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Ukraine Unease Overshadowed Economic Data, Dollar Ended the Week LowerEconomic data was the main focus for most of last week, until escalating tension and violence in Ukraine triggered an emergency meeting of UN security council on Friday. The Ukrainian anti-terrorist operation center head Krutov described that what's happening in the eastern part of the country is "essentially a war". US and EU condemned Russia of triggering the unrest to undermine the May 25 presidential election in Ukraine. US president Obama and German Chancellor Merkel warned that there are a "range of tools" at disposal to expand the sanctions against Russia if it doesn't pull back from its support from separatists. |
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| Featured Technical Report | |
USD/JPY Weekly OutlookUSD/JPY spiked higher to 103.01 last week to resume the recovery from 101.32. But it suffered steep selling towards the end of the week and settled in prior range. Outlook remains unchanged. Price actions from 101.75 are viewed as a consolidation pattern only. While recovery from 101.32 might still extend, upside should be limited well below 104.12 and bring reversal. Break of 101.95 will turn bias back to the downside for 101.32 support first. break will strongly suggest that whole decline for 105.41 is finally resuming for another low below 100.75. |
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