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Market sees some risk move in Chinese New Year Holiday

USD index continues to go lower as the trend continues and lead by the lower USDJPY and higher EURUSDJPY in 5th conservative low and hitting the 105.55 a year low earlier which haven’t seen since November 2016. As sentiment remains fragile with broad USD weakness and the effect of cross selling in YEN. The price action below 107.30-40 and still pointing to lower test of 105 handle.

Today in Chinese New Year holiday, most of the Asian countries being away with thin liquidity in the market seeing some risk for the exaggerated move.

EUR hitting the year high of 1.2555 earlier and still firm above 1.25 which hinting for more upside risk still with intraday support at 1.2500 and 1.2455 (NY low) and break 1.2455 as will see back to range bound consolidation.

GBP in choppy up action and over 1.41 earlier on catch up move with weak USD sentiment. Today UK retail sales data might have some impact for GBP and GBP cross.

Commodity currencies grids further higher in response to the weak USD and short term trend hints that it will remain following the USD direction. Today US Housing starts, building permits, Import/Export Price index and stock/bond market move will direct the intraday action.

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    Research Risk Warning

    At Hantec Global Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.