The Yen and the Euro marched yesterday towards my projections ( the Yen seems poised to test the 107 level again. A 105.50 to 107.50 range is in again with a bias on 107 plus later today. The Euro should try weakening to 1.5825 or so by the same time before losing some of its steam).
That the greenback lost the momentum is a story we have been seeing very often now. With not much development expected today, the forex market may also tend to be in a flux, oscillating in a narrow range. Fresh news from the US may be a precursor to a new trend, but I do not expect the Yen to do a 108 plus in the leftover portion of the week (and dare I say "month"). It may however range in a 104.5-107.5 with a bias towards strengthening to its comfort zone of 104-106 against the greenback. The euro should similarily keep to the 1.5750-1.5900 for most parts with a bias on 1.60 on occassions. The only blot in this picture may be talks of a rate hike in the US, which, with the current market sentiments, looks more real now.
New direction to the markets?
11 years ago
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