During today’s Currency Call, Gim Hong highlighted the following points:
- Not much details on QE tapering were provided in the FOMC monetary policy meeting minutes.
- Various FOMC committee members expect QE tapering to start earlier than previously expected.
- Several committee members were concerned about longer-term inflation expectations rising to inappropriate levels if high inflation persists.
- On QE tapering, some members felt that it is beneficial to cut back on mortgage-back securities purchases earlier than Treasury bonds purchases due to the valuation pressures in the housing markets.
Scott highlighted the following points:
- Wait and see how the weekly candle of the U.S. dollar index closes before looking for trading opportunities.
- Nonetheless, an aggressive trade to take up will be to wait for the H4 candle to close later at 8pm (GMT+8) and if it breaks above the 92.70 level, looking for short-term buying opportunities.
Jin highlighted the following points:
- Look for selling opportunities of USD/JPY if it rejects the 111.16 level. A risk-averse trade will be to wait for USD/JPY to break below 110.40 before selling.
- Look for selling opportunities of EUR/JPY if it rejects the 130.51 resistance level and break below the 130.35 level.
- Look for buying opportunities of EUR/JPY at 130.70 if it breaks the 130.51 resistance level.
- Look for buying opportunities of GBP/JPY at 152.50.
- Look for buying opportunities of XAU/USD (Gold) only after a retracement.
During the day, USD/JPY, GBP/JPY and EUR/JPY weakened while XAU/USD strengthened.
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