Global Foreign Exchange News. 15th September, 2010.
Good Day. News on the foreign exchange markets in the last 24 hours.
The big story this morning is all about the Yen.
YEN: The Japanaese yen has tumbled as the Japanese authorities intervened against the currency for the first time in 6 years. The Bank of Japan decided that they needed to weaken the Yen against the US Dollar. They have been aggressively buying USD and successfuly moved USD/JPY up to the 85.00 level from 83.00.
Here’s a quote from my post yesterday: “there’s talk in the foreign exchange community, that they should rise above 85.23.” You heard it 24 hours ago.
POUND: The British Pound has regained minor overnight foreign exhange losses, particularly versus the US Dollar. Expectations are that the Pound will maintain it’s minor currency rate fluctuations.
DOLLAR: The US Dollar has nosedived despite risk trend information suggesting that the dollar should remain the anchor currency.
EURO: The euro seems to be weighed down by the foreign exchange market’s attitude to risk. The euro is still seen as a relatively high risk currency. The newspapers may have forgotten about the fiscal woes of Greece, Ireland, Portugal and Spain, but the foreign exchange markets feel there’s more bad fnancial data to come.
Where’s does the market feel safe….. CHF! The Swiss Franc.
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