FXStreet (San Francisco) - Currency market traded on low volume on Wednesday as investors were reluctant to take risks ahead of BoJ, Boe and ECB meetings on Thursday and the Russia/Ukraine conflict. Dollar lost ground versus yen but maintained level versus euro and pound.
"The JPY strengthened as hopes for quick pension reforms by the new head of the agency responsible for Japan's massive fund said that he would leave asset allocation decisions to the experts," points out Jamie Coleman from FXBeat.
Currently, USD/JPY is trading at 104.77, down 0.31% on the day, having posted a daily high at 105.33 and low at 104.74. The hourly FXStreet OB/OS Index is showing oversold conditions, alongside the FXStreet Trend Index which is slightly bearish.
EUR/USD is advancing for second day after bottoming at 1.3110 on Thursday. Currently, EUR/USD is trading at 1.3150, up 0.13% on the day, having posted a daily high at 1.3161 and low at 1.3122.
"The Central Bank is expected to remain on hold, keeping the waiting and see stance for at least 1 more month, with Draghi probably trying to down talk the EUR," Valeria Bednarik from FXStreet comments. "As for the technical point of view, the EUR/USD 1 hour chart shows momentum heading slightly higher above its midline, with 20 SMA gaining bullish slope and offering intraday support in the 1.3130 level."
Main headlines in the American session
United States ISM New York index fell from previous 68.1 to 57.1 in August
BoC keeps interest rate unchanged at 1% in September
July 2014 US factory orders 10.5% vs 11.0% exp m/m
Ukraine retracts ceasefire
Beige Book says US economy expands moderate to modest pace
US stocks mixed ahead of ECB and BOE
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