04-10-2009Early stop-loss hunting was the only notable activity in the Asian market Friday with much of the regional markets closed for holiday and with the European markets closed in the session ahead. USD-JPY pushed through stops at 100.58/60 in early Tokyo to trade to 100.72 highs and drift back as low as 100.22 on quick profit-taking. Similarly, the market went after EUR-USD stops under 1.3100 for a brief push to 1.3092 before a bounce back to 1.3133.
British Pound Testing Below Key Support Against US Dollar // 04-10-2009
All Eyes Point Toward Bank of England Language In Hours Before Meeting (Euro Open) // 04-09-2009Euro and Pound trading remained relatively flat in the hours prior to the rate announcement by the Bank of England. Despite expectations that the bank will keep the policy rate steady at 0.50%, investors will be looking for explicit language in the accompanying statement that indicates a policy shift towards that of the Federal Reserve’s massive $1.25 trillion quantitative easing program.
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