FX

Share: Canada’s international trade deficit narrowed slightly in December. USD/CAD trades virtually unchanged on the day at around mid-1.3400s. Canada’s merchandise trade deficit with the world narrowed from C$219 million in November to C$160 million in December, Statistics Canada reported on Tuesday. This reading came in better than the market expectation for a deficit of
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Share: EUR/USD consolidates recent losses around one-month low, probes three-day downtrend. ECB hawks forget the last week’s failed attempt to please bulls, upbeat EU data also favors Euro buyers. Receding concerns about US recession, hawkish Fedspeak exerts downside pressure on the pair. Fed Chair Powell, ECB’s Schnabel could entertain traders, Sino-American news is important too.
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GBP/JPY extends Friday’s recovery moves to attack short-term key resistances. One-week-old descending trend line precedes key SMAs to challenge bulls. Upbeat MACD signals, U-turn from monthly support line keeps buyers hopeful. GBP/JPY remains firmer around 159.20 as it stretches the previous day’s rebound from a three-week low during early Monday. In doing so, the cross-currency
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USD/JPY struggles to extend week-start rebound amid strong statistics from Tokyo. Japan’s Unemployment Rate remains unchanged but Industrial Production, Retail Trade cross market forecasts in December. Mixed sentiment, hawkish concerns surrounding BoJ keeps Yen pair sellers hopeful. US CB Consumer Confidence, risk catalysts will be crucial ahead of the FOMC. USD/JPY grinds higher around 130.50
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According to Markets Strategist at UOB Group Quek Ser Leang, USD/MYR faces a solid support around 4.20 for the time being. Key Quotes “USD/MYR dropped to a fresh 9-1/2month low of 4.2200 last week before closing lower by 0.98% (Friday’s close of 4.2410).” “Further USD/MYR weakness is not ruled out but in view of the
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China’s cabinet said on Saturday it would promote a consumption recovery as the major driver of the economy and boost imports, state broadcaster CCTV reported per Reuters. The news highlights cooling of global demand and recession concerns behind the readiness from China policymakers to act. Also read: PBoC to roll over lending tools to spur growth
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