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Morning Forex Report: Wild swings on the Yen

Morning Forex Report: Wild swings on the Yen

30/08/2010 by about : Forex Trading - 0 Comments - 221 words

Market Report: 07.00 London

Monday Morning Forex Summary:

  • European stock market futures are pointing to a positive start after late Friday evening rally in the US.
  • This comes on the back of Friday's comments from US FOMC chairman Ben Bernanke that the Fed is prepared to do whatever it takes to get the economy back on track.
  • Things were looking even better until the emergency meeting from the Bank of Japan failed to live up to expectations. Traders were hoping and looking for a bigger stimulus injection than was announced.
  • The yen has reversed its early losses on the news, with a 1% reversal on the earlier move on the AUD/JPY that actually puts the yen in credit for the day.
  • Risk appetite has swung back to cautious mode, with the EUR/USD down 0.2%.
  • It is a bank holiday in the UK today so the GBP/USD and GBP/JPY may not act as they usually do.

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