DAILY MARKET OUTLOOK on Major
USD/JPY - 105.97
Dollar's rally from last Fri's 4-1/2 month bottom at 104.19 to 106.47 yesterday suggests medium term decline from March's 111.71 peak has made a temporary low and subsequent retreat indicates first leg of correction is over and may head back to 105.59/64 before prospect of another rise but 106.90 would remain intact.
On the downside, only below 105.29/33 would bring stronger retracement to 104.78/83.
Data releases on Tuesday:
Japan Tokyo core CPI, CPI, Australia trade balance, imports, exports, retail sales, retail trade, RBA interest rate decision.
Swiss consumer confidence, France budget balance, EU producer prices.
U.S. redbook, durables ex-defense, durable goods, factory orders, durables ex-transportation, Canada Markit manufacturing PMI, and New Zealand GDT price index.
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