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Dec. 27: Asian session

 

Most Asian stocks went up after big gains at Wall Street where Dow Jones made a record high close. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.25%. Chinese shares rose as money rates eased and China set its yuan at an historic high.

 

USD/JPY tested briefly levels 105.00 today and EUR/JPY – 144.00. Yen hit 5-year lows versus the greenback and euro. Japanese data showed that the nation’s manufacturing activity is expanding at the fastest clip in more than 7 years, while Japanese firms added workers at the quickest pace in over 6 years. Japan’s core consumer price inflation in November rose to a 5-year high. This means that the country’s making progress in its fight against deflation.

 

Australian and New Zealand dollars have both strengthened in the late Asian session. AUD/USD has recovered above the $0.8900 mark. However, the Monday bearish gap still remains open. NZD/USD rose to $0.8170. The pair is supported by the 200-day moving average.

 

EUR/USD rose to $1.3745. GBP/USD went up to $1.6447.

Credit Agricole: Q1 GBP forecasts

 

GBP/USD

 

GBP/USD to weaken to $1.6200 in the stronger USD environment. Britain's officials will try to talk the pound down in Q1 2014.

 

 

http://fxbazooka.com/upload/tiny/Analytics/2013/December/24.12/eurgbpweekly.png

Chart. Weekly GBP/USD

 

EUR/GBP

 

As for EUR/GBP, the pair is expected to fall towards 0.8200 by end-March. Pound will gain some ground vs. the euro on a wave of EUR sales.

 

http://fxbazooka.com/upload/tiny/Analytics/2013/December/24.12/gbpusdweekly.png

Chart. Weekly EUR/GBP

Nomura: trajectory for USD/JPY

 

Analysts at Nomura have outlines a scenario for USD/JPY using Elliott waves. The specialists expect the pair to trade sideways in the 102.50/104.50 during the next month in the wave (4) and then rally to 106.00 in the wave (5).

 

http://fxbazooka.com/upload/tiny/Analytics/2013/December/24.12/1.png

EUR/USD: how do the banks trade?

 

There’s a choice among various shorts.

 

BoA/Merrill: Short at $1.3764 with stop at $1.3834 and take profit at $1.3479

 

Credit Agricole: Short at $1.3780 with stop at $1.4160 and take profit at $1.3300

 

Credit Suisse: Short at $1.3800 with stop at $1.3860 and take profit at $1.3415

 

Commerzbank: Short at $1.3750 with stop at $1.3815 and take profit at $1.3405

 

Commerzbank: Short at $1.3665 with stop at $1.3815

 

Morgan Stanley: Short at $1.3600 with stop at $1.3750 and take profit at $1.2700

Dec. 24: Asian session

 

Asian stocks rose boosted by the gains in the American session as the upbeat US spending data showed that US economic recovery gaining momentum. In addition, China’s central bank moved to ease a cash crunch by making its first market-wide money injection in three weeks.

 

Japan’s Nikkei went up by about 0.8% to 6-year high above 16,000 after Tokyo markets opened after a holiday. USD/JPY rose to 104.41.

 

AUD/USD declined to $0.8907 after peaking to $0.8960 yesterday. NZD/USD edged down to $0.8176. Gold dipped below the $1,200 level yesterday and is heading for its biggest annual loss in three decades.

 

EUR/USD slid to $1.3675 after it tested $1.3716 on Monday. GBP/USD is consolidating around $1.6345.

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