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Friday, November 25th
The yen continues to extend its fall against American counterpart after relatively weak inflation reports witnessed in Asia. Today the USD/JPY pair has met another wave of buying pressure nearly reaching the 114 spot and refreshing its 8-months high after Japanese consumer price data met markets expectation showing subsidence of the inflation rate in October and November. Such results cast doubt on BoJ’s forecast of inflation’s 2% growth rate in the next year. However, the pair has rebounded from its multi-month highs and now is trading near the region of 113 on the back of US dollar’s correction across the market. Today the pair will remain under bullish pressure as markets continue to digest the latest Japanese CPI figures.
The pound remains almost unchanged vs. its American peer at the end of this week extending its consolidative phase near the level of 1.2450. However, seems that US bulls have weakened the grip in wake of the dollar’s correction, allowing the pair to catch some pips in early Europe. Today UK flash GDP data will take center stage and expectedly will stay flat comparing with the previous month. However, in addition to the main data report today UK will also release Business Investment stats, that are especially exciting in view of Brexit concerns.
The EUR/USD pair has recovered the smile and now is trading near 1.06 level recovering almost a cent since yesterday’s lows. Pair’s recovery is majorly based on the US Dollar Index corrective downslide after reaching multiyear tops. Looking ahead nothing much is scheduled in economic calendars from both sides. Moreover, activity across the market will also remain reduced in response to shortened day in the US so the pair will continue trading in a quiet mode during this Friday.
The main events of the day:
UK preliminary Business Investment – 11.30 (GMT +2)
UK preliminary GDP – 11.30 (GMT +2)
US preliminary Services PMI – 16.45 (GMT +2)
Support and resistance levels for the major currency pairs:
EURUSD S. 1.0482 R. 1.0618
USDJPY S. 111.84 R. 114.26
GBPUSD S. 1.2354 R. 1.2540
USDCHF S. 1.0119 R. 1.0213
AUDUSD S. 0.7341 R. 0.7451
NZDUSD S. 0.6953 R. 0.7035
USDCAD S. 1.3440 R. 1.3558
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