Markets  |  April 19, 2013 07:35:00

Daily events and intraday analysis, USD / JPY before the meeting of G20

Investors continue to monitor Italy, where there is a third round of presidential elections. The first two rounds ended in failure, because none of the candidates failed to gain the two-thirds majority. The favorite options are the center-left Franco Marini, who is strongly criticized by left-wing electoral alliance leader Italy - The common good of Pier Luigi Bersanim and does not support it. In the event that the Italians today not elect the president and will follow the fourth round, which would be enough to win a majority.

Number of applications for unemployment benefits in the U.S. rose slightly by 4,000 to a total of 352 000 Overall, the number of applications for the mean and there is no need to panic when small fluctuations. Philadelphia indexbusiness activities grew significantly less than expected and reached in mom measuring a mere 1.3 points. German producer price index (PPI) increased in comparison with March 2012 by 0.4 percent. Mom worsened by 0.2 percent.

U.S. stock index S & P500 closed yesterday below the important technical threshold, below average 50denním first time this year, which supports the view that the U.S. stock market is losing momentum especially after heavy sell-offs that we've seen this week. VIX Fear Index this week strengthened by 46 percent, which also reinforces the theory that markets might expect a slight correction.

Asian trading session managed to erase losses on Friday after reports that China could expand its currency exchange rate band (yuan).

Today begins the second day of the G20 summit in Washington. Economists expect increased interest in the Japanese yen and other criticism of its government, due to long-term weakening of the yen against other currencies. Other countries with steps like the Japanese government, wanting to see the yen much stronger. Japanese Finance Minister Taro Aso, however, likely to repeat that Japan wants mainly to destroy deflation which plagued the country for decades. By all accounts should be able to action the Bank of Japan (BoJ) before G20 partners to defend.

Currency pair USD / JPY is in an increasing trend channel and the growth is currently not supported accelerated trend line. So far, however, the price has enough bullish momentum to threaten the magical 100 Overcoming resistance Fibonacci level 23.6 However, it gave room for further strengthening. In case of failure to create a new high so the market can not wait turnover and the onset of bears. Before striking the new medium-term trend, the USD / JPY overcome several important technical boundaries.

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Ranní přehled událostí a intradenní analýzy USD/JPY před zasedáním zemí G20

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