July 3, 2015

Brief Information about Foreign Exchange Rate Movement

 

 

New York Market

 

EUR/USD rose 0.29% to 1.1085 after hitting a session high of 1.1122. The euro remained under pressure as markets await the outcome of Greek referendum this Sunday. It will be a close call and recent polls have shown mixed result. The ‘yes’ vote to austerity could send EUR on a rally. Whereas we see limited downward pressure to EUR if the ‘no’ vote wins as markets seem to have partially priced-in the probability of a Grexit.

 

USD/JPY dropped 0.09% to 123.06. The dollar slipped against a basket of currencies and fell from a one-week high against the yen after US nonfarm payrolls added less job than market expected (223K vs mkt consensus 233K), leading markets to pare back expectations over the timing of the first Fed hike towards the beginning of 2016.

 

Asian Market

   

Asian currencies broadly were supported ahead of NFP data yesterday and look set to be on a gaining streak today after US jobs market trailed expectations.  The rupiah firmed 0.37% to 13,287 after Bank Indonesia loosened reserve requirement ratio to 94% for banks that have met requirements for giving credit to SMEs. It was later lifted after BI commented that it expected 2015 inflation to be between 4.20-4.30%, and that current account deficit may be below 2.5% of GDP this year. The won firmed 0.15% to 1,124 after the government proposed a stimulus package worth KRW16.1trn (USD14.31bn). Even though the spending will put a strain on the government's fiscal position, the ministry said its priority is to revive an economy.

 

USD/THB dropped 0.08% to 33.80. Economist at the University of Thai Chamber of Commerce said economic growth may be lower than the 3% in 1Q, indicators in 2Q haven't improved from 1Q, with technical deflation, falling confidence and lower exports.

 

Today Market Direction at 8.30 A.M.

       

KBank Technical Analysis

Morning

Rate

Support

Resistance

Trend (Major)

Today's Strategy

USD/THB (Onshore)

33.77

33.70

33.85

Sideway

Sell USD near resistance

USD/JPY

122.96

122.65

123.15

Sideway

Sell USD near resistance

EUR/USD

1.1090

1.1065

1.1120

Sideway

Sell EUR near resistance

EUR/THB

37.41

37.20

37.75

Sideway

Sell EUR near resistance

JPY/THB

0.2746

0.2725

0.2770

Sideway

Sell JPY near resistance

             

  

 

Foreign Exchange Market News
There are no items to show in this view of the "Documents" document library.


Site Map | Privacy Policy | Disclaimer | ©2014 KASIKORNBANK PCL. All rights reserved.
1 Soi Rat Burana 27/1, Rat Burana Road, Rat Burana Sub-District, Rat Burana District, Bangkok 10140, Thailand. Telephone: +662-8888800 Telefax : +662-8888882