Japanese Finance Minister Yoshihiko Noda told reporters he would respond appropriately as needed, an expression he has not previously used in his campaign to talk the currency down.
Noda was to meet Prime Minister Naoto Kan and other ministers later. Market investors, however, were skeptical whether intervention alone would do much to encourage a rise that took the JPY to a 15-year peak versus the dollar and a nine-year high against the EUR on Tuesday, battering share prices in turn.
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In my experience, corrections are tricky things to identify and even trickier to take advantage of. However, it’s a skill that I believe is certainly worth practicing. There are a number of factors to consider…let’s break down a few of them.
I’ve found that most trends correct. I am not looking to capitalize on a correction in a sideways, non-trending market. Corrections are often the result of profit taking and I feel that healthy trends correct. So, if t
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August 24th, 2010 in
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A rebound in private consumption is likely to encourage an improved outlook for Canada, and the data could spark speculation for a rate hike in September as the economic recovery gathers pace.
Trading the News: Canada Retail Sales
Why Is This Event Important:
However, as the Bank of Canada lowers its growth forecast and adopts a neutral outlook for future policy, the central bank may see scope to hold borrowing steady over the coming months as the United States, the region’s biggest trading partner, faces a risk for a protracted recovery.
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August 23rd, 2010 in
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The EUR hovered near a 10-week peak vs the USD on Wednesday, supported by strong U.S. corporate earnings that also boosted global shares. The greenback was on the back foot, slipping against a currency basket and coming under selling pressure against the JPY as Japanese exporters went short on the U.S. currency.
The euro inched in narrow ranges as investors awaited testimony from Federal Reserve Chairman Ben Bernanke later in the day and looked for fresh factors to extend the single currency’s corrective trend.
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August 22nd, 2010 in
Forex News | tags:
Ten Week,
Week |
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The surprise EIA release of a larger-than-expected drawdown in crude supplies helped crude oil futures regain most of the early morning’s early losses. I feel this is particularly important for traders of the USD/CAD whereby the price of crude can influence the strength or weakness of the loonie (the Canadian Dollar) significantly. The crude oil recovery allowed the loonie to strengthen. Since the overall direction on the daily time frame is in a distribution market cycle, the price action is trading within a wide and volatile range. I
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August 19th, 2010 in
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The Japanese currency increased in value on Wednesday with investors citing yen purchaing by Japanese investors and exporters, while the Canadian dollar maintained its gains scored on news of a huge takeover bid by global miner BHP Billiton for Canada’s Potash Corp.
The JPY dipped versus the dollar and the EUR in early Asian trading, staying on the defensive after retreating the previous day as U.S. and European shares increased and U.S.
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