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Tuesday October 12, 2010 - 10:54:03 GMT
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ForexPros Daily News October 12, 2010
ForexPros Daily News October 12, 2010
Forex - USD/JPY resumes
slide as Japan poised for intervention
Forex Pros â€“ The U.S. dollar was down against the
yen on Tuesday, re-approaching Fridayâ€™s 15-year low, as Japanese
authorities indicated that they were poised to take â€śboldâ€ť action if the
yen continued to strengthen.
USD/JPY hit 81.81 during European morning trade, a fresh daily low; the
pair subsequently consolidated at 81.95, shedding 0.13%.
The pair was likely to find support at 81.38, Fridayâ€™s low and a 15-year
low and resistance at 83.02, the high of October 7.
Earlier in the day, Japanese Finance Minister Yoshihiko Noda said his
government â€świll watch currencies with great interest and will take bold
action, which includes intervention, if needed.â€ť
The message was reiterated by Economy Minister Banri Kaieda who said
that an abrupt strengthening of the yen could hurt the nationâ€™s recovery
and that there was no change in the governmentâ€™s stance to take
decisive measures when necessary.
The yen was also up against the euro, with EUR/JPY falling 0.64% to hit
Also Tuesday, official data showed that Japanese consumer confidence
fell unexpectedly in September, down for the third consecutive month.
Forex - GBP/USD edges lower ahead of key U.K. inflation data
Forex Pros â€“ The pound edged lower against the U.S. dollar on Tuesday,
falling to hit a 2-day low, ahead of the release of a key report on U.K.
GBP/USD hit 1.5859 during early European trade, the pairâ€™s lowest since
October 8; the pair subsequently consolidated at 1.5874, shedding 0.07%.
Cable was likely to find support at 1.5751, the low of October 5 and
resistance at 1.5964, the high of October 8.
Late Monday, industry data from the British Retail Consortium said that
retail sales rose at an annualized rate of 0.5% in September, after
rising by 1.0% in August.
Also Monday, the Royal Institution of Chartered Surveyors said that
house prices in the U.K. fell more-than-expected in September as
oversupply in the British property market continued to act as a drag on
Meanwhile, the pound was up against the euro, with EUR/GBP shedding
0.32% to hit 0.8710.
Later in the day, the U.K. was to publish official data on consumer
price inflation. This is considered the U.K.'s most important inflation
data because it's used as the central bank's inflation target.
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