Yesterday’s fall of the US markets resulted in today’s fall of Asian ones amid weak industrial output data from Japan: in July the index declined -1.2% against expected 1.7% growth and after 0.4% increase in June. Nikkei 225 lost 0.76%, Shanghai Composite fell -0.03%. As for the currency market, such disappointing data did not affect the dynamics.
Today at 10:00 Moscow time we will receive the main news – Bernanke’s speech at the annual bankers’ Сonference in Jackson Hole. To our mind, there will be a hint of QE3.
In case the Fed’s president will mention QE, the probable target for growth will be the resistance of 1.5915 on intraday chart. In case nothing is said about the easing policy, we can think of the probable fall towards 1.5709. Note, that Bernanke’s speech may also affect the movement range: growth to 1.5872 and decline to 1.5733.
