Market Overview

European Morning Wrap: Some Profit-Taking Seen in Yen Shorts

Greek FinMin Stournaras: Greece must work on growth (yer reckon)
Moody's: Japan fiscal policy expansion could help in the short-term but leave govt with higher debt
China to loosen monetary policy next year, Xinhua says
China ForMin says hopes Japan can appropriately deal with problems in Sino-China relations
Eurozone unadj Oct trade surplus 10.2 bln from 0.7 bln deficit a year ago
Italian Oct EU trade surplus 981 mln from 456 mln deficit a year ago

We've seen some profit-taking in yen shorts.  USD/JPY down at 83.65 from early 84.05, EUR/JPY down at 110.05 from early 110.60. Buy orders now seen clustered 83.50/60, some more sell stops below there.

EUR/USD effectively unchanged at 1.3155.  Some trailing sell stops noted through 1.3140, buy orders clustered 1.3115/25. Sell orders seen clustered 1.3190/1.3210.

Cable up marginally at 1.6202 from early 1.6185, having been as high as 1.6216 this morning.  Middle Eastern buying was supportive.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: News Forex Global Markets Trading Ideas

 

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