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US begins air strikes on Syria

Article By: ,  Financial Analyst
September 23, 2014 10:54 AM

The US has begun air strikes in Syria overnight, causing a bit of a weaker USD today mainly against the JPY as the safe haven comes into play.  With USD/JPY now trading at 108.70, a big level of support just below around 108.60 where the 200-day moving average sits, will the pressure be too much for it to hold?

Today’s data is light for the US with only the flash manufacturing PMI to be released, which is expected to be slightly better than last month at 58.1.

Overnight the China PMI showed a stronger reading, beating market expectations.  The CNH gained nicely on the back of this with USDCNH now at 6.1440 – a drop of 85 points.

The Aussie also took advantage of a pickup in China, up against the greenback around 40 points.

The pound is now starting to stabilize after its busy week, still sitting above 1.6350 with today’s mortgage approvals set to be released along with the public sector net borrowing.

The euro has a busy morning ahead with the PMIs to be released one after the other. The last of these being the whole Eurozone PMI, and any weakness shown will add pressure to the ECB and maybe get them to use some of the unconventional tools they have at their disposal.

 

EUR/USD

Supports 1.2832-1.2825-1.2810  | Resistance 1.2860-1.2870-1.2890

 

USD/JPY

Supports 108.60-108.50-107.50   | Resistance 109.20-109.45-110.60

 



GBP/USD

Supports 1.6320-1.6280-1.6245  | Resistance 1.6400-1.6480-1.6520

 

 

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