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Tuesday October 5, 2010 - 11:18:06 GMT
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ForexPros Daily News October 5, 2010
ForexPros Daily News
October 5, 2010
Forex - USD/JPY
erases gains amid Fed stimulus concerns
Forex Pros â€“ The U.S. dollar
erased gains against the yen on Tuesday, retreating from a 4-day high, amid
concerns that the Federal Reserve may implement further quantitative easing in
the coming months.
USD/JPY retreated from 83.97, the pairâ€™s highest since
September 29, to hit 83.33 during European morning trade, shedding
The pair was likely to find support at 82.92, the low of September
15 and a 15-year low and resistance at 84.33, the high of September
Earlier in the day, the Bank of Japan announced that it had lowered
its benchmark interest rate to a range of between 0.0% to 0.1%, the lowest level
The bank said that, â€śalthough Japan's economy still shows
signs of a moderate recovery, the pace of recovery is slowing down partly due to
the slowdown in overseas economies and the effects of the yen's appreciation on
Meanwhile, the yen was down against the euro, with
EUR/JPY gaining 0.64% to hit 114.82.
Late Monday, while addressing a
forum in Rhode Island, Federal Reserve Chairman Ben Bernanke said that that the
central bankâ€™s first round of large-scale asset purchases improved the economy
and that further buying will probably help more.
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