- China’s Caixin Manufacturing PMI printed at a 6 1/2 year low, boosting risk aversion across market
- Caixin-Markit China manufacturing Purchasing Managers’ Index (PMI) fell to 47.1 in August, its lowest in more than six years, from 47.8 in July
- Asian markets in free-fall for the second straight session on Friday, shocking China data dampens risk sentiment
- USD/JPY hammered lower, through 123.00, currently trading at 122.94, day’s range 123.48/122.80
- Greek PM resignation, escalating North-South tensions , and more importantly, the Fed’s potential delay in hike to Dec or even next year, continues to escalate risk-off conditions
- Yen should remain well bid as safe haven, with immediate resistance for USD/JPY at 123.00 ahead of 123.40 (55 EMA)
- Converging cloud base and top at 122.35 seen as major support on the downside, breaks lower could see the pair at 122.15 (July 13th lows)
The material has been provided by InstaForex Company – www.instaforex.com