Daily Market Roundup: US ? April 13

Daily Market Roundup: US ? April 13

By: Darryl Frankfort | Where To Trade | On:13-04-2015 10:56
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Key Highlights

  • USDJPY pair takes a hit, as the Japan PM Adviser Hamada mentioned in a statement that the Japanese yen is weak at 120.

  • Appropriate levels could be around 105 as per his comments.

  • Indian consumer price index released by the Ministry of Statistics registered yet another decline and rose only by 5.17% in March 2015.

  • US dollar trimmed most of its London session gains against the Euro and the British pound and traded lower.

Key Releases:

US monthly budget statement (US dollar)

USDJPY Slide

There was no major release lined up in the US today, and as a result it was mostly sentiment based movements in the Forex market. However, there was an event which triggered some moves in the US dollar i.e. a statement from the Japan PM Adviser Hamada. He stated that the Japanese yen is weak at 120, and more appropriate levels could be around 105. This particular event ignited a sharp downside reaction in the USDJPY pair, and the Japanese yen was seen gaining some pace.

The USDJPY pair traded lower to test the 119.80 level. It was down by almost 100 pips, but found support around the mentioned area.

Earlier today, there were a couple of inflation reports released, including the Indian CPI and Portugal CPI. The latter one managed to post a sharp increase in the CPI, but the Indian CPI missed the mark. It was released by the Ministry of Statistics. The forecast was of an increase of 5.5% in March 2015, compared to the same month a year ago. However, the outcome was a bit lower, as the Indian CPI posted a rise of 5.17%. The USDINR pair spiked higher after the release.

Later, the US Monthly Budget Statement representing the financial activities of federal entities, disbursing officers, and Federal Reserve banks will be released by the Financial Management Service. The market is expecting a reading of $-43B in March 2015. Let us see how the outcome shapes and affects the US dollar moving ahead.

Moving Ahead

Some pairs like EURUSD and GBPUSD managed to recover some ground after declines during the London session. The US dollar was seen correcting lower, which helped the mentioned pairs to gain bids.

It is worth noting that there was nervousness in the stock market due to the disappointing Chinese trade data. However, today there are many earnings reports lined up from large banks, which might lift the US stocks. Futures for the Dow Jones Industrial Average surged was up to trade near 18,090 and the S&P 500 index traded to 2,105.

 

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