November 25, 2014

Brief Information about Foreign Exchange Rate Movement

 

 New York Market

 

EUR/USD rose 0.40% to 1.2442. The euro added to gains versus the dollar after the data showed German business sentiment rebounded from 103.2 to 104.7 in November, breaking a streak of six straight decline, as indicated by Ifo’s index. This followed data showing growth in the U.S. service sector fell short of forecast to 56.3 (vs 57.3 consensus and 57.1 in October’s level).

USD/JPY inched higher 0.42% at 118.28. The yen hovered around its seven-year high against the dollar at above 118 after the dollar slipped on Friday on the comment from Japan’s Finance Minister. Moreover, central banks worldwide added to monetary stimulus which damps the demand for low-yielding haven assets like the yen. Japanese markets closed on Monday. 

 

 Asian Market

     

 

Asian currencies mostly dropped following the weakening yen which appears to be sensitive to Asian currencies’ performance. The ringgit was relatively unchanged after outperforming regional peers as the government decided to abolish fuel subsidies, a move seen helping the country save around USD6bn annually.

USD/THB increased 0.15% to 32.83. The baht gained in its early session and touched its support at 32.75 before retreating to above 32.80. USDTHB moved in a weakening bias in line with most Asian currencies as there were no main factors driving the movement of the currency at this juncture.

 

Today Market Direction at 8.30 A.M.

        

   

KBank Technical Analysis

Morning

Rate

Support

Resistance

Trend (Major)

Today's Strategy

USD/THB (Onshore)

32.80

32.75

32.90

Sideway

Buy USD near support

USD/JPY

117.84

117.50

118.20

Sideway

Buy USD near support

EUR/USD

1.2430

1.2400

1.2455

Sideway

Buy EUR near support

EUR/THB

40.74

40.55

41.10

Sideway

Sell EUR near resistance

JPY/THB

0.2783

0.2755

0.2810

Sideway

Sell JPY near resistance

         

                                  

Foreign Exchange Market News
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