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USD – Profit Taking so far Today – BOJ Monday

Market Analysis
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GBPUSD, Daily              

Another leg in the dollar correction saw USDJPY dip to a 117.92 low, breaching the Tokyo session nadir by four pips, and EUR-USD shoot over 30 pips upwards, to a high of 1.0472. Both pairs still remain comfortably above their respective low and high from yesterday, at 117.37 and 1.0514, ahead of which there could be some fresh dollar buying interest. A big, 3.02 bln, EURUSD option with a 1.0500 strike is expiring at the NY cut today, according to DTCC’s global trade repository. Final November inflation data and October trade figures out of the Eurozone had little impact on EURUSD.  Meanwhile, Cable found support at 1.2400 and resistance at 1.2450. The calendar is quiet on the American side of the pond today, and markets await the BOJ decision at the beginning of the new week early Monday (03:00 GMT).

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Stuart Cowell

Market Analyst

HotForex

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