Tuesday October 11, 2005 - 06:23:38 GMT
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CMC Markets - www.cmcmarkets.com
Yen slips ahead of economic data from both sides of the Pacific.
October 11th - Although traders are once again looking positively at the Japanese economy and expecting to see some positive signs of recovery, the Yen has continued to lose ground against the dollar in overnight European trade. Essentially the prospect of higher US interest rates seems set to be keeping the dollar in a positive light in the near term and despite the fact the BoJ’s latest monetary policy meeting starts today, there’s no real Justification for rates in Tokyo to be tightened just yet. There are a number of additional items of economic data due for release over the next few hours from Japan although the greenback seems set to continue dominating, with the next directional information likely to be today’s FOMC minutes then the US oil inventories on Wednesday. We’ve already seen crude push higher as speculation mounts that another lacklustre set of numbers will emerge here and a move back towards the mid $60’s will have the potential to pressure the Yen further. USD JPY may now be sitting a little way shy of yesterday’s highs around 114.30 but bear in mind that a sustained move through last week’s high of 114.42 could easily precipitate a quick move on to the psychological 115.00 mark.
Paul Jackson and Enis Mehmet
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