Thursday March 9, 2006 - 07:27:12 GMT
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Tricom Futures and Foreign Exchange -
Forex: The BOJ enters the interest rate race
The dollar was lower against the euro early Wednesday ahead of key releases later this week on U.S. trade deficit and nonfarm payrolls. Meanwhile, the yen stabilized following encouraging economic data that showed Japan's bank lending rose 0.2% in February from a year earlier, the first expansion in eight years.
The BOJ has just come out and announced no change in rates, but they have voted to end the quantitative easing policy, thus suggesting the zero-rate policy will also end in coming months.
Tough trading sesison overnight, with most attention on precious metals, sliding again
The market's focus now moves to US Trade data tonight, followed by tomorrow's US Payrolls.
The BOE meets tonight also, but no change expected.
USD/CHF remains well supported around 1.3060-70, while EUR/USD runs into sellers around 1.1950-60
Today's Economic Release:
UK: Industrial Production
UK: BOE meeting
US: Weekly Jobless
Today's Top Trades
- Buy USD/CAD around 1.1530, with stops under 1.1480
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