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Thursday October 21, 2010 - 10:06:28 GMT
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ForexPros Daily News October 21, 2010ForexPros Daily News October 21,
2010Forex - EUR/USD edges higher after Geithner remarksForex Pros â€“ The euro edged higher against the U.S. dollar on
Thursday, erasing early losses, following remarks by U.S. Treasury Secretary
EUR/USD hit 1.3975 during late Asian trade, a daily
high, the pair subsequently consolidated at 1.3973, gaining 0.07%.
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.
In an interview with
the Wall Street Journal Geithner said he believes major currencies are "roughly
in alignment now," suggesting he sees no need for further dollar falls against
the euro and yen.
He also called on G20 finance leaders to agree to
"norms" on exchange rate policy ahead of the weekend G20 meetings and said he
would seek out targets for "sustainable" trade surpluses and deficits as a way
to help rebalance the global economy.
The euro was also up against the
pound, with EUR/GBP gaining 0.50% to hit 0.8856.
On Tuesday, the Federal
Reserveâ€™s Beige Book reported that "national economic activity continued to
rise, albeit at a modest pace" from September through early October.
This was in contrast with the previous beige book, released in early
September, which reported "widespread signs of deceleration compared with
Forex - USD/JPY erases gains,
re-approaching 15-year low
Forex Pros â€“ The U.S. dollar erased gains
against the yen on Thursday, falling to a fresh daily low, following remarks by
Japanâ€™s Chief Cabinet Secretary.
USD/JPY retreated from 81.81, the pairâ€™s
highest since Tuesday, to hit 80.97 during European morning trade, shedding
The pair was likely to find short-term support at 80.87, the low
of October 15 and a 15-year low and resistance at 82.34, the high of October
Earlier in the day, Japanâ€™s Chief Cabinet Secretary Yoshito Sengoku
said Japan hadnâ€™t set a line to defend its currency at 82 yen per dollar after
the countryâ€™s prime minister and finance minister held a meeting to discuss the
â€śIt wasnâ€™t about whether 82 yen was the line, but that the
Finance Ministry will monitor the currency markets and weâ€™ll take decisive
measures appropriately at an appropriate timing,â€ť Sengoku
Meanwhile, the yen was down against the euro, with EUR/JPY gaining
0.07% to hit 113.33.
The dollarâ€™s earlier gains came after U.S. Treasury
Secretary Timothy Geithner said he believed major currencies are "roughly in
alignment now," suggesting he sees no need for further dollar falls against the
euro and yen.
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