Forex - USD/JPY in tight range as risk appetite improves
Investing.com
Published May 26, 2011 03:41AM ET
USD/JPY hit 81.67 during early European trade, the pair’s lowest since May 23; the pair subsequently consolidated at 81.92, dipping 0.04%.
The pair was likely to find support at 80.93, the low of May 18 and short-term resistance at 82.21, the high of My 24 and a one-month high.
Data on Wednesday, showing U.S. durable goods orders for April dropped 3.6% compared with a forecast for a 2.1% decline, underlined the view that the Federal Reserve will put off raising interest rates for some time to come.
Elsewhere, market sentiment was boosted after the Financial Times reported that European Financial Stability Facility Chief Executive Officer Klaus Regling said China was “clearly interested” in buying Portuguese bailout bonds when the EFSF sells them in June.
Meanwhile, the yen was down against the euro, with EUR/JPY rising 0.62% to hit 116.20.
Later Thursday, the U.S. was to publish revised government data on first quarter economic growth as well as a weekly report on initial jobless claims.
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Written By: Investing.com
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