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Wednesday October 27, 2010 - 09:25:20 GMT
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ForexPros Daily News October 27, 2010
ForexPros Daily News
October 27, 2010Forex â€“
EUR/USD tumbles to 5-day low on
Fed easing doubtsForex Pros â€“ The euro was
down against the U.S. dollar on Wednesday, tumbling to a 5-day low after signs
emerged that the second round of quantitative easing by the Federal Reserve may
not be as large as anticipated.
EUR/USD hit 1.3772 during late Asian
trade, the pairâ€™s lowest since October 20; the pair subsequently consolidated at
1.3774, shedding 0.61%.
The pair was likely to find short-term support at
1.3697, the low of October 20 and resistance at 1.3981, Tuesdayâ€™s
Late Tuesday, a report in the Wall Street Journal said that the Fed
is likely to unveil a program of U.S. Treasury bond purchases worth a few
hundred billion dollars over several months. The report was contrary to rising
market expectations of purchases in excess of USD 1 trillion.
said that the bank favored an approach that allowed them to adjust policy as the
economic recovery unfolded, with the ability to make more purchases in the
future if necessary.
The euro was also down against the pound, with
EUR/GBP shedding 0.06% to hit 0.8741.
Later in the day, the U.S. was to
publish data on durable goods orders and new home
Forex - AUD/USD down on economic data
Australian Dollar was lower against the U.S. Dollar on Wednesday after the
release of Australian data on CPI.
AUD/USD was trading at 0.9744, down
1.11% at time of writing.
The pair was likely to find support at 0.9720,
todayâ€™s low, and resistance at 0.9974, Mondayâ€™s high.
Earlier in the day,
official data showed that Australian consumer price inflation rose
less-than-expected to a seasonally adjusted 0.70% in the last quarter from 0.60%
in the preceding quarter.
Analysts had expected CPI to rise 0.80% in the
Meanwhile, the Australian Dollar was down against the Euro
and the Japanese Yen, with EUR/AUD gaining 0.82% to hit 1.4182 and AUD/JPY
falling 0.71% to hit 79.68.
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