USD/JPY jumps after US economic data
The Dollar rose against the Yen after better-than-expected US economic data. USD/JPY jumped to 91.40 reaching a fresh intra-day high. The pair continues to move away from the 90.50 zone (session low). To the upside resistance levels lie at 91.60 (May 31 high) and above at 91.80 and 92.20.
The Dollar rose against the Yen after better-than-expected US economic data. USD/JPY jumped to 91.40 reaching a fresh intra-day high. The pair continues to move away from the 90.50 zone (session low). To the upside resistance levels lie at 91.60 (May 31 high) and above at 91.80 and 92.20.
The Yen is pulling back across the board as risk aversion eases and stocks and commodities recover strength.
The US ISM Manufacturing index fell to 59.7 in May from April's 60.4; remaining above market expectations of a decline to 59.0.
Construction spending in the US surprisingly increased by 2.7% in April, in contrast to flat expectations. What's more, construction widely outpaced March's figure of 0.4%.
GBP/JPY pulls back from 2-week highs
The Pound rose to 134.40 against the Yen during the American session, reaching the highest price since May 18. The pair pulled back afterwards to 133.50 and currently is testing levels above 134.00. Cable strengthened after breaking above an important resistance zone that lie at 133.30.
The Pound rose to 134.40 against the Yen during the American session, reaching the highest price since May 18. The pair pulled back afterwards to 133.50 and currently is testing levels above 134.00. Cable strengthened after breaking above an important resistance zone that lie at 133.30.
GBP/JPY currently trades at 133.95/05, 1.07% above today's opening price. The pair is rising for the second day in a row and during the European session the pair tumbled to 130.75, hitting a 3-day low, but so far, has risen almost 300 pips from the lows, after a strong reversal.
GBP/USD hits fresh high at 1.4720
The Pound extended it rally against the Dollar and rose to 1.4720, reaching a fresh 2-week high. The pair retreated below 1.4700 afterwards but is consolidating important gains and has risen 250 pips since the begging of the week.
The Pound extended it rally against the Dollar and rose to 1.4720, reaching a fresh 2-week high. The pair retreated below 1.4700 afterwards but is consolidating important gains and has risen 250 pips since the begging of the week.
The upside so far was capped by the 1.4720 zone; above immediate resistance lies at 1.4790. To the downside support levels lie at 1.4640 and below at 1.4600/20 and 1.4550.
"Fresh strength from 1.4399, yesterday's higher low, has cleared 1.4610 barrier today, en-route to 1.4720/33 zone. 1.4437/1.4399 now underpins the advance", Slobodan Drvenica, analyst at Windsor Brokers Ltd. said.
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