Friday, May 28, 2010

Forex day trading London close

The EURUSD dropped to 1.2321 and has fallen 7.3% this month curbing yesterday's 1.5% rally amid expectations stricter financial regulation in the wake of Europe's debt crisis will curtail the region's growth. The EURJPY was at 112.37, having dropped 0.7% this week heading for a fifth weekly loss as Japan's Finance Minister Naoto Kan today said the G20 summit next week may address the crisis' impact on currencies and financial regulations. The EUR headed for a monthly drop after US Treasury Secretary Geithner yesterday said the US and Europe are in "broad agreement" on the need for tighter market regulation. USDJPY rose to a one- week high of 91.37 before a report forecast to show US consumer spending gained 0.3% and incomes climbed 0.4%, adding to signs the nation's economic recovery remains on track. The JPY fell against the AUD and NZD as Asian stocks rose and before a report forecast to show on May 31 Japan's industrial production advanced 3% (prev. 1.2%). Japan's unemployment rate unexpectedly rose to 5.1% (prev. 5%), losing a net 280,000 jobs, Retail sales rose 4.9%, household spending dropped 0.7% (exp. 2.5%) and deflation deepened, signaling domestic demand is restraining the nation's recovery from its worst postwar recession. Consumer prices excluding fresh food slid 1.5% (prev. 1.2%) after government figures showed an extended rebound in exports, driven by demand from Asia's emerging economies, and highlight Japan's reliance on trade to sustain growth. Finance Minister Naoto Kan said he will try to spur employment that's "crucial" to overcoming price declines. The drop in consumer prices was exacerbated by the government's introduction of a waiver on high school tuition fees to assist households. The BOJ has estimated the step will lower core prices by about 0.5%. The BOJ has faced pressure to fight deflation from the government, whose ability to spur the economy is constrained by record public debt. Kan has been urging [...]

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