Nikkei Ends Weak
At the end of trading yesterday the Japanese stock market, the Nikkei index closed down -86.02 points or -0.49 percent, to 17,353.28. The weakening of the Japanese market triggered the yen’s rise.
At the end of trading yesterday, observed Japanese Yen strengthened. Pair USDJPY exchange rate fell 0.15 percent at 111.03.
Uncertainty over whether the Bank of Japan will meet the expectations of further stimulus at its policy meeting April 27 to 28 interesting yen back from a three-week low and dim the profit outlook for Japanese exporters.
Shares of major Japanese exporters closed mostly lower, with Toyota shares fell 0.72 percent, Nissan shares fell 0.99 percent and Honda’s fell 0.69 percent. Sony shares closed up 0.51 percent, while Japan’s troubled car maker fell 9.58 percent.
In other news, shares of Mitsubishi Heavy Industries and Kawasaki Heavy Industries closed down respectively 3.59 percent and 2.05 percent, after a report said the company won a bid to build a new fleet of submarines Australia. Reuters reported the Australian contract of $ 50 billion ($ 40 billion) finally won the French naval contractor DCNS.
As for the Nikkei index futures tracked up 80 points or 0.46% at 17.380, up compared to the previous closing at 17,300.
Technically,
Resistance: 17400 17470 17540 High / Low: 17490/17325
Support: 17300 17210 17050 Running Price: 17345
Comment: For intraday trade today suggest Sell at 17400; stop loss at 17455; target at 17110.
Dollar Still Weakens Ahead of Federal Reserve’s Decision
The Dollar moved lower against other major currencies on the day yesterday, for the release of disappointing US economic reports damped demand for the greenback as well as investors remained cautious ahead of a Federal Reserve policy on Wednesday.
EUR / USD is now moving up 0:34% at the level of 1.1306.
The Confrence Board on Tuesday reported that its consumer confidence index fell to 94.2 this month from a reading of 96.1 in March, whose figure was revised from a previous report on the level of 96.2. Analysts previously expected the index to fall to 96.0 in April.
Previously, the US Commerce Department reported that bookings for durable goods rose by 0.8% last month, compared to expectations for a 1.8% rise. Figures in February was revised down to minus 3.1% from minus 3.0% the previous report.
And the level of bookings core durable goods, which excludes the volatile transportation items, fell 0.2% last month, compared with forecasts for a gain of 0.5%. The February figures showed a decrease of 1.3%.
Technically,
Resistance: 1.1340 1.1380 1.1420 Prev. High / Low: 1.1302 / 1.1292
Support: 1.1260 1.1220 1.1180 Running Price: 1.1301
Comment: For intraday trade today suggest Buy at the level of 1.1265; stop loss at 1.1230; targets at 1.1363.
Oil Potential Weakens Today
Crude oil prices closed at its highest level in more than five months amid signs that the global oversupply of diminishing returns. West Texas Intermediate oil prices for June delivery rose $ 1.40 to $ 44.04 per barrel. While the price of Brent crude oil for June delivery rose $ 1.26 or 2.8% to $ 45.74 per bare at the close of trading on Tuesday.
“Market sentiment continues to improve. Many people are convinced that prices have hit bottom, and the market will balance the price of the end of this year, “said Tim Evans of Citi Futures Perspective to Bloomberg.
Crude oil has rebounded after slumping to its lowest level since 2003 in February amid signs of a global oversupply will be reduced because of US oil production is reduced. American Petroleum Institute stated US crude supplies probably fell 1.07 million barrels last week.
Bloomberg survey before the report is based on US Energy Information Administration, US crude oil inventories are expected to rise by 1.75 million barrels. The week US crude oil is expected to rise above 540 million barrels for the first time since 1929. Gasoline stocks are expected to fall 1 million barrel. The price of gasoline for May delivery rose 3.5% to $ 1,566 per gallon, the highest since August 31. Meanwhile, the price of diesel oil for May delivery rose 3.3% to $ 1.3325 per gallon.
Technically,
Resistance: 44.90 45.39 45.90 High / Low: 44.59 / 44.44
Support: 44.00 43.60 43.20 Running Price: 44.51
Comment: For intraday trade today suggest Sell at 45.00; stop and reversal during a break above 45.30; targets at 43.80 and target of reversal at of 46.00.
