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Wednesday October 13, 2010 - 10:04:49 GMT
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ForexPros Daily News October 13, 2010
ForexPros Daily News
October 13, 2010
Forex - USD/JPY edges higher as Fed
signals move towards easing
Forex Pros â€“ The U.S. dollar edged higher
against the yen on Wednesday, after minutes of the most recent meeting of
Federal Reserve policy makers indicated that many believe fresh economic
stimulus measures could become necessary.
USD/JPY hit 82.00 during
European morning trade, a daily high; the pair subsequently consolidated at
81.89, gaining 0.21%.
The pair was likely to find support at 81.37, the
low of October 11 and a 15-year low and resistance at 83.02, the high of October
On Tuesday, the minutes revealed of the September 21 meeting of
Federal Open Market Committee revealed that while officials thought it unlikely
the U.S. economy would fall into recession again, several were concerned that
growth would not be strong enough to reduce unemployment for some time.
"Several members noted that unless the pace of economic recovery
strengthened or underlying inflation moved back toward a level consistent with
the [Fed's] mandate, they would consider it appropriate to take action soon,"
the minutes said.
The yen was also down against the euro, with EUR/JPY
gaining 0.69% to hit 114.59.
Earlier in the day, official data showed
that Japanese core machinery orders jumped unexpectedly in August.
---Forex - GBP/USD hits daily high amid
stronger Fed easing prospectsForex Pros â€“
The pound was up against the U.S. dollar on Wednesday, rising to a daily high,
after minutes of the most recent meeting of Federal Reserve policy makers
revealed that many believed fresh economic stimulus would be
GBP/USD hit 1.5869 during early European trade, a daily high;
the pair subsequently consolidated at 1.5852, gaining 0.27%.
likely to find support at 1.5753, Tuesdayâ€™s low and resistance at 1.6017, the
high of October 7.
"Several members noted that unless the pace of
economic recovery strengthened or underlying inflation moved back toward a level
consistent with the [Fed's] mandate, they would consider it appropriate to take
action soon," the minutes said.
Officials thought it unlikely the U.S.
economy would fall into recession again, but several were concerned that growth
would not be strong enough to reduce unemployment for some time.
Meanwhile, the pound was down against the euro, with EUR/GBP gaining
0.02% to hit 0.8811.
Later in the day, the U.K. was to publish official
data on claimant count change and the countryâ€™s unemployment
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