December 1, 2016

Brief Information about Foreign Exchange Rate Movement        

 

EUR/USD decreased by 0.58% to 1.0588. The euro came under pressure as the dollar continued to post gains. Furthermore, the euro will likely remain subdued ahead of the 4th December Italian referendum. The Italian banking sector also remains fragile as Italy’s PM has stated that the banking sector’s problems will only be dealt with after the outcome of the referendum.

 

GBP/USD increased by 0.10% to 1.2506. The pound remained somewhat stable yesterday as month end demand continued to support the pound.

 

USD/JPY increased by 1.85% to 114.46. The yen continued to weaken as the dollar continued it’s rally. Yesterday’s rally was mainly driven by good economic data and the rise in treasury yields.

 

Asian currencies mainly weakened against the dollar, as US economic data continued to surprise on the upside. Yesterday, the ADP employment numbers summed up to 216,000 vs market expectation of 170,000. Investors viewed this as a good sign for non-farm payroll numbers that will be released this Friday. Furthermore, the personal income and Chicago PMI numbers also beat expectations and lent their support to the dollar. Despite the jump in oil prices there was little move in commodity related currencies, such a IDR and MYR overnight, but these may strengthen slightly today given the OPEC’s recent deal.

 

USD/CNY increased by 0.19% to 6.897, in line with other regional currencies.

 

USD/THB increased by 0.13% to 35.71. In early trade yesterday, the USD/THB was slowly edging down. However, US economic data and the OPEC deal gave the dollar a lift and led to jump in USD/THB.

 

 

 

Today Market Direction at 8.30 A.M. 

 

KBank Technical Analysis

Morning

Rate

Support

Resistance

Trend (Major)

Today's Strategy

USD/THB (Onshore)

35.69

35.60

35.80

Sideway

Buy USD near support

USD/JPY

114.26

114.00

115.00

Sideway

Buy USD near support

EUR/USD

1.0603

1.0550

1.0635

Sideway

Sell EUR near resistance

EUR/THB

37.84

37.50

38.20

Sideway

Sell EUR near resistance

JPY/THB

0.3124

0.3080

0.3170

Sideway

Sell JPY near resistance

 

Foreign Exchange Market News
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