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Forex Trading: London Market Wrap

Posted by Chris Advincula on Apr 10, 2013 7:31:00 AM

April 10 11:30 GMT


The euro rose to 1.3120 against the dollar after dipping to 1.3072 in a lackluster European session where the weakness of the Japanese Yen had once again influenced the bid movement of the euro. European Stocks gained for a third day which gave the euro added support.

In the absence of substantial economic data in the European calendar, the market focus today shifted to the FOMC minutes which are due out later today at 18:00 GMT. There is speculation that the Fed will keep supporting stimulus efforts given the weak employment data from Friday.

Germany allotted 4.22 billon euro of 2-year bunds at 0.25% March 2015 at an average yield of 0.02% and bid-to-cover ratio 2.2 times.



The Japanese Yen continued to weaken against most of its peers as Dollar-Yen rose to 99.60, just a few points away from the 100 yen level. The Yen fall is attributed to the monetary easing campaign by the Bank of Japan. The dollar has risen by 7 percent against the yen since the BOJ announced last Thursday that it will inject about 1.4 trillion yen into the economy and double Japan’s monetary base in two years to defeat deflation.

The next technical resistance lies at 99.73. The 21-day moving average rose to 99.45 from 99.00.


Chris Advincula

Market Strategist

WorldWideMarkets, Ltd.


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