The fluctuation of the US dollar in a narrow range tilted toward retreat, to witness its bounce to the fifth session in seven sessions from the top since February 21 against the Japanese yen after the developments and economic data that it had reported on the Japanese economy and on ...
The fluctuation of the US dollar in a narrow range tilted toward retreat, to witness its bounce to the fifth session in seven sessions from the top since February 21 against the Japanese yen after the developments and economic data that it had reported on the Japanese economy and on the cusp of developments and economic data expected today Wednesday by the US economy The largest economy in the world.
At exactly 05:53 AM GMT, the US dollar pair fell against the Japanese yen by 0.06% to 107.48 levels compared to the opening levels at 107.54, after the pair achieved its lowest level during the trading session at 107.26, while achieving the highest at 107.94.
This has been followed up on the Japanese economy by revealing the data of the industrial and services sector for the first quarter with the release of the Tankan Industrial Index reading, which showed a contraction to what is worth 8 against stability at zero levels in the fourth quarter, outperforming the expectations that indicated a contraction of 10, while the reading of the Tankan Service Index showed a contraction Widening to 8 versus 20 in the fourth quarter, also outperforming expectations for 3-contraction.
This came before we saw the final reading of the manufacturing PMI by Markit of Japan, the third largest industrialized country in the world, which showed a contraction of 44.8 during March, worse than expectations that the contraction shrank to 44.8 and a contraction of 47.8 in February, otherwise Yesterday, we followed up, Japanese Economy Minister Toshimitsu Motegi expressed the Japanese government's work on a new economic package to protect jobs and jobs.
On the other hand, investors are currently awaiting by the US economy to disclose preliminary data for the labor market with the release of the index of change in private sector jobs, which may reflect the loss of 150 thousand jobs compared to 183 thousand added jobs in February, and this comes hours before the disclosure after Tomorrow, Friday, the monthly report for jobs except agricultural and unemployment rates, in addition to the average hourly earnings for the month of March.
Markets are also looking to reveal the final reading of the manufacturing PMI by Markit for the United States, which may reflect the widening contraction to 48.2 compared to 49.2 in the initial reading last month and against expansion at 50.7 in February, before we witness the release of the spending index reading On construction, which shows growth slowed to 0.6% versus 1.8% in January.
This comes in conjunction with the disclosure also by the largest industrialized country in the world about the reading of the Institute of Industrial Supply index, which may show a contraction to 44.9 compared to a expansion at 50.1 in February, while a reading of the Institute of Industrial Supply measured in prices may indicate the extent of the contraction to 41.6 Versus 45.9, and we would like to point out, because the reading at a value of 50 or higher reflects a widening, while its reading below 50 indicates a contraction.
The dollar versus the yen has significantly resumed its negative trading to begin attacking the 107.68 level, which supports the continuation of our expectations for the downside trend effectively during the coming period, noting that the price closed the daily candle below the mentioned level to pave the way for heading towards our next negative target which is located at 106.44.
SMA 50 continues to press negatively on the price, to continue to suggest the bearish trend on the intraday and short term, provided stability below 109.20.
The expected trading range for today is between 106.80 support and 108.60 resistance
Expected trend for today: bearish