April 23, 2014

Brief Information about Foreign Exchange Rate Movement

                                                                                                                     New York Market

EUR/USD closed higher by 0.9% to 1.3805. The euro and the yen traded within a narrow range as market players await new driving factors to guide currencies’ direction. The dollar held near a two-week high against a basket of six major currencies. 

USD/JPY closed relatively unchanged at 102.62. USDJPY is still aligned closely with equities in direction. The pair held up well despite the Nikkei’s dive yesterday. As long as the Nikkei’s drop remains contained, the yen should not decline to the low 101.31 level seen on Apr 10.

                                                                                                                        Asian Market

Asian currencies mostly eased on Tuesday as China's yuan fell to its weakest in 14 months, with the Indonesian rupiah at a near seven-week low. Emerging Asian currencies closely track the renminbi due to the region's heavy dependence on the Chinese economy. Both the Singapore dollar and the ringgit touched two-week lows. The rupiah fell to a seven-week low in response to month-end dollar demand from local importers.

USD/THB rose 0.29% to 32.33. The baht weakened in line with regional currencies. While today’s focus will be on China’s PMI due at 8.45 am. According to Bloomberg, economists expect China’s PMI to record 48.3 vs 48.0 in March. If the data worsens, we may see some sell-offs of Asian currencies.

 

 

  

Today Market Direction at 8.30 A.M.

  

KBank Technical Analysis

Morning

Rate

Support

Resistance

Trend (Major)

Today's Strategy

USD/THB (Onshore)

32.34

32.20

32.45

Sideway

Buy  USD near resistance

USD/JPY

102.61

102.00

103.00

Sideway

Buy USD near resistance

EUR/USD

1.3802

1.3775

1.3850

Sideway

Sell  EUR near support

EUR/THB

44.63

44.42

44.70

Sideway

Buy EUR near support

JPY/THB

0.3152

0.3125

0.3180

Sideway

Sell JPY near support

Foreign Exchange Market News
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