be confirmed by the Senate, but it should be broadly supported.
The minutes of the policy meeting in September Federal Reserve were released Wednesday. At the meeting, the Fed surprised markets by opting to stay on course with its bond purchase program, which is taking place at 85 billion $ / month. The minutes said that the decision not to start narrowing was a "close call". This has increased speculation that we could see narrowing before the end of the year. However, the monkey wrench in all this is the financial uncertainty of the judgment and the threat of the debt crisis. In addition, the Fed relies heavily on key releases such as non-farm payrolls, which were hanging off. It is unlikely that we will see any attempt to reduce QE before December at the earliest.
As if Congress does not have its plate full with the budget deficit and to stop a debt ceiling crisis and could trigger a devastating financial crisis. The US has a debt of $ 16700000000000, and the country will run out of funds to pay off debt on October 17 unless Congress authorizes the raising of the debt ceiling. Otherwise, the US could potentially default on its obligations, which could cause chaos in national and international markets. There are a lot of bad blood between Republicans and Democrats on the closure, and this will undoubtedly complicate negotiations on the debt ceiling. There are signs of some progress, the talks between the parties on the possibility of a short-term increase in the debt limit, avoiding a default for now.
USD / JPY for Thursday, October 10, 2013
USD / JPY October 10 at 10:55 GMT
USD / JPY 97.86 H: 97.89 L: 97.47
USD / JPY technical
| S3 | S2 | S1 | R1 | R2 | R3 |
| 95.06 | 96.00 | 97.18 | 97.87 | 98.43 | 99.45 |
- USD / JPY continues to move higher in trading Thursday. The pair touched a high of 97.89 in European session, the yen remains under pressure.
- The pair is testing the resistance at 97.87. Does this line stand firm? This is followed by the resistance 98.43.
- On the downside support, USD / JPY receives 97.18. This is followed by support at 96.00
- Current range :. 97.18 to 98.43
Other levels in both directions
- Below: 97.18, 96.00 , 95.06, 94.20 and 93.34
- above: 97.87, 98.43, 99.45 and 100
Open Ratio OANDA positions of
USD / JPY advanced ratio in a movement towards long positions Thursday trading. This is reflected in the current movement of the pair, while the dollar continues to move higher against the yen. The report is dominated by long positions indicative of a bias to trade strong upward trend towards the pair continues.
USD / JPY is trading near the level 98. With the US disseminate key employment data later in the day, we could see some volatility to the pair in the session in America North.
USD / JPY Fundamentals
- 3:45 Japanese Bond 30. Actual 1.63%.
- 5:00 confidence of Japanese consumers. 43.8points estimate. Actual 45.4 points.
- 12:00 US Secretary of the Treasury Jack Lew Speaks. Lew will testify on the debt limit before the Senate finance committee .
- 12:30 US Unemployment Claims. 307K estimate.
- 1:45 p.m. US FOMC Member Bullard Speaks James.
- 2:30 p.m. US natural gas storage. 96B estimate.
- 5:01 p.m. US Bond Auction 30.
- 4:45 p.m. US FOMC Member Daniel Tarullo Speaks.
* the major releases are highlighted in bold
* All times are GMT release of
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