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Gbp/jpy Takes Support at 193, Jump Till 195 Is Possible

Potential reversal zone (PRZ) - 193 GBP/JPY retreated after making a high of 195. trend is still bullish as long as support 193 holds. Any break below 193 will drag the pair further down till 192/191 in short term. On the higher side GBP/JPY is facing short term resistance around 194.20 and any break above will target 195/195.25. It is good to buy at dips around 193.50 -55 with SL around 192.95 for the TP of 194.50/195

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Gbp/jpy Breaks Major Support 193, Targets 190.60

Potential Reversal zone (PRZ)- 193 GBP/JPY has broken short term trend line support and also PRZ . It confirms short term weakness , a decline till 190.55 cannot be ruled out. On the downside any break below will target 192/190.60 in short term. The pairs minor resistance are 193.10/193.75/194.25. Weekly Major resistance - 194.25 Major support - 192 It is good to sell on rallies around 192.85-90 with SL around 193.60 for the TP of 191/190.55.

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Fxwirepro: Usd/jpy Faces Strong Support Near 124,good to Buy at Dips

USD/JPY has made a temporary top around 125 and retreated from that level. Overall trend is till bullish as long as short term support 124 holds. It has made a low of 124.09 on Friday and has started to recover from that level. On the downside major support is around 124 (20 day MA) and any break below will target 123.50/123 in short term. Major intraday resistance 125 and intraday support -124. Any break of 125 will extend gains till 125.85. It is good to buy around 124.35-40 with SL around 123.95 for the Tp of 125.84

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Eur/jpy Breaks Short Term Resistance 138, Targets 140

EUR/JPY has broken major resistance 138 and this confirms short term bullishness , a jump till 141 cannot be ruled out. Short term weakness can be seen only below 136.85 level.Any break below 136.85 will drag the pair further down till 136/135. On the higher side minor resistance is around 139.20 and break above would extend gains till 140./141. Intra day major resistance -139.20 and major support level -136.90. It is good to buy at dips around 138.10-15 with SL around 136.80 for the TP of 140/140.90.

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Australian dollar skids following Chinese yuan devaluation

The Australian dollar touched its weakest level since 2009 Wednesday following the People's Bank of China weakened the Chinese yuan to bolster exports. China's central bank set the midpoint rate at 6.3306 to the US dollar. Previously, PBOC devalued the currency by 1.85%. The Aussie ended at 65.61 euro cents from Tuesday's 66.72 euro cents, and 72.16 US cents from 73.23 US cents. The Australian dollar is declining on woes about China's official attitude. Chinese policymakers “have strong concerns about their growth and economy,” said Masashi Murata, Senior Currency Strategist at Brown Brothers Harriman.

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Eur/usd Faces Strong Resistance Around 1.1218, Further Bullishness Only Above That Level

EUR/USD has recovered till 1.12123 and retreated from that level. It is facing strong resistance around 1.1218 (61.8% retracement of 1.1465 and 1.08190) and any break above only will confirm further bullishness. Any break above would extend gains till 1.1250/1.1280 in short term. On the downside minor support is around 1.1130 and any break below will drag the pair further down till 1.1080/1.1035/1.100. Bearish invalidation only above 1.1218. It is good to sell on rallies around 1.1175-80 with SL around 1.1220 for the TP of 1.1085/1.1035

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Companies burdened by Bitlicense’s Real Cost

The August 8 deadline for New York's bitcoin companies to apply for BitLicense saw many companies of the cryptocurrency ecosystem halting their operations in New York. While different companies cited different reasons for their unwillingness to apply, the hefty non-refundable application fee of $5000 played a crucial part. On the other hand, the companies that did apply for the BitLicense had to bear high cost not only in monetary terms but also non-monetary terms. While speaking to CoinDesk, George Frost, executive VP and chief legal officer at Bitstamp, the world's third largest exchange in terms of BTC/USD trading volume, said, "Applying for the BitLicense is an expensive and difficult process, as many have noted. Some other firms have chosen to abandon the New York market entirely, rather than comply. We do not fault them for doing so". "Our UK parent company has contributed a lot of time, expertise and money in the BitLicense effort, but much of this investment will benefit the entire Bitstamp group," said Frost. However, unlike Bitstamp, which employs nearly 50 people reportedly, there are other relatively smaller and new start-ups like MonetaGo, who have also applied for BitLicense. "Given that we are a new startup company we have been extremely diligent with our expenditures. In terms of hard costs we've spent approximately $50,000 ... by far the biggest costs have been the man-hours to date," said Patrick Manasse, chief compliance officer. Patrick said that the team invested nearly 1,200 hours to compile the documentation for the BitLicense application, and pointed out that an additional 2,000 man hours had been already spent in formulating MonetaGo's global compliance program. "Add to this programmers and developers putting in place systems and service providers, and you start to get a sense of the size and scope of the undertaking," he said, noting: "If all the hours were added up, the total would easily be upwards of a quarter million US dollars." Yet another cryptocurrency exchange, Bittrex, applied for the license. Bill Shihara, Bittrex founder, told CoinDesk that the process is expected to have cost his company somewhere between $18,000 and $20,000, along with nearly 80 hours of compiling and reviewing the documentation. "I am sure larger companies incurred much higher costs than we did ... we were lucky that we had a lot of the paperwork already available."

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Euro modestly changed following German GDP data

The euro was somewhat changed Friday as the German gross domestic product climbed in the second quarter. Official figures showed Germany's GDP escalated 0.4%, previously 0.3%. The common currency ended at 1.1147 to the US dollar, 0.7142 to the British pound, and 1.0881 to the Swiss franc. Against the Japanese yen, it finished at ¥138.66. Meanwhile, Greek legislators have begun debating on the new €85 billion bailout.

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Australian dollar tumbles ahead of Fed rate decision

The Australian dollar inched lower Monday, as the currency steadies following the volatility last week due to weakened Chinese yuan. Investors will be awaiting the minutes of the Federal Reserve's meeting due Wednesday to know if the central bank is inclined to raise interest rates next month. The Aussie ended at 66.44 euro cents from Friday's 66.17 euro cents, 73.72 US cents from 73.87 US cents, and 47.11 British pence from 47.32 British pence. Meanwhile, the Reserve Bank of Australia is scheduled to release the minutes of its board meeting Tuesday.

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Aussie Takes Support Near 0.7340, Jump Till 0.7500 Is Possible

AUD/USD consolidates in narrow range 0.7340-0.73955 for the past two trading session. Major trend reversal level- 0.7400 Break above would extend gains till 0.7450/0.7500 in short term. On the downside minor support is around 0.7340 and break below targets 0.7300/0.7250 in short term. It is good to buy around 0.7375 with SL around 0.7340 for the TP of 0.7490.

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British pound retains gains as inflation climbs

The British pound held its advances Wednesday following UK inflation rate surged in July, retaining bets the Bank of England will raise interest rate soon. The Office for National Statistics reported the Consumer Price Inflation climbed 0.1% last month from 0% in June, while core inflation rose 1.2% last month from 0.8% in June. Sterling stood at 70.24 pence per euro. Against the US dollar, the pound finished at $1.5661. More surprises in core inflation prints, specifically services inflation, can make hawkish policymakers “more comfortable in pulling the trigger for voting for a hike,” said analysts at Credit Suisse.

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Eur/usd Recovers After Dovish Fomc Minutes, Targets 1.12150

EUR/USD recovers from low of 1.1016 after dovish FOMC minutes has broken short term resistance 1.1130 and is trading at 1.11320. On the higher minor resistance is around 1.1150 and break above would extend gains till 1.1178/1.1210. Overall trend reversal only above 1.1215 and break above would target 1.1348/1.1468. On the downside minor support is around 1.1070 and break below will drag the pair further down 1.1045/1.1000. It is good to buy at dips around 1.1100 with SL around 1.1050 for the TP of 1.1215

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Australian dollar holds earlier advances

The Australian dollar retained its earlier gains Thursday, levelling off earlier following a volatile session. The currency also lost momentum in the light of slumping oil prices, but surged following the minutes of the Federal Reserve's July policy meeting showed apprehensions about increasing interest rates in September. The Aussie finished at 66.03 euro cents from Wednesday's 66.45 euro cents, and 73.52 US cents from 73.53 US cents.

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Japan Manufacturing Sector Picks Up Steam In August - Nikkei

The manufacturing sector in Japan continued to expand in August, and at an accelerated pace, a preliminary survey from Nikkei revealed on Friday, with a Performance of Manufacturing Index score of 51.9. That's up from 51.2 in July, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. Among the individual components, the output index slipped to 51.9 from 52.2 in July. Growth in production was little changed from July's five-month high.

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Canadian Dollar Extends Slide Against Majors

The Canadian dollar extended its early decline against the other major currencies in New York deals on Friday. The loonie fell to 1.4840 against the euro, lowest since June 2014. The loonie dropped to 0.9646 against the aussie and 1.3142 against the greenback, off early 8-day high of 0.9536 and a 2-day high of 1.3058, respectively. The loonie declined to near a 9-month low of 93.28 against the yen, from an early high of 94.45. The next possible support for the loonie is seen around 1.33 against the greenback, 1.49 against the euro, 0.97 versus the aussie and 92.00 against the yen.

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Dollar Continues To Weaken Heading Into The Weekend

The dollar is losing ground against all of its major competitors at the end of the trading week. The U.S. currency has been falling since the release of the minutes from the July Federal Reserve policy meeting Wednesday afternoon. The minutes suggested that the Fed is moving closer to raising interest rates. In a strong sign that the Fed is considering a September rate hike, it said the pace of job gains had been "solid," with a range of labor market indicators suggesting that underutilization of labor resources had continued to diminish. Most members judged that the conditions for tightening had not yet been achieved, but they noted that conditions were "approaching that point." There were no U.S. economic reports released Friday, following the large number of releases yesterday. There were a number of reports released in Europe, where the data was largely positive. The dollar has dropped to a 2-month low of $1.1350 against the Euro Friday, from Tuesday's high of around $1.10. Eurozone consumer confidence strengthened for the first time in five months during August, preliminary data from the European Commission revealed Friday. The flash consumer confidence index for the euro area rose to -6.8 from July's -7.1. Economists had expected a -6.9 reading. Eurozone private sector growth improved in August underpinned by German activity, while the expansion in France eased to a four-month low, signaling the widening divergence between two largest euro area economies. At 54.1, the flash Purchasing Managers' Index ticked higher from July's final reading of 53.9 and remained at an expansionary level for the twenty-sixth successive month, preliminary data from Markit Economics showed Friday. The pace of increase was one of the fastest seen over the past four years and stayed above the expected level of 53.7. Germany's private sector grew at the fastest pace in four months in August, flash survey data from Markit revealed Friday. The flash composite output index rose to 54 in August from 53.7 in July. The reading reached a 4-month high in August. The French private sector growth slowed to a 4-month low in August, flash survey data from Markit Economics showed Friday. The composite output index fell to a 4-month low of 51.3 in August from 51.5 in July. German consumer sentiment is set to drop unexpectedly in September, as economic and income expectations floundered despite Greece reaching an agreement on a controversial debt deal. The forward-looking consumer sentiment index fell to 9.9 in September from 10.1 in August, survey data from market research group GfK showed Friday. Economists had forecast it to remain unchanged at 10.1. The buck also slipped to a 2-month low of $1.5722 against the pound sterling Friday, but has since bounced back to around $1.5695. The U.K. logged its first July budget surplus since 2012, the Office for National Statistics showed Friday. Public sector net borrowing excluding public sector banks decreased by GBP 1.4 billion to a surplus of GBP 1.3 billion or equivalent to -0.1 percent of gross domestic product in July. This was the first reported July surplus since 2012. Economists had forecast a surplus of GBP 1.1 billion. British households perceive that the value of their home increased in August, a survey from Knight Frank and Markit Economic showed Friday. The house price sentiment index, or HPSI, rose to 59.5 in August from 58.6 in the previous month. This marked the twenty-ninth successive month of the index remaining above 50. The greenback has fallen to a month and a half low of Y122.250 against the Japanese Yen Friday, from around $124.500 on Tuesday. The manufacturing sector in Japan continued to expand in August, and at a faster rate, a preliminary survey from Nikkei showed on Friday, with a Performance of Manufacturing Index score of 51.9. That's up from 51.2 in July, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

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Korean Won Touches 1200 on Opening Trades

USD/KRW opens on Monday at 1198
Kospi down 0.8% but all eyes now on SSEC performance on Monday
JPY/KRW 9.83 (up 0.5%)

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New Zealand dollar rises as traders defer rate hike bets

The New Zealand dollar climbed Monday as traders held up their projections for the timing of the Federal Reserve's interest rate hikes. Bloomberg data shows investors predict a 34% chance the US central bank will raise rates next month from last week's nearly 50%. The kiwi closed at 58.82 euro cents from Friday's 58.68 euro cents, 67.07 US cents from 66.24 US cents, 42.42 British pence from 42.20 British pence, and ¥80.97 from ¥81.42. All year, investors have anticipated rates to climb. The problem is “they have got no inflation to justify it,” said Derek Rankin, Director at Rankin Treasury Advisory.

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China Leading Index Rises 0.9% In July - Conference Board

A leading economic index for China remained positive in July, the latest survey from the Conference Board showed on Tuesday, advancing 0.9 percent. That follows the downwardly revised 0.6 percent increase in June (originally up 1.0 percent) and the 1.1 percent jump in May. The coincident jumped 1.1 percent, up sharply from the downwardly revised 0.2 percent increase in the previous month (originally up 0.4 percent).

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Japan Corporate Service Prices Rise 0.6% In July

Corporate service prices in Japan were up 0.6 percent on year in July, the Bank of Japan said on Wednesday.
That beat forecasts for an increase of 0.4 percent, which would have been unchanged from the June reading.
On month, prices added 0.2 percent following the flat reading a month earlier.
Among the individual components, advertising and transportation prices were up, while leasing prices were down.

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Volkswagen July vehicle sales down 3.7 percent on China, Russia

The vehicle sales of Volkswagen, a German carmaker, slipped 3.7% in July, and were down 1% over the January to July period, affected by weak markets in China, Russia, and Bazil. In a statement, Christian Klinger, carmaker's head of group sales, said the overall economic situations of those three countries remain difficult.

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NZ Dollar Advances Against Most Majors

The New Zealand dollar strengthened against most major currencies in the Asian session on Thursday. The NZ dollar rose to 0.6473 against the U.S. dollar, from yesterday's closing value of 0.6431. Against the yen and the euro, the kiwi edged up to 77.85 and 1.7498 from yesterday's closing quotes of 77.14 and 1.7555, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 0.67 against the greenback, 83.00 against the yen and 1.66 against the euro.

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Japanese yen weakens following Kuroda comments

The Japanese yen dwindled Thursday following Bank of Japan Governor Haruhiko Kuroda said the country can still attain inflation target. On Wednesday, the BOJ head mentioned he is depending on a tight labor supply to increase consumer inflation toward the bank's 2% target, as well as Chinese policy actions to bolster their sluggish exports. The yen finished at ¥136.28 per euro and ¥120.07 per US dollar. Kuroda added the Japanese central bank will assess both upside and downside perils to the economy and make adjustments, if needed.

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China Industrial Profits Fall In July

Profits earned by Chinese industrial enterprises decreased in July after rising in the previous month, figures from the National Bureau of Statistics showed Friday. Industrial profits fell 2.9 percent year-over-year to CNY 471.56 billion in July following a 0.3 percent rise in the preceding month. The agency said the fall in industrial profit for the month was impacted by a slowdown in industrial production and sales growth, a decline in industrial producer prices and raw material purchase price, and a fall in investment income. During the first seven months of the year, total industrial profits declined by 1.0 percent as compared to the corresponding period last year. Among sub sectors, profits earned by mining industry plunged 57.4 percent in the January to July period, while manufacturing sector registered profit growtha of 5.7 percent.

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Australian dollar skids as rate speculations escalate

The Australian dollar tumbled Monday as expectations of a US interest rate hike strengthened. Bets for a September and October rate hike soared after remarks from Federal Open Market Committee members last week. The Aussie stood at 64.12 euro cents from Friday's 63.61 euro cents, and 71.64 US cents from 71.67 US cents. On Tuesday, the Reserve Bank of Australia will unveil its decision on rate and its remarks about China's outlook.

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