Thursday February 9, 2006 - 06:38:36 GMT
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Tricom Futures and Foreign Exchange -
Forex: The Yen's short recovery ends, as the BOJ bursts the bubble...again!!!
The dollar quickly recovered from losses against the Swiss franc and other currencies on Thursday sustained after a U.S. Capitol office building was evacuated to check for a suspected nerve agent.
News of an evacuation of the building had initially prompted investors to sell the dollar, but investors bought back the currency after police gave the all clear, and market attention returned to the day's main event, a Bank of Japan policy meeting.
As expected the BOJ kept policy unchanged, but traders were looking forward to comments by BOJ Governor Toshihiko Fukui in a news conference beginning at 0630 GMT for any signals of when the BOJ will abandon its super-loose policy.
The market is starting to somewhat, and the USD looks to be softening on the charts, particularly against the EUR and GBP. I'm not saying we're about get a huge rally back in EUR and GBP, but we may see the USD take a bit of a rest today.
Today's Economic Release:
UK: Dec Trade
UK: BOE meeting
US: Weekly Jobless
US: Whoesale Inventories
Today's Top Trades
- Buy GBP/USD on a break above 1.7480
- Sell USD/CHF on a break under 1.2940
For more ideas send me an email, [email protected]
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