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16 Dec 2014
Nikkei keeps USD under pressure against the Yen – BBH
FXStreet (Barcelona) - The Brown Brothers Harriman Research Team, notes the 2% decline in Nikkei has kept dollar under pressure against the Yen, with the key retracement target of 115.50 now in sight.
Key Quotes
“The US dollar's recent losses against the euro and yen have been extended. Oil prices continue to swoon, and the price of Brent oil has fallen below $60, and WTI approached $54.”
“While most emerging market currencies are higher today, a notable exception is the Russian ruble. Very early Tuesday in Moscow, the central bank hiked the key interest rate to 17% from 10.5%. This follows about five days after the central bank hiked by 100 bp.”
“The 2% decline in the Nikkei kept the dollar under pressure against the yen. Last week's low near JPY117.45 was taken out, and the JPY117 retracement target has likewise given way. The next key retracement target is near JPY115.50. This level corresponds with a 38.2% retracement of the move that began on October 15 and a 50% retracement of the move since the BOJ expanded its asset purchases on October 31.”
Key Quotes
“The US dollar's recent losses against the euro and yen have been extended. Oil prices continue to swoon, and the price of Brent oil has fallen below $60, and WTI approached $54.”
“While most emerging market currencies are higher today, a notable exception is the Russian ruble. Very early Tuesday in Moscow, the central bank hiked the key interest rate to 17% from 10.5%. This follows about five days after the central bank hiked by 100 bp.”
“The 2% decline in the Nikkei kept the dollar under pressure against the yen. Last week's low near JPY117.45 was taken out, and the JPY117 retracement target has likewise given way. The next key retracement target is near JPY115.50. This level corresponds with a 38.2% retracement of the move that began on October 15 and a 50% retracement of the move since the BOJ expanded its asset purchases on October 31.”