Wednesday November 2, 2005 - 07:14:50 GMT
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Tricom Futures and Foreign Exchange -
Forex: The FOMC - Same old Same old
The dollar hit another two-year high against the yen on Wednesday after the latest Federal Reserve rate rise, while Asian shares edged up and Tokyo's Nikkei average reached near a four-year high.
Oil stayed under $60 a barrel and Japanese government bond prices rallied a shade, although sentiment remains bearish, with an end to the Bank of Japan's zero-interest-rate policy in sight.
Even so, further rate rises are on the cards in the United States, which will maintain the U.S. yield advantage and support the dollar, which has risen 14 percent against the yen and 12 percent against the euro this year.
Well, the Fed again did as we all expected with the 25bps hike, and an unchanged statement. The Euro has bounced out of the low of its recent range 1.1950-1.2150, and is suggesting ti may be heading back up towards 1.2100, and maybe another crack at 1.2150.
No economic data due out today of any consequence today, thereby suggesting we get a fairly range bound session. However, it is Wednesday, and we often see some large turnarounds in the middle of the week.
Today’s Economic Releases:
Today's Top Trades
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P.S I'll be away for the remainder of the week, celebrating the end of Ramadan. Eid Mubarak All.
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