October 22, 2014

Brief Information about Foreign Exchange Rate Movement

 

 New York Market

 

EUR/USD dropped 0.66% to 1.2716. The euro traded near its lowest level at around USD1.2710. It was reported that the ECB is considering buying corporate bonds on the secondary market and may make a final decision as soon as December in hopes of spurring growth. Meanwhile, a billionaire hedge-fund manger, David Tepper, recommended that investors should sell the euro as a result of the ECB’s easing policies.

USD/JPY inched up 0.05% to 107.00. The yen retreated slightly as improving risk appetite reduced the need for speculators to hold low-yielding yen as a safe-haven currency.  

 

 Asian Market

   

Asian currencies mostly saw a small gain following more upbeat-than-expected china's data. Korea's won performed well with the daily gain of 0.09%, on the back of demand from offshore funds as Korea is seen to benefit from China's strength. Rupiah retreated slightly in New York trading session after it had gained earlier, anyhow the currency trend remained supported by positive sentiment towards Indonesia’s politics.

USD/THB retreated by 0.04% to close at 32.26. Thai baht continued to gain strength and is reported to be the outperformer among Asian currencies with year-to-date gain of about 2%. BoT official indicated yesterday that in 1H2014, Thai economy was experiencing stagnation (but not in terms of labor market condition as unemployment rate remained low) but now is on the recovery path.

 

Today Market Direction at 8.30 A.M.

                          

KBank Technical Analysis

Morning

Rate

Support

Resistance

Trend (Major)

Today's Strategy

USD/THB (Onshore)

0.00

32.20

32.35

Sideway

Sell USD near resistance

USD/JPY

106.98

106.50

107.50

Sideway

Buy USD near support

EUR/USD

1.2716

1.2650

1.2750

Sideway

Sell EUR near resistance

EUR/THB

41.00

40.75

41.50

Sideway

Sell EUR near resistance

JPY/THB

0.0000

0.2950

0.3050

Sideway

Sell JPY near resistance

                  

Foreign Exchange Market News
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