2010-07-21
Market Report – Afternoon Update- 21 July 2010
» The USD/JPY reached an intraday high of 87.50/60 today. Since then the USD fell against the JPY today as short-term players sold the currency on the view that its upside will be limited ahead the data out of the US tonight.
» In a show of support from Asian investors, the CAD completed a downswing breaking below 1.0400, posting a new 3-day low at 1.0390/00 region. After retreating from a 2-week high at 1.0580/90 yesterday, the CAD was buoyed by the positive economic augurs in its economy, together with a 0.25% rate hike to 0.75% by the BoC earlier yesterday.
» In the US, Federal Reserve Chairman Ben Bernanke; Testifies on the semi-annual monetary policy report. His comments will be closely watched by traders for clues to the future direction of monetary policy.
» In the U.K. the Bank of England is to release the Bank’s Monetary Policy Committee (MPC) Meeting Minutes covering interest rates, and offering clues on the outcome of future votes.
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