August 23, 2016

Brief Information about Foreign Exchange Rate Movement      

     

EUR/USD decreased by 0.13% to 1.1305. The euro came under pressure as data showed that confidence in the Eurozone dropped by 8.5 points in August, from a 7.9 points drop in July. As such, household confidence in the EU has been falling ever since the UK’s decision to leave the EU.

 

USD/JPY decreased by 0.09% to 100.24. The yen strengthened against the dollar, as dovish expectations from Yellen at the Jackson hole symposium pressured the dollar.

 

GBP/USD increased by 0.46% to 1.3198. The pound strengthened against the dollar, mainly due to the weakening of the dollar. Furthermore, the pound also received a boost as data showed that UK exports reached a two year high due to a weakening of the pound.

 

Asian currencies mainly strengthened against the dollar as dovish expectations of a Fed hike led to renewed interest in emerging market assets and currencies. Despite data that showed that new home sales reached a 9-yr high, expectations for a Fed hike failed to increase significantly ahead of the Fed symposium on Friday. Markets are now waiting for Yellen’s comment on hints about monetary policy in the US.

 

USD/CNY decreased by 0.12% to 6.644. The yuan appreciated in line with regional currencies after the decline in the dollar.

 

USD/THB decreased by 0.10% to 34.63. The baht weakened as dovish expectations of a Fed hike led to inflow into emerging market assets. Foreigners were net buyers in the bond and equity market summing up to THB 2.3 bn and THB 0.6 bn, respectively.  

  

Today Market Direction at 8.30 A.M.

                      

KBank Technical Analysis

Morning

Rate

Support

Resistance

Trend (Major)

Today's Strategy

USD/THB (Onshore)

34.64

34.50

34.70

Sideway

Buy USD near support

USD/JPY

100.32

100.10

100.70

Sideway

Buy USD near support

EUR/USD

1.1301

1.1270

1.1335

Sideway

Sell EUR near resistance

EUR/THB

39.13

38.90

39.50

Sideway

Neutral

JPY/THB

0.3453

0.3425

0.3480

Sideway

Neutral

                                 

                                         

Foreign Exchange Market News
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