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FX Update- USD

Posted:01/12/2008 17:49 by Keith Lobodzinski
USD remains well bid vs. most of the majors going into of the lunch hour with the USD Index maintaining marginal support above the 87 handle. EUR/USD, down 0.33% to 1.2649, is trading in the lower portion of today’s range, and is in line with Friday’s low after starting the overnight session at the 21-Day MA (1.2719). USD/JPY, down 1.9% to 93.67, remains near session lows and is trading below the 94 handle for the first time since November 21st. Cable, down 3.6% to 1.4826, remains near session lows after slipping below the 9 and 21-Day moving averages at 1.5268 and 1.5133, respectively, earlier in the day. GBP is taking on the chin as a result worse than anticipated November PMI Manufacturing data in addition to expectations for a considerable BOE rate reduction this week. Deutsche bank revised its BOE rate forecast lower by 50bps to 2% earlier in the day. GBP/JPY is down a hefty 5.4% to 138.91 and EUR/GBP is up 3.25% to 0.8521. click here to return to the top of the page
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