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Daily Market News By FXNET
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[QUOTE="FxNet, post: 57711, member: 19407"] [b]Market Report 21-01-2014[/b] Asian Session – USDJPY bounces on broad yen weakness The US holiday on Monday and limited data releases kept volumes thin even in the Asian session. Most major currency pairs lacked clear direction although the yen pairs made some recovery in Asia this morning. USDJPY rebounded to 104.68 in Asia from the US session low of 103.90. The US dollar is expected to improve as expectations grow for more Fed tapering and a more solid US economic recovery. Meanwhile a rising Tokyo Nikkei led to less flows into the yen. Other yen crosses were bid, with EURJPY up from 141.07 to 141.823 and GBPJPY from 170.97 to 171.95. EURUSD opened in Asia at 1.3550 after a very quiet North American session due to the US public holiday. The pair moved further off 2-month lows to a session high of 1.3560. This level proved to be strong resistance and due to the broadly stronger dollar, the euro was pressured down to the lower 1.3540s. GBPUSD did not take any clear direction in Asia, continuing to trade sideways since it surged on strong UK retail sales data on Friday. Cable traded a range of 1.6410 and 1.6434. AUDUSD edged slightly higher 0.8836, making a recovery from Monday’s more than 3-year low of 0.8755. Looking ahead to the European session, German data will be in focus and could impact the euro. January’s ZEW economic sentiment index will be released, with a forecast of 64.0, compared to a previous 62.0. [/QUOTE]
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