- USD Graphic Rewind Fri, 20 Nov 2009 07:11 GMT
- Opening Comment Fri, 20 Nov 2009 06:23 GMT
- Overnight Interest Rate Update 11.19.09 Fri, 20 Nov 2009 05:12 GMT
Daily Briefings
Forex News
The US Dollar and the Japanese Yen soared in Asian trading as stocks slid after a disappointing earnings report from computer-maker Dell Inc., boosting demand for safe-haven currencies. The Bank of Japan kept interest rates unchanged at 0.10% as expected. Risk aversion sees few barriers into week-end.
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The British Pound weakened against the greenback for the fourth day and slipped below the 20-Day SMA (1.6580) to a low 1.6516 during the European trade, and the currency may face increased selling pressures going into the North American session as investors scale back their appetite for risk.
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• British Pound Down as Bank of England Likely to Remain Neutral
• Euro Gains Amidst Signs European Central Bank May Wind Down Liquidity Programs
• Japanese Yen Dominates as Equities Fall, Bank of Japan Sees Upside Inflation Risks
• New Zealand Dollar Down as Currency’s Appreciation Becomes a Political Concern
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Trading the News
Private spending in Canada is expected to improve for the second consecutive month in September, with economists forecasting retail sales to increase 0.6% from the previous month, and the data is likely to encourage an improved outlook for the region as policy makers see the economy emerging from the recession in the third quarter.
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TOP FX HEADLINES
U.K. retail sales rose 0.4% in October as consumer’s continue to open their wallets as the recession comes to an end. Domestic spending increased for a consecutive month led by a 2.1% rise in apparel sales.
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Scalping Report
The EUR/JPY has been under pressure as risk appetite has faded, sparking a flight to safety and broader yen support. The pair has fallen to major support levels which may slow its decline and offer a period of consolidation. The upcoming Thanksgiving Day holiday could lead to a week of quiet equity markets which may enhance the pair’s attractiveness as a scalping target.
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Forex Trading Outlook
Daily analysis of the US forex market trading session with DailyFX Currency Strategist John Kicklighter and Terri Belkas
