FX News – September 24: Quiet Asian Session Today

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It has been a quiet session in Asia today due to the lack of significant data and reports. The only exception is the US consumer confidence data, which will come out later today (2:00 PM, GMT).

The USD/JPY pair has continued its slide, which began late in last week's trading session. It dropped under the 98.70 in today's Asian session, but has managed to go back up and is currently trading at 98.80.

Initial resistance for the USD/JPY pair is at 99.10, followed by 99.35. Meanwhile, initial support is at 98.38, followed by 98.14.

The AUD/USD pair, meanwhile, slid again in today's trading, but has so far maintained its level just above the 0.9400 zone. This was after the pair rallied yesterday due to the weak greenback and the positive Manufacturing PMI data from China.

In the long-term, however, some analysts see the pair going back to the 0.9000 zone. Some factors that may affect this include another rate cute by the RBA to lower the aussie's value, the slow down of the Chinese economy, and the start of the US QE tapering.

The pair is currently trading at 0.9413, with initial resistance seen at 0.9493, followed by 0.9516. On the other hand, initial support is at 0.9400, followed by 0.9376.

As for the EUR/USD, the pair has remained flat since yesterday's US session. It is hovering between the 1.3490 and 1.3500 zones. As with the case of the USD/JPY, this is due to the lack of significant reports that could affect either currency.

Yesterday, however, the euro fell versus the greenback after France, Germany and the rest of the Eurozone posted weak Manufacturing PMI data. Because of this, ECB President Mario Draghi said that the ECB is, "ready to use any instrument, including another LTRO if needed, to maintain the short-term money market rates at a level, which is warranted by our assessment of inflation in the medium-term."

The EUR/USD pair is currently trading at 1.3493, with initial resistance seen at 1.3523, followed by 1.3557. Meanwhile, initial support is at 1.3450, followed by 1.3416.

By FX Strategy Team, Published on 24th of September 2013
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