CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
✖

Nikkei leads risk off in Asia

Article By: ,  Financial Analyst
October 25, 2013 9:59 AM

The FX markets are trading with a risk off theme as European traders arrive at their desks on Friday. The Nikkei is trading 2.3% lower into the close, with the dollar index breaking the February low and testing the technical support level seen at 79.05.

There seems to be no clear signal for the risk off sentiment although liquidity conditions in China still seem to be making the market nervous despite rumours that the PBOC have indicated that they are prepared to resume money market operations if rates increase further. Although I suspect that this measure will be a last resort as they will not want to be seen fuelling credit growth.

In other news RBNZ’s Wheeler added to finance minister’s William English’s concerns over the NZD saying that higher interest rates will push the NZD even higher, hurting exporters. he added that intervention was an option if needed but resources were limited.

There is talk this morning that large diversification flows are pushing the proud pound and euro higher as today’s data focus is likely to be the German IFO survey and the Q3 GDP reading from the UK. The US session brings us the volatile durable goods data reading.

 


EUR/USD

Supports 1.3770-1.3740-1.3680 | Resistance 1.3840-1.3910-1.4000

 


USD/JPY

Supports 96.80-96.30-95.80 | Resistance 97.50-97.95-98.30

 


GBP/USD

Supports 1.6180-1.6115-1.6060  | Resistance 1.6250-1.6300-1.6380

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.

© City Index 2024