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Wednesday October 20, 2010 - 09:51:54 GMT
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ForexPros Daily News October 20, 2010Forex -USD/JPY moves lower, re-approaching 15-year
Forex Pros â€“ The U.S. dollar was down against the yen on
Wednesday, re-approaching a 15-year low as market focus returned to the prospect
of further monetary easing by the Federal Reserve.
USD/JPY hit 81.20
during European morning trade, a daily low; the pair subsequently consolidated
at 81.26, shedding 0.39%.
The pair was likely to find support at 80.87,
last Fridayâ€™s low and a 15-year low and resistance at 82.55, the high of October
Earlier in the day, Bank of Japan deputy governor Kiyohiko Nishimura
said the strong yen could erode corporate sentiment and lower consumer prices,
exacerbating deflation and restricting economic growth.
â€śThe fact that
the recent appreciation of the yen is deteriorating business sentimentâ€ť is a
â€śbig factor in putting downward pressure on economic activity,â€ť Nishimura said.
He added that the bank will continue to pursue â€śstrongâ€ť monetary policy measures
and stands ready to take appropriate monetary action.
Meanwhile, the yen
was down against the euro, with EUR/JPY gaining 0.17% to hit
Later in the day, the Federal Reserve was to release its Beige
Book, a summary of the data the bank examines before setting the benchmark
--- Forex - EUR/USD rebounds from 11-day low
as focus returns to FedForex Pros â€“ The
euro was up against the U.S. dollar on Wednesday, rebounding from an 11-day low
as focus turned back onto the prospect of further monetary easing by the Federal
EUR/USD hit 1.3801 during late Asian trade, a daily high; the
pair subsequently consolidated at 1.3792, gaining 0.46%.
The pair was
likely to find support at 1.3636, the low of October 5 and resistance at 1.4155,
last Fridayâ€™s high and a 10-month high.
On Tuesday, three regional Fed
presidents reinforced that the central bank will begin a second round of asset
purchases with two saying asset purchases must be big enough to aid the
Chicago Fed president Charles Evans said the bank would need to
buy securities on a large scale several times in order to temporarily to raise
inflation. Meanwhile, Atlanta Fed president Denis Lockhart said that a rate of
USD 100 billion of purchases per month is â€śin the range of numbers one might
The euro was also up against the pound, with EUR/GBP gaining
0.38% to hit 0.8775.
Later in the day, the Federal Reserve was to release
its Beige Book, a summary of the data the bank examines before setting the
benchmark interest rate.
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