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Thursday October 28, 2010 - 10:36:34 GMT
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ForexPros Daily News October 28, 2010
ForexPros Daily News October 28, 2010
Forex - EUR/USD hits daily high as dollar reverses uptrend
Forex Pros â€“ The euro was up against the U.S. dollar on Thursday, rising
to hit a daily high as the dollar reversed its recent uptrend.
EUR/USD hit 1.3853 during late Asian trade, a daily high; the pair subsequently consolidated at 1.3812, gaining 0.32%.
The pair was likely to find support at 1.3697, the low of October 20 and resistance at 1.3981, Tuesdayâ€™s high.
Earlier in the week, the dollar had been boosted by a report that the
U.S. Federal Reserve was 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.
The euro was also up against the pound, with EUR/GBP gaining 0.41% to hit 0.8767.
Later in the day, the U.S. was to release key weekly data on initial jobless claims.
Forex - USD/JPY hits 2-day low as BOJ hold steady on policy
Forex Pros â€“ The U.S. dollar fell to a to a 2-day
low against the yen on Thursday, after the Bank of Japan held its
benchmark interest rate steady but moved the date of its next policy
meeting up to just after the next meeting of Federal Reserve policy
USD/JPY hit 81.23 during European morning trade, the pairâ€™s lowest since
October 26; the pair subsequently consolidated at 81.35, shedding
The pair was likely to find support at 80.61, the low of October 26 and resistance at 81.97, Wednesdayâ€™s high.
Earlier in the day, the Bank of Japan kept its benchmark interest rate
unchanged in a range of 0.0% to 0.1%, in line with expectations. The
bank said it moved its meeting to November 4-5 from mid-November to
speed up the roll-out of a JPY 5-trillion asset buying plan, which the
bank unveiled early this month.
The BOJ made no mention of the Federal Reserve November 2-3 rate review
but the move sparked speculation that the BOJ wanted to be able to act
quickly in the event of further yen gains.
The yen was also up against the euro, with EUR/JPY shedding 0.23% to hit 112.32.
Also Thursday, official data showed that Japanese retail sales rose
significantly less-than-expected in September, rising at the slowest
pace this year.
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