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Wednesday October 6, 2010 - 10:19:49 GMT
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ForexPros Daily News October 6, 2010
ForexPros Daily News
October 6, 2010
Forex - GBP/USD hits
fresh 2-month high as dollar slumps
Forex Pros â€“ The pound edged
higher against the U.S. dollar on Wednesday, rising to a fresh 2-month high as
concerns that the Federal Reserve will begin fresh monetary easing to stimulate
U.S. growth weighed on the dollar.
GBP/USD hit 1.5940 during European
morning trade, the pairâ€™s highest since August 9; the pair subsequently
consolidated at 1.5990, gaining 0.07%.
Cable was likely to find support
at 1.5751, Tuesdayâ€™s low and resistance at 1.5995, the high of August
The Bank of Japan's decision on Tuesday to cut interest rates to near
zero and embark on a monetary easing program further added to fears that the Fed
would follow suit.
On Monday, Fed Chairman Ben Bernanke said that the
bank aided the U.S. economy through its USD 1.75 trillion purchases of mortgage
debt and Treasuries that ended in March 2010 and that more buying would help
Meanwhile, the pound was down against the euro, with EUR/GBP
gaining 0.10% to hit 0.8717.
Later in the day, the U.S. was to release
ADP non-farm payrolls data.
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